Desia has raised $3.3 million in pre-seed funding to fund the development and growth of its artificial intelligence (AI) applications for productivity, automation and analytics in the financial investment industry.
\nThe company\u2019s product employs AI to help investment professionals use data and information in an automated manner, Desia said in a Tuesday (Sept. 24)\u00a0press release.
\n\u201cI recall sifting through data and information until the early hours during my time at Goldman Sachs in order to make fully informed decisions and strategies,\u201d\u00a0Raffaele Terrone, co-founder and CEO of Desia, said in the release. \u201cWith Desia the whole process would have been more efficient and successful. I wish it was available back then.\u201d
\nDesia extracts knowledge and data about potential investments and performs analyses in an automated way, according to the release.
\nIts capabilities save time and resources for investment professionals who still sort through data and information manually and deal with data that is often unstructured, the release said.
\n\u201cThe complexity of unstructured data and inefficiencies in data processing are significant challenges, but the potential value we can deliver to our users is massive,\u201d\u00a0Alessandro Amaro, co-founder and chief product officer of Desia, said in the release.
\nDesia\u2019s solution already has users, and the company is looking to expand in the United Kingdom, the United States and Europe, per the release.
\nRoss Mason, founding partner at\u00a0Dig Ventures, which led the company\u2019s funding round, said in the release that Desia\u2019s founding team is positioned to address an essential challenge in the financial industry.
\n\u201cTheir innovative approach to automating data analysis leveraging AI promises substantial advancements in productivity for finance professionals,\u201d Mason said.
\nThe\u00a0Bank for International Settlements (BIS) said in June that the\u00a0financial sector is among the \u201cmost exposed\u201d to both the benefits and the risks of AI.
\nThe benefits of AI for the sector include improvements for lending and payments, while the risks include more sophisticated cyberattacks, according to the BIS.
\nEighty-three percent of bank executives are eyeing generative AI with both hope and hesitation, according to the PYMNTS Intelligence and\u00a0AI-ID\u00a0collaboration, \u201cBanking on AI: Financial Services Sector Harnesses Generative AI for Security and Service.\u201d
\nThe post Desia Raises $3.3 Million to Expand AI Applications for Investment Professionals appeared first on PYMNTS.com.
\n", "content_text": "Desia has raised $3.3 million in pre-seed funding to fund the development and growth of its artificial intelligence (AI) applications for productivity, automation and analytics in the financial investment industry.\nThe company\u2019s product employs AI to help investment professionals use data and information in an automated manner, Desia said in a Tuesday (Sept. 24)\u00a0press release.\n\u201cI recall sifting through data and information until the early hours during my time at Goldman Sachs in order to make fully informed decisions and strategies,\u201d\u00a0Raffaele Terrone, co-founder and CEO of Desia, said in the release. \u201cWith Desia the whole process would have been more efficient and successful. I wish it was available back then.\u201d\nDesia extracts knowledge and data about potential investments and performs analyses in an automated way, according to the release.\nIts capabilities save time and resources for investment professionals who still sort through data and information manually and deal with data that is often unstructured, the release said.\n\u201cThe complexity of unstructured data and inefficiencies in data processing are significant challenges, but the potential value we can deliver to our users is massive,\u201d\u00a0Alessandro Amaro, co-founder and chief product officer of Desia, said in the release.\nDesia\u2019s solution already has users, and the company is looking to expand in the United Kingdom, the United States and Europe, per the release.\nRoss Mason, founding partner at\u00a0Dig Ventures, which led the company\u2019s funding round, said in the release that Desia\u2019s founding team is positioned to address an essential challenge in the financial industry.