Float, one of Canada’s fastest-growing fintechs, has kicked off 2024 with an aggressive expansion plan and the backing of a C$50 million credit facility in partnership with Silicon Valley Bank (SVB), a division of First Citizens Bank.  

Under the terms of the deal, Float CEO Rob Khazzam confirms the company has access to C$50 million to expand its innovative Charge Card program, which achieved nearly 300% YOY payment volume growth in 2023. This growth has been fueled by Float’s expansion of its business finance platform to serve midmarket Canadian companies across industry sectors including technology, media, manufacturing and CPG, reinforcing its position as a challenger to traditional financial institutions.

Milestone Deal Enables Accelerated Expansion  

“At a time when other financial institutions are pulling back on serving Canadian SMBs, our partnership with SVB is a powerful reflection of the strength of Float’s vision, strategic direction and hyper-growth in 2023,” explains Khazzam, adding that the milestone deal required a partner with deep tech roots and experience with companies on a fast scaling trajectory.  

“Float is challenging the status quo when it comes to providing payment solutions for Canadian companies and teams. Our strong partnership demonstrates SVB’s commitment in helping fintech companies succeed and scale. We’re thrilled to be a part of Float’s growth and bolster its expansion across the country.” said Brian Foley, Market Manager for Silicon Valley Bank’s Warehouse and Fintech group. 

“Float’s Charge Card product, and Float’s business finance platform more broadly, has transformed the way we handle payments and expenses,” said Erin Bury, Co-Founder and CEO of Willful, an online estate planning company. “Their focus on product innovation and customer satisfaction sets them apart in Canada, and has helped us to drive efficiency at Willful.”

Since it launched as a payments and software platform for Canadian businesses in 2022, Float’s Charge Card product has seen exceptional adoption, with the launch of credit limits in both CAD and USD, and 7x customer growth since its introduction, says Khazzam. In 2024, Float will continue to expand its footprint with new payment and software solutions purpose-built for Canadian companies.  

DTCC, the premier post-trade market infrastructure for the global financial services industry, today announced that Goldman Sachs & Co. LLC has achieved a greater than 99% same day affirmation rate and a significant improvement in settlement rates for transactions leveraging CTM’s Match to Instruct (M2i) workflow in Q4 2023. In addition, Goldman Sachs was able to achieve a 38% reduction in same-day affirmation exceptions and a 64% reduction in US settlement fails by value, when matching and affirming trades with investment manager counterparties who also use CTM’s M2i.

CTM’s M2i workflow significantly increases same-day affirmation (SDA) rates on DTC-eligible securities when a trade match occurs between an investment manager and executing broker. Clients utilizing CTM’s M2i workflow benefit from central matching and auto-affirmation capabilities that are typically more efficient than local matching and affirmation by custodians. Today, most CTM investment managers leveraging M2i to match and affirm their U.S. trades achieve a near 100% affirmation rate by 9:00pm ET on trade date, achieving the level of straight-through processing necessary to meet their counterparties’ T+1 SDA requirements and cut-off times.

As the financial services industry prepares for the upcoming U.S. move to T+1 settlement on May 28, 2024, firms are looking closely at their post-trade processes to increase automation and to remove inefficiency. Goldman Sachs & Co. LLC, a self-clearing broker-dealer, implemented CTM’s M2i workflow in Q4 2022 as part of their broader strategy to improve settlement efficiency and create a streamlined post trade experience for clients. They performed an impact analysis across the investment managers leveraging the M2i workflow and observed an increase in same-day affirmations.

“Automation is a key enabler of operational efficiency and enhanced client experience. We were pleased to validate through our analysis that our settlement efficiency strategy, supported by CTM’s M2i workflow, has resulted in a significant reduction in settlement fails for our clients. We found that M2i’s process increased affirmation rates by 9pm ET on T, a key objective as we prepare for the move to T+1. In addition, the M2i platform’s enhanced SSI enrichment capabilities resulted in more settlements occurring without additional input from our Operations teams,” said Risa Lederhandler, Global Head of Equities and Securities Services Operations at Goldman Sachs. “As the industry continues to prepare for T+1, we are focused on further increasing our automation of allocations in the US market. M2i is core to this objective.”

