Trading Technologies International, Inc. (TT), a global capital markets technology platform provider, today announced that it has closed on the acquisition of ATEO SAS, a leading provider of post-trade solutions for listed derivatives, expanding TT’s reach into clearing and other middle-office technologies and services. Terms of the transaction were not disclosed.

ATEO will operate as a global managed service hosted in TT’s data centers. ATEO’s post-trade allocation engine is already fully integrated into the TT order management system (OMS), providing TT OMS clients with seamless access to the functionality.

ATEO’s products include: TEO Derivatives, a global order management system dedicated to pure brokerage environments and used by many of the world’s leading inter-dealer and executing brokers, including the vast majority of brokers in London; the LISA Clearing Engine, a widely adopted trade matching and clearing solution enabling firms to process business across all clearing houses globally and offer tailored services to their customers; and UGO, a set of gateways and standardized clearing application programming interfaces (APIs) providing firms with the ability to develop or feed in-house solutions through scalable trade feed standardization and high throughput for all clearing activities.

David Solo, TT Board member, led the acquisition negotiation on behalf of TT, and Fieldfisher acted as the firm’s legal advisor. NINE58 Advisors served as financial advisor and Dentons as legal advisor to ATEO.

Nium, the leader in real-time cross-border payments, announced today that it is the first non-Japanese company to have secured a Type 1 Funds Transfer Service Provider (FTSP) license from the Japanese Financial Services Agency (JFSA). The Type 1 license authorizes Nium to provide a wide range of financial services, including transferring up to 50 million JPY per transaction via Zengin-Net, Japan's local payment clearing rail, to a Japanese beneficiary account.

In 2021, an amendment to Japan's Payment Services Act lifted cross-border transfer caps for Type 1 license holders, to lower the cost of money transfers in and out of the country. However, since this amendment passed, few companies have been able to meet the high standards for regulatory approval. As a result, businesses have had little or no choice but to use traditional high-cost, low-speed options for cross-border payments.

Nium is the first global company to meet the Type 1 license standards, with the JFSA recognizing its ability to integrate with local payment rails, deliver real-time transactions, provide transparent costs, and offer significantly cheaper rates. Most other non-bank entities, including Money Service Businesses, hold Type 2 licenses, which limits cross-border transfers to only 1 million JPY.

Anupam Pahuja, Executive Vice President of Asia Pacific, Middle East, and Africa at Nium, expressed the company's excitement about the broader impact of this achievement, stating, "Previously, only banks could transfer large funds, but today, Nium becomes the first true global alternative for large value transfers into and out of Japan. We look forward to empowering banks and businesses worldwide to do more commerce with Japan by providing the speed, efficiency, and transparency of payments that has long been missing from this important global market."

This accomplishment reinforces Nium's commitment to compliance, transparency, and regulatory excellence. It marks a pivotal moment for the company as it expands its footprint and enhances its capabilities in the dynamic markets across APAC. Nium is uniquely positioned to be the partner of choice for several key corridors as it moves forward in its mission to modernize the global payments infrastructure. It recently announced other regulatory approvals across the Asia market, including in India, where it received an in-principle approval for two sought-after payment licenses. Nium seeks to facilitate more real-time transactions and seamless financial interactions between strategic regions in the world. This accomplishment aligns with Nium's commitment to redefining global financial services by providing users with unparalleled access to secure and innovative payment solutions.

"We are very excited about Nium's attainment of the Japan Type 1 license. With this license, we anticipate not only real-time money transfers, but also cost-effective transactions, enhancing the overall ease and efficiency of the money transfer process between Korea and Japan. This will enable both MOIN and Nium to better satisfy our customers, which is the most thrilling aspect for us," stated Ian Ilseok Suh, CEO of MOIN

As Nium expands its operations in Japan, it anticipates fostering local partnerships and contributing to the growth of the Japanese fintech ecosystem. The company remains dedicated to building trust with its users and partners by prioritizing security, compliance, and customer satisfaction.

Railpen, the fiduciary and investment manager of the UK railways’ pension schemes, has appointed BNY Mellon, the global financial services company, to provide a cloud-based data platform that simplifies its data architecture and supports the resilience of its operating model. The platform will deliver greater insights from Railpen’s proprietary data for the purpose of investment reporting and generating analytics.

Railpen is responsible for the safekeeping and investment of around £34 billion in assets for the 350,000 members of the railways pension schemes, one of the UK’s largest and longest established pension funds.

"As part of our strategy to optimise and scale our operating model, our collaboration with BNY Mellon is an important step in achieving our objective of delivering the best possible outcomes for our 350,000 members. BNY Mellon’s data operating platform will help enhance the resilience of Railpen’s investment and functional teams, providing a greater ability to analyse and incorporate new data feeds, and prepare us to benefit from innovations, now and in the future,” said John Robson, Railpen Chief Technology Officer.

