AppTech Payments Corp. (Nasdaq: APCX) (the “Company” or “AppTech”), an innovative Fintech company powering seamless, omni-channel commerce between businesses and consumers, today announced the closing of its previously announced $5.0 million registered direct offering (the “Registered Direct Offering”) with a single institutional investor to sell 1,666,667 shares of its common stock (the “Shares”) and warrants to purchase up to 1,666,667 shares (the “Warrants”) in a concurrent private placement (the “Private Placement”). The combined purchase price for one Share and one Warrant was $3.00. Each of the Warrants will have an exercise price of $4.64 per share of common stock and are exercisable on and after August 1, 2023. The Warrants will expire five years from the date on which they become exercisable. The aggregate gross proceeds from the Registered Direct Offering and the concurrent Private Placement were approximately $5.0 million before deducting placement agent fees and other estimated offering expenses.

AppTech intends to use the net proceeds from this offering and its existing cash for general corporate purposes, including integrating Commerse™ platform clients, acquisition capital, retiring all loan forbearance agreements, and working capital.

EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”) acted as the exclusive placement agent for the offering.

Nelson Mullins Riley & Scarborough LLP acted as legal counsel to AppTech and Carmel, Milazzo & Feil LLP acted as legal counsel to EF Hutton.

The Shares are being offered pursuant to a shelf registration statement on Form S-3, as amended (File No. 333-265526) previously filed on June 10, 2022 and declared effective by the Securities and Exchange Commission (“SEC”) on July 15, 2022. The offering of the Shares was made only by means of a prospectus supplement that forms a part of the registration statement. The Warrants issued in the Private Placement and the shares issuable upon exercise of such warrants were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and Regulation D promulgated thereunder, have not been registered under the Act or applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

A prospectus supplement describing the terms of the Registered Direct Offering and a Form 8-K relating to the Registered Direct Offering were filed by AppTech with the SEC and are available on the SEC’s website at http://www.sec.gov. An electronic copy of the prospectus supplement is available by contacting EF Hutton, division of Benchmark Investments, LLC, Attention: Syndicate Department, 590 Madison Avenue, 39th Floor, New York, NY 10022, by email atsyndicate@efhuttongroup.com, or by telephone at (212) 404-7002.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Banca Patrimoni Sella & C. launches a new discretionary mandate based on Artificial Intelligence. The new mandate has been developed in partnership with MDOTM Ltd, the Fintech scaleup global provider of AI-driven investment solutions for institutional investors.

The new mandate, called "GP AI-Driven", will invest in a flexible and broadly diversified portfolio obtained through an innovative investment strategy that combines MDOTM Ltd’s proprietary AI methodology with the know-how and experience of Banca Patrimoni Sella & C.’s investment team.

The mandate will leverage the analysis of Big Data combined with the power of Artificial Intelligence models and cloud computing to constantly reflect in the portfolio the latest developments in financial market dynamics, resulting in an improved risk-return profile and a constantly updated optimal asset allocation.

"GP AI-Driven" will actively invest in funds, ETFs, and individual securities, through a portfolio highly diversified at a geographical and sectoral level that discounts the expected returns and correlations as well as key behavioural finance dynamics.

Diego Mihalich, Chief Investment Officer of Banca Patrimoni Sella & C. commented: "Today we strengthen our suite of discretionary mandates by bringing an innovative technology like Artificial Intelligence into our processes. The partnership with MDOTM Ltd marks a significant step forward in our innovation strategy and in improving the quality of the investment solutions available to our clients. It is a further technological add that goes hand in hand with our targeted and bespoke advisory services, which have always been a distinctive trait of our bank".

Federico Invernizzi, Chief Operating Officer of MDOTM Ltd, commented: "Integrating Artificial Intelligence in the investment process and developing new solutions is a strategic factor that will drive banks and asset managers’ growth. This technology represents a unique opportunity to provide investment teams with unbiased inputs and improve their decision-making. We are excited for the launch of GP AI-Driven: a cutting-edge investment solution that combines the bank’s expertise with our AI platform’s inputs in a flexible and global portfolio able to adapt to the continuous evolutions of financial markets"

Ernst & Young LLP (EY UK) and cloud banking platform Mambu have identified five crucial success elements that financial institutions need to consider to ensure their small and medium enterprise (SME) lending offerings are accessible to SMEs.