“It is exciting to see Goldman Sachs’ results from leveraging CTM’s M2i workflow, a critical enabler of T+1 that helps to significantly reduce trade fails and facilitates straight-through processing,” said Val Wotton, Managing Director and General Manager of DTCC Institutional Trade Processing. “Clients utilizing M2i benefit from a significant increase in SDA rates for DTC-eligible trades, ultimately reducing costs related to trade fails, exception resolution costs, and operational friction. We are pleased to provide these benefits to the financial services industry.”

CTM, part of DTCC’s ITP suite of products, is a central matching service for cross-border and domestic transactions across multiple asset classes that has become a global best practice. The adoption of CTM’s M2i workflow, which requires subscriptions to CTM, TradeSuite ID, and SSI enrichment via ALERT, helps clients improve T+1 affirmation. By automating and streamlining the allocation, confirmation and affirmation processes, clients can significantly reduce trade lifecycle and achieve an accelerated settlement.

Fiserv, Inc., a leading global provider of payments and financial technology solutions, is expanding its CheckFreePay® network for in-person bill payment to include the ATM network of NCR Atleos Corporation (NYSE: NATL) (“Atleos”), a leader in expanding financial access for financial institutions, retailers and consumers. Cash-preferred consumers will be able to pay a wide array of household bills simply and securely at thousands of ATM locations, including at top 10 U.S. retailers, grocery stores, convenience stores, and pharmacies.

“Our partnership with Fiserv benefits consumers, billers, and merchants and is another example of how Atleos is committed to innovating and expanding the transactions supported by our self-service devices.”

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Bill payment capabilities will initially be available at thousands of Atleos ATMs that accept cash today, expanding as more cash-in ATMs are rolled out across the United States.

“Many consumers prefer to pay bills in person in cash, and CheckFreePay helps them streamline financial tasks with multiple ways to pay in places they visit every day,” said Brian Seemann, senior vice president of Biller Solutions at Fiserv. “Adding a self-service bill payment option at thousands of Atleos ATM locations will expand consumer access to these capabilities while enhancing efficiency and increasing foot traffic for merchants.”

Traditionally, ATMs that accept cash have primarily been available at bank and credit union branches. With more of these ATMs now in place at retail locations, consumers can pay utility, phone, cable, insurance, credit card, auto and other bills securely via self-service instead of walking up to a counter or paying in the checkout line. Merchants can shift cash payments previously made with assistance from store personnel to self-service ATMs, automating transactions and improving the efficiency of store operations, while still benefitting from increased foot traffic.

Customers can search for locations where they can pay their bill in person by referring to their statement or visiting the CheckFreePay payment locator website or their biller’s website. Consumers will receive a receipt once payment is complete.

“Enabling reliable in-person bill payments via CheckFreePay allows us to expand financial access for consumers, providing them fast credit for funds received, and benefits merchants by building brand loyalty,” said Ben Bregman, vice president of Product Management for Atleos. “Our partnership with Fiserv benefits consumers, billers, and merchants and is another example of how Atleos is committed to innovating and expanding the transactions supported by our self-service devices.”

Through CheckFreePay, Fiserv is the largest processor of walk-in bill payments in the United States. For more than 30 years, Fiserv has provided reliable bill payment services to consumers who prefer to pay their bills in person, with over 30,000 bill-pay locations where people are already shopping.

In a world that is moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life.

 FIS®, a global leader in financial technology, today announced it has entered a strategic partnership with Banked, a leading provider of open banking solutions, to drive new pay-by-bank offerings for both businesses and consumers. 

Pay-by-bank solutions simplify payments by combining the benefits of real-time payment rails with the flexibility and efficiency of open banking, where third-party financial service providers have direct access to banking data to complete digital payments. As a result, businesses and consumers can make payments directly between business and consumer bank accounts without the need for card details, account numbers or sort codes. Businesses benefit from less fraud, reduced friction, faster settlements and lower processing fees, while consumers enjoy a smoother payment experience, easier verification and faster access to funds.

