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Date – 16-Aug-2024 Boom Technologies Secures $500M in Growth Capital and Launches Crypto-Friendly Equity Investment Opportunity Boom Technologies, a leading DeFi unicorn and e-commerce provider aimed at the unbanked, has announced a significant milestone with the acquisition of $500 million in growth capital from a prominent family office based in Dubai. This investment fuels Boom’s innovative DeFi ecosystem and includes a unique opportunity for both retail and institutional investors to purchase equity using cryptocurrency or cash. Boom Technologies is revolutionizing financial inclusion by bridging the divide between traditional fiat economies and the global digital marketplace. This initiative offers secure and seamless access to financial services for billions of unbanked individuals, enabling them to store, transfer, exchange, and spend cash online while maintaining full control over their funds. The company’s new equity offering aims to raise $47 million and underscores its commitment to broadening access to financial investment. Key Investment Details: Peter Alfred-Adekeye, Founder and CEO of Boom Technologies, stated, “We are proud to democratize access to equity investments by enabling both retail and institutional investors to acquire shares using crypto or cash. This move aligns with our mission to promote financial inclusion and allow a diverse range of investors to benefit from the value we are creating.” Boom Technologies’ DeFi ecosystem, supported by partnerships with industry leaders such as Fireblocks and collaborations with the Bank for International Settlements, continues to set new benchmarks for financial innovation. With over 100,000 app downloads in just two weeks and a rapidly expanding user base, Boom is poised to redefine global e-commerce for the unbanked.

Date – 16-Aug-2024 Adyen, the global payment platform favored by leading companies worldwide, has announced its expansion into India. This move comes with authorization from the Reserve Bank of India to operate as an Online Payment Aggregator, supporting both domestic and cross-border transactions. As part of this expansion, Adyen will establish a new technology hub in Bengaluru (Bangalore) and introduce local payment processing capabilities. This expansion is central to Adyen’s all-in-one payment platform, enabling Indian merchants to optimize transactions with local processing. “The drive towards a Cashless India opens new avenues for businesses to enhance customer experiences in one of the fastest-growing e-commerce markets,” said Ingo Uytdehaage, Co-CEO of Adyen. “We aim to transform digital payments in India with our global solution and local processing, helping merchants scale effectively.” Aditya Khullar, Country Manager for India, added, “Our new technology hub in Bengaluru will provide valuable technical resources and leverage India’s strong tech talent to support both local and global payment innovations. We are dedicated to supporting our merchants’ long-term growth as we expand our presence in India.” Adyen’s comprehensive payment solution covers the entire payment flow, including gateway services, risk management, and acquiring, which facilitates global expansion and optimized payment processes. The platform offers insights into local payment methods and schemes, with direct acquiring connections to major card schemes like Visa, Mastercard, Rupay, and local payments such as UPI. This allows merchants to utilize Adyen’s unified platform to accommodate preferred payment methods, including credit and debit cards and relevant local options.

Date – 16-Aug-2024 Ironbeam, a CME Group clearing member, is excited to unveil a new WebSocket streaming feature within its REST API, aimed at revolutionizing futures trading with real-time data access. This enhancement is set to significantly boost trading speed and efficiency. Known for its leadership in futures brokerage and technology, Ironbeam continues to integrate cutting-edge solutions to meet traders’ evolving needs. The updated API allows users to receive live data effortlessly through an intuitive REST interface, eliminating the need for repetitive server polling. This advancement ensures quicker and more reliable market access, empowering traders to make faster, well-informed decisions. “The launch of WebSocket streaming in our API underscores our commitment to delivering the most advanced trading tools available,” said Omid Farr, CEO of Ironbeam. “This technology not only enhances user experience with instant data access but also supports our mission to create a more dynamic trading environment.” Key benefits of the new WebSocket streaming feature include: The Ironbeam API with WebSocket functionality is now available, setting a new benchmark for responsiveness and performance in the futures trading industry.

