Sunbit, the company building financial technology for everyday expenses, announced that it has expanded beyond point-of-sale lending with the introduction of a new, next-generation credit card. The Sunbit Card delivers unprecedented flexibility and a personalized APR for every approved consumer. In addition to standard credit card functionality, cardholders can choose to pay in full or select a 3-, 6-, or 12-month payment plan at the individual transaction level with no annual fees, no application fees, no late fees, no penalty fees, and no fees to add or remove a transaction from a payment plan at any time. This offers cardholders an ideal way to manage expenses, all from a single card managed through the MySunbit App. 

“This is a continuation of our commitment to place the customer at the centre of all that we do,” said Arad Levertov, CEO of Sunbit. “Customers know what’s best for their particular situations, and they deserve to have full control over how they pay for everyday expenses. They’re already budgeting and making these transaction-based adjustments across various payment and financing methods; we’re making it much easier and more efficient for them.”

With the Sunbit Card, consumers can add or remove individual transactions from a pay-over-time payment plan within a billing cycle—again, with no fees other than interest—providing budgeting flexibility and financial controls, all via a convenient, centralized app. 

There are more than 65,000 early access cardholders, and already 400,000 additional consumers are on the invitation list. Further, the Sunbit Card is available to select retailers as a co-branded card program to improve brand awareness and customer loyalty.

In 2016, Sunbit launched its first point-of-sale technology specifically designed for in-person transactions, initially serving retail and auto parts and auto dealerships. Since then, Sunbit has become the de facto leader in point-of-sale financing for everyday expenses. The company has already expanded to nearly 14,000 locations in 46 states, with consumers using the technology to pay for services such as dental care, eyewear, and auto repair. More than 1.2M point-of-sale transactions have been completed with Sunbit, which equates to more than $1B in transactions. 

Additionally, Sunbit has expanded its footprint through partnerships with communication management platforms such as Weave, an all-in-one customer communication and engagement platform for small businesses. 

The development of the Sunbit Card is a natural extension of the company’s commitment to helping consumers pay for what they need so they can focus on the important things in life. 

A customer-first ethos is pervasive at the company, reflected in how it treats consumers. Sunbit does not charge any fees to customers for any of its products. As such, it was essential to develop a true, next-gen card that truly is free of all fees other than a customer’s personalized APR. 

“Sunbit uses cutting-edge technology, leveraging artificial intelligence and machine learning, to 10X the best parts of financial services products that came before us,” said Arad Levertov. “We believe that our customer-first mentality will position us as the consumer card of choice. When customers are happy, everyone wins.”

Kroll, the leading provider of data, technology and insights related to risk, governance and growth, has found that the second quarter of 2022 saw robust M&A deal activity in the global software sector. Despite continued turmoil in the public equity markets, the strength and number of deals were evident in global software with a total of 628 deals at a disclosed value of $130 billion (bn), equaling the record set just two quarters earlier. The strength in deal activity underscores the demand from both private equity and strategic acquirers for software assets which drive the digitalization of business processes.

While the sector performed well overall, further analysis by Kroll suggests the quarter saw a shift to smaller deals. When the findings are adjusted to exclude the three largest deals, the deal volume is skewed toward smaller transactions, including platform bolt-ons and strategic tuck-ins. The quarter also saw a complete absence of SPAC transactions and a relative slowdown in June, potentially signalling a quieter summer for M&A activity.

Rory O’Sullivan, Managing Director in Kroll’s Technology M&A practice (formerly known as Pagemill Partners) commented: “Although the bar may be higher and liquidity is decreasing, disciplined buyers and investors are taking advantage of the pullback in public valuations, as many found themselves priced out of opportunities in 2021. Where public meets private, the pace of activity for private equity-backed take-private transactions has accelerated and is likely to continue into H2 2022.”

auxmoney, a leading digital-lending platform for consumer credit in Europe, has secured a EUR 250 million investment for its marketplace loans from Citigroup and Chenavari Investment Managers. After auxmoney announced to invest in loans on its own marketplace in November 2020, the fintech company is now co-investing for the first time alongside partners as part of this transaction.