"Corporations and consumers are clamoring for solutions that move their money easier and faster, and as open banking and fraud prevention mature, FIS is in a unique position to start offering pay-by-bank solutions for both businesses and consumers,” said Seamus Smith, Group President, Global Business to Business Payments, FIS. "Partnering with Banked is a proof point of FIS’ commitment to bring frictionless payments to a wider spectrum of critical industries in a secure, convenient and cost-effective manner and complements the investments we’re making in next-gen payments infrastructure.”

Digital payments are experiencing significant growth due to consumers’ increased adoption of digital wallets and mobile payments apps. Digital payments have become the preferred method of fulfilling payments for both merchants and consumers, and account-to-account (A2A) payments like pay-by-bank generated an estimated $525 billion in 2022 e-commerce transaction value alone. According to the 2023 FIS Global Payments report, A2A payments are also projected to grow at a 13 percent compound annual growth rate. 

"Our mission at Banked is to make payments better for everyone, and we are excited to join forces with FIS to make that vision a reality," said Brad Goodall, co-founder and CEO of Banked. "Together, we are enabling businesses to leverage the power of open banking and real-time payments to offer their customers a superior payment experience. “FIS takes a highly innovative approach to solving real pain points for their clients. They see the value pay-by-bank solutions can bring for a variety of use cases now and in the future, and we are excited to build out the partnership and bring new payment capabilities to market.”

In 2023, FIS helped spur the adoption of real-time payments by being one of the first in the fintech industry to complete testing and certification for the FedNow Service, and its new partnership with Banked promises to capitalize on that momentum to modernize a payments segment ripe for disruption. 

Cake, a transactional marketplace designed for independent insurance agents, has announced the completion of a $1.3M pre-seed funding round led by venture capital company Markd. Additional sponsors included 2ndF, Iridium Bloom LLC, 101 Weston Labs, IIANC, and other industry-specific strategic partners. The close of this round marks a step towards its vision of reshaping Insurance M&A, democratizing it, and widening its reach to agents across various levels.

Launched in 2021, Cake's platform connects independent agents aiming to sell whole businesses or partial accounts with those keen to expand their operations.

Co-Founder and CEO, Adam Bowe, emphasizes the importance of this tool, given the aging demographic among the industry's principal agents and the sizable amount of sub-$1.25M ARR agency books managed by older producers. He insists on facilitating easy access to liquidity from these assets to spur growth for all independent insurance agents.

"As we witness a shift away from private equity dominance, our platform makes it progressively simpler for agents to adapt to the changing insurance landscape. We offer a unique opportunity for agents to buy and sell their books of business, or even fractional sales with slices of their books, with each other." says Adam Bowe, Co-founder, and CEO.

"Our focus on innovative technology, connectivity, and independent agents makes us exceptional."

Parker Beauchamp, Managing Partner at Markd, notes: "I sure wish this tool had been available to me during my time in distribution. What an opportunity for those trying to scale or exit parts of or their entire agencies fast and effectively. There is a tremendous amount of scale for those seeking it before they reach typical private equity scenarios by buying and selling books or slices of agency businesses. Adam and John built a solution that eases the process of liquidating assets and fostering independent insurance agents' strategic growth — an endeavor worth investing in. Whether on the brink of acquiring one's first book of business, ready to retire by selling, or aiming to grow an existing agency, Cake could be a go-to platform."

Backed by this funding, Cake's next steps are to further improve its platform, ramp up customer acquisition, and broaden essential services, such as in-platform lending and legal support.

Mastercard and the Bank of Punjab (BOP) have expanded their partnership to cover the commercial segment, ranging from large corporate entities and Small and Medium Enterprises (SME) to freelancers and gig workers.

BOP will become the first bank in Pakistan to issue Mastercard BusinessCards® for SMEs, offering a range of solutions designed to cater to the country’s 5.2 million-strong SME market.  BoP has also launched the first Foreign Currency Business Debit Card, enabling more than 2.5 million freelancers to digitize their payments. By facilitating a shift from cash to digital payments, BOP is not only revolutionizing the SME sector but also promoting financial inclusion in Pakistan’s burgeoning gig economy.

