Purpose-driven digital payment platform, Sezzle, today announced that the Company’s Board of Directors (the “Board”) has authorized a stock repurchase program of up to US$5 million of its outstanding shares of common stock on the Nasdaq Capital Market. The manner, timing, and amount of any purchase will be based on an evaluation of market conditions, stock price, and other factors.

"Sezzle is committed to maximizing shareholder value, and we consider this stock repurchase authorization to be a positive step towards this goal,” stated Charlie Youakim, Sezzle Chairman and CEO. “We believe the current share price does not reflect the Company’s intrinsic value and this action underscores the Board’s confidence in the Company. Given our strong performance, we believe this share repurchase program is a timely and appropriate use of the Company’s capital resources.”

Repurchases under the program will be made in open market transactions in compliance with the Securities and Exchange Commission Rule 10b-18 and federal securities laws. The repurchase program will commence no earlier than January 17, 2024, following the Company’s delisting from the ASX, and is expected to be completed over the following 12-month period thereafter. The stock repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be extended, suspended, or discontinued at any time at the Company’s discretion.

Citi’s Issuer Services, acting through Citibank, N.A., has been appointed as the depositary bank by ZKH Group Limited (“ZKH”), a leading maintenance, repair, and operations ("MRO") procurement service platform in China, to act as Depositary Bank for its American Depositary Receipt (“ADR”) program.

ZKH’s American Depositary Shares (“ADSs”) trade on the NYSE under the ticker “ZKH”. Each ADS represents thirty-five (35) Class A ordinary shares of ZKH. The initial public offering price is US$15.50 per ADS in connection with a total offering size of US$62 million (assuming the underwriters do not exercise their option to purchase additional ADSs).

“Citi is committed to providing ZKH and its investors with the highest quality ADR services, and our selection as depositary bank for the company’s ADR program underscores the depth and breadth of Citi’s cross-border capabilities,” said Dirk Jones, Global Head of Citi’s Issuer Services.

Citi is a leading provider of depositary receipt services. With depositary receipt programs in 67 markets, spanning equity and fixed-income products, Citi leverages its global network to provide cross-border capital market access to issuers, intermediaries, and investors.

Velmie, a wealth management technology provider, announces the launch of its new software platform built exclusively for syndicated investment companies operating in the US real estate sector. The platform is poised to redefine the landscape of syndicated investments, leveraging modern technology and unparalleled features to streamline operations and elevate customer experiences.

Built to facilitate digital transformation, the new software platform stands as a testament to technological advancement within the syndicated investment domain. Powered by modern technologies such as Golang and Flutter, and boasting a scalable microservices architecture, the software embodies innovation at its core. It delivers efficiency, scalability, and agility, enabling syndicated investment firms to propel their operations to new heights.

"At Velmie, we're excited to introduce a game-changing solution designed explicitly for syndicated investment companies in the US real estate market," remarked Paul Shumsky, CMO at Velmie. "Our platform is a testament to our commitment to empowering firms with the latest technological advancements, enabling them to thrive in an increasingly digital ecosystem."

Central to the platform's suite of offerings are its white-label mobile applications for iOS and Android, designed to enrich customer experiences and streamline the investment process. These bespoke apps redefine accessibility, ensuring a seamless and intuitive journey for investors while reinforcing the companies' branding and identity.

The new platform serves as a beacon for syndicated investment companies seeking a digital transformation and future-proof technologies. Its tailored design specifically addresses the intricacies of the US market, providing bespoke solutions to navigate the nuances of real estate investments. By harnessing this innovative platform, firms can unlock efficiency, scalability, and competitive advantage in their operations.

"We've meticulously engineered this platform to cater to the unique needs of syndicated investment firms operating in the US real estate domain," added Paul Shumsky. "Our goal is to empower these companies with tools that drive operational excellence and position them at the forefront of the industry."

Velmie software platform marks a significant milestone in the evolution of syndicated investments, promising a paradigm shift in how firms manage their operations and engage with investors. With a steadfast commitment to innovation and excellence, Velmie continues to spearhead transformative solutions within the fintech landscape.

FlexTrade Systems, a global leader in multi-asset execution and order management systems, and LSEG have today announced a partnership to deliver FlexTRADER EMS clients seamless access to FXall, LSEG’s leading electronic trading platform for global currency products. The move is designed to support regulated FX flows and further enhance the capabilities of FlexFX as part of FlexTrade’s buy-side multi-asset trading platform.  

LSEG’s FXall business delivers robust “dealer to client” trading and FX workflow solutions, delivering access to liquidity from more than 200+ bank and non-bank market makers. FXall is licensed globally, with teams in place to ensure the solution meets the existing and incoming legal and regulatory requirements of the markets it operates within.

