He says:

“If the UK is to become the first ever net zero aligned financial centre, consumer carbon consumption must change. Open banking can be the catalyst for this.

A recent survey we conducted revealed that 28.6% of 1,987 UK consumers said they would choose to use a new payment method if it has a positive environmental impact. This highlights how consumers today are actively becoming more aware of their carbon footprint and as such, are seeking to use, buy and consume goods through conscious channels.

Built on smaller infrastructures, open banking is, arguably, a more sustainable solution compared to larger, traditional card infrastructures. It would be foolish for financial institutions and listed companies not to listen to consumer demands - implementing open banking into their net-zero strategies is undoubtedly the way forward.”

When the pandemic first hit the UK in March 2020, the sudden obligation to spend 24 hours a day together pushed thousands of couples towards the brink. By mid-May of that year, inquiries to divorce lawyers had jumped by 42 per cent, compared with the same period in 2019.

That may seem shocking enough, but the uplift in unhappy couples during lockdown was nothing to the figures just over a year later. In June 2021, divorce enquiries were 136 per cent higher than at the beginning of the year – itself traditionally a peak time for separations.

“Even the strongest of marriages have been severely tested by the overall stresses of the pandemic – financial, emotional and physical,” says Sarah Havers, senior associate in the divorce department at Stewarts law firm. “Having been forced to take a long, hard look at their partners, the much-heralded promise of ‘freedom day’ has taken on a whole new meaning.”

For many separating couples – and 42 per cent of marriages end in divorce – the process is among the most painful of their lives. It can also be one of the most expensive. A recent report calculates the average cost of a UK divorce is more than £14,500, taking in legal fees and lifestyle payments. For those who need to sell property, or contest a settlement through the courts, the costs can easily mount to tens of thousands of pounds – an average couple will spend £30,000 on solicitors’ and court fees, £35,000 on rent and £144,000 on a new property.

At the top end, where properties are valued in the millions of pounds, the difference between selling in a bull or a bear market can run into hundreds of thousands of pounds. 

Equally, when selling a business, market cycles, interest rates and banks’ lending appetites have a huge impact on valuations. In 2012, the Top Shop and Top Man fashion brands were valued at $3.2 billion. In 2021 they were acquired for around $300 million.    

For high net worth couples, pensions and investments can add up to sizeable assets, once again involving complex calculations of value and future worth. Financial experts and lawyers may be required to reach a fair resolution – both of them expensive to hire. 

As a backdrop to these divorce costs, the pandemic has added new and often severe financial pressures. Whether from reduced income due to furlough, stagnating prospects due to lack of demand, for example in the travel or hospitality industry, or reduced working options due to childcare or illness such as Covid-19 itself, many thousands of UK couples have suffered financially, just as they conclude that they no longer wish to be married.

To cap it all, if a couple decide to separate but cannot agree on a division of assets, there are lengthy queues in the courts, as a backlog of cases inches its way through, potentially meaning higher costs for both parties. 

All of these simultaneous factors mean that, while divorce rates appear to be rising during the pandemic, the options for many couples are limited: a sluggish housing market, a stalled economy and rising prices have narrowed the divorce window. Should couples who wish to separate bury their differences for now, and wait for sunnier economic weather before acting? While this may seem to be sober and commonsense advice, the psychological reality of a fractious marriage can make it impossible to follow. 

“When a couple decide to divorce, they often need to find large amounts of money at short notice,” says Stephen Clark at bridging finance company Finbri. “This could be to buy a new property, or to buy out their partner’s interest in the family home or business. Bridging loans can provide a solution.” 

Selling a property at short notice is seldom ideal: it may disrupt children’s schooling, or mean accepting a below-market valuation. The same issues apply to a business. A fire sale is unlikely to yield an optimum price. 

“By using bridging finance - often secured on the value of a property - a couple can divide their assets without the disadvantages of a forced sale,” adds Clark. “A bridging loan can be very useful in smoothing the path towards an amicable separation and allowing people to get on with their lives.”

Box out – four ways to minimise the cost of divorce

Where there are significant assets to divide, there are likely to be unavoidable costs in any divorce. To keep other expenses to a minimum, here are four suggestions:

1. Have an ‘uncontested’ divorce.

Beyond the basic legal costs of divorce – around £1,000 for the ‘petitioner’ (the person who initiates the divorce) and around £300 for the ‘respondent’ (the other spouse) - there are no other inevitable costs. If you and your partner can resolve all your financial and logistical issues, it leaves you free to retain the full value of your assets. The UK government’s online MoneyHelper website offers free advice.

2. Choose mediation over court

Instead of expensive lawyers, who sometimes appear to prolong cases in order to increase their fees, using a mediation service costing between £50 and £120 per session can save you a great deal of money and aggravation. The best-known UK organisation offering mediation services is Relate.

