uk-based-fintech-revolut-appoints-paroma-chatterjee-as-india-ceo,-as-it-kickstarts-its-entry-into-the-country

UK-based fintech Revolut appoints Paroma Chatterjee as India CEO, as it kickstarts its entry into the country

 

Today the UK-based global fintech Revolut, valued at $5.5 billion last year, has announced the appointment of Paroma Chatterjee as its CEO in India, as the company continues to expand globally.

Prior to joining Revolut, Ms Chatterjee held senior executive roles at Lendingkart, Via.com, Flipkart and Airtel Money. She is a renowned leader in the fintech and consumer tech industry, and was named as one of the Top 25 Women Leaders in Financial Technology of Asia for 2020¹.

As the leader of the executive team in India, Ms Chatterjee will build and lead Revolut’s subsidiary in India, define and implement the business strategy, hire the team and manage licence applications and any potential acquisitions in the market.

Revolut is making a multi million pound investment in India over the next five years and has committed to the creation of 300 new jobs in the country to serve its global business operations. Revolut has recruited Heads of Operations and Legal for the country and is leveraging India’s strong talent pool to recruit across multiple functions including HR, Finance, Growth, Marketing, Recruitment, Compliance, Risk and Technology. The Revolut India subsidiary will also serve as an operations hub for Revolut’s global business, reflecting the skills and talent available in the Indian market.

Globally, Revolut has established itself as an innovative alternative to traditional banking products through its suite of digitally-enabled products across banking and business accounts, cards and payments, foreign exchange transfers and remittances, investments and trading, insurance and other financial services. Revolut India will look to introduce those products in the country that will help Indians to significantly improve the experience that we currently face in accessing and managing our personal finances.

Nik Storonsky, CEO and Founder at Revolut, said:

“With a wealth of experience in the fintech and consumer tech sectors and an outstanding track record, Paroma is an excellent fit for the role and her appointment is a major achievement in our continued mission to become the world’s first truly global financial superapp. We’re looking forward to transforming the way people in India access and manage their money as we bring our products and services to more people around the world.

India is a core market in our expansion strategy with a huge supply of talent, and we’re excited to tap into that talent pool to help Revolut go from strength to strength.”

Paroma Chatterjee, CEO India at Revolut, said:

“I couldn’t be more excited to join Revolut and become a part of this phenomenal growth journey. It is an honour and a privilege to be asked to lead the business for such a world-class company, in a country that presents one of the largest opportunities globally for Revolut. I look forward to building an exceptionally talented team and working with them, as we continue to develop superlative financial solutions for millions of consumers in India.”

“We will build the bank of the future.”

Revolut will be one of the first UK fintechs to reach India and can further deepen trade relations between both countries. Its launch in India is the latest step in its international expansion plans, following successful launches in Singapore and Australia in 2019, and the US and Japan in 2020. Revolut has also stated its plans to launch in a number of markets across South America and deepen its existing presence in Asia-Pacific.

cr2-named-as-leader-in-spark-matrix:-digital-banking-platform,-2021-report

CR2 named as Leader in SPARK Matrix: Digital Banking Platform, 2021 Report

 

Quadrant Knowledge Solutions has named CR2 (www.CR2.com), the Digital, Self-Service and Payments solutions provider as technology leader following the publication of their SPARK Matrix: Digital Banking Platform 2021 Report.

The research included comprehensive research and in-depth analysis of the major market vendors – evaluating their product portfolio, market presence and customer value proposition – then ranked and positioned the 17 vendors within the SPARK Matrix, based on technology excellence and customer impact.

CR2 was awarded a leadership position:

CR2s BankWorld digital banking platform, with its powerful functional capabilities, has secured excellent ratings across the technology excellence and customer impact performance parameters, gaining CR2 a strong position amongst the technology leaders in the 2021 SPARK Matrix of the Digital Banking Platform market.