As part of the contract, BNY Mellon will provide the railways pension schemes with additional services including custody, investment accounting and front-office support solutions for Railpen’s public and private assets – replacing a legacy solution. 

"For clients looking to data to power their businesses, our 240 years of experience and longstanding focus on developing trusted data infrastructure and analytics tools that address their evolving needs, is helping make investing more effective and easier for them,” said Julie Gerdeman, Global Head of Data & Analytics, BNY Mellon. “Providing greater insights will help Railpen deliver on its commitment to its members across the investment lifecycle, as well as strengthen its risk management and governance practices.”

BNY Mellon recognizes the importance of pension funds in the UK, and across the world, and is committed to developing trusted tools that address evolving needs.

Mastercard and MTN Group Fintech have signed a multi-market agreement that will set in motion a new era of collaboration to connect millions of people and small businesses across Africa with digital tools to transact through secure mobile payments, expanding access to the benefits of the cashless digital economy.

The partnership will use Mastercard’s cutting-edge technology and capabilities to support MTN’s ambition to become Africa’s largest fintech platform for both merchants and consumers. This follows Mastercard and MTN’s recent agreement for a minority investment into MTN Group Fintech - the digital financial services arm of Africa’s largest mobile network operator – that concluded this month.

With MTN's overall subscriber base at 290 million and 60 million active monthly MoMo (Mobile Money) wallets, the agreement will impact 13 markets in Africa including Benin, Cameroon, Cote d’Ivoire, Eswatini, Ghana, Liberia, Nigeria, Republic of Congo, Republic of Guinea, Rwanda, South Africa, Uganda, and Zambia.

“Our innovation strategy is based on collaboration. We are very proud of our partnership with MTN that will enable digital commerce for millions of people in Africa. In addition, mobile money solutions can be greatly beneficial for SMEs, enabling growth through seamless commercial operations, wider payments acceptance, access to affordable credit, and secure digital tools,” said Amnah Ajmal, Executive Vice President, Market Development EEMEA, Mastercard.

Africa is home to over 1.3 billion people and only about 43% are banked with over 90% of all payments and transactions made via cash. And of the total population, 45% have mobile money accounts. Over the past five years, Mastercard and MTN have joined together to support several mobile money programs across Africa, helping people to make payments through global platforms, thus bringing more people into the financial mainstream.

“When there is a mutual vision – in this case to bring access, progress, financial inclusion, and prosperity to people – the road to partnership is a simple one. We look forward to working with Mastercard as a partner that is also committed to the enablement of more people and businesses through the collaboration into best-in-class apps, superior user experiences, safe transactions, secure remittances, new use cases, and expanded acceptance,” said Serigne Dioum, Group CEO, MTN Fintech.

The collaboration will help strengthen local infrastructure for digital payments, support potential expansion of transactions in the future and drive financial inclusion through access to assets.

Enabling global access for MoMo wallet users

A virtual and physical Mastercard companion card will be added to every MoMo wallet allowing users access to over 100 million acceptance locations globally enabling MTN to scale up internationally.

With this access, Mastercard will also be able to provide its cybersecurity solutions to MTN’s operations with the aim of increasing customer loyalty and trust.

Empowering SMEs with payment acceptance solutions

The agreement will enable SMEs with payments acceptance solutions such as Mastercard’s SME-in-a-Box, a low-cost payment solution that enables small business owners to move their businesses online and accept a range of digital payments from their customers.

SME owners will now be able to access solutions with the opportunity to set up an e-commerce shopfront, including QR enablement, Tap on Phone solutions, and digital card acceptance. This aims to further elevate customer experience, reduce business costs, and open new avenues for growth and innovation.

Expanding reach for remittance solutions

Through the partnership, consumers will now have expanded reach for mobile money remittance services – both inward and cross-border remittances in Africa. The demand for international remittance services is growing with more than US$2 billion in daily processed transactions, equivalent to more than 40% of the GDP of Sub-Saharan Africa. International remittances via mobile money wallets grew by 65% year over year in 2020 to around US$1 billion, with no signs of slowing.

Mastercard is committed to its work with multiple telecommunications network companies across the continent and around the world, to make financial inclusion a reality. The company has pledged to bring 1 billion people and 50 million SMEs into the global digital economy by 2025. The work to provide MTN’s consumers and SME customers with easy and secure solutions, platforms and tools is just one example of work to deliver on this goal.

TerraPay, a global leader in cross-border payments, is pleased to announce a strategic partnership with Banco G&T Continental, a distinguished financial institution in Guatemala. This collaboration marks TerraPay's first direct partnership in Central America and is a significant advancement in the cross-border remittance sector, aimed at providing seamless and innovative solutions for Guatemalans abroad to securely send money to their families back home.