\n\u201cTheir innovative approach to automating data analysis leveraging AI promises substantial advancements in productivity for finance professionals,\u201d Mason said.\nThe\u00a0Bank for International Settlements (BIS) said in June that the\u00a0financial sector is among the \u201cmost exposed\u201d to both the benefits and the risks of AI.\nThe benefits of AI for the sector include improvements for lending and payments, while the risks include more sophisticated cyberattacks, according to the BIS.\nEighty-three percent of bank executives are eyeing generative AI with both hope and hesitation, according to the PYMNTS Intelligence and\u00a0AI-ID\u00a0collaboration, \u201cBanking on AI: Financial Services Sector Harnesses Generative AI for Security and Service.\u201d\nThe post Desia Raises $3.3 Million to Expand AI Applications for Investment Professionals appeared first on PYMNTS.com.", "date_published": "2024-09-24T17:51:29-04:00", "date_modified": "2024-09-24T17:51:29-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Desia-AI-investments.jpg", "tags": [ "AI", "AI funding", "artificial intelligence", "data analysis", "Desia", "funding", "Investments", "News", "PYMNTS News", "What's Hot", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2104926", "url": "https://www.pymnts.com/news/investment-tracker/2024/torq-raises-70-million-to-expand-ai-first-cybersecurity-hyperautomation-solutions/", "title": "Torq Raises $70 Million to Expand AI-First Cybersecurity Hyperautomation Solutions", "content_html": "Torq has raised $70 million in a Series C funding round to expand its artificial intelligence (AI)-first cybersecurity hyperautomation solutions.
\nThe company will use the new funding to add generative AI enhancements, hire additional talent and accelerate its expansion across the Europe, Middle East and Africa (EMEA) and Asia-Pacific (APAC) regions, Torq said in a Tuesday (Sept. 24) press release.
\n\u201cTorq has blown past all the frustrating, manual limitations of legacy [security orchestration, automation and response (SOAR)] that leave significant holes in the security perimeter,\u201d Ofer Smadari, CEO and co-founder of Torq, said in the release. \u201cTorq plugs all those holes by delivering a new layer of AI-driven protection, all while making all of security operations more productive than ever.\u201d
\nThe company\u2019s Torq HyperSOC is a purpose-built solution that uses the AI-driven Torq Hyperautomation platform to automate, manage and monitor critical security operations center (SOC) responses, according to the release.
\nBy initiating and accelerating security event investigation, triage and remediation, delivering case management capabilities and automating complex processes, Torq HyperSOC allows analysts to focus on strategic security initiatives, per the release.
\nTorq Hyperautomation and Torque HyperSOC deliver \u201cdeep value\u201d for security operations teams worldwide, Richard Seewald, founder and managing partner of Evolution Equity Partners, which led Torq\u2019s latest funding round, said in the release.
\n\u201cIt\u2019s now no longer a question of if, but when every enterprise will adopt AI-driven hyperautomation,\u201d Seewald said.
\nWith commerce increasingly happening online and payment systems becoming more intertwined with complex technologies, cybersecurity has never been more critical, PYMNTS reported Sept. 13.
\nNews came Sept. 12 that\u00a0Mastercard spent $2.65 billion to acquire threat intelligence company Recorded Future, saying the deal \u201cbolsters the insights and intelligence used to secure today\u2019s digital economy \u2014 in the payments ecosystem and beyond.\u201d
\nIn August, Kiteworks secured a $456 million growth equity investment to strengthen its market position in secure data transfer and collaboration, noting that there is an expanding cybersecurity risk as more cybercriminals target sensitive content from supply chains and other ecosystem.
\nIn January, cloud-native security provider Aqua Security secured $60 million in funding in an extension of its Series E round. The company said that since its founding eight years earlier, its solutions had been adopted by more than 500 enterprise companies worldwide, including 40% of the Fortune 100 companies.
\nFor all PYMNTS AI coverage, subscribe to the daily\u00a0AI\u00a0Newsletter.
\nThe post Torq Raises $70 Million to Expand AI-First Cybersecurity Hyperautomation Solutions appeared first on PYMNTS.com.