The partnership between LSEG and FlexTrade will enable new mutual clients access to FXall execution services from within the FlexFX EMS. Through the delivery of the highly customizable FlexFX front end, clients trading FX will be able to access FXall’s extensive global liquidity network, including support for spots, forwards, swaps, NDFs, and options, which can be executed on FXall’s regulated environments such as MTF and SEF. Further, FXall’s liquidity can be combined with FlexTrade’s liquidity and automation capabilities, including FlexAlgoWheel, to streamline low-touch FX orders.

FlexTrade and LSEG will offer the option of an integrated solution to new mutual clients while continuing to offer independent FX solutions via FlexFX EMS and FXall, respectively.

Jill Sigelbaum, Head of Strategic Development & Partnerships, FX, at LSEG, noted: “We are delighted to join forces with FlexTrade to provide clients with an enhanced multi-asset offering. Our priority at LSEG is to understand our clients’ FX needs and meet them where they want to trade. By combining FlexTrade’s customizable interface with FXall’s world-class, regulated liquidity pools, the offering provides the strongest end-to-end solution in the market today.”

Uday Chebrolu, Senior Vice President and Head of FlexFX at FlexTrade stated: “Our collaboration with FXall demonstrates our commitment to delivering a comprehensive FX solution, supporting regulated FX flows and providing access to global liquidity. Through seamless integration of FlexFX with FXall, trading teams can have a single interface and technology approach to FX execution. Moreover, the integration of FlexFX into the FlexTRADER EMS will continue to deliver zero-compromise, market-leading capabilities to our multi-asset clients.”

Deloitte, the leading global professional services firm, is partnering with Fintech Saudi to foster the growth of emerging companies in Saudi Arabia’s financial technology sector through the Makken Program. Saudi Fintech is an initiative by the Saudi Central Bank in collaboration with the Capital Market Authority, aiming to transform Saudi Arabia into an innovative fintech hub with a thriving and responsible fintech ecosystem.

Makken, meaning Empower, is a program designed to support entrepreneurs and startups in Saudi Arabia’s fintech industry through financial support and a comprehensive suite of services, including technology, cloud computing, cybersecurity, and more.

The program was officially launched earlier this week in Riyadh, with the distinguished attendance of His Excellency the Governor of the Central Bank of Saudi Arabia (SAMA), Mr. Ayman Mohammed Alsayari, and His Excellency the Chairman of the Board of Directors of the Capital Market Authority, Mr. Mohammed Bin Abdullah El-Kuwaiz.

In attendance was Mutasem Dajani, Deloitte Middle East CEO who said, “I am delighted to have attended the launch of Makken, the Kingdom of Saudi Arabia's game-changing fintech program. We are proud of Deloitte’s partnership with the Saudi Central Bank and Capital Market Authority on this program, fueling the growth of this key sector in the Saudi economy and its ongoing transformation.”

Participating FinTechs in the Makken Program will be hosted on Deloitte’s industry-leading, Cloud Managed Services driven by OpenCloud, providing relentless automation, cloud optimization, and cybersecurity services for multi-cloud workloads.  

Ali Hamid, Deloitte Middle East Partner, and Cloud Leader for the region said, “The Deloitte OpenCloud Platform will provide Saudi FinTechs with cloud infrastructure that enables rapid delivery to support secure, compliant, scalable, and agile operations, allowing these startups to focus on building their innovate products and services, whilst Deloitte provides the managed services and cyber security controls”

Digital identity company Yoti has received £12.5 million in debt funding from HSBC, and a further £7.5 million in convertible debt funding from existing shareholders. The £20 million funding will support the continued growth of the company through to achieving profitability and beyond.

This funding round follows the £10 million Lloyds Banking Group invested in Yoti earlier this year. Yoti’s total funding to date now exceeds £166 million; the majority provided by its founders and angel investors since it was founded in 2014. This funding has enabled Yoti to develop proprietary technologies covering identity verification, age assurance, authentication, and esignatures, including world class in-house facial age estimation, liveness, and facial recognition AI.

Yoti, founded and headquartered in the UK, offers a range of digital identity solutions that make it safer for people to prove who they are. Yoti is completing over 6.5 million age and identity checks every month and continues to announce partnerships around the world across the financial, banking, government, gaming, gambling, dating, employment, social media, adult, retail, and vaping sectors. 

Yoti is one of the UK’s fastest-growing tech companies. Over the 4 years ending in March 2023, Yoti’s revenues have grown 6,074% from £101,168 to £6,246,230, which would have ranked Yoti in 6th place in the Deloitte 2023 UK Fast 50. Yoti's monthly revenues have grown 150% over the last year from £466,143 in October 2022 to £1,167,735 in October 2023.

Yoti’s clients include Meta, Sony Playstation, Yubo, Aldi, The Government of Jersey, Improvement Service in Scotland, Sterling Check, HireRight, First Advantage, Checkr, Muzz, Aylo, Regal Gaming, Connells, and NSPCC.

