Sidetrade, the global leader in AI-powered Order-to-Cash solutions, has announced that it has finalized an agreement to acquire the entire business of CreditPoint Software, a leading provider of real-time B2B credit risk management solutions.

Two years on from the Amalto takeover, Sidetrade gains a stronger foothold in North America with the acquisition of CreditPoint Software activities.

Olivier Novasque, CEO of Sidetrade, said: "By acquiring CreditPoint Software, Sidetrade has undoubtedly enhanced its solution for B2B credit risk management and we are in pole position to take advantage of the boom in B2B e-commerce. After placing artificial intelligence at the core of our Collection, Disputes and CashApps solutions, we are now shaping the future of B2B credit risk management together with CreditPoint Software's teams as we build on the analysis from our Data Lake of over $4.6 billion worth of B2B transactions. Our technological advantage in AI over our competitors will only continue to assert itself and become even more evident. Working in tandem, the talents and technologies of both groups will enable Sidetrade to cement its global leadership position in Order-to-Cash.”

Introducing CreditPoint Software and its state-of-the-art platform for instant credit risk management

Founded in 2006 in the city of Tulsa, Oklahoma, CreditPoint Software is an American software company specializing in comprehensive B2B credit risk management solutions.

Following a decade of substantial R&D investment, CreditPoint Software has developed one of the world-leading cloud-based platforms that leverages real-time connection and monitoring for over 20 credit rating agencies worldwide including Dun & Bradstreet^TM, Creditsafe^TM, Experian^TM, Equifax^TM, TransUnion^TM as well as S&P and Moodys^TM. By standardizing external data from multiple sources within a single repository, CreditPoint Software makes it possible for companies to combine this information with their internal financial and customer data on credit risk exposure. This enables Credit Management teams to automate and streamline decision-making, thanks to the platform's unlimited configuration options, resulting in the ability to auto-decide up to 100% of initial, increase and renewal decisions. The CreditPoint suite of products also includes highly configurable personalized credit application templates.

Supported by customizable business rules and data points, the decision engine within CreditPoint Software secures compliance with internal credit delegations based on delegation of authority. CreditPoint Software also schedules regular reviews of current credit limits for existing clientele, while providing the option for sales teams and organizations to be made aware of credit availability so they may potentially generate additional sales. The end result: selling more to the best customers and pricing risk into the customers that may not be as healthy financially as others.

What's more, CreditPoint Software's "Onboarding Credit Application" facilitates the initial process for customers to apply for a credit line, irrespective of whether the B2B purchasing experience is delivered offline or online. In an increasingly digitalized landscape, where digital transformation is key, providing real-time credit approval during the onboarding process of new customers becomes an essential competitive advantage for all businesses.

To date, CreditPoint Software has an active portfolio of around 30 customers in North America and serves multinationals such as Nutrien, BP, Edelman and Caterpillar.

In the fiscal year 2023, CreditPoint Software expects to break even, with revenue topping the $2 million mark.

John C. Powers, CEO of CreditPoint Software, commented: "This deal with Sidetrade is a major step forward in our commitment to providing leading-edge solutions for B2B credit risk management. In today's uncertain economic environment, companies seek efficient solutions that anticipate risks and automate decisions to secure and increase their revenue streams. By leveraging Sidetrade's Data Lake with its predictive payment intelligence map of 21 million companies worldwide, we will deploy artificial intelligence in all our decisioning to provide companies with the risk management solution of the future. Propelled by Sidetrade's sales force and implementation resources, we will further expand this new offering throughout the United States and bring it to the European market for the first time."

Contextualizing CreditPoint Software, the solution designed for the B2B e-commerce boom

While McKinsey & Company estimated that the majority of B2B corporations had next to no e-commerce capabilities at the start of the pandemic, the past two years have seen a rapid trend reversal. In its 2021 B2B Pulse Report, the US consulting firm found that 65% of B2B companies across all sectors offer e-commerce capabilities.

A DHL study also reported that by 2025, 80% of all B2B sales interactions between suppliers and professional buyers will take place digitally, representing a giant and unprecedented leap forward. And in its 2022 report, Statista expects total B2B e-commerce purchases to exceed $4.6 trillion in 2025. Clearly, e-commerce is no longer just a trendy new channel for B2B companies to discover, but instead an essential effective and strategic sales tool.

