FinTech startup, CredRight, based in Hyderabad, has successfully raised approximately $9.7m, a combination of both equity and debt.

Leading the equity capital funding was the Michael & Susan Dell Foundation, according to a report from Entrackr. They were accompanied by existing investors such as YourNest, Spearhead Capital, 9Unicorns, and Accion Venture Lab. On the debt capital front, the funding was generously provided by Blacksoil, Caspian Debt, RevX Capital, and Westen Capital.

Exploring the core of what CredRight does, it operates as a data-driven lending platform. Its main aim is to facilitate credit for small businesses and MSMEs by collaborating with NBFCs and Banks. The startup has curated a unique distribution model, targeting India’s 10 million registered chit subscribers. These subscribers predominantly reside in the tier-III and tier-IV cities of the nation.

The primary goal for the newly-acquired funds is expansion. CredRight plans to break into new territories, reinforce its technology infrastructure, and strive to make a substantial difference in the lives of small business owners. By assisting these entrepreneurs to gain access to formal finance, the company aims to address a prevalent issue, as mentioned in their press statement.

The challenge of accessing finance is particularly pronounced for nano entrepreneurs, with annual turnovers reaching up to Rs 1 crore. Data from the Reserve Bank of India (RBI) highlights a concerning fact: less than 10% of MSMEs in India have access to formal finance avenues. However, CredRight is determined to alter this narrative. As of now, they’ve served an impressive 5,000 nano enterprises.

CredRight’s inception dates back to 2016, with Neeraj Bansal and Vineet Jawa at its helm. The firm not only recently acquired an NBFC license but also boasts of having one of the most minimal NPAs in its sector. According to the company’s insights, they have witnessed a staggering 10x growth in assets under management (AUM) over the previous three years. The ambition? Targeting an AUM of Rs 2,000 crore in the coming three years.

Previously, in September 2021, CredRight had another financial win by raising $2.7m in an investment round, led predominantly by 9Unicorns amongst others.

OneID, the UK’s only provider of bank-verified digital identification services, has secured £1 million in new funding from ACF Investors. The investment will be used to further develop its product and bolster its mission to make the world a safer place by helping people prove who they are online easily and securely. 

OneID was founded in 2020 to enable more UK citizens to have a safe and smooth digital experience by enabling banks to provide an ID service for customers. With digital interactions and transactions becoming a daily staple, OneID’s solution eliminates the need for physical identification documents, enabling businesses and individuals to digitally prove their identity instantly and anywhere.  

To use OneID, an individual chooses the service as their identity verification method when signing up for an online product or service and consents to OneID contacting and verifying their details with their bank (online or mobile banking). Once verified, OneID securely confirms their identity to the online product or service provider in just a few seconds. 

Bank-verified digital identification has been embraced in several other European countries, including Sweden, where its BankID service is used an average of two times per day for every adult, resulting in 6 billion transactions annually. In Belgium, itsme, with more than 6.5 million users, has become the go-to identity app, facilitating 25 to 35 million monthly actions. 

OneID’s offering of bank-verified digital identity services is equipped to benefit approximately 50 million UK citizens and foster a new era of secure, efficient, and convenient online transactions, benefitting consumers and businesses alike. The B Corp certified company is also one of the UK’s biggest angel-backed start-ups, with 170 angel investors who have invested in OneID to date. 

Paula Sussex, CEO at OneID, said: “The investment from ACF Investors is a coming together of similar interests and visions. As the world increasingly becomes digital-first, we aim to minimise fraud, enhance online experiences, and make the world a safer place. ACF is our second institutional investment, and it is a vote of confidence in our efforts to make digital identification accessible and available to more UK citizens.” 

Tim Mills, Managing Partner at ACF Investors added: “We’re constantly monitoring businesses that have the potential to enhance the lives of the British people and redefine the future of the UK. OneID, with its simple, trustworthy, and effective solution to a pressing problem, could touch some 50 million UK citizens and make bank-verified digital identification the norm in the UK.”