The extended partnership will also see the introduction of the Mastercard Corporate Card, which will offer larger businesses a customized, flexible and secure digital payment solution to manage employees’ travel, entertainment and procurement expenses, with a high level of expense visibility. This will enable Corporates to manage payments more efficiently and reduce friction in making B2B payments.

“Building on a market legacy that spans over two decades, Mastercard collaborates with our partners to accelerate Pakistan’s digital transformation, drive financial inclusion and fuel its economy. In line with our pledge to bring 50 million SMEs worldwide into the digital economy by 2025, we are harnessing the power of our technology to help businesses of all sizes pay and get paid. The expansion of our partnership with BOP marks a transformative step in modernizing payment methods and making them widely accessible to Pakistan’s businesses and individuals alike,” said Arslan Khan, Vice President and Country Business Manager, Pakistan, Mastercard.

“We are proud to venture into the SME space with Mastercard. In Pakistan, this segment was previously largely neglected, whereas freelancers faced barriers to entry. Extended credit to SME segment is a top priority for BOP, and winning PBA’s Best Bank for SME Awards twice and Best SME Bank Award by Asia Money is a testament to our ambition. Similarly, we are aggressively marketing our Freelancer offering enabling young IT professionals bring their foreign earnings back home conveniently. Our extended collaboration will enable us to tackle the cash flows challenges being faced by SMEs and provide seamless payment services for the nation’s businesses,” said Nofel Daud, Group Head Strategy and Strategic Initiatives, BOP.

Mastercard and BOP have enjoyed a long-standing productive partnership. Most recently, the two leaders launched a freelancer digital account and card, catering to the needs of gig workers in the IT sector, in collaboration with the Pakistan Software Export Board.

Mendix, a Siemens business and established leader in the low-code market, today announced the appointment of Raymond Kok as CEO, effective February 12, 2024. Ray joins Mendix from Siemens Digital Industries Software, where he was a Senior Vice President for the platform development of Siemens Xcelerator. 

Over his 22-year tenure at Siemens, Ray played key leadership roles, supporting the Software-as-a-Service transition, leading the Industrial IoT platform business and its integration with digital manufacturing, and establishing unified services for Siemens Xcelerator. Ray is stepping into the role of Mendix CEO following the decision by Tim Srock to step down.

Ray’s enthusiasm for the low-code platform goes back years. At Siemens, he was one of the earliest adopters of the technology in general and Mendix specifically. He was an integral part of the initial conversations between the two organisations that eventually led Siemens Digital Industries Software to acquire Mendix in 2018. 

“The founding principle of Mendix – the concept of bridging the gap between business, software engineering, and IT – is as critical an issue as it was almost 20 years ago when Mendix was founded. Enabling the business and IT to collaborate in the same platform throughout the development lifecycle is a huge part of what sets Mendix apart. The digitalization of any enterprise requires agility, speed, and access to best-in-class technology across all participating departments in an organisation and Mendix is definitely a key component to this as the leader in enterprise low-code,” said Ray.  

There’s one key element to building software in Mendix that Ray sees as particularly powerful – productivity.

“Productivity may not be a headline-worthy buzzword, but it is critical. Empowering people to be more productive is the foundation of digitalization at any company. Productivity means people aren’t bogged down by low-value repetitive work and arcane decision-making. It means they aren’t solving the same problems over and over. In a productive enterprise, where business and IT are working collaboratively, there is room for creative thinking, there is time for innovation, there is room to reach towards – and accomplish – ambitious digital innovation goals. Building software in Mendix increases productivity across any enterprise and puts the focus on innovation.”

As a low-code early adopter, Ray is excited to see how its use is maturing: organisations recognize not just the standalone capabilities of Mendix’s powerful enterprise low-code platform but also its potential to be the beating heart of the enterprise, underpinning and bringing all technologies, applications, and data silos together. Mendix has demonstrated its value across multiple industries - both in the industrial and non-industrial space. Customers in highly regulated industries like financial services and the public sector have found particular success with Mendix due in part to its best-in-class governance capabilities. 

