1Spatial (SPA) announced a three-year contract worth c $0.8m with the State of Montana for its Next Generation 911 solution. The Montana contract, along with recent large contract wins, the accelerating pace of new business, the transition to a higher-margin SaaS business, increased collaboration among data users and success with the 'Land and Expand' strategy should support a c 6% CAGR through FY23 and improved margins. We remain encouraged by the long-term potential of the geospatial industry and see scope for further acceleration. While it does trade at a sizable discount to its software peers in terms of price/revenue and EV/EBITDA multiples, we see opportunities for the gap to be reduced, and now is the time for SPA to capitalise on them.

1Spatial trades at 12.4x FY22e EV/EBITDA, a significant discount to its software peers, and using a peer multiple of 27.7x implies a share price of 99p, about 117% above the current price. While much of the discount reflects SPA's current lower growth and margins, if the pace of contract wins is maintained and 1Spatial continues to execute on its land and expand strategy, we anticipate there could be a reduction in this valuation gap.

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Recently, ChainUP, the world's leading blockchain technology service provider, launched the NFT trading platform solution -MetaBazaar software package. The system aims to provide NFT technical infrastructure services for people who love NFT, build a one-stop NFT (non fungible token) trading platform, quickly reduce the industry entry threshold and improve the industry efficiency. MetaBazaar provides transactions of collectibles, artworks, valuables, assets and securities supported by NFT concept and blockchain technology.

MetaBazaar platform is developed based on alliance chain and public chain, adopting ERC 721, ERC 1155 and 3^rd party smart contract standards. ERC 721 can track the ownership of assets, ensure the security of ownership, the convenience of ownership transfer, the immutability and transparency of ownership history, and promote the tracking, transaction and management of real assets. Powering the platform with cross-chain compatibility of ERC-1155 makes its assets are compatible with other ecosystems, able to operate across multiple contracts, thus improving the performance and accelerating the transaction speed with lower gas charges. It supports ChainUP customized wallet systems, Metamask and other 3rd party wallet, among which ChainUP wallet solutions support nearly 200 main chain currencies, games/tools, shopping malls/payments, and there are professional acceptors to ensure the safety of funds and meet international financial standards, so as to realize safe and reliable transactions.

In terms of security, MetaBazaar optimizes and develops risk control and security functions that are more in line with NFT trading platform based on ChainUP risk control security system, making MetaBazaar system more secure. It provides multi-layer security, decentralized storage and multi-signature, which can prevent unauthorized access, malicious acts, fraud and data leakage, and realize the maximum security of the platform.

In terms of deployment mode, MetaBazaar is committed to building a complete decentralized encryption platform and it supports remote deployment to realize, It aims to become a top-level NFT mall system integrating nft trading by multi-tokens, liquidity support and other customizations. In the future, ChainUP will also launch a cloud SaaS NFT trading system, which is more convenient configuration and lower in operating cost, It will become a top-level trading system integrating coin-to-coin trading and Leveraged trading. From simple smart contracts to major decentralized trading platforms, MetaBazaar can provide one-stop technical support for customers who need NFT solutions in different industries and scenarios.

ChainUP was established in 2017, and it has been developed for nearly five years. From digital currency trading system, wallet system to NFT trading system, ChainUP relies on the deep professional knowledge of the development team in blockchain, financial technology, NFT,etc., and the trust and dependence of global customers on ChainUP technology, and every track chosen by ChainUP can develop steadily and in the long run.

2021 is a landmark year for NFT. After a great breakthrough, NFT usage scenarios are growing. ChainUP also devoted himself to the research and development of NFT trading system this year. NFT will become mainstream in 2022. ChainUP also launched the NFT trading system that has been successfully developed in early 2022 to meet the needs of more NFT fans

Mark Dankworth, President Business Development Africa at Ukheshe, shares his thoughts on how mobile money, cross-border payments and ‘buy now, pay later’ are transforming the financial sector, particularly in emerging markets, for the better.