MoonPay – the world’s leading Web3 infrastructure company – today announced the launch of its investment arm, MoonPay Ventures. The new division enables MoonPay to collaborate with and support trailblazing startups to drive industry-wide value and onboard the world to Web3.

MoonPay Ventures will engage with early-stage companies across the Web3 and fintech ecosystems, partnering with industry-defining players who are passionate about building Web3 experiences that augment and transform existing business models. Beyond capital, MoonPay Ventures will offer portfolio companies access to top-tier teams, ideas, emerging business models, and GTM playbooks in Web3.

The new venture arm will leverage MoonPay’s experience and resources to provide startups with mentorship, industry expertise, and access to MoonPay’s vast network of 500+ industry partners spanning the leading Layer 1 and Layer 2 blockchains, marketplaces, wallets, and exchanges. This toolkit will enable startups to develop and scale their projects faster, ultimately leading to the growth and adoption of Web3 technology.

MoonPay Ventures will sit within the company’s Corporate Development group and will be led by Abhay Mavalankar, who joined MoonPay after a decade in investment banking and venture capital at Morgan Stanley, Centerview, and Cisco Investments. Leveraging the MoonPay executive team’s experience in scaling revenues, operationalizing GTM playbooks, and refining product strategy combined with the breadth of MoonPay’s network, MoonPay Ventures delivers real, tangible value for portfolio companies.

“It takes big ideas to change how the world interacts with Web3, and we are witnessing breakthrough companies push the boundaries of innovation every day,” said Ivan Soto-Wright, CEO & Co-Founder at MoonPay. “As we continue building at MoonPay, we’re also committed to uplifting the standout players in our ecosystem so we can collectively work toward mass Web3 adoption. Launching MoonPay Ventures is a major milestone in bringing this vision to life and allows us to leverage our resources to support our portfolio companies, and in turn, the Web3 industry as a whole.”

MoonPay Ventures has already made investments in several companies including BCB Group, BRUT, BeatClub, absolute labs, Create/OS, BridgeTower Capital, and Mythical Games.

“We are excited to launch MoonPay Ventures and to support the growth and development of the MoonPay ecosystem,” said Mavalankar. “Given our position in the payments and Web3 stack, we are uniquely positioned to identify and invest in the most promising projects and teams and we look forward to collaborating with these innovators to create a more accessible financial future for all.”

Cogent Solutions™ is delighted to unveil the 3rd UAE Corporate Tax Conference, a pivotal event that will shed light on the recent developments in the realm of corporate taxation, including the implementation of the federal corporate tax in the United Arab Emirates (UAE). The conference is scheduled to take place on September 20, 2023, at the Dusit Thani Hotel in Dubai, UAE.

The UAE's taxation landscape underwent a significant transformation on 31 January 2022 when the Ministry of Finance (MoF) of the United Arab Emirates announced the groundbreaking introduction of a new federal corporate tax (CT) system. This transformative decision is set to be effective for financial years commencing on or after 1 June 2023.Under this new framework, the UAE authorities have declared the implementation of a corporate tax regime, marking a significant milestone for the region's economic landscape. The legislation stipulates that businesses with taxable profits (net) exceeding 375,000 AED will be subject to a 9% corporate tax rate from the initiation of their first financial year commencing on or after June 1, 2023. This monumental announcement has sparked curiosity and discussions among businesses and tax professionals alike.

The 3rd UAE Corporate Tax Conference promises a diverse range of engaging and informative discussions, touching upon critical topics that are vital for businesses and professionals navigating the new corporate tax landscape. Participants can expect to engage with renowned experts and thought leaders, expanding their knowledge and understanding across a spectrum of subjects such as - Overview of the Corporate Tax Framework in the UAE, International Tax Developments and Implications for UAE Businesses, Digital Taxation, and Transfer Pricing, Practical Approaches to Tax Compliance and Reporting, Tax-efficient Supply Chain Management, Tax Compliance Automation, Tax Implications of Digital Business Models, Women in Corporate Tax, Future of e-invoicing in Tax and so on.