A key capability highlighted by the research analysts is the ability of CR2’s BankWorld platform to allow banks to easily extend their ecosystems, whether to partner or compete with Fintech providers. Other significant factors are the platform’s native channel technology that delivers a frictionless customer experience and off-the-shelf solutions, enabling banks to accelerate their digital banking strategies. On the release of the SPARK Matrix report Fintan Byrne, CEO of CR2, remarked:

“We are very pleased that CR2 is being recognized as a technology leader in the Digital Banking market. The continued investment and innovation of our BankWorld platform reflects the needs and challenges of banks in emerging and developing markets. This leadership position is evidenced by many leading banks across the Middle East and Africa choosing our platform to drive their digital banking strategies.”

The Quadrant Knowledge Solutions report acknowledges how CR2 is enhancing and extending their Digital Banking platform to allow banks to grow cost effectively through Open Banking, APIs and Digital Payments.

The Quadrant Knowledge Solutions’ SPARK Matrix: Digital Banking Platform 2021 Knowledge Brief is available now for download at:

https://www.cr2.com/whitepapers/spark-matrix-digital-banking-platform-2021-report/

If you would like more information or would like to arrange an interview please contact Nigel Sutton at +353(0)873 92 92 90 or email [email protected]

lano-partners-with-rapyd-to-power-global-payments-as-companies-expand-remote-employment-workforces

Lano Partners with Rapyd to Power Global Payments as Companies Expand Remote Employment Workforces

 

Rapyd, a global Fintech-as-a-Service provider, announced today that it has entered into an agreement with Lano, a platform that helps businesses hire and manage their global teams, to power their global payment and disbursement capabilities.

This past year marked a dramatic acceleration in the adoption of remote working. A recent Microsoft study found that 46% of the workforce plan to move in response to this new found  corporate flexibility. Many companies have jumped headfirst into the race to attract the best remote talent: there has been a 5X increase of remote job postings on LinkedIn since the start of the pandemic. Others are working to adapt existing policies and structures to the current environment. In both cases, there’s a great deal of uncertainty when it comes to how to hire and manage global talent in a simple and compliant way.

Operating in more than 150 countries and nearly 5,000 cities Lano supports top talent anywhere in the world, working with leading companies to help them manage hiring, compliance, and payments for full-time employees or freelance contractors.

Lano is leveraging Rapyd’s payment capabilities to enable remote workers to get paid faster and without the hassle of complex transactions or expensive conversions into local currency. With Rapyd, Lano will now be able to offer improved access to local payment methods in 50+ currencies, a functionality key to the dispersed workforce. Employers can also approve and pay invoices for their global team in minutes, while enjoying considerable savings on FX fees and costly international bank transfers, allowing them to focus on key business functions as opposed to payment logistics.

“We are excited to be partnering with Lano, a company whose vision truly aligns with ours – to create a future without borders that continues to support local preferences,” said Sarel Tal, VP EMEA at Rapyd. “International payment management has long been one of the most complicated parts of managing a global workforce for companies. Such cross-border payments introduced additional costs for both the employer and the employee, along with delayed payments and the associated compliance and regulatory issues. This has significantly limited employers from taking advantage of international talent – but we are making that a problem of the past and are enabling companies of all sizes to go global.”

“With Rapyd’s capabilities, we can empower more companies to hire the best global talent for their teams – without the limitations of currency or geography,” said Aurel Albrecht, CEO and Co-Founder of Lano. “Given our European origin, we know that the size of the local talent pool can dictate the pace of growth. This partnership will better equip companies to grow on a global scale, without worrying about challenges related to compliance or cross-border payments.”

katapult-announces-tahmineh-maloney-as-general-counsel

Katapult Announces Tahmineh Maloney as General Counsel

Katapult, the leading provider of eCommerce point-of-sale (“POS”) lease-purchase options for nonprime US consumers, today announced that Tahmineh “Tammy” Maloney has joined the organization as General Counsel. Ms. Maloney is responsible for legal compliance throughout the company while working alongside Derek Medlin, Katapult’s COO.

“I am excited that Tammy has joined our organization as General Counsel,” said Medlin. “Her experience at leading financial services organizations and important regulatory agencies will support our strong focus on innovation and growth while maintaining our laser focus on compliance and great consumer experiences.”

Prior to joining Katapult, Ms. Maloney served as General Counsel of E*Trade Bank, where she was responsible for advising on federal and state banking regulations, M&A, investments, cryptocurrency, banking products and activities, and payments. Ms. Maloney has over seventeen years of experience in legal and advisory roles with experience in the fintech space and holds a Juris Doctorate degree from Georgetown University Law Center.