Through auxmoney’s investment arm, investors benefit from highly efficient processes including fully automated onboarding, risk assessment and investor reporting. With the latest iteration of its scorecard, leveraging advances in Machine Learning, auxmoney facilitates investors access to a truly digital asset class.

Raffael Johnen, CEO of auxmoney, comments: "With our investment platform, we are able to set up partnerships at scale, further broadening our base of institutional investors. Today, we are delighted to add another strong set of partners to the auxmoney platform. With this significant investment, auxmoney is able to bring the benefit of digital loans to even more consumers.”

Chenavari is a credit-focused asset manager, founded in 2008, with core expertise in European markets. Hubert Tissier de Mallerais, Senior Portfolio Manager at Chenavari, said: “We are excited that our partnership with auxmoney will enable us to invest in digital origination of consumer loans in Germany for the first time. The segment has been partially underserved by traditional lenders. By leveraging advanced digital technology, auxmoney provides more borrowers access to credit while allowing investors to diversify their portfolios into an attractive asset class.”

Daniel Drummer, CFO at auxmoney, comments: “This funding commitment from one of the leading global debt investors once again proves the appeal of digital lending as an asset class. The investment further strengthens auxmoney’s position as a leading provider of technology-enabled access to credit in Europe. We see enormous momentum for technology-driven credit offerings in the market. Further new partnerships are in the making.”

Sebastian Walf, Managing Director at Citigroup, adds: “We are financing fintechs across Europe and the credit performance of auxmoney’s marketplace loans has been remarkably stable during the coronavirus pandemic. We are delighted to be entering into this partnership with one of the leading European fintechs.”

Boudewijn Dierick leads auxmoney’s investment arm as Managing Director to further strengthen the company’s capital markets platform. Dan Zakowski, SVP Marketplace Funding at auxmoney, is heading the deal team for today’s transaction.

Revolut, the financial super-app with 20 million customers worldwide, today announced another push to the platform’s investment offering with the release of 22 new crypto tokens.

“This is another big year of crypto, and we’ve given a big boost to our offering while empowering people to take more control of their finances and giving them safe access to new tools and services being built in crypto the space” - said Emil Urmanshin, Crypto General Manager at Revolut.

Binance, the world’s leading blockchain ecosystem behind the largest cryptocurrency exchange, today announced the appointment of its Co-Founder Yi He as the new head of its venture capital (VC) arm and incubator, Binance Labs.

“As part of the founding team, Yi has been actively involved in Labs since its inception and has played a pivotal role in identifying early-stage projects and founders with the vision and drive to disrupt those global institutions that no longer serve society effectively,” said Binance CEO CZ (Changpeng Zhao). “This is the perfect moment for Yi to take on a larger role in Labs as this market presents an unparalleled opportunity to identify those projects with the tenacity to thrive in tough market conditions.”

Binance Labs is the largest crypto VC in the industry by assets under management (AUM) with a multiple on invested capital (MOIC) of 21.0x, a performance metric that is unmatched in the industry. Binance Labs manages total assets of $7.5 billion, comprised of more than 200 portfolio projects.

Yi will lead global strategy and the day-to-day operations at Binance Labs. Part of her focus will be on supporting infrastructure projects and improving utility in innovative crypto and blockchain projects.

Her vision is to drive the future adoption of Web3 and blockchain technology by “building the standard for the blockchain industry.” Under Yi’s leadership, Binance Labs will have an additional emphasis on investing in capable, driven founders who will play a role in shaping the future of the industry.

“Part of the journey of seeing Binance grow, especially through tough market conditions, has been the ability to identify those founders that have the skills and embody the values needed to thrive in an environment where resources are more limited. As a leading player in the space, my goal is to help define the industry standard by identifying and supporting sustainable projects and building an ecosystem of quality blockchain solutions that empowers the entire industry,” said Yi.