3. Failing mediation, choose arbitration over court

In this situation, a qualified arbitrator listens to evidence from both sides and comes to a decision. You can find an arbitrator on the website of the Institute of Family Law Arbitrators, with costs averaging around £3,000 shared between a couple.

4. Do your research

Whether you resolve your issues between you, through mediation, arbitration or the courts, do your research ahead of time. For example, the government’s child maintenance calculator will give you a monthly figure, based on your income and expenses.

Nutanix has appointed Dominick Delfino as Chief Revenue Officer, effective December 6, 2021. Delfino will be responsible for leading the Company’s worldwide sales organisation including sales engineering, sales operations, inside sales, OEM sales, and channel sales.

“Dom is a talented leader with a proven track record of scaling businesses, has a strong history of delivering on go-to-market strategies and sales growth, and is an ideal fit for our company culture,” said Rajiv Ramaswami, President and CEO of Nutanix. “Dom’s global sales and industry leadership experience, combined with his innate understanding of what customers want and need, will be invaluable to our continued growth and success as we help our customers navigate to a hybrid multicloud future. I have known Dom for almost twenty years and I look forward to working closely with him as we expand our go-to-market presence, deliver on our long-term financial goals, and drive value for our stakeholders.”

“I have long admired Nutanix for its industry-defining technology, strong customer-centric culture, and large market opportunity,” said Delfino. “I’m excited to join this talented team to deliver exceptional customer satisfaction and drive revenue growth. Given the simplicity, flexibility, and resilience of Nutanix’s powerful Cloud Platform, I see tremendous opportunity to build on Nutanix’s strong foundation and continue expanding its loyal partner and customer base.”

Delfino brings more than 20 years of global sales experience, having led software sales and system engineering teams at multiple technology and software companies. Most recently, Delfino was Chief Revenue Officer at Pure Storage, where he was responsible for leading and growing the sales organisation while developing differentiated go-to-market strategies. Prior to that, Delfino spent six years at VMware, most recently as Senior Vice President and General Manager for all VMware sales in the Americas. While at VMware, Dominick had extensive experience selling VMware’s Cloud Foundation and VSAN solutions. Prior to that role, he led VMware’s worldwide sales specialist teams for networking, storage, cloud management, and cloud foundation. Previously, Delfino spent 14 years at Cisco leading its data centre and virtualisation technology strategy and pre-sales systems engineering globally. Delfino has a bachelor’s degree in engineering science from the State University of New York Morrisville.

Paya Holdings Inc., a leading provider of integrated payment and commerce solutions, today reported financial results for its third quarter ended September 30, 2021.

“Paya performed well in the quarter, with payment volume growing 28%, revenue growing 22% and gross profit growing 26%. We signed some great new partners across our verticals and saw a certain B2B partner scale faster than expected, which is promising as we focus on our medium-term growth ambitions,” said Jeff Hack, Paya CEO. “Additionally, we hired some key talent, which will serve to accelerate our sales and go to market efforts, while further enhancing our existing product offerings and technological capabilities. While there were modest headwinds in the quarter that prevented us from growing even faster, we remain focused on the continued execution of our medium-term strategy and our competitive positioning remains strong in high-growth end markets,” Hack concluded.

Third Quarter 2021 Financial Highlights

• Payment volume was $11.1 billion, an increase of 27.7% from $8.7 billion for the third quarter of 2020.
• Total revenue was $63.1 million, an increase of 21.8% from $51.8 million for the third quarter of 2020.
  • Integrated Solutions segment revenue was $39.7 million, an increase of 30.6% from $30.4 million for the third quarter of 2020.
  • Payment Services segment revenue was $23.4 million, an increase of 9.1% from $21.4 million for the third quarter of 2020.
• Gross profit was $32.6 million, resulting in a gross profit margin of 51.7%, as compared to $25.9 million with a gross profit margin of 50.0% for the third quarter of 2020.
• Net income (loss) was $(3.0) million, compared to $1.6 million for the third quarter of 2020.
• Adjusted EBITDA(1) was $16.3 million, an increase of 20.7% from $13.5 million for the third quarter of 2020.
• Adjusted Net Income(1) was $5.5 million.
• Earnings per share was $(0.02).
• Adjusted earnings per share(1) was $0.04.
• Ended September 30, 2021 with $133.1 million of cash and $250 million of total debt.

These financial highlights include non-GAAP measures. See below for definitions and reconciliation.

2021 Outlook

Paya provides the following updated revenue, gross margin, and Adjusted EBITDA guidance for the full year 2021, which replaces previously issued guidance. This outlook assumes no further unanticipated impacts from the COVID-19 pandemic or other factors outside of Paya’s control.