By joining forces with TerraPay, Banco G&T Continental gains access to a robust platform and extensive network that facilitate hassle-free cross-border transfers. Oswaldo Sánchez, Director de Remesas at Banco G&T Continental, expressed his enthusiasm about the collaboration, stating, "This partnership with TerraPay empowers us to facilitate seamless cross-border transfers, allowing Guatemalans abroad to send money to their families in Guatemala conveniently and securely."

With this partnership, Banco G&T Continental can leverage TerraPay's expansive network to enhance the flow of remittances in Guatemala while improving accessibility to financial services. Additionally, this collaboration extends Banco G&T Continental's reach, allowing the financial institution to serve a larger customer base and further strengthen its position in the market.

With TerraPay's cutting-edge technology and Banco G&T Continental's reputation for reliability and trustworthiness, this partnership is poised to revolutionize the cross-border remittance landscape in Guatemala. By offering a seamless and secure solution for sending money across borders, both entities are committed to enhancing financial inclusion and empowering the people of Guatemala with greater access to financial services.

"We are delighted to partner with Banco G&T Continental to drive innovation and efficiency in cross-border remittances," remarked Juan Luis Hernandez, Senior Country Manager - LAC Region at TerraPay. "Together, we aim to provide a superior remittance experience for Guatemalans worldwide, strengthening connections with their loved ones and contributing to the economic development of Guatemala. It is our first direct partnership in the Central America region and demonstrates our goal to achieve a global network."

Through this collaboration, TerraPay and Banco G&T Continental reaffirm their dedication to delivering unparalleled services while driving positive change in the financial landscape of Guatemala.

Bilt Rewards (“Bilt”), the leading loyalty platform specializing in rent and neighborhood rewards, today announced a $200 million equity investment, led by General Catalyst, with significant contributions by Eldridge, alongside existing investors Left Lane Capital, Camber Creek and Prosus Ventures. This catapults the company's valuation to $3.1 billion.

Bilt welcomes Ken Chenault as Chairman of its Board of Directors. Chenault is Chairman and Managing Director of General Catalyst, and the former Chairman and CEO of American Express. Joining him on the Board is Roger Goodell, the Commissioner of the NFL, who takes on the role of Independent Director.

Launched in April 2022, Bilt began as the first platform enabling U.S. consumers to earn valuable rewards on their largest monthly expenditure – rent. The platform enables rewards at any residential rental property in the United States and has accelerated their growth through the creation of the Bilt Rewards Alliance, a partnership with the country's leading residential real estate companies, now encompassing almost four million households, committing to Bilt as their payments and rewards platform.

Members of the Bilt Rewards Alliance include companies such as Greystar, Asset Living, Willow Bridge Property Company, AvalonBay, Equity Residential, Related Companies, GID, Starwood, Cushman & Wakefield, Bozzuto, Camden, Brookfield, GoldOller, Berkshire Residential, ZRS, Invitation Homes, Highmark, Beztak, Nuveen, Trammell Crow, PGIM, The Moinian Group, and more.

"Rental and mortgage payments consume 30% of household income on average in the U.S. Bilt is transforming this market by empowering and rewarding renters and homeowners for their monthly payments and everyday spend with local merchants," said Ken Chenault, Chairman, Bilt Rewards, and Chairman and Managing Director, General Catalyst. "I am excited to work with Ankur and the team to dramatically expand the Bilt ecosystem, offering consumers rewards and benefits in their homes and neighborhoods.”

Over the past year, Bilt has embarked on a strategic expansion through its Neighborhood Rewards program, rewarding members for spending in their local community, including dining, rideshare services, and grocery purchases.

Bilt's financial trajectory continues to grow, with the company's annualized member spend nearing $20 billion and achieving EBITDA profitability in 2023. 

Ranked as the highest value point currency by leading publications including The Points Guy and Bankrate, Bilt Points offer unparalleled flexibility. Members can convert points 1:1 into favorite airline miles and hotel points, use them for everyday shopping on platforms like Amazon, pay rent, or even apply them toward a down payment.

“Bilt is an innovator in the rewards space, empowering the next generation to turn rent and expenses into unforgettable experiences,” said NFL Commissioner Roger Goodell. “I am proud to join a board that shares the NFL’s values of hometown loyalty while innovating and delivering for its members.”

The newly raised $200 million capital will fuel further expansion of the Bilt Rewards Alliance across multifamily, single-family, and student housing sectors nationwide. A significant portion of the investment will also bolster Bilt’s Neighborhood Rewards program, helping local merchants connect and build loyalty with new and existing residents in their community. Additionally, Bilt plans to venture into mortgage payment rewards.