“It is a foregone conclusion that Web3 will reach one billion new users in the next five years. However, Web3 will only truly become mainstream when its products weave seamlessly into users’ lives. To expedite widespread adoption, we need to focus our resources on supporting those projects that will push the boundaries of Web3 technology and create products that provide solutions to real-world problems.”

Since its inception, Binance Labs’ investment strategy has focused on early-stage projects in key verticals. This strategy has seen Binance Labs incubate some of the industry’s most successful projects, including Polygon, FTX, Certik, Nym, and Dune Analytics.

The team has recently closed a $500 million investment fund that includes participation from global institutional investors such as DST Global Partners and Breyer Capital. Some of the latest portfolio companies and key projects include pStake and Ultiverse.

Yi will continue leading and supporting the organization’s key business initiatives and units including customer support, institutional business, marketing, Binance P2P and Earn.

Trading app Robinhood is laying off nearly a quarter of its staff, citing macroeconomic conditions and the cryptocurrency market's crash.

"As CEO, I approved and took responsibility for our ambitious staffing trajectory - this is on me," writes the CEO.

US RegTech software firm Compliance.ai has raised $6 million in funding and appointed a new CEO to replace co-founder Kayvan Alikhani.

ZayZoon, a provider of voluntary benefits that allows employees across the United States to instantly access their earned wages on-demand, is pleased to announce a series of financings that total $25.5 million in aggregate, consisting of $12.5 million in equity and $13 million in a new credit facility with ATB Financial. 

This current round of equity, led by Carpae Investments and Alpenglow Capital, brings the total equity raised by the company to $25 million. This round also saw participation from existing shareholders which include InterGen Capital, Prairie Merchant Corporation, and angel investors Sanders Lee (Hopewell) and Rob Ohlson (Maillot Homes), among others. Though almost all of the company's funding has originated from Canadian investors, the more than 3,000 businesses using ZayZoon to offer their employees quicker access to pay are located in the United States. 

The majority of working Americans experience cash-flow shortfalls that can require them to seek out undesirable solutions to bridge the gap until the next payday. ZayZoon's core product Wages On-Demand gives employees access to wages that they have already earned but would otherwise have to wait until their next payday to receive. When the alternatives are high-cost options such as late bill payments, overdraft fees, and payday loans, financial options like Wages On-Demand are increasingly a critical service for millions of Americans.

In less than three minutes, an employee can sign up and access their earned wages instantly to their existing bank account or other available wallet options for little or no cost. 

Businesses partner with ZayZoon to improve employee recruitment, retention and overall workplace productivity. With more than 100 payroll integrations, including being a Platinum Partner on the ADP Marketplace, over 60 per cent of businesses across the United States can activate ZayZoon for their employees in less than 60 minutes at zero cost and with no administration required. Partnerships like these have enabled ZayZoon to provide its services to thousands of employees at franchises like McDonald's, Burger King, Senior Helpers and Choice Hotels.

Jamie Ha, co-founder and CFO of ZayZoon, says, "We are extremely excited to see the tremendous level of interest and support for this important offering for both employers and employees. With this financing, we are positioned to bring ZayZoon's Wages On-Demand service to millions of people across America, especially during a phase when hardworking employees need it the most."

This round of financing opens the doors of opportunity to further expand ZayZoon's product offering beyond Wages On-Demand and into additional products and services that financially improve employment outcomes and financial wellness. Furthermore, it enables ZayZoon to pursue hiring for key roles across Growth, Operations and Engineering. 

Marcos Lopez, Principal of Alpenglow, says, "ZayZoon has proven the value it can bring to millions of employees and their employers through a unique distribution channel. We are excited to see the team continue their impressive growth and the use of their product by more employees and employers, helping them efficiently access their earned wages more effectively."

nCino, Inc., a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced several new appointments across its executive leadership team to further support the Company’s continued growth, scale and product innovation.