Compared to B2C e-commerce, B2B e-commerce places more importance on credit and payment terms. A series of checks must be performed in real-time to validate an order. However, managing such procedures instantly requires a step-by-step process. The latter involves identifying the company, integrating external financial data, decision-making and delegating approval based on the total order amount.

Nevertheless, across the globe, very few companies can implement a solution to overcome the limitations of B2B e-commerce and offer a customer experience to match the B2C shopping experience.

"The boom in e-commerce has revolutionized sales and consumption patterns. In B2B, the growth of e-commerce requires companies to find the right solution for the right emerging expectation. You need to determine an acceptable payment delay to minimize risk and instantly maximize sales." commented Olivier Novasque, CEO of Sidetrade. "For B2B companies that want to continue leading the way in their sectors, e-commerce is no longer just a nice to have, but an essential requirement. We will support them by utilizing our teams and the technology of CreditPoint Software. No matter the sector, it is a pressing need."

Focusing on the accretive acquisition of CreditPoint Software asset

This acquisition will be made in cash for an estimated €3 million and paid in part on the signing of the agreement with the rest scheduled for end-2023, which is subject to certain customer renewals. The amount includes an earn out based on the sales achieved by Sidetrade for CreditPoint Software's solution over the next three years.

Sidetrade is financing the transaction through its cash position, which totaled €36 million (€12 million in treasury shares) as of June 30, 2023.

The transaction is part of the Group's Fusion 100 strategic plan which targets Annual Recurring Revenue ("ARR") of $100 million by end-2025. Not only is it a catalyst for Sidetrade's product strategy, but also its target revenue for North America of close to $14 million in 2023 which will bolster the Group's presence in the United States.

Consumer fintech Salmon has entered into a new partnership with Vans  Philippines, enabling customers to purchase Vans Off the Wall shoes using Salmon’s convenient point-of-sale financing. 

Under this new partnership, Salmon has begun offering its service in select Vans stores in Metro  Manila, with all of Vans Philippines’ 33 active stores due to be included in the near future. 

“We are delighted to add Vans Philippines as our latest merchant partner and further expand the merchant portfolio available to our growing customer base. Salmon is working to make instalment financing more accessible to everyday Filipinos and this latest partnership will ensure our products reach a young and active population, keen to maximise the potential of their finances,” Salmon Co-founder Raffy Montemayor said about the new partnership. 

Taranis Capital, an ethical, fintech-focused investment fund, is pleased to announce the appointment of Dirk Burmann as our Chief Financial Officer (CFO). With over 25 years of experience in the financial sector, Dirk brings a wealth of expertise to our team. His extensive knowledge spans the CFO agenda, private equity, funds industry, and due diligence practices, particularly within the financial sector. Throughout his career, Dirk has honed his financial management skills through management consulting roles, including at two of the Big Four accounting firms, as well as in various senior positions within the financial sector. As a Certified Public Accountant and former fund manager of a multi-billion-dollar fund business, Dirk is well-versed in regulatory requirements, fund administration, and stakeholder management, including investor communication. Furthermore, he has shared his expertise as a lecturer at universities on valuation and delivered keynote speeches on diverse financial topics.

Commenting on Dirk's appointment, Nicholas Bingham, Founder and CEO of Taranis Capital, stated, "I am pleased to welcome someone with such extensive experience in senior finance roles within private and public companies to our team. Dirk's expertise will prove invaluable as we continue to scale our business and expand into new markets."

Dirk Burmann, CFO at Taranis Capital, expressed his enthusiasm, saying, "I'm thrilled to be joining such an exciting business at this crucial stage of its growth. The team's dedication to ethical investing is truly inspiring."

In line with our commitment to ethical FinTech, Taranis Capital has partnered with Change Gap and Co-Labs, strategic partners who offer a comprehensive range of services to support our mission. Getting to the heart of what ‘ethical’ means and how we apply this in our decisions clearly and consistently, is key to driving our ethical FinTech initiatives forward.  Change Gap’s services and business model have been created to address the gaps they identified in the FinTech industry, and so are well matched to our need to deliver this clarity.