Last year saw an unprecedented rate of change in the financial sector, with huge growth in the use of digital financial services. A report by CB Insights entitled ‘State of Fintech’ revealed that the third quarter of 2021 was the second highest on record for fintech financing, up by 147 percent year-on-year, and 2022 is looking like more of the same.

Fintechs will continue to drive financial inclusion, assisting in the creation of an accessible and sustainable digital economy for all, particularly across developing nations. Africa’s large unbanked and underbanked population, together with the increase in mobile penetration creates fertile ground for fintech innovation, providing much-needed economic independence to those outside the formal banking system.

Some of the biggest fintech trends poised to make an impact in the financial sector this year include:

Mobile money

According to the Global System for Mobile Communications (GSMA), the number of registered mobile money accounts grew by 12.7 percent globally in 2021 to 1.21 billion, with sub-Saharan Africa making up 548 million of those accounts. With mobile subscriber penetration across Africa predicted to increase by four percentage points to hit 615 million by 2025, an upsurge in mobile transacting is certain.

The fastest adopters of mobile payments are small, medium and micro enterprises (SMMEs), which, according to the African Development Bank (AfDB), account for more than 90 percent of businesses and almost 80 percent of employment in Africa. Traditionally dealing only in cash, the ease of use, affordability and accessibility of digital wallets, mobile POS solutions and QR code payments, such as those offered through Ukheshe’s Eclipse API, are changing the way these merchants transact, giving them access to loans, insurance and other vital financial services previously out of their reach.

Taking it further and integrating digital financial services into the messaging experience, chat banking is fast becoming the next big thing, allowing users to do their banking on their favourite chat platform. By combining the ease and enjoyment of messaging apps like WhatsApp with the convenience of online banking, users have a fast and personalised way to manage their finances. Banks and mobile network operators are partnering with fintech enablers such as Ukheshe to bring this service to market and become players in the mobile network operator space.

Cross-border payments

In 2021, remittance inflows in sub-Saharan Africa amounted to over USD$45 billion, a figure which is expected to more than double in the next two years. A large proportion of the technology supporting these cross-border payment systems remains on legacy platforms, but this is set to change this year, thanks to innovations focused on revolutionising the time-consuming, unsecure and expensive remittance industry.

A key focus for Ukheshe this year will be the acceleration of remittances in Africa and beyond. Its joint venture with ForexPeople – boostXB – assists our customers in the acceleration of cross border remittance. Through boostXB, Ukheshe enables seamless cross border remittance services for the likes of Chipper Cash, Sasai and many more.

Buy now pay later

The buy now, pay later (BNPL) movement is gaining momentum after kicking off during the COVID-19 economic crisis when companies sought to help customers struggling to pay their bills. This method of deferred payment allows buyers to increase their cash flow and budget more easily by splitting payments into four or six instalments – interest free – and is expected to drive the growth of ecommerce further as more retailers get on board.

BNPL is predicted to increase by 66.9 percent annually in South Africa, with other African countries closely following suit. Globally, this figure is expected to move from US$176.2 million in 2020 to US$ 1,673.7 million by 2028. A study by PYMNTS.com shows that 48 percent of BNPL platform users will not buy from a merchant if they don’t offer BNPL and a recent survey revealed that almost 80 percent of shoppers would not have made their most recent online purchase if not for the BNPL service. With consumer interest being this high, banks are looking to partner with fintechs to help accelerate their technology development and bring BNPL products to the market faster. 

At the heart of these trends is the willingness to collaborate, create partnerships and engage with innovation – all of which Ukheshe continues to drive by working closely with players in the payments space to create solutions that are seamless and efficient.

• Experienced fraud management expert Mike McGirr appointed to Vice President of Compliance at Reach to build and lead a new risk and compliance team
• In line with its ambitious growth targets, the appointment will secure Reach’s global compliance across markets and enable retailers to make the most of cross-border ecommerce opportunities

Reach, the global ecommerce payments enabler, today announces the significant appointment of fraud and compliance management expert, Mike McGirr, as Vice President of Compliance.