“I’m thrilled to join such a great team at an innovative fintech,” said Ms. Maloney.

Katapult partners with leading eCommerce and omnichannel retailers to provide incremental growth via a new customer segment. Retail partners who have implemented Katapult’s solutions have seen an expanded customer base, increased transactions, and improved customer loyalty.

On December 18, 2020, Katapult and FinServ Acquisition Corp. (NASDAQ: FSRV) announced that they entered into a definitive merger agreement. Upon closing of the transaction, the combined company will operate as Katapult and plans to trade on Nasdaq under the new symbol “KPLT”.  The transaction remains subject to approval by FinServ stockholders and other closing conditions.

tomorrow-water-launches-second-phase-of-its-project-to-revolutionize-the-economics-and-environmental-impact-of-wastewater

Tomorrow Water Launches Second Phase of its Project to Revolutionize the Economics and Environmental Impact of Wastewater

 

Tomorrow Water, an innovative environmental solutions provider with a vision of a “Clean and Beautiful World Beyond Waste”, is launching the second phase of its ambitious Tomorrow Water Project (TWP), a plan aimed at drastically improving the economics and sustainability of wastewater treatment and other key infrastructure elements around the world. Tomorrow Water seeks to implement TWP in developing countries and developed countries alike, reducing the environmental impact and costs associated with wastewater treatment and enabling positive environmental and social change globally.

Tomorrow Water’s philosophy is that in order to foster sustainable waste and sewage practices, wastewater itself needs to be converted from a cost stream into a revenue stream. TWP does this by recovering valuable resources from wastewater, including water, heat, energy, proteins, and nutrients, making it more economically feasible to implement sustainable water and sanitation systems in developing nations.

TWP 2.0 aims to revolutionize the value chain of wastewater treatment operations by implementing technologies and engineered solutions that harness and reuse wasted resources like heat, water, energy, and nutrients for other key infrastructure functions like energy generation and IT capacity. TWP 2.0 will also improve the cost-efficiency of wastewater treatment through water AI (artificial intelligence) and automation. In doing so, Tomorrow Water hopes to empower developing nations to deploy sustainable, reliable, and affordable sewage treatment systems.

“In addition to innovating the value chain of wastewater operations, in TWP 2.0 we intend to incorporate data centers in TWP facilities,” said James Kim, COO of Tomorrow Water. “Data centers are sorely needed around the world as data processing requirements expand. The limiting factors for data centers in major cities are physical space, cooling capacity, and energy needs. By incorporating a data center on-site at a TWP facility, IT capacity can be expanded for a region in a sustainable, affordable way because the transfer of biogas energy and cooling water between TWP facilities solve data centers’ traditional hurdles.”

The first phase of the project (TWP 1.0) focused on creating the individual wastewater treatment and resource recovery technologies that can enable wastewater facilities to recycle valuable resources and achieve energy self-sufficiency, setting the groundwork for later stages of TWP. Tomorrow Water developed its highly efficient Proteus+ technology that converts wastewater solids into an energy production feedstock in a process called carbon diversion. When combined with the company’s low-physical-footprint nitrogen removal technology called Mainstream AMX (Anammox), Proteus+ can treat wastewater in developing countries while using 50% less space and 60-70% less energy and requiring half as much time as conventional aeration-based technologies. In this phase, Tomorrow Water also integrated energy production technologies such as thermal hydrolysis and biogas production into the same facility as the wastewater plant, allowing the recycling of otherwise wasted heat, water, and electricity. For more information on the technologies developed in TWP 1.0, visit https://www.tomorrowwater.com/technology.