This year, Yoti also launched a new Digital ID app with Lloyds Bank and created Digital ID Connect – the UK’s largest digital identity network provided by Yoti, Post Office, and Lloyds Bank. Over four million people in the UK have downloaded one of the Digital ID apps (Yoti ID, Post Office EasyID, and Lloyds Bank Smart ID), and Yoti has over 13 million app installs globally. In 2023 alone, close to one million individuals in the UK downloaded one of the three Digital ID apps, without any consumer marketing spend.

Robin Tombs, CEO at Yoti said, “I’m delighted to announce this funding round, including £12.5 million from HSBC, which follows another exciting and fast-paced year for Yoti. We’re growing quickly and this £20 million funding should comfortably see us through to profitability.”

John Browett, Chair at Yoti added, “It is good to see this last piece of funding in place to see Yoti through to profit. Yoti has world-leading technology that makes great improvements to trust, security, and safety in the digital world. It has been fabulous to work with Yoti as we have gone from start-up to significant and increasing revenues.”

Updraft, a well-known consumer lending FinTech, has raised a substantial £272m.

The financing comprises a £250m forward flow arrangement with Jefferies Financial Group and Santander Corporate and Investment Banking, along with senior financing from Santander CIB. Additionally, the company raised a further £22m in Mezzanine and equity investment led by Quilam Capital, MoreThan Capital, LC Nueva AIF, and Auluk Investments.

Updraft’s primary focus is to aid UK households in moving away from costly credit cards and overdrafts. The company achieves this through a unique blend of bureau data, open banking data, and behavioral analytics to underwrite credit risks more effectively. This innovative approach has significantly lowered the cost of credit for consumers.

The funds raised will be used to continue Updraft’s mission into 2024, focusing on helping customers achieve ‘debt zero’ with clear payoff routes. The company plans to add more value-added features, explore new channels for reaching different customer segments, and cement its position as a leader in financial support and guidance.

The company has had a strong year, growing its user base to 500,000 and assisting individuals in paying off over £225m in credit card and overdraft debts. Updraft’s advanced risk models have outperformed traditional bureau-based credit risk models.

Updraft CEO, Aseem Munshi, expressed his enthusiasm for the deal. They said, “This agreement helps us serve even more customers to manage their finances. The size and term of the deal give a long window to focus on building our products, processes, and strategy for future growth while we continue to manage risks and build a profitable business. This is another key milestone delivered by the amazing Team Updraft.”

Pradeep Krishnamurthy, MD, Head of ABS Originations at Jefferies, also commented on the deal: “Our review of Updraft’s processes and underwriting gives us confidence in their ability to originate and manage a high-performing loan book.”

NexPay, a rapidly growing fintech company, is revolutionizing international student payments to make studying abroad more accessible and hassle-free. They recognized the need for a comprehensive financial crime prevention and real-time transaction monitoring solution.

Flagright's real-time solutions have allowed NexPay to enhance its security and compliance, reduce false positives, and simplify payment processes. As a result, international students have a seamless and secure payment experience, which helps NexPay maintain its position as an industry leader.

"Flagright's integration enhanced our platform with real-time capabilities, reinforcing security and transparency. Their consistent support has been crucial in advancing our student-focused mission" - Feri Danes, Head of Product and Technology.

NexPay simplifies international student payments by allowing students to pay in their local currency, eliminating credit card surcharges, and offering easy tracking and reconciliation of payments. Their mission is to make the foreign exchange process straightforward and cost-effective for students and educational institutions.

With its focus on simplicity, reliability, and personalized customer service, NexPay is transforming how international students make payments. By streamlining the process and providing top-notch support, NexPay is empowering students to manage their finances with ease and confidence.

Flagright transformed NexPay’s payment security making international transactions seamless

Flagright's partnership with NexPay has yielded substantial impact and value across various dimensions:

1. Faster payment processing
   ‍With real-time transaction monitoring from Flagright, NexPay has significantly accelerated payment processing, ensuring rapid and secure international student payments.
2. Improved compliance
   NexPay has achieved superior compliance by leveraging Flagright's up-to-date sanctions screening capabilities, mitigating regulatory risks effectively.
3. Transparent and secure payments
   NexPay now offers a transparent and secure platform for international student payments, bolstering trust and simplifying financial transactions for students globally. This partnership has revolutionized the payment landscape, underscoring the value of Flagright's innovative solutions.

The partnership between NexPay and Flagright has been a game-changer in the world of international student payments. By leveraging Flagright's transaction monitoring and sanctions screening expertise, NexPay has improved security and compliance and enhanced the overall experience for students and educational institutions.

This collaboration represents a testament to the power of innovative financial crime prevention solutions in transforming businesses and delivering exceptional value.