Ray’s extensive experience will be key to solidifying Mendix’s position as the low-code platform for solving complex enterprise software development challenges. He will also drive tight integration of Mendix with the rest of Siemens’ software portfolio, smoother integrations and connectivity to the other technologies in the Siemens Xcelerator platform and enable customers to further benefit from the power of this synergy. Customers already benefit from the cohesion and strength of the Mendix ecosystem - which includes integrations with a growing selection of AWS services and industry-specific ISV-built adaptable solutions.

Ray will work to nurture the unique spirit of innovation and entrepreneurship that sets Mendix aside from the competition.

“Now that I’m a part of the team, I can proudly say that we call it Mendix Blue: being brave and making bold decisions, having no limits as we strive for innovation beyond traditional processes, exploring and cherishing the differences we have, and holding ourselves to high standards. That is the spirit of Mendix, and I’m committed to championing and growing it together with our exceptionally talented people across the globe”. 

In closing, Ray said, “the Mendix workforce is continually improving on the low-code platform for building impactful digital solutions. Our customers use that platform to make better software, faster - turning their ideas into outcomes. I have always thought the vision Mendix holds for enterprise software is something vital - something singular. I’m looking forward to seeing, and being a part of, how that vision evolves and expands.”

While Ray is a citizen of the Netherlands, he has been living in the US for 20 years and is currently based in Orange County, California with his family. With Mendix’s C-suite team strategically based across the US, UK, and Europe, Ray is confident the company is entering a new, exciting phase of its global reach and growth. 

Tradeshift, the B2B e-commerce and fintech platform, today announces that Iain Balchin has joined the company on a permanent basis as Chief Financial Officer (CFO). Iain brings over 25 years of experience as a senior financial executive across various sectors, including fintech, financial services, and wealth management. Iain will also join Tradeshift CEO James Stirk on the company’s board of directors. 

Iain has a notable record in helping scaling fintech businesses reach the next level. As interim CFO at crypto payment platform Ramp Network, he successfully led a $70 million Series B fundraising during a challenging market period. His track record also includes CFO positions at payments optimization platform Ixaris (acquired), neobank WiZink, and WorldRemit, where he spearheaded finance division restructuring to position the company for future investment.

Iain joins Tradeshift from Dublin-listed energy storage company Corre Energy, where he led a successful equity raise to enable further development of major renewables projects. Before this, he held Group CFO positions at AIM-listed publishing business XL Media and wealth management firm Ascot Global, which he took from listing to eventual sale. Iain has also worked in senior finance roles with St James Place Wealth Management, Lloyds Banking Group, BNP Paribas, AIG, Standard Chartered and Credit Suisse.

'Tradeshift has incredible foundations for growth,' said Iain. 'With over a million businesses using Tradeshift for transactions globally, there are substantial opportunities to expand monetisation across the Tradeshift network through embedded financial services and marketplace commerce capabilities. I'm eager to contribute to a great team at the onset of a promising new chapter in Tradeshift's journey.' 

Iain will be a key member of a new-look executive leadership team assembled since James Stirk’s appointment as CEO in September. Jim Modak, a seasoned software industry leader who has raised over $1.2bn in equity capital during a 40-year career, has joined Tradeshift as Chief of Strategy & GTM. Tradeshift co-founder Gert Sylvest will lead product development across Tradeshift’s complete solutions portfolio.

“Iain’s experience in scaling disruptive businesses will be invaluable in helping us achieve sustainable growth, scale, and profitability,” said James Stirk, CEO at Tradeshift. “Following our recent announcement of the joint venture with HSBC, we have a significant opportunity to embed revenue-generating value into every transaction across the Tradeshift network. I have every confidence that the team we have in place today is the one that will help us reach our full potential.”

Admiral, a leading financial services company in the UK and part of the Admiral Group, has selected Google Cloud as a strategic cloud partner. Under the terms of the agreement, Admiral's core insurance operations, including insurance policy administration and digital systems, will now be powered by Google Cloud. The company will also use Google Cloud technologies to develop new digital products and services, such as making further improvements to its customer-facing mobile app.