With more than 20 years’ experience in the payments space, McGirr, the former SVP of Risk and Compliance at payments platform Adyen, will be responsible for driving the execution of Reach’s risk and compliance programs, and allowing the business to reach its ambitious growth targets.

As cross-border ecommerce volumes continue to surge to an expected $1.2 trillion in 2022, and businesses seek expansion into new markets, compliance is fast becoming a critical component for merchant success. The financial and reputational damage caused by non-compliance with regulatory and payment scheme demands can threaten the survival of a business. Costly penalties, recurring charges and even license withdrawals face merchants which lack the resources and in-house expertise to meet rigorous compliance obligations. For example, failure to implement PCI-DSS standards for online card payments can result in fines of up to $500,000 depending on merchant category or location.

With payment acceptance impacted by differing regulations and payment industry mandates across various markets, businesses are seeking to outsource risk and liability functions so that they can focus on their core business operations. Reach’s expertise in handling compliance obligations on behalf of clients has been a major factor in its strong growth over 2021, and will take on even more importance in 2022 and beyond as ecommerce taps into new customer bases worldwide.

As a core part of his new role, McGirr will build and lead a new compliance and risk team at Reach, dedicated to scaling out existing manual processes systematically. By utilizing his unrivalled expertise to build on existing risk and compliance controls, and embed an understanding of this throughout the entire company, McGirr’s appointment will support Reach’s high expected business growth while maintaining value add for new and existing clients and partners.

This news follows an exciting 12 months for Reach as the business made four high-profile hires, acquired additional office space in the Edison building in Calgary, Canada and achieved a fourth consecutive year of 50% year-on-year growth in line with its rapid expansion plans. With this impressive growth and its ability to unlock a global customer base for merchants through its streamlined payments, tax and fraud platform, Reach is now set to embark on its rapid expansion plans.

Discussing the importance of risk and compliance in scaling a global cross-border payments platform, like Reach, McGirr comments: “I’m delighted to be joining such a forward-thinking and solutions-driven business as Reach, which has always placed great emphasis on not only breaking down the numerous barriers for merchants’ own risk and compliance procedures, but for their customers, too. Card fraud is predicted to cost $408.50 billion in losses globally over the next decade, so merchants cannot afford to not be compliant: investing in a robust and agile platform from Reach is an obvious solution.”

“2022 promises to be an exciting year for this rapidly-scaling company and there’s never been a better time to innovate and ensure risk and compliance is truly embedded throughout the entire team. From our leaders to our global territory teams, we all must have an understanding of how critical risk and compliance controls are if we’re to avoid the catastrophic pitfalls that can impact merchants when embracing cross-border ecommerce.”

The Reach platform, which has been designed to help merchants benefit from selling locally whilst also trading on a global scale, enjoyed strong growth through 2021. With ecommerce becoming increasingly popular from both a B2C and B2B perspective in recent years driven by the Covid-19 pandemic, localized payments processing provides huge rewards for small and medium businesses looking to compete with the big players in the industry.

Sam Ranieri, CEO at Reach, commented on why McGirr’s appointment supports the ambitious plans for future expansion: “After a period of exceptional growth for our business, we're thrilled to welcome Mike onboard as our new VP of Compliance. As we move into 2022 and beyond, his wealth of experience will help us to remain compliant on a global basis and tackle business challenges as they arise. With his knowledge and support, we are well placed to continue disrupting the global ecommerce space into the future and enable retailers to make the most of cross-border ecommerce opportunities.”

 OpenPayd, a leading global payments and banking-as-a-service platform has today announced the appointment of Daniel Belda as its Head of Product Strategy. Belda will define the go-to market approach for OpenPayd’s embedded finance and BaaS product suite, oversee the continuous improvement of its services and build new fintech propositions for its diverse set of clients. 

Prior to joining OpenPayd, Belda spent just under five years in senior positions at Worldpay, developing a domestic acquiring solution for the Brazilian market and left the business as VP of Digital Content and Gaming. Belda also led expansion for Open Banking provider Yolt, where he supported the roll out of its e-money account and debit card. 