\n", "content_text": "Torq has raised $70 million in a Series C funding round to expand its artificial intelligence (AI)-first cybersecurity hyperautomation solutions.\nThe company will use the new funding to add generative AI enhancements, hire additional talent and accelerate its expansion across the Europe, Middle East and Africa (EMEA) and Asia-Pacific (APAC) regions, Torq said in a Tuesday (Sept. 24) press release.\n\u201cTorq has blown past all the frustrating, manual limitations of legacy [security orchestration, automation and response (SOAR)] that leave significant holes in the security perimeter,\u201d Ofer Smadari, CEO and co-founder of Torq, said in the release. \u201cTorq plugs all those holes by delivering a new layer of AI-driven protection, all while making all of security operations more productive than ever.\u201d\nThe company\u2019s Torq HyperSOC is a purpose-built solution that uses the AI-driven Torq Hyperautomation platform to automate, manage and monitor critical security operations center (SOC) responses, according to the release.\nBy initiating and accelerating security event investigation, triage and remediation, delivering case management capabilities and automating complex processes, Torq HyperSOC allows analysts to focus on strategic security initiatives, per the release.\nTorq Hyperautomation and Torque HyperSOC deliver \u201cdeep value\u201d for security operations teams worldwide, Richard Seewald, founder and managing partner of Evolution Equity Partners, which led Torq\u2019s latest funding round, said in the release.\n\u201cIt\u2019s now no longer a question of if, but when every enterprise will adopt AI-driven hyperautomation,\u201d Seewald said.\nWith commerce increasingly happening online and payment systems becoming more intertwined with complex technologies, cybersecurity has never been more critical, PYMNTS reported Sept. 13.\nNews came Sept. 12 that\u00a0Mastercard spent $2.65 billion to acquire threat intelligence company Recorded Future, saying the deal \u201cbolsters the insights and intelligence used to secure today\u2019s digital economy \u2014 in the payments ecosystem and beyond.\u201d\nIn August, Kiteworks secured a $456 million growth equity investment to strengthen its market position in secure data transfer and collaboration, noting that there is an expanding cybersecurity risk as more cybercriminals target sensitive content from supply chains and other ecosystem.\nIn January, cloud-native security provider Aqua Security secured $60 million in funding in an extension of its Series E round. The company said that since its founding eight years earlier, its solutions had been adopted by more than 500 enterprise companies worldwide, including 40% of the Fortune 100 companies.\n\nFor all PYMNTS AI coverage, subscribe to the daily\u00a0AI\u00a0Newsletter.\n\nThe post Torq Raises $70 Million to Expand AI-First Cybersecurity Hyperautomation Solutions appeared first on PYMNTS.com.", "date_published": "2024-09-24T15:12:20-04:00", "date_modified": "2024-09-24T15:12:20-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/AI-investments-artificial-intelligence.jpg", "tags": [ "AI", "artificial intelligence", "automation", "Cybersecurity", "Evolution Equity Partners", "funding", "hyperautomation", "Investments", "News", "PYMNTS News", "Security", "Technology", "Torq", "What's Hot", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2104934", "url": "https://www.pymnts.com/news/investment-tracker/2024/liveflow-raises-13-million-dollars-new-accounting-automation-products/", "title": "LiveFlow Raises $13.5 Million for New Accounting Automation Products", "content_html": "Finance and accounting automation platform LiveFlow raised $13.5 million.
\nThe Series A round will help the company fund the launch of LiveFlow Next, a new line of reporting and analysis products, as it expands its go-to-market team and invests in research and development, according to a Tuesday (Sept. 24) press release.
\n\u201cThe new product suite features tools for building custom client dashboards, intelligent forecasting, industry benchmarking, AI-driven transaction categorization and more,\u201d LiveFlow CEO Lasse Kalkar said in the release.
\nFounded in 2021, LiveFlow\u2019s customer base includes international accounting firms like BDO and KLR along with brands like Wendy\u2019s and Crumbl Cookies, according to the