The collaboration will enable Admiral to accelerate time-to-market for new products and services by deploying containerized cloud applications and adopting new software development practices. Admiral will continue to improve operational efficiency using Google Cloud's data analytics capabilities, and better serve its customers with Google Cloud's AI and machine learning services.

The partnership with Google Cloud covers four core areas:

• Data and AI: Admiral will continue to leverage Google Cloud's data analytics, machine learning and generative AI capabilities to strategically enable data-driven decision-making across the organization.
   
• Digital experiences: Using its centralized view of data, Admiral will deliver more personalized and seamless digital experiences to its customers, including personalized offers and tailored services. Admiral will also use Google Cloud to bolster its digital channels, including its website, mobile app, and contact center.
   
• Operations: Admiral is now hosting its core policy management and billing platforms on Google Cloud, helping the company rapidly scale its technologies to meet customer demand and improve its time-to-market for new features.
   
• Skills: As part of the partnership, Admiral will work with Google Cloud to upskill its employees in cloud computing and data analytics skills. This will ensure that Admiral will continue to take advantage of the latest cloud technologies and deliver innovative products and services to its customers. Additionally, Admiral will continue to support external initiatives such as Code First Girls in collaboration with Google Cloud.

"With our customers at the heart of everything we do, Admiral is delighted to join forces with Google Cloud to help us achieve our strategic goals," said Admiral CIO Alan Patefield-Smith. "Google Cloud's cutting-edge tech and expertise allows us to accelerate our digital transformation journey and helps us to deliver forward-thinking customer experiences."

"Admiral is an innovative insurer that has delivered many firsts to the market. We are proud to support its continued commitment to giving its customers the very best products and services across its insurance portfolio," said Helen Kelisky, MD, Google Cloud, UKI. "We look forward to strengthening our existing relationship with Admiral to help it accelerate its change strategy and deliver even better experiences."

Trustly, a global leader in innovative payment solutions has made two appointments to its leadership team as it gears up for further European expansion. Annika Poutiainen will be joining as Chief Legal Officer, while Georg Kaltenbrunner will start in March as Group Chief Risk & Compliance Officer. Both roles will be central to supporting the strong and sustainable future growth of Trustly, which has already undergone significant expansion in 2023, most recently with the acquisitions of SlimPay and Ecospend.

Annika Poutiainen, Chief Legal Officer

Annika has wide-ranging experience in regulatory environments and financial companies. She has held the positions of Executive Chair of the Council for Swedish Financial Reporting Supervision, Head of Market Surveillance Nordics at Nasdaq, and Head of Unit, Prospectuses, Exchanges, and Clearing Houses at the Swedish Financial Supervisory Authority. She has been a board member at several companies in the financial services and payment industries and is currently serving as a board member at telecommunications and mobile money services company Airtel Africa plc. She holds a Master of Laws (LLM) degree from the University of Helsinki and an LLM degree in Banking and Finance Law from King’s College, London.

Annika comments: “I am excited to join Trustly, the innovative account-to-account payment leader with a strong human-centric approach where rules and regulation are seen as crucial enablers and contributors to the company’s success. I am proud to be part of this journey and look forward to working for the continued success of the company.”

Georg Kaltenbrunner, Group Chief Risk & Compliance Officer

Georg will join Trustly in March and will oversee compliance and risk on a group level. Before this, he held the position of Group Chief Risk Officer at the Luminor Group, where he was also a member of Luminor Group’s Management Board. He has also held positions including Group Chief Operational Risk Officer for Nordea Group, Member of the Board of Directors of Nordea Funds Ltd, and Partner at McKinsey & Company. He holds a PhD in Finance from the London Business School and an MSc in Accounting and Finance from the London School of Economics.

Georg comments: “I am thrilled to be joining the success story that is Trustly, where I will be working with the team to build a strong and scalable Risk Management and Compliance platform. This is a crucial step in ensuring Trustly’s business resilience and supporting our long-term ambitions.”

Johan Tjärnberg, Group CEO at Trustly, comments:

“We would like to extend a warm welcome to Annika and Georg, who are a really strong addition to the Trustly leadership team. They join the company at a dynamic and exciting time, and I am confident their respective teams will flourish under their guidance.”