Ankur Jain, Founder and CEO of Bilt Rewards, remarked, "This capital raise and the addition of industry titans like Ken Chenault and Roger Goodell to our board are a testament to Bilt's innovative vision. We're not just building a loyalty program; we're creating a community-centric ecosystem that benefits everyone from renters to local businesses.”

Airwallex, a leading global payments and financial platform for modern businesses, today announced the expansion of its global leadership team, with three new hires based out of the company’s Americas headquarters in San Francisco. Jason Gottlieb joins as VP, Financial Partnerships, Hugo Buret as Global Head of Strategic Partnerships, and Ankur Goel as Global Head of Revenue Operations. 

Following another year of rapid growth in the Americas – where revenue grew 460 percent and transaction volume leaped up more than 1,000 percent YoY– Airwallex intends to expand hiring in New York and Austin to nurture commercial demand. 

• Gottlieb joins Airwallex to lead the global team responsible for growing and strengthening Airwallex’s collaboration with financial institutions – a foundational component of the company’s global financial infrastructure. Most recently, he oversaw financial partnerships at Stripe and previously managed the payments vertical in Amazon's corporate business development organization. Gottlieb will report to Airwallex CEO and Co-Founder Jack Zhang.  

• Buret joins Airwallex from Stripe, where he led global strategic and product partnerships. Buret will lead Airwallex’s global team tasked with developing and driving relationships that unlock new growth opportunities for Airwallex. Previously, Buret held leadership roles at Flipboard and Google. Buret will also report to Zhang.

• Goel will lead a global team focused on expanding Airwallex’s growth goals and revenue targets around the world. Goel most recently served as head of business operations and strategy at data infrastructure company Confluent, and previously held roles at LinkedIn and McKinsey & Company. Goel will report to Kai Wu, Chief Revenue Officer.

“We kicked off 2024 with continued confidence and a commitment to growing the Airwallex business in the Americas,” said Zhang. “The experience that Jason, Hugo, and Ankur bring in leading high-growth teams will be critical as we advance our vision of empowering businesses of all sizes to grow without borders.”

Airwallex also announced plans to expand its presence with offices in New York and Austin – two important hubs for finance and technology talent. “Despite the challenging macroeconomic environment, we see continued demand for financial tools that make it faster and simpler to operate in a borderless economy,” said Ravi Adusumilli, EGM Americas, at Airwallex. “We finished 2023 with impressive growth in the US, and expect that trend to continue in 2024. We’re deepening our presence in the cities and talent pools that can help us grow our team alongside our rapidly scaling business.”

Stripe, a financial infrastructure platform for businesses, has signed agreements with investors to provide liquidity to current and former Stripe employees through a tender offer at a $65B (€60B) valuation. While the majority of funds for the tender offer are being provided by investors, Stripe will also use a portion of its own capital to repurchase shares to offset dilution from the Company’s employee equity compensation programs.

“We’re pleased to once again offer employees an opportunity for liquidity,” said Steffan Tomlinson, chief financial officer of Stripe. “Our business continues to see strong momentum with the most advanced companies in the world, from newly formed startups to sophisticated enterprises like Alaska Airlines, Best Buy, Lotus Cars, Microsoft, Uber, and Zara who turn to Stripe’s platform to power their financial infrastructure.”

Setting a new standard in payments

“When we first partnered with Stripe in 2010, it was a scrappy payments innovator. More than a decade later, Stripe has evolved beyond payments to set a new standard for financial infrastructure—driving significant revenue growth for its users,” said Roelof Botha, managing partner at Sequoia Capital. “The company’s attention to the most minuscule details delivers outsized results.”

Businesses usually have to fight tooth and nail to increase their revenue by even a few percentage points. Stripe’s optimized checkout suite, launched in 2023, includes more than 100 optimizations, such as pre-built payment UIs and one-click checkout, that drive conversion. Stripe research found that businesses that migrated from an older Stripe integration to the optimized checkout suite saw a 10.5% increase in revenue.

Momentum across Stripe’s product portfolio

“Stripe’s reputation in payments is well known, but its revenue and finance automation suite, with products like Billing and Tax, look from recent accomplishments to be formidable SaaS businesses in their own right,” said Paul Pate of Goldman Sachs Growth Equity.

Stripe expanded its revenue and finance automation suite in 2023 to let businesses more easily manage the entire revenue life cycle. With Stripe, users can accelerate revenue growth and handle everything from accrual accounting to automatic tax collection and subscription billing. Stripe Billing now powers more than 200,000 users, including media companies like The Atlantic and Forbes and technology companies like Atlassian and Slack. Stripe Tax automates sales tax across 50 US states and 50 countries and simplifies tax compliance for businesses like Duolingo, Retool, and Roblox.