“From its inception in 2016, the primary goal of TWP has been to create science and engineering-based solutions to enable significant social and environmental improvements in the wastewater industry,” explained Mr. Kim. “The United Nations’ Sustainable Development Goals have a slogan, ‘Leave No One Behind’. As a company, we internalized this noble vision and seek to accomplish it through our own mission to ‘Leave Nothing Behind’ by employing innovative waste recycling technologies in every part of the world.”

apto-payments-launches-instant-issuance-platform

Apto Payments Launches Instant Issuance Platform

 

Apto Payments, a next-generation cards and payments company, today announced the launch of its Instant Issuance platform, a self-serve, developer platform that allows companies, merchants, financial institutions, and businesses of all sizes and industries to issue debit cards. With Instant Issuance, card programs for challenger banks, employee payroll, rewards and loyalty programs, and many other use cases can be built with just a few hours of development.

Designed with developers in mind, the Instant Issuance platform offers a frictionless, self-serve experience that allows companies to quickly bring their card programs to market. While card issuance is often a slow and complex process, Apto’s Instant Issuance platform allows developers to start working in sandbox within minutes. The platform also makes it seamless and easy to switch from development to production, customize cards, onboard users, and track sign-ups and revenue. Going from sign-up to having physical cards in the hands of users can happen in as little as a week.

“Historically, card issuance has required immense time and resources just to establish relationships with the requisite players, deal with compliance hurdles, and, finally, initiate the program. At Apto, we believe card issuance is overdue for an update,” said Meg Nakamura, Co-Founder and CEO of Apto Payments. “With our Instant Issuance platform, we are not only making the process easier, but fairer and more equitable.”

The instant issuance platform represents a key milestone in Apto’s mission to help democratize the financial services industry and improve accessibility to sophisticated payments solutions for players of all sizes and categories.

“Apto has always been at the cutting edge of card issuance, having created the first bitcoin-backed debit card and worked on programs for many early innovators in the payments space,” said Greg Kidd, Co-Founder of Apto Payments. “By lowering the barriers for companies to enter the market quickly, we are continuing to change the game and move the payments industry forward.”

london’s-latest-money-transfer-app,-passto,-expands-its-remittance-service-to-over-50+-countries-worldwide

London’s latest money transfer app, PassTo, expands its remittance service to over 50+ countries worldwide

 

In December 2019, PassTo’s goal was to shake up the Fintech remittance market, through a simple to use app, delivering fast, secure, and cheap money transfers to expats in the UK, with clear pricing.

PassTo’s debut year in the Fintech market, exceeded all expectations, despite the uncertainty of the COVID-19 pandemic, proving to its growing number of satisfied customers to be an easy to use and reliable app, while also being a cheaper option for expats when sending money abroad.

As an independent money transfer app, PassTo has no allegiances to any remittance partner, therefore PassTo has developed an in-house algorithm that compares the market on behalf of its customers, delivering the most competitive deal in real-time ensuring that users are getting the best rate out of all.

PassTo’s simple approach of prioritizing customers ensures expats all over the UK can transfer money with the best exchange rates and lowest fees possible, to an ever-increasing number of destinations allowing more people to support their families and loved ones through PassTo

“When we first started the company we had a clear objective with PassTo,  to create a money transfer app that saves its users time, effort, and money by simplifying money transfers currently for expats living in the UK, sparing them loads unnecessary costs and delays.” AbdelRahman El-Sergani, PassTo’s VP said. ” And right now, we are totally convinced that these deals will bring us another step closer to achieving our goal, to give expats around the world a simplified banking experience in which they could count on.”

“We’re constantly looking for futuristic solutions,” AbdelRahman added. “That’s why we’ve developed an algorithm to give users the best possible price out of all 4 of our new providers, we’re basically putting our providers in a competition for our customers’ business.”

Available Countries:

AndorraAustria– Bangladesh– Belgium– Benin– Bulgaria– CameroonChina– Croatia– Cyprus– Czechia- Denmark– Estonia– Ethiopia– Finland– France– Germany– Ghana– Gibraltar– Greece– Holland– Hungary– Iceland– India– Ireland– Italy– Kenya– Latvia– Liechtenstein– Lithuania– Luxembourg– Malaysia– Malta– Monaco– Morocco– Nepal– Niger– Nigeria– Norway– Pakistan– Philippines– Poland– Portugal– Romania– San Marino– Senegal– Singapore– Slovakia– SloveniaSomalia– South Africa– Spain– Sri Lanka– Sweden– Switzerland– Uganda– United Kingdom– Zambia.