Over the course of his career Belda has developed a deep knowledge of the global e-commerce payments landscape. His appointment comes as the fast-growing fintech pushes ahead with an ambitious roadmap that will see its rapid expansion intensify during 2022.

“Payments are changing - from the methods to the companies facilitating them and embedded finance is the driving force behind this change,” said Daniel Belda, Head of Product Strategy at OpenPayd. “Through the OpenPayd platform businesses are able to bring these embedded finance capabilities to life. I’m excited to be on this journey with them , overseeing the work of our product team and supporting OpenPayd’s significant growth around the world.” 

The UK’s largest coach operator, National Express, has partnered with Clearpay, a leader in “Buy Now, Pay Later” payments known as Afterpay outside the UK and Europe, to offer increased flexibility and choice to customers purchasing tickets. 

From today , customers booking coach travel to any of the hundreds of destinations on National Express’ national network, can now select Clearpay to pay for their travel in four instalments over six weeks, interest free. National Express joins over 6,000 merchants already partnering with Clearpay, and is a significant addition to its Shop Directory, as it is the first company in the UK travel sector to offer Clearpay. 

Rich Bayer, Clearpay’s UK Country Manager, said: “We’re delighted to welcome National Express to Clearpay. We know that our Millennial and Gen Z customers are seeking new experiences and they now have the freedom to book and budget the cost of coach travel, which can help them spend responsibly, avoiding revolving debt and interest that comes with credit card payments.“ 

John Boughton National Express Commercial Director: "National Express is well known for convenience, whether that's our unrivalled choice of destinations or options of how customers can make contact. Providing greater choice and convenience when it comes to payment is a key way we can continue to improve our customer service and partnering with Clearpay is a great way to do this. 

"We are looking forward to seeing more people return to travel this year and are pleased to be able to offer them the option to use Clearpay." 

Clearpay is transforming the way customers pay for products with purchases spread over four instalments, always interest-free. The service is completely free for customers who pay on time – helping people spend responsibly without incurring interest or extended debt. Late fees apply for late payment instalments. 

Five facts about Clearpay: 

● Clearpay does not charge interest; 

● If a customer misses a payment his/her account is immediately made unavailable so that he/she cannot accrue more debt or fall into revolving debt; 

● Clearpay does not report to credit agencies and will not impact a customer’s credit score; 

● 98% of transactions never incur a late fee; 

● Almost one-third of customers make the majority of their repayments ahead of time. Click here to find out more about Clearpay.

Founder Dax Dasilva to serve as Executive Chair

Lightspeed Commerce Inc., the one-stop commerce platform for merchants around the world to simplify, scale and create exceptional customer experiences, has announced that as part of its long-term succession planning process, the Lightspeed board of directors has appointed current President JP Chauvet to the role of Chief Executive Officer. He will lead Lightspeed's continued growth, strategic development and execution.

The Company also announced that Founder and outgoing CEO Dax Dasilva will continue to serve Lightspeed as Executive Chair of Lightspeed's board of directors. As Executive Chair, Dasilva will work with Chauvet and the Board to set the strategic direction of the Company, with a focus on furthering Lightspeed's business advocacy and global sustainability initiatives through stakeholder outreach, customer advocacy, corporate social responsibility (CSR) and Diversity, Equity and Inclusion (DEI) initiatives. In connection with this transition, Patrick Pichette, current Chair, will become the Board's Lead Independent Director.

Chauvet joined Lightspeed in October 2012 as Chief Revenue Officer and became a board member in September 2013. In April 2016, he was named President and throughout his tenure has been integral to advancing Lightspeed's mission, including leading many of the Company's strategic acquisitions, its listings on the Toronto Stock Exchange and New York Stock Exchange, and leading the launch and growth of the Lightspeed Payments platform. Chauvet has also overseen the Company's robust customer growth worldwide.