Date – 16-Aug-2024 Tesorio Introduces AI-Driven AR Invoicing Automation for QuickBooks Online Tesorio, the pioneering Connected Finance Operations platform, has unveiled its new AI-powered AR Invoicing Automation solution. This innovative tool is designed to revolutionize the Order to Cash process by automating invoice generation from sales orders with unmatched speed and precision. The Spark Behind the Innovation Carlos Vega, CEO of Tesorio, highlights the role of Max Dame, Tesorio’s VP of Finance & Operations, in driving this innovation. “Max’s vision to extend beyond collections and cash forecasting led to the development of an internal tool that automates processing PDF order forms, creating customer records, and sending invoices. This low-code tool has redefined our operational efficiency.” Transforming the Order to Cash Process “In the Order to Cash cycle, 50-70% of payment delays stem from preventable invoicing errors,” said Vega. “Tesorio’s AR Invoicing Automation leverages AI to fully automate the workflow from order import to invoice creation, minimizing missed fields and manual mistakes.” This new solution smooths out the invoicing process, accelerating cash inflows for businesses. Import a signed order and issue a precise invoice to your customer faster than making your morning coffee. With seamless integration into QuickBooks Online, all financial data remains synchronized, accurate, and current. Tesorio’s AR Automation and Cash Flow Management solutions comprehensively support the Order to Cash process, ensuring real-time updates to cash flow forecasts based on actions taken in AR Automation, such as large invoice collections or payment promises. This connected data ecosystem allows AI to deliver actionable insights, enabling businesses to make informed, strategic decisions that enhance cash flow and minimize inefficiencies.

Date – 16-Aug-2024 Flexa Unveils Flexa Components: A New SDK for Seamless In-App Digital Asset Payments Flexa, the leading platform for merchant digital payments, has introduced Flexa Components, a new suite of mobile-first solutions designed to streamline direct wallet payments with digital assets for in-person transactions. This groundbreaking feature offers the first asset-agnostic, embeddable interface that integrates with merchant point-of-sale systems, allowing payments directly from digital wallet apps using Base, Bitcoin, Ethereum, Lightning, Litecoin, Polygon, Solana, and Zcash. Key supporters of Flexa Components include Base, the Electric Coin Company, Lightspark, the Litecoin Foundation, and the Solana Foundation, among others. These collaborations bring Flexa Components to prominent merchants such as Chipotle, I-Shoppes, Mikimoto, Regal Cinemas, and 99 Ranch Market. Current digital payment systems are often confined to closed networks or specific blockchains, creating a fragmented acceptance landscape that limits the potential of digital currencies. Flexa Components aims to overcome this by simplifying integration for developers and enhancing functionality like scanning. For merchants, this means faster, smoother payment processing, while consumers benefit from a more efficient way to use their digital assets without the high transaction fees usually associated with crypto credit/debit card payments. “We believe digital currencies should be as easy to use as any other payment method,” said Daniel McCabe, CEO and co-founder of Flexa. “Flexa Components helps achieve that goal, providing a lower-fee payment gateway for merchants and a more seamless experience for users. It’s a win-win for everyone involved.” Available through the new Flexa SDK for iOS, Android, and React Native, Flexa Components combines cutting-edge design and technology to offer a superior payments experience. Key features include: This launch aligns with Flexa’s mission to integrate digital currencies into mainstream usage, offering universal utility for global merchants, developers, wallets, consumers, and blockchain networks. “Flexa Components embodies our ongoing commitment to bridge innovative financial technologies with traditional payment systems,” said Trevor Filter, co-founder of Flexa. “We’re excited to introduce this solution to tackle today’s challenges and enhance the payment experience for both merchants and consumers.”

Date – 16-Aug-2024 A growing number of employers express optimism about their organization’s performance and satisfaction with their insurance broker. Zywave’s 2024 Broker Services Survey Highlights Positive Trends in Employer Sentiment and Broker Satisfaction Zywave, a leading insurtech provider, has published its 2024 Broker Services Survey, offering valuable insights into U.S. employers’ perspectives on their top business challenges and their expectations from insurance brokers. The survey reveals a positive outlook among employers, with nearly 92% reporting that their performance outlook for 2024 is either stable or improved compared to the previous year. Additionally, nearly 86% of respondents expressed satisfaction or high satisfaction with their insurance broker’s services. “Consumers today are demanding, and insurance buyers are no exception,” said Patrick Noonan, Vice President of Content Development at Zywave. “The positive feedback indicates that many brokers are meeting these high expectations. However, it’s crucial for brokers to stay attuned to their clients’ evolving needs to maintain strong relationships and retention.” The 2024 survey results align closely with previous years, emphasizing that employee attraction and retention, compliance, and technology remain key areas of focus. Most employers continue to seek regular updates from their brokers, with nearly 83% wanting communication on insurance topics weekly or monthly and expecting prompt, effective service. Top Broker Services Valued in 2024 Employers placed high value on client service and broker expertise. The most important criteria when selecting a broker were prompt and effective service (57%) and being trusted advisors rather than salespeople (53%). Other valued criteria included the ability to negotiate renewals (48%) and offering compliance resources (33%). Key Business Challenges for Clients The survey identified financial considerations and policy coverage as top challenges in the current hard market. For employee benefits, the top three challenges were: For commercial insurance, the top challenges were: “The survey results show that while the core challenges for employers remain consistent, the evolving insurance market is increasing the demand for brokers to bring deeper industry knowledge and expertise to their clients,” Noonan added. Zywave has been conducting its Broker Services Survey for over a decade to help brokers align their services with client priorities and address key business challenges. For more detailed insights, download the full 2024 Broker Services Survey.