Co-Labs, as part of the partnership, offers curated and benchmarked data on FinTech companies, tailored to specific geographical, functional, and sector coverage requirements. This valuable data allows us to make informed decisions and identify the most suitable FinTechs for our fund. The careful curation and analysis of this data provide us with valuable insights, enabling us to align our investments with our ethical goals in a clear and qualified manner.

Furthermore, Change Gap and Co-Labs offer advisory, consulting, and collaboration services to support the onboarding process, initial due diligence, and ongoing management of selected FinTechs. Their experienced team assists with both business and operational aspects, including technology-related considerations. Understanding the significance of thorough due diligence, they provide comprehensive support to ensure the success and sustainability of our ethical FinTech investments.

Nicholas Bingham, Founder and CEO of Taranis Capital, emphasized the benefits of partnering with Change Gap and Co-Labs, stating, "By collaborating with Change Gap and Co-Labs, we gain access to a comprehensive suite of services that align with our ethical FinTech goals. Their expertise, curated content, benchmarking data, and advisory support will empower us to make informed decisions and create a positive impact in the FinTechs we invest in."

Sarah Sinclair Co-Founder + CEO of Change Gap said: “Change Gap partnering with Taranis Capital to support ‘Ethical FinTechs’ is well timed.  Support for responsible, ethical FinTechs will assure sustainable success for all parties.  Our work will draw on the expertise of a global ecosystem of partners & experts, and clearly demonstrates our mission to help create a stronger future for the industry.”

Spare, an open banking service provider authorized within the regulatory sandbox of the Central Bank of Saudi Arabia, announced that it has successfully completed the technical clearance in accordance with the regulatory framework for open banking issued by the Central Bank of Saudi Arabia. This step confirms Spare's position as a leading service provider in the rapidly growing open banking ecosystem in the Kingdom.

The authorization granted underscores Spare's continued commitment to regulatory compliance, innovation, and customer focus. And by fulfilling all requirements and requirements of the Central Bank of Saudi Arabia, Spare has succeeded in confirming its credibility as a reliable partner to provide open banking services that are characterized by security, transparency and innovation to customers in the Kingdom of Saudi Arabia.

In addition, this permit allows Spare to implement and test premium open banking services under the umbrella of the legislative pilot environment and in accordance with the regulatory framework for open banking issued by the Central Bank of Saudi Arabia.

Commenting on this important step, Dalal Al Rayes, CEO and co-founder of Spare, said: “Obtaining the technical clearance not only demonstrates the extent of our relentless efforts to implement open banking services in the region, but is also a recognition of our primary mission to provide secure and innovative solutions for banking services. Open banking is in line with the strategic priorities in accordance with the Saudi Vision 2030. This is an important step in our journey towards the future, and we look forward to the promising opportunities that we will work on.”

It is worth noting that Spare joined the legislative experimental environment of the Central Bank of Saudi Arabia during the year 2022 AD to provide open banking services. The Saudi Central Bank had launched the legislative pilot environment initiative in 2018 to support local, regional and international financial technology companies and institutions wishing to benefit from existing and emerging technologies in providing innovative financial solutions and services to the Saudi market.

Spare is keen to cooperate with various financial and banking institutions specialized in financial technology to enhance the open banking system in the Kingdom. And through safe and smooth communication between financial institutions and financial technology companies, Spare seeks to discover promising new opportunities and stimulate economic growth, in accordance with the goals of the ambitious National Vision 2030 of the Kingdom of Saudi Arabia.

Tinaba has signed a groundbreaking partnership deal with Alipay+ to become its latest digital payment partner, allowing its customers direct access to more than 2.5 million Alipay+ supported stores.

Tinaba is the first European bank-affiliated mobile wallet, and the only one in Italy, which has partnered with Alipay+, thus enabling its customers to make payments – in euros and in their own language – in Asia directly, from the Tinaba app.

Italian travelers who are Tinaba customers are now able to make cross-border payments via QR code at Alipay+ partner merchants, both in South Korea - thanks to the support of Kakao Pay - and in Malaysia. From the beginning of July, the service will also be extended through Alipay+ solutions in Australia and Qatar, with further extensions in more Asian nations and other markets around the world, with a goal to cover the entire Asia continent.

Through simple integration, Alipay+ provides a suite of global and unified digital payment solutions, as well as marketing tools, to connect merchants with multiple e-wallets, banking apps, and other digital payment methods from different countries.