The availability of finance is key to the success of all SMEs, and this new report explores the advantages for banks that address the specific challenges SMEs face. Banks have a unique opportunity to meet the needs of their SME customers by developing tailored, customer-centric offerings similar to those of fintech challengers.

The ‘Unlocking big growth in small businesses: How to drive SME lending transformation through product innovation’ report identifies five core building blocks for banks to capture lucrative growth offered by the underserved SME segment.

1. Build deep customer relationships and understanding – SMEs are very different to one another and cannot easily be categorised as retail customers. A deeper understanding of SMEs and their circumstances enables better risk management and unlocks opportunities that other lenders may miss.

2. Have a clear proposition or choose a specific niche – SMEs’ needs vary across their lifecycle, so propositions at each stage must reflect this. Deciding on which customers to serve will drive the propositions created.

3. Address SME needs holistically – SMEs are looking for partners, not just finance. Offering advice and an ecosystem of services will create deeper, more successful customer relationships.

4. Create a market-leading and modern digital customer experience – Customer expectations are rising. The minimum requirement for success is an easy and fast digital offering without long, cumbersome form filing or waiting times.

5. Next-generation core platforms – Building lending services around a cloud-native and composable platform will allow the easy combination of best-in-market components providing flexibility and longevity.

A recent EY survey shows that banks remain the most trusted financial institution for SMEs compared with technology companies. 

SME lending has decreased significantly and accounts for just 2% of overall bank balance sheets in the UK. According to the report, lack of understanding and limited data history make it harder for banks to understand how best to serve SMEs. This leads to high-risk profiling and is one of the main challenges SMEs face.

It is clear that SME pain points need to be properly acknowledged by banks, as success rates for SME loan applications are 20% lower than for large enterprises. Returns on finance for SMEs are typically lower than retail or corporate consumers, putting pressure on revenue and costs.

Ben Snowman, VP Partnerships & Advisory at Mambu, said: “Our report with EY highlights the importance of understanding the unmet challenges faced by SMEs to be able to develop products and offerings that will allow them to thrive. Since SMEs form the economy's backbone, financial institutions need to build viable SME lending propositions that optimise or reduce costs to serve this segment. Studies show that SMEs still trust banks more than fintechs or big-techs, so it’s not too late for banks to turn things around, and we hope this guide will empower financial institutions to do so.”

Alexandru Maruta, Senior Manager Technology Consulting at Ernst & Young AG, added: “Achieving commercial success within the SME segment is something that many banks find challenging. I often get asked by clients how to address this opportunity, and my response is that SME lending is complicated if you only apply traditional approaches. Banks can now build their relationship with this client segment by leveraging the SME ecosystem enabled by new platform models like Mambu. Banks should consider a more holistic approach to financing SMEs and implement value-added banking services that help SMEs to grow. Financial institutions need to review their business operations, technology and operating models to identify opportunities for SME product innovation.”

To download the full report, please visit: https://mambu.com/insights/reports/seize-the-sme-opportunity-through-lending-transformation 

Deko, the multi-lender Buy Now Pay Later (BNPL) platform, has appointed James Bradley, a veteran sales executive, Head of Sales. Bradley will be responsible for driving new customer growth and adoption of Deko capabilities, leading the full spectrum of sales management and account strategy across the business.

Bradley brings more than two decades of management experience in leading sales and operations organisations at a range of consumer finance companies including BNP Paribas Most recently, he built the sales operation at DivideBuy, the point-of-sale credit payment technology vendor.

Mike Dawson, CEO, Deko, stated: “James is a well-respected sales leader who brings a wealth of experience and deep knowledge of the Buy Now Pay Later market and the consumer finance ecosystem. He has a proven track record of managing key sales business processes, including strategy, business development, and execution, with strong ties to our industry that will help Deko continue to scale and expand our customer base, ensuring we maintain our industry-leading position in the market.”

At Deko, Bradley will head the sales organisation and oversee the sales process, bringing products and services to potential clients that address their strategic and tactical needs. He will also set the strategy for growth and identify and accelerate the highest revenue opportunities, working closely with Deko’s product and marketing operations.