Date – 16-Aug-2024 Chaos Labs Raises $55M in Series A Funding Led by Haun Ventures to Expand Onchain Economic Security Chaos Labs, a leader in onchain risk management, has announced a $55 million Series A funding round led by Haun Ventures. The funding will be used to scale onchain economic security and accelerate the development of Chaos Labs’ innovative risk management platform. This round attracted notable new investors including F-Prime Capital, Slow Ventures, Spartan Capital, and others, joining existing backers such as Lightspeed Venture Partners, Galaxy Ventures, Wintermute Ventures, PayPal Ventures, General Catalyst, Bessemer Venture Partners, and Coinbase Ventures. Strategic angel investors involved in the round include Kevin Weil (OpenAI CPO), Michael Shaulov (Fireblocks CEO), Anatoly Yakovenko (Solana CEO), Francesco Agosti (Phantom CTO), and Anton Katz (Talos CEO). With this investment, Chaos Labs plans to enhance its platform, which features advanced observability tools, innovative risk oracles, and real-time parameter recommendations. The funding marks the first Series A investment led by Diogo Mónica, General Partner at Haun Ventures. Mónica praised Chaos Labs for its rapid growth and the quality of its products, noting the increasing need for top-tier risk management tools designed specifically for blockchain technology. “We are excited to partner with Chaos Labs as they continue to advance the industry’s risk management capabilities,” Mónica said. “Their focus and vision have reinforced our confidence in their ability to support and grow the blockchain space.” Over the past year, Chaos Labs has tripled its customer base, with over 20 protocols, including Aave, GMX, and Jupiter, relying on its technology. Chaos Labs has secured $860 billion in cumulative trading volume, $25 billion in loans, and $35 million in incentives. “Partnering with Haun Ventures and our existing investors is a significant step forward for Chaos Labs,” said Omer Goldberg, Founder and CEO of Chaos Labs. “Our goal has always been to provide high-quality data to inform risk management. With the volatility of crypto assets, DeFi applications need dynamic data infrastructure to remain competitive.” Chaos Labs’ technology is increasingly sought after by industry giants such as Chainlink and LayerZero for research and risk management, validating the team’s belief in the need for sophisticated and integrated data solutions. “By merging offchain market data with dynamic risk parameter adjustments, we aim to provide a more responsive and accurate risk management solution,” Goldberg added. “This new technology will enhance our platform and offer real-time updates reflecting current market conditions.” As decentralized finance applications currently rely on manual risk management and static data, Chaos Labs is positioning itself to close the gap with centralized finance counterparts, where risk engines are built on top of live market data feeds. “We are advancing to match our CeFi counterparts, and this is the direction the industry is heading,” Goldberg concluded.

Date – 16-Aug-2024 SoftLedger Launches Enhanced Reporting Module for Advanced Financial Insights Cloud accounting software provider SoftLedger has announced the release of its Enhanced Reporting module, a significant update that broadens the platform’s financial reporting capabilities. This upgrade is especially beneficial for multinational companies with operations across various regions and allows for seamless integration of data from external ERP systems. “This reporting update is the most significant product release we’ve had in over a year,” said Ben Taylor, CEO and co-founder of SoftLedger. “We’ve made notable improvements to our consolidation functionality, particularly for companies dealing with multiple currencies and those integrating data from external ERPs.” The new module also offers enhanced features designed to ease the transition for small businesses moving from traditional bookkeeping software. These updates are part of SoftLedger’s ongoing commitment to simplifying implementation for small finance and accounting teams. “Furthermore, we’ve introduced additional upgrades to our financial reporting module,” Taylor added. “These include default financial statements and other features to support small businesses in making a smooth switch from their existing accounting software.”