"In his nine years at Lightspeed, JP has proven his strategic acumen, pioneered our go-to-market strategy, led our product teams, and played a critical role in launching Lightspeed Payments," said Dasilva. "We are fortunate to continue benefiting from his leadership, expertise and dedication as Lightspeed builds on its momentum in a large and evolving market. It has been an honor for me to lead the talented Lightspeed team since founding the Company in 2005 and I look forward to leading in my new capacity of Executive Chair."

Said Chauvet: "I would like to thank Dax for setting Lightspeed on its impressive growth trajectory, and both him and the Board for entrusting me with the responsibility of leading Lightspeed as CEO. As Lightspeed accelerates its One Lightspeed integration efforts – bringing the most innovative companies in the digital commerce space together under a shared goal to drive merchant value – we will advance our efforts to become the leading global omnichannel platform. I'm committed to executing the next step of our journey, including the expansion of our global footprint through our retail and hospitality flagship products, and redefining how our customers do business."

"As a Board, we have regularly discussed succession planning over the last several years," said Pichette. "JP has an outstanding track record in multiple leadership positions at Lightspeed, and the Board is confident he is the natural choice to continue the important work underway across the organization and drive sustained value for all customers and shareholders. Meanwhile, the Board also looks forward to supporting Dax in his new role as we advance the Board's corporate and sustainability goals, including maintaining Lightspeed's position as an employer of choice for top talent, a global driver of positive impact and the leading technology partner for businesses everywhere."

JP Chauvet took up his new role as Chief Executive Officer on February 2nd, 2022.

New features help finance teams further automate and optimize AP processes to speed cycle time and scale to accommodate business growth

MineralTree, an Accounts Payable (AP) and payment automation solution provider, today announced the general availability of three new workflow capabilities in its TotalAP platform. The new features provide for faster and easier invoice coding and approvals, shorter cycle times for payables, and reduced workloads for overburdened AP teams.

MineralTree’s AP and payment automation solutions enable mid-market and enterprise users to automate and streamline the complete invoice-to-pay process. Real-time analytics enhance finance teams’ visibility and control over their AP processes, spend, and supplier relationships by providing actionable insights. And MineralTree’s direct, two-way integration with the world’s leading ERP systems eliminates the challenges with other AP automation systems and assures rapid implementation and time to value. 

The new workflow capabilities – Copy Coding, Credit Application, and Expense Allocation – further optimize the AP process for MineralTree TotalAP users by eliminating unnecessary manual efforts, automating more tasks, and leveraging ERP integrations.

Copy Coding

●       This new feature makes coding recurring invoices faster (less than a minute) and easier by reducing the amount of data entry required by AP teams.

●       Accounting managers can automatically code invoice lines based on a previously posted invoice for the vendor, without the need for manually referencing the previous invoice or manually coding each line/expense. AP Managers can also bypass the standard invoice capture process and code recurring invoices immediately, which can help speed up approvals and payments.

Credit Application

●       Users can now apply credits directly within TotalAP so invoices with applied credits can be paid and reconciled faster. These credits sync seamlessly with the user’s ERP.

●       Vendor credits are common in B2B commerce. Goods and services are ordered or billed incorrectly, goods may be damaged or lost in transit, or invoices are overpaid or paid twice. With MineralTree’s new Credit Application capability, users can quickly and easily apply vendor credits to payments directly in TotalAP, without the need to manually apply them separately in their ERP. This provides a more seamless invoice-to-pay experience, while also providing better visibility over credits to ensure they are applied correctly.

Expense Allocation

●       MineralTree’s new Expense Allocation templates enable allocation of shared expenses at the click of a button. Users can automatically split expenses across multiple departments – based on percentage, headcount, or other supported allocation dimensions from their accounting system. As recurring invoices arrive, users simply apply the pre-built Allocation Templates to these expenses, automatically coding and splitting them without the need for manual calculation.

“We are continuously developing new features and enhancements to add more value for our users while maintaining and improving ease-of-use,” said Elle Kowal, Chief Product Officer at MineralTree. “These new workflow enhancements provide even more tools to accelerate invoice processing and reduce the burden on finance teams, allowing them to support business growth without adding AP headcount.”