James Bradley commented: “I am genuinely delighted to join the Dejo team and help to build on the solid foundation developed over the last decade.  Having worked in the industry for some time now, I have looked in on Deko as the gold standard in aggregated consumer finance. Joining Deko was a career aspiration for me, and I am now really looking forward to helping drive awareness and sales for Deko. The business is today perfectly positioned to help its clients transform their business through better customer experience and enable merchants to compete in the modern digital marketplace.”

Bradley was the third employee at DivideBuy where he led the charge on a number of vital initiatives, from acquiring and supporting new retail partners, to developing commercial strategies for the business.  Prior to joining the DivideBuy team, he worked in B2B Fleet and application finance as both a Consultant and Sales Director. As part of this, he worked for large organisations such as the Ebonheath Finance Group, BT and the Servigroup.

London-based global fintech Unlimint has, today, announced a partnership with digital neobank Credits to issue Mastercard debit cards for users in Europe and LatAm, providing an enhanced banking experience. Unlimint is an award-winning global all-in-one fintech offering advanced payment capabilities through an evolving financial interface to startups and businesses across the globe with 16 offices across five continents.

By leveraging Unlimint’s in-house developed payments infrastructure and global reach, Credits will be able to strengthen its offering with an innovative suite of services backed by pioneering payment technology. The project will allow cards to be integrated into the Credits app and ordered directly within it. 

To receive a card, customers will be required to register in the Credits app, pass a Know Your Customer (KYC) verification and place an order. The project, set to be launched in Q1 2023, will target the European market at first, with plans to further expand it to Mexico and Brazil. The first stage of the launch will include the functionality to release virtual cards followed by issuing of physical cards.

The partnership between Unlimint and Credits aims to create a unique product on the market that will embody an innovative proposition for crypto users across Europe and LatAm. Users will have the option to spend crypto more conveniently and seamlessly, without having to convert their crypto assets through centralised exchanges. With the new debit card powered by Unlimint, Credits will be able to expand its product and service offering globally and claim its place as a digital banking world leader.

The collaboration will boost the growth of the digital banking market. According to Statista, the fintech market’s largest segment will be digital payments with a total transaction value of $9,471 billion USD (£7,791 billion) in 2023. The average transaction value per user in the neobanking segment is projected to amount to $18.08k USD (£14,8k) in 2023 with the segment expected to show a revenue growth of 28.9 percent in 2024.

Commenting on the new partnership, Jovi Overo, managing director of Banking as a Service (BaaS) at Unlimint, said: “We are excited to partner up with Credits on this mission to revolutionise the modern world of banking services and help build a seamless connection between Web 2 and Web 3. Unlimint’s BaaS product was developed to help innovative companies like Credits accelerate their geographic footprints in existing and new market verticals, and we believe that this partnership is another great step towards our mission of creating a new fintech world with limitless possibilities, without legacy and banking technology limitations.”

LexisNexis® Risk Solutions has been recognised as a leader in The Forrester Wave™: Identity Verification Solutions, Q4 2022 report. The global data and analytics company received the highest ratings possible in 17 out of 22 criteria across three categories: current offering, strategy and market presence.

According to the Forrester Research report, “With the rise of identity theft across all industries, identity verification (IDV) is becoming central to the digital customer journey.”

Jason Lane Sellers, Director of Market Planning (EMEA) at LexisNexis Risk Solutions, said, “Forrester’s ranking validates for us our commitment to enable trusted consumer interactions and fraud intelligence through a full suite of fraud risk, verification and authentication tools. As a result, our customers receive moment-to-moment, on-demand insights that enable them to fight fraud while providing a positive consumer experience.”

LexisNexis Risk Solutions received the highest scores possible in the Current Offering category in 10 out of the 11 criteria. Forrester also gave the company the highest rating possible for five criteria within the Strategy category for product vision, execution roadmap, planned enhancements, delivery model and supporting products and services. According to the Forrester Research report, LexisNexis Risk Solutions has “a forward-looking product vision and execution roadmap” and is a good fit for “companies looking for an all-around IDV solution with decent geographical coverage.”