Introduced by Ant Group, Alipay+ has a global coverage that enables millions of merchants to connect with more than 1 billion mobile-savvy consumers, who are guaranteed a smooth and secure payment experience with access to promotions, benefits, and services from merchants around the world.

The integration of Alipay+ is one more piece of the already extensive partnerships between Ant Group, Tinaba, and Banca Profilo as acquirers, which began in 2019. Currently, Chinese tourists can make payments and get promotions with Alipay at thousands of Italian stores, restaurants, in cabs, and at tourist attractions in Italy. The partnership, which is also expanding in Italy, is a payments ecosystem with a unique experience without language and currency barriers. The seamless experience is now being extended to other Asian travellers under the collaboration between Alipay+ and Tinaba.

Matteo Arpe, President of TINABA commented: "The further expansion of our historic partnership with Alipay allows Tinaba customers to travel around the world and pay with their cell phones safely and in their own language without worrying about cash and foreign exchange anymore. We are especially proud because we are the first European operator with this unique technological offering, through the union of the typically Western credit card payment network with the Eastern one based on QR Code technology offering our customers, even very young ones, the possibility to move around the world safely just with their cell phones."

"By expanding our partnership with Tinaba, we look forward to better connecting Italian and European tourists to Asian markets, offering a great exchange rate, along with digital services and promotions through the power and simplicity of QR code payments. We appreciate Tinaba's innovative and forward-thinking business philosophy of helping banks keep up with the latest in mobile fintech, and we believe that Banca Profilo can support their growth with a comprehensive offering designed for mobile customers," said Guoming Cheng, general manager of Ant Group in Europe and the Middle East.

Shin Won-Keun, the CEO of Kakao Pay, said “Kakao Pay will actively support Italian tourists visiting Korea to pay with Tinaba at Kakao Pay’s affiliated stores even if they have only one mobile phone without exchanging money.” And he also added that “We will try to provide the most convenient experience for Korean and Italian users with the innovative payment services of Kakao Pay and Tinaba.”

QuickNode, a leading provider of blockchain infrastructure, announces that it now supports the XRP Ledger (XRPL). This integration makes the XRPL, a Layer 1 open-source, energy-efficient, and decentralized blockchain, available to the global developer community on the QuickNode platform. Adding the XRPL to QuickNode will help developers on the XRPL build their business and move web3 closer toward mass adoption with reliable blockchain solutions. 

Since its inception, the XRPL has transformed the landscape of international and domestic payments, making them more streamlined and efficient. It uses proven crypto and blockchain technology to offer users enterprise-grade financial solutions faster, more transparent, and more cost-effective than traditional financial services.

In addition to enhancing international transactions, the XRPL has a wide range of use cases across industries including tokenization, CBDCs, DeFi, and Stablecoins. With ease of development, low transaction costs, and a knowledgeable community, it provides developers with a robust open-source foundation for executing on the most demanding projects. The XRPL is also ideal for storing and transferring sensitive data with enhanced privacy and immutability.

QuickNode’s integration will make the XRPL readily available to everyone on their platform, thus marking an exciting step towards a more connected, scalable, and secure digital future.

Insurtech Qover partners with the UK’s largest digital bank, Monzo, to provide a simple, tailored travel insurance solution that can be accessed by Monzo Premium account holders in the UK through the Monzo app. The program is orchestrated by Qover, utilising their embedded insurance orchestration platform, and underwritten by Zurich Insurance Company Ltd UK (Zurich), a leading multi-line insurer. 

Through this collaboration, users gain access to a range of features that include in-app claim submission and tracking, real-time reporting and automated insurance certificate generation. This new and improved user experience enables users to navigate their insurance journey with ease and efficiency. 

Qover CEO and Co-founder Quentin Colmant added: “We are proud to work with a company that shares our vision of putting customers first and providing them with the best possible experience. Our partnership with Monzo allows us to leverage their technology and customer-centric approach to deliver innovative insurance solutions that meet the evolving needs of their users. We look forward to working together to continue pushing the boundaries of what's possible in the fintech industry.”

Qover’s partnership with Monzo marks a significant milestone towards fulfilling its mission of creating a global safety net for everyone, everywhere - bringing together two leading companies that deliver innovative, customer-focused solutions. 

• 03.07.2023 -- 10:18 am

• 30.06.2023 -- 03:13 pm