PassTo launched in late 2019, is a trading brand of Blabla Connect Limited, a UK technology business founded in 2012, owning and managing the Blabla Connect app, an International VOIP service, with over 2 million downloads worldwide, both apps are available free from Google Play and the Apple app store.

allied-payment-network-named-one-of-the-best-places-to-work-for-second-year

Allied Payment Network Named One of the Best Places to Work for Second Year

Fort Wayne, Indiana-based Allied Payment Network, Inc. (Allied), the industry’s most progressive provider of online and mobile bill payment services to banks and credit unions, announced today that it has again been named one of the 2021 Best Places to Work in Financial Technology. Arizent and Best Companies Group created this annual survey and awards program in 2017 to identify, recognize, and honor the best employers in the financial technology industry in the U.S.; Allied was honored as a Best Place to Work for the second consecutive year.

Companies recognized this year operate in and serve companies and consumers in a wide range of financial services including banking and mortgages, insurance, payments and financial advisory.

“This year, the fintech industry became a larger and more important sector of our economy,” noted David Evans, chief content officer at Arizent. “This ranking helps highlight companies that have generous employee policies and positive cultures, and can help serve as a guide to job seekers in this competitive industry.”

“From the beginning, we at Allied have prioritized our employees and their work environment to make ourselves a best place to work.  By cultivating a positive, cohesive, and rewarding work environment, Allied attracts quality, dedicated team members to augment our success,” explained Allied founder and CEO Ralph Marcuccilli. “We are honored to be named to this list and will always strive to be a best place to work.”

To be considered for participation, companies must provide technology products, services, or solutions that enable the delivery of financial services. Companies must also have been in business for at least one full year and employ at least 15 people in the U.S. For more information on Arizent’s Best Places to Work in Financial Technology program, including full eligibility criteria, visit www.BestPlacestoWorkFinTech.com.

global-payment-solution-provider-reach-supports-its-rapid-growth-with-new-cto

Global payment solution provider Reach supports its rapid growth with new CTO

Reach, the global payment localization provider, has appointed Tyler Barry as Chief Technical Officer to support the business’ continued success throughout 2021 and beyond.

Barry, a twenty-year veteran of the technology industry, has been appointed to develop and execute the company’s strategic technology action plan and position the brand as it demonstrates explosive growth. A vastly experienced and talented leader, Barry has a proven record of success, and brings a wide range of expertise in areas such as scalable systems, distributed transaction settlement, mobile banking, and payment method integration.

Tyler Barry joins Reach after a decade of consulting directly with banks and fintechs in the North American and European markets. Over that period, Tyler led the overall design and work of the technical teams to conduct the first international blockchain-based currency transfer for a Canadian financial institution; delivered the solution design and delivery of numerous mobile payments solutions such as Apple Pay, Google Pay, Samsung Pay, and Interac Etransfer for multiple financial institutions; leveraged open banking standards to deliver forward-looking solutions; and drove the design of software architecture for real-time fraud systems and highly scalable service-based environments.

Tyler will now turn his wealth of experience toward developing the Reach Platform, supporting improvements in transaction performance, dynamic processing, scalability, insight, security, and user experience.

Barry commented: “Reach is at an inflection point. We have an exceptional management team, a phenomenal customer base, and a market leading solution for merchants going global. I am energized to be part of the Reach team and to be able to serve the entire organization in propelling the growth of our services and platform for our customers.”

The Reach platform is designed to allow merchants to take advantage of the benefits of selling locally in a global marketplace, using its innovative service model to deliver higher conversion rates, lower costs, and a better end user experience for customers across the world.

Localised payment processing is a potential gold mine for global merchants, who are often saddled with higher fees and lower approval rates when processing foreign payments. For many businesses outside of the major multinationals, this has previously been unachievable due to requiring an ‘in-country’ business presence. However, by working through Reach’s platform, merchants can utilise Reach’s core connections and corporate structure to process localised payments from any country across the globe.

Thanks to Reach’s innovative platform and corporate relationships, businesses can take advantage of the best wholesale FX rates, along with presenting costs in local rates across more than 100 geographies worldwide, to deliver better service and increased value.

