Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Latest News

Stripe Launches Its First Open Banking-Powered Payment Method in UK

Published

on

Stripe has debuted an open banking-powered payment method and faster manual payouts in the United Kingdom.

U.K. businesses on Stripe will be the first to access Stripe’s first open banking-powered payment method, Pay by Bank, according to the release. This low-cost, real-time payment method allows consumers to pay directly from their bank account.

“Businesses selling high-value goods and services could save tens of thousands of pounds in payment fees every month,” the company said in the release.

Stripe will also debut in the U.K. a capability that enables businesses to receive earnings in a couple of hours, rather than the traditional two days, per the release. This offering will be expanded to the European Union (EU) and the United States later this year.

Advertisement
Stake.com

U.K. businesses will also have access to Stripe Capital, which allows small businesses to access flexible financing, according to the release. Stripe Capital uses a company’s transaction and business history on Stripe to proactively qualify it for financing.

This offering is now available to U.K. businesses that run directly on Stripe, the release said. Later this year, U.K. marketplaces and platforms using Stripe Connect will be able to offer Stripe Capital-powered financing to their customers.

“U.K. businesses are inventing and building, but getting access to capital at the right time is a rate limiter on their growth,” John Collison, co-founder of Stripe, said in the release. “The payments tools and financing options we’re launching today will help money move around the economy faster and make it easier for businesses to invest when they see an opportunity to grow.”

The announcement of these new offerings comes at the same time that Stripe is opening a new London location as part of a larger U.K. expansion. The new office will house 250 workers from the company’s engineering, sales, partnerships, financial compliance and operations departments.

Great Britain is Stripe’s second largest market, with more of the company’s users based in London than any other city around the world.

Advertisement
Stake.com

The post Stripe Launches Its First Open Banking-Powered Payment Method in UK appeared first on HIPTHER Alerts.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Agora acquires Clearshift’s real estate division

Published

on

 

Agora, a provider of real estate investment management solutions, has acquired Clearshift’s real estate division to “reinvent cross-border payments in investment management.”

The division has utilized Clearshift’s international payments infrastructure to facilitate mass payouts and capital investments between foreign investors, asset managers, real estate property managers, and fund administrators.

While the financial details of the acquisition remain undisclosed, Agora will now serve as the division’s primary client-facing interface, offering “user-friendly investment management tools.” Clearshift will retain responsibility for payment execution and compliance functions.

Advertisement
Stake.com

For existing Clearshift clients, this integration into the Agora platform promises “enhanced capabilities.” Agora’s clients, not currently subscribed to Clearshift, will gain “a transparent solution to foreign exchange activity” that enables “seamless distributions and contributions in any currency worldwide.”

Ari Dobner, CEO of Clearshift, noted, “After years of refining our fund manager payment solution, it became clear to us that our clients would truly benefit from a full investor management solution with seamless payment integration.”

Bar Mor, co-founder and CEO of Agora, added that the acquisition will enhance their platform with “streamlined and cost-effective international payments,” leveraging the “substantial customer overlap between Agora and Clearshift.”

This acquisition follows the recent closure of Agora’s $34 million Series B funding round, backed by Qumra Capital, Insight Partners, and UK-based investment firm Aleph.

Source: fintechfutures.com

Advertisement
Stake.com

The post Agora acquires Clearshift’s real estate division appeared first on HIPTHER Alerts.

Continue Reading

Latest News

InScope secures $4.3m to revolutionise financial reporting and auditing

Published

on

 

InScope, a newly launched FinTech company, has successfully raised $4.3 million to expand its innovative financial reporting and auditing platform.

According to PYMNTS, the funding round included significant contributions from prominent investors such as Lightspeed and Better Tomorrow Ventures.

InScope is focused on transforming the traditional processes of financial reporting and auditing for private companies. The company leverages advanced technologies, including generative AI and large language models, to automate and streamline the compilation of financial statements—tasks that have historically been prone to errors and required extensive manual effort.

Advertisement
Stake.com

The new capital will be used to enhance InScope’s platform capabilities. The company aims to shift accountants’ focus from laborious manual tasks to more strategic initiatives, thereby empowering finance professionals with tools to complete reporting and auditing tasks quickly and efficiently.

InScope’s system compiles data from a company’s core systems, such as ERP, along with publicly available information, and transforms these inputs into GAAP-compliant financial and audit documents.

InScope CEO and co-founder Mary Antony stated, “Our technology dramatically reduces the time and effort required for financial reporting and auditing, eliminating the need for outdated manual processes.” Her co-founder and COO, Kelsey Gootnick, also emphasized the transformative potential of InScope, which they conceived out of their own frustrations with existing financial processes.

The company has already begun collaborating with a select group of companies to refine and enhance their financial reporting capabilities. JC Bahr-de Stefano, a venture capital investor at Better Tomorrow Ventures, commented on this partnership: “InScope is already working with a handful of companies to help streamline their financial reporting needs and enable accountants to complete their reporting tasks in minutes instead of months.”

Source: fintech.global

Advertisement
Stake.com

The post InScope secures $4.3m to revolutionise financial reporting and auditing appeared first on HIPTHER Alerts.

Continue Reading

Latest News

Citi extends USD Clearing service to Middle East in partnership with Emirates NBD

Published

on

 

Citi has partnered with Dubai-based banking group Emirates NBD to launch its USD Clearing service in the Middle East.

Through this collaboration, Emirates NBD will offer the USD Clearing service, along with its commercial and treasury payment execution capabilities, to corporate and retail clients via its branch networks in the UAE and Saudi Arabia. This service will enable clients to make cross-border USD payments with continuous availability, addressing current payment flow challenges posed by varying transaction cut-off times in the UAE.

“The introduction of 24/7 USD Clearing will support the growth ambitions of our clients by giving them the ability to seamlessly transfer funds in a timely manner without having to worry about cutoffs and holidays,” said Ahmed Al Qassim, group head of wholesale banking at Emirates NBD.

Advertisement
Stake.com

Following the initial launch, the service will be extended to all Emirates NBD branches in the Middle East and globally, including partnerships with third-party institutions.

According to its website, Emirates NBD currently operates 853 branches in the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain.

Shahmir Khaliq, Citi’s head of services, described the collaboration as “an important step in our journey to creating a multibank solution that is designed to deliver an end-to-end, ‘always on’ experience for participant banks and their customers.”

“Our 24/7 USD Clearing service is a clear differentiator in the market,” Khaliq continued. “It demonstrates the full value of our globally leading cross-border payments and clearing capabilities, which enable our clients to make payments faster and in a more efficient and transparent manner.”

Source: fintechfutures.com

Advertisement
Stake.com

The post Citi extends USD Clearing service to Middle East in partnership with Emirates NBD appeared first on HIPTHER Alerts.

Continue Reading

Trending