Conference Call

The Company has scheduled a conference call for November 5, 2021 at 8:00 a.m. Eastern Time to discuss the third quarter 2021 results.

The conference call will be available by live webcast through Paya’s Investor Relations website at https://investors.paya.com or by dialing in as follows:

Please register for the webcast or dial into the conference call approximately 15 minutes prior to the scheduled start time.

A replay of the conference call will be available for approximately 14 days and can be accessed through the Investors section of Paya’s website or by dialing 1-833-665-0668 (for Domestic callers), or 1-914-987-7320 (for International callers), with passcode 3872346.

• Funds will be deployed alongside Green Angel Syndicate’s Climate Change Fund (EIS) and angel syndicate.
• Green Angel Syndicate will be the first Regional Angels Programme delivery partner specialising in the fight against climate change.

British Business Investments, a commercial subsidiary of the British Business Bank, today announces a new £5m commitment to green economy investor, Green Angel Syndicate, to support early-stage UK businesses operating in the green technology sector.

The commitment is being made through the Regional Angels Programme, which seeks to reduce regional imbalances in access to early-stage equity finance. It will match funds raised via Green Angel Syndicate’s network of investors and their EIS Climate Change Fund. The fund supports a portfolio of UK wide, early-stage climate tech companies, primarily in the agritech and water, built environment, energy, transport and waste and recycling sectors.

Green Angel Syndicate’s specialisation is in the fight against climate change and it only invests in companies whose technology and process innovations have the potential to reduce carbon or greenhouse gas emissions or to remove carbon from the atmosphere.

Judith Hartley, CEO, British Business Investments, said: “Our Regional Angels Programme is designed to address imbalances in access to early-stage finance in the UK and to increase the overall amount of capital available to smaller businesses through early-stage investors such as Green Angel Syndicate. This £5m commitment from British Business Investments means increased support for green technology sector early-stage businesses across the UK.”

Nick Lyth, CEO, Green Angel Syndicate, said: “This welcome commitment will expand our bandwidth substantially, and hence the impact of our investments in the fight against climate change. The recognition from British Business Investments of the importance of investing in UK start-ups fighting climate change is an encouraging sign for the future.”

Some of the companies that have benefited from Green Angel Syndicate’s EIS funding during the last 12 months include: Surrey-based DNA biomonitoring service provider NatureMetrics, Bristol-based greenhouse gas detection technology company QLM Technology, and sustainable seaweed product developer Oceanium, which is based in Scotland.

Ventrata launches Ventrata Payments, and integrated payment solution powered by Adyen for Platforms

Adyen , the global payments platform of choice for many of the world’s leading companies, has partnered with Ventrata, a leading provider of ticketing solutions for tours and attractions operators, to launch Ventrata Payments, a single payments solution for its global merchants.

By leveraging Adyen for Platforms, Ventrata will make it easier for its merchants to accept payments, however their customers choose to pay. It also gives Ventrata’s multi-destination businesses a single view of payments to help manage ticketing across global sites, both online and via POS channels.

This unified commerce approach will simplify payments acceptance for Ventrata’s merchants, support those which don’t have an established payment provider, and end the struggle of managing payments from separate POS and online providers.

Importantly, Adyen for Platforms helps Ventratra make the process of onboarding and paying its merchants quick and simple. With many different operators involved across the tours and attractions sector, Adyen for Platforms removes the complexity of paying merchants across the globe, while ensuring compliance with relevant financial regulations.

Ventrata’s newly launched offering will transform payments for global businesses with sites in Canada, Europe, America, UK, and Asia. This follows a sustained period of growth for Ventrata, which is at the forefront of innovation in the tours and attractions industry; a sector looking to bounce back from disruption caused by the pandemic.

“Customer experience is absolutely vital in the tourism industry, so we put it at the heart of what we do. We want customers to have a smooth experience regardless if they’re booking in advance, on web or mobile, or at the point of sale,” said Oliver Morgan, CEO and Founder of Ventrata. “Adyen enables us to keep payments simple for our customers. With Adyen for Platforms we can offer over most local payment methods, provide a unified commerce solution for ticketing businesses online and via POS, and ensure they are paid quickly and with ease.”

“We’re passionate about removing complexity from payments and helping our platforms to innovate and enhance customer experience,” said Colin Neil, Managing Director Adyen UK.  “After the disruption to the tourism sector in the past 18 months, we’re particularly excited to be working with Ventrata to push the envelope when it comes to customer experience and help them turbocharge the recovery in tourism.”