The following changes across nCino’s executive leadership team are effective immediately:

Matt Hansen has been named Chief Product Officer of nCino, overseeing the Company’s Product Development & Engineering organization globally. In 2011, Hansen founded SimpleNexus, a nCino company, and served as its Chief Executive Officer for more than 10 years. Under his leadership, Hansen executed an ambitious, long-term vision of developing mobile-first technology for the modern mortgage lender to streamline the path to homeownership and address key industry pain points while preserving lender flexibility and efficiency. In this new role, Hansen will leverage his deep expertise in SaaS development and mobile applications, and his passion for building transformative technology to accelerate the Company’s development of innovative, best-in-class, cloud-based software across all lines of business.

Jaime Punishill has been named Chief Market Officer (CMO) of nCino, taking over for Jonathan Rowe, PhD, who is taking on a new strategic role with the Company after serving as its CMO since 2012. Punishill is an innovative marketing executive with nearly three decades of experience in the technology and financial services sectors. He joins nCino from Lionbridge, a leading translation and localization company, where he has served as their Chief Marketing Officer for the past five years. During his tenure, he led a global rebrand, centralized Lionbridge’s global marketing function and oversaw brand stewardship, demand generation, product marketing, external and internal communications and voice-of-the-customer and advocacy programs. Prior to Lionbridge, Jaime served as Head of Brand Strategy and Digital Marketing at TIAA, a top financial services company, and previous to that was Global Head of Content and Digital Distribution at Thomson Reuters and Head of Digital Innovation for Citibank N.A. In his new role, Punishill will assume leadership of nCino’s global marketing organization.

Ben Miller has been named Chief Executive Officer of SimpleNexus, a nCino Company, taking over for Cathleen Schreiner Gates, who will remain with the Company in an advisory capacity. Miller co-founded SimpleNexus and has played a critical role in scaling the business into the leading digital homeownership software company in the U.S., serving more than 300 independent mortgage banks (IMBs), over 100 banks and credit unions and more than 49,000 loan originators nationwide. Miller is a seasoned leader with more than 15 years of experience driving innovative business strategy, operations and go-to-market activities. In this new role, Miller will oversee the continued growth and expansion of the SimpleNexus business and drive innovation that continues to transform the home lending industry for the better.

“We have made consistent progress over the years executing on our strategic growth initiatives and the appointments we are announcing today are designed to enhance our position and drive further scale, revenue growth and market leadership for nCino on a global basis,” said Pierre Naudé, nCino’s Chairman and Chief Executive Officer. “We are excited about the addition of these talented leaders who are uniquely positioned to help nCino continue to transform the global financial services industry, build the best and most innovative software and enable continued growth for our customers, partners, employees and stockholders.”

VNX, the first European regulated platform for investment into tokenized precious metals, now accepts major credit cards Visa and Mastercard as payment options on its native platform. The addition of the two largest credit payment methods unlocks the gates for accredited investors to utilize VNX’s tokenized gold platform without the requirement of using crypto payments or cumbersome wire transfers.

Casual investors often see cryptocurrency and decentralized finance as inaccessible and solely tailored to finance professionals and tech savants. That gap between potential investors and digital assets makes pushing forward other blockchain applications, including the tokenization of physical assets, more difficult. Helping novice investors and crypto veterans alike diversify their digital asset portfolios in the midst of a bear market requires making the process as easy as possible.

By adding Visa and Mastercard to its native platform, VNX expands its fiat payment capabilities beyond bank transfers and deposits in Bitcoin (BTC) and Ethereum (ETH). By enabling credit card payment options directly on the platform, VNX grants investors peace of mind and ease of access to purchase VNX Gold and future tokenized precious metals.

While fiat bank transfers have always been available on VNX, credit payments are instantaneous and less invasive than the complicated and highly detailed information required for bank transfers.

“Adding Visa and Mastercard as payment gateways on our native platform is an important step for us,” says Alexander Tkachenko, CEO and Co-Founder of VNX. “As more people explore tokenized precious metals, onboarding the two largest fiat credit cards to our platform helps foster greater accessibility and convenience for both experienced and novice investors.”