Date – 16-Aug-2024 FIS Partners with Neural Payments to Enhance Peer-to-Peer (P2P) Payment Experience FIS has announced a strategic partnership with Neural Payments to leverage its NYCE debit network and extensive scale, simplifying the peer-to-peer (P2P) payment process. This collaboration integrates Neural Payments’ technology directly into financial institutions’ mobile banking apps, allowing users to send and receive P2P payments seamlessly without needing to use a separate application. Neural Payments’ platform enables users to transfer funds to anyone, regardless of whether the recipient’s financial institution supports Neural Payments. Recipients can choose their preferred provider to receive payments, which can be settled via popular mobile wallets and debit cards, including FedNow and The Clearing House RTP. Payments are processed instantly, with recipients able to access their funds within seconds. “A recent FIS UK survey reveals that mobile banking capabilities are a major driver of customer loyalty across all generations,” said Chris Como, Head of Cards and Money Movement at FIS. “By combining our industry-leading reach and NYCE debit network with Neural Payments’ innovative technology, we are enhancing the efficiency of money movement for today’s digital consumers. This partnership underscores our commitment to advancing financial technology and expanding these capabilities to our client institutions.” The global P2P payment market, valued at $2.21 trillion in 2022, is projected to grow to approximately $11.62 trillion by 2032, according to Precedence Research. P2P services are widely adopted, with over 80% of consumers using such services regularly. FIS will integrate Neural Payments’ white-label solution into its clients’ mobile banking apps, eliminating the need for users to visit third-party platforms. For traditional closed-loop payments, linked debit accounts will be settled in real-time within FIS clients’ existing systems. Mick Oppy, Co-Founder and CEO of Neural Payments, commented, “Partnering with FIS to deliver our white-label P2P solution to financial institutions represents a significant step forward in our ongoing relationship. Our open-loop system is transforming the P2P landscape by extending beyond traditional banking boundaries. With FIS’s global presence, we can now offer a payment service that fulfills the true promise of P2P transactions—safe, cost-effective, and accessible through a wide range of networks.” Neural Payments, an alumnus of the FIS Fintech Accelerator and winner of the 2022 Demo Day Award, continues to innovate in the financial technology space.

Date – 16-Aug-2024 New integration streamlines year-end compliance for Canadian accountants and bookkeepers. Xero Announces Strategic Integration Partnership with Caseware to Streamline Year-End Compliance for Canadian Accountants and Bookkeepers Xero, the global platform for small businesses, has unveiled a new integration partnership with Caseware, a leading provider of cloud-enabled audit, financial reporting, and data analytics solutions for accounting firms, corporations, and government organizations. This partnership, announced at Xerocon Nashville—Xero’s flagship partner event on August 14-15—introduces a seamless solution for Xero and Caseware’s shared customers. Accountants and bookkeepers can now import trial balances and general ledger data directly from Xero into Caseware Working Papers, expanding on the existing integration with Caseware’s cloud apps. This enhanced integration eliminates the need for manual file exports and imports between systems, saving time and reducing the risk of manual data entry errors. The new integration, set to be available later this year for accountants and bookkeepers in Canada and additional regions, aims to accelerate the completion of year-end compliance tasks. This marks a significant step in Xero’s ongoing commitment to streamlining year-end workflows in Canada. “Year-end compliance can create a significant workload for accountants and bookkeepers,” said Ben Richmond, Managing Director of North America at Xero. “By partnering with robust solutions like Caseware, we can help practices connect their tools and alleviate the year-end burden. Ultimately, this partnership frees up time for advisors to better serve small business clients and grow their firms.” The partnership also paves the way for Xero and Caseware to explore further integration opportunities, enhancing efficiency for their customers. Scott Epstein, Chief Product Officer at Caseware, expressed confidence in the value this partnership brings: “Xero’s efficiency tools for trial balance preparation, combined with Caseware’s year-end assurance and reporting capabilities, will continue to save time and improve quality for accountants and bookkeepers. As the industry evolves, we remain committed to empowering accountants and bookkeepers to excel in their work.” Xero, with 4.2 million subscribers worldwide, offers a comprehensive platform that helps small businesses and their advisors manage core accounting functions such as tax and bank reconciliation, payroll, and payments. Xero’s extensive ecosystem of connected apps and financial institution integrations provides small businesses with the tools they need to efficiently manage their finances. Caseware, a global leader in audit, assurance, financial reporting, and data analytics solutions, serves over half a million customers in 130 countries. Caseware’s innovative platforms help professionals work smarter, gain deeper insights, and turn data into actionable impact.