The 3rd UAE Corporate Tax Conference, organized by Cogent Solutions™, is dedicated to providing a comprehensive platform for industry leaders, tax professionals, and experts to navigate the intricacies of the newly introduced corporate tax landscape. Attendees will have the opportunity to engage with esteemed keynote speakers, participate in interactive workshops, and explore panel discussions that delve into the practical implications and strategies to thrive in this new era of corporate taxation.

Trading Technologies International, Inc. (TT), a global capital markets technology platform provider, and Abel Noser Solutions, LLC (ANS),  the industry-leading provider of transaction cost analysis (TCA) for investment managers, brokers, asset owners and consultants, today announced that TT’s acquisition of ANS from Abel Noser Holdings, a majority-owned portfolio company of Estancia Capital Partners, is now complete.

Abel Noser LLC, an agency-only brokerage that provides a range of trading services and analytics for investment managers, asset owners, investment consultants and brokers, is not part of the transaction and will continue to operate as an independent agency-only execution broker-dealer.

TT will acquire START, a broker-neutral trade optimization platform, from Abel Noser LLC in a second transaction expected to close by the first quarter of 2024.

Foley & Lardner LLP acted as legal advisor to TT. Ardea Partners LP served as financial advisor, and David Solo, TT Board member, led the acquisition negotiation on behalf of the company. Seward & Kissel LLP acted as legal advisor to Abel Noser Holdings.

Binance, one of the world's leading cryptocurrency exchanges, has announced a strategic partnership with WellxPay, a cutting-edge fintech company specializing in payment solutions. This partnership is set to revolutionize the way traders in Bangladesh and India engage in cryptocurrency transactions, providing enhanced convenience and security.

As part of this collaboration, Binance will utilize the WellxPay payment gateway to facilitate seamless transactions for its peer-to-peer (P2P) traders in Bangladesh and Indian regions. Binance will integrate with popular Bangladesh payment methods such as bkash, Nagad, Rocket, and Upay, enabling users to buy and sell cryptocurrencies effortlessly within the Binance platform.

For traders in India, Binance will use the WellxPay payment gateway to support UPI QR codes, IMPS bank transfers, and India KYC services. This integration will ensure that Indian traders can easily and securely engage in cryptocurrency transactions on the Binance platform while leveraging their preferred payment methods.

This strategic partnership between Binance and WellxPay aims to address the unique needs of traders in these regions. By incorporating local payment methods into the Binance platform, the collaboration enables users to seamlessly convert fiat currency into cryptocurrency and vice versa, fostering the growth of the digital asset market in Bangladesh and India.

"We are excited to join forces with WellxPay to enhance our services for traders in Bangladesh and India," said the CCO of Binance. "By utilizing WellxPay's innovative payment gateway, we can provide a more streamlined and secure solution for cryptocurrency transactions. This partnership reaffirms our commitment to making cryptocurrency accessible and convenient for users worldwide."

WellxPay's advanced technology and extensive network of payment partners make it an ideal partner for Binance. The collaboration ensures that users can transact securely, with stringent security measures and encryption systems in place to protect user data and assets.

Both Binance and WellxPay are actively committed to advancing the cryptocurrency industry and expanding their global presence. Through strategic partnerships and continual innovation, the companies aim to empower users with efficient and secure payment solutions, fostering broader adoption of cryptocurrencies.

NCR Corporation has been awarded a tender for ATMs in Josep Tarradellas Barcelona-El Prat Airport, which is operated by Aena and is one of the ten busiest airports in Europe. NCR will implement 14 Cashzone-branded ATMs in the airport, enabling the airport to help travellers access to cash for their travels or purchases at the airport.

Josep Tarradellas Barcelona-El Prat Airport was looking for ways to provide additional value to its more than 40 million passengers per year. Through NCR’s Cashzone-branded ATMs, passengers will be able to conveniently withdraw their money while travelling.

“Cash remains a critical part of the economy, which is why we are committed to providing secure, consistent access to cash for consumers, including when they are travelling,” explained Stuart Mackinnon, EVP, ATM Group, NCR Banking. “We are proud to partner with Barcelona Airport as they embrace NCR’s ATM network and the Cashzone brand, adding greater convenience and ease into their passengers’ travels.”