• According to new report, titled Think Small First, policymakers and large companies must standardise and simplify carbon reporting and accounting for SMBs or risk millions of businesses being left behind
• The report highlights tangible steps that can be taken, through an integrated approach, to empower SMBs, remove existing administrative burdens and progress the global journey to Net Zero
• Findings presented at COP26 session at the International Chamber of Commerce (ICC) “Make Climate Action Everyone’s Business,” bringing together 10,000 SMBs, supply chain leaders and government officials to discuss next steps for real action

Small and medium businesses (SMBs) – the backbone of the global economy – risk being left behind in the race to Net Zero unless urgent action is taken to simplify carbon reporting and accounting. This is according to a new report from Sage, the market leader in cloud business management solutions, the International Chamber of Commerce (ICC) and the Association of Chartered Certified Accountants (ACCA).

The Think Small First report highlights how providing standardised SMB-friendly reporting frameworks could unlock significant progress on the journey to Net Zero, given the SMB sector represents over 90% of the global economy. 

As more stringent emissions reporting requirements are being driven by government and investors, more companies will need their suppliers, many of which are SMBs, to be ready to report their own emissions. The report suggests that governments and policymakers must acknowledge the specific challenges and reporting burdens faced by SMBs to deliver accurate carbon reporting and accounting, such as lack of expertise and dedicated resources, and offer credible and immediate support in mitigating these issues. In turn, larger organisations must work more closely with SMBs in their supply chains to make the task of measuring, disclosing and reducing their greenhouse gas emissions as straightforward as possible.

Finally, the Think Small First report calls on the accountancy profession to galvanise and support SMBs, helping them to remove barriers and transparently navigate an increasingly complex landscape as part of global efforts to reduce greenhouse gas emissions.

It suggests four key integrated principles to help policymakers and large companies take on this mission:

1. Standardise. Large companies should work together within sectors and industries to ensure SMBs are being asked for information on a standardised basis. Government has a role in underpinning this consistency, including coordinating the time when this information should be delivered.
2. Simplify. Much of the guidance for climate and ESG disclosure is designed for large companies. Government should develop simpler guidance. In addition, large companies trying to gather data, such as their Scope 3 emissions, should work together on simplifying and aligning the process by focusing requests on the most material issues, for example with consistent questions that do not exceed two pages.
3. Automate. Governments and business need to support the development of automated tools to make information gathering and reporting as straightforward as possible. Large companies can develop the technology and offer training in those tools to SMBs where appropriate. Governments should create an enabling policy framework and invest in digital infrastructure so that SMBs can innovate and share data more effectively.
4. Enable. Government policy and action by large corporates must recognise the challenges for SMBs and enable them to overcome them. Investing in supply chain emissions reduction should be an ESG priority for companies, while government needs to provide an enabling policy framework by ‘Thinking Small First’ when drafting climate policy, providing the right incentives that are accessible and actionable for SMBs.

To view/download/access the Think Small First report please visit: www.sage.com/en-gb/company/sustainability-and-society/planet/

Steve Hare, CEO, Sage Group, commented, “Small and medium businesses have a powerful role to play as we collectively shift towards a low carbon economy, but the customers we speak to every day are deterred by the complexity they face when it comes to carbon reporting and accounting. Accountants are already playing their part in making sure SMBs can see how sustainability can be practical as well as purposeful and are armed and ready to navigate this challenging landscape. But we urgently need policymakers and large companies to provide a simplified framework and guidance.  It’s in everyone’s interests to get this right for the benefit of the planet’s future.”

Helen Brand, Chief Executive of ACCA, added: “As well as representing about 90% of businesses globally, SMBs also offer more than 50% of employment worldwide. As such, they have a huge role to play alongside the professional accountants who advise them in tackling climate action. They need to know what to report, and for standards to be proportionate and focused on information that improves business management. As with big business, we need to avoid disclosure overload, so that users of reports can easily access the information they need.” 

Maria Fernanda Garza, ICC First Vice Chair, said, “We’ve seen a proliferation of initiatives aimed at getting small businesses to Net Zero over the past few years, but where these initiatives fail is their inability to resonate with their audience. Coupling the principles outlined in the report with financial incentives and enabling regulatory reforms will ensure that small businesses view climate action as a business opportunity – rather than another burden during trying economic times.”

Sage’s innovative approach to tackling the climate crisis and support SMBs to do the same is outlined in its Sustainability and Society strategy ‘Knocking Down Barriers’. 

Sage Intacct is used by SMBs to monitor and manage their energy consumption, while the Sage Sustainability Hub provides owners of small businesses with expertise and actionable advice on how to reduce the carbon impact of their operations and play a key part in creating a more sustainable future.

Sage has committed to becoming Net Zero by 2040 across scope 1, 2 and 3 emissions with an interim goal to cut emissions by 50% by 2030.