The LexisNexis Risk Solutions vendor profile in the Forrester report reflects some of the company's acquisitions in the fraud space over the past several years: ThreatMetrix®, ID Analytics® and Emailage®. Through these integrated capabilities and the more recent addition of advanced behavioral biometrics technology through its BehavioSec® acquisition, the company provides its customers impactful insights with a suite of risk assessment and authentication tools.

Lane-Sellers added, “We will continue innovating to develop risk-based identity and authentication solutions that protect clients from fraud and deliver an elegant customer experience. Our comprehensive product roadmap and the advanced capabilities of our fraud platform and portals keep us focused on future innovation while keeping rooted in solutions that help solve our customers’ challenges and sustain their businesses.”              

Download the full Forrester Wave™: Identity Verification Solutions, Q4 2022 report.

Learn why Forrester Research Inc. ranked LexisNexis Risk Solutions as a leader for IDV. Explore our Identity Verification and Authentication Solutions.

eCredits, a decentralised, blockchain-based ecosystem empowering local businesses and democratising the way everyday transactions take place, today launched eVault, a new feature that enables eCredits users to earn rewards for committing their eCredits (ECS) on the network for a fixed period of one year on Monday 6 February 2023.

eVault is designed to support the development of eCredits by ensuring that transactions on the network are verified and secured in a decentralised manner by network participants. To access eVault, users need to download and register on the eCredits eWallet App which is available on the App Store and Google Play.

Bernhard Blaha, CEO of The People’s SCE, commented: “With the launch of eVault we are providing an alternative to traditional savings accounts with low-interest rates and few benefits by empowering consumers with fixed rewards. Powered by the eCredits decentralised public blockchain, eVaulted funds are safe, secure, and untouched. This new feature enables us to further bolster our ecosystem by welcoming new members dedicated to building a sustainable, accessible, and people-led economy.”

eVault allows users to lock their eCredits (ECS) for a period of one year and receive a reward of two, three, or even six per cent of their transferred assets, depending on a subscription membership, via a secure smart contract. eVault users with a Free subscription earn a 2% reward over one year, while Gold and Platinum subscribers will receive 3% and 6% annual rewards, respectively. Gold and Platinum memberships are available as subscription services for €80 (EUR) and €499 (EUR) per year respectively.

“At eCredits we are creating a people's currency for everyday use. We are integrating decentralised finance into everyday life, from purchases and rewards to savings. We look forward to rolling out more features and further expanding the eCredits Ecosystem in the year ahead,” added Bernhard Blaha.

eVault is powered by The People’s SCE, a Decentrally Governed Organization (DGO), powering applications built upon the eCredits Blockchain and empowering SMEs and consumers to partake in decision-making in the eCredits Ecosystem.

Conotoxia, a global fintech from Poland, introduces a novelty in terms of its multi-currency lending services. Customers can now apply for up to 5,000 PLN or the equivalent amount in euros, dollars, pounds or francs and repay the liability in 12 instalments.

At Conotoxia, users determine the loan amount they need, the currency they need, and when they will repay it. Then they fill in an online application and wait for the decision and the money. Global fintech customers can already take loans in the Polish zloty, the euro, the US dollar, the British pound or the Swiss franc up to the amount equivalent to 5,000 PLN for up to 12 months.

“With high interest rates and lower creditworthiness, more and more people are unable to make or manage all their current payments on time. Therefore, we have extended the repayment period of our loans and launched instalments so that our customers' household budgets are less affected by monthly obligations. Due to raging inflation, we have also increased the maximum loan amount that can be taken out with us. Many people settle their everyday expenses in other currencies, e.g. with loans in francs or with their earnings in euros, so we hope that the innovations introduced will enable them to manage their finances even more conveniently,” says Piotr Kicinski, Vice-President of Conotoxia.

Conotoxia users can choose whether they want to withdraw the loan to their bank account or directly to their multi-currency card. If a customer chooses the latter but does not have a card from fintech yet, they can order a virtual card when applying for a loan. With the loan withdrawal on the card, users get the funds immediately, and commissions are lower. Customers do not need to have a currency account with a bank to receive money in a given currency. Another benefit is the convenience of the repayment process - on a fixed date, the funds can be taken automatically from the fintech's card account or currency wallet.