Sam Ranieri, CEO at Reach, said: “After a period of exceptional growth for our business, we’re thrilled to be welcoming Tyler as our new CTO. Tyler brings a wealth of invaluable experience to our senior team, with his track record of success speaking for itself. With his knowledge and support, we are well placed to continue disrupting the global ecommerce space through 2021 and the years ahead.”

“We saw a seismic shift in the commercial landscape in 2020, with the pandemic forcing businesses to rapidly refocus on ecommerce as their essential business model. This move exposed a huge number of businesses to new challenges, including volatile exchange rates and cross-border commerce risks. By adding talented individuals such as Tyler to our team, we’re ensuring that our solution will be ready to support merchants worldwide as they look to take advantage of cross-border ecommerce opportunities.”

grover-raises-e60-million-in-series-b-funding-to-take-consumer-tech-subscriptions-mainstream

Grover raises €60 million in Series B funding to take consumer tech subscriptions mainstream

 

GroverEurope’s market leader in consumer tech subscriptions, today announces that it has secured €60 million in an oversubscribed Series B round. The funding will be used to increase market penetration, advance product innovation and accelerate international expansion in support of the company’s ambitious goals of tripling its subscriptions by the end of the year, and driving an industry shift toward a more circular approach to consumer electronics. The funding round follows a strong year of growth in 2020, which saw the business increase by 2.5x as consumers flocked to the company’s flexible rental service.

The round is made up of €45 million from equity investors and €15 million in venture debt financing. Investors in the round are a combination of existing and new investors. New investors in the round were led by Jonathan Schneider at private equity firm JMS Capital-Everglen, with participations from Viola Fintech, Assurant, as well as a number of founders and angel investors from Europe and North America. Existing investors coparion, Augmentum Fintech, Circularity Capital, Seedcamp and Samsung Next also invested in the round, amongst others. The €15 million venture debt portion of the round was issued by European growth debt provider Kreos Capital.

Grover enables people and businesses to rent technology monthly instead of buying it, giving them more flexibility than an outright purchase or financing plan, and allowing them to get the tech they want in a way that fits both their lifestyle and their wallet. By recirculating products across multiple rental cycles, Grover’s subscription model also offers a more sustainable alternative to conventional linear consumption.

This customer value proposition proved especially strong during the last year of the Coronavirus pandemic, where technology gained greater significance in people’s lives, consumers shopped more mindfully, and sought out flexible access options to help them stay in control of spending. Grover experienced record demand in 2020, closing out the year with 2.5x year-over-year growth, net revenues of €37 million for the fiscal year, and over 4,000 metric tons of CO2 saved thanks to device recirculation. 2020 also saw the company achieve €60 million in annual recurring revenue (ARR) [1] and become profitable on EBITDA-level for the first time.

Grover will use the new capital to double down on its core purpose of giving people a flexible, sustainable and financially healthy way of accessing tech, with the aim of tripling its subscriptions to a total of 450,000 by the end of 2021 and driving an industry shift toward a more circular approach to consumer electronics.

Grover’s plans for this year include:

  • Further scaling up its core markets – GermanyAustria and the Netherlands – and rolling out its service in new markets, including Spain and the US.
  • Advancing leading-edge product innovations, including the launch of a flat rate tech subscription, an embedded financial service and an enhanced business customer offering.
  • Expanding its product portfolio into new categories like connected health and fitness devices, consumer robots and smart appliances.
  • Investing in top talents and team development to drive company growth. This includes the recent addition of Michael Kostadinovich (ex Better.com) to Grover’s executive team, who took up his post as Chief Technology Officer on 1 April.

Michael Cassau, CEO and Founder of Grover: “Now more than ever, consumers value convenience, flexibility and sustainability when they shop for and use products. This is especially true when it comes to technology and all of the possibilities that it has to offer — whether that’s productivity, fun, or staying in touch with our loved ones. The fresh funding allows us to bring these possibilities to even more people across the world. It enables us to double down on creating an unparalleled customer experience for our subscribers, and to push the boundaries of the most innovative ways for people and businesses to access and enjoy technology. The strong support from our investors confirms not only the important value our service brings to people, but also Grover’s vast growth potential. We’re still just scratching the surface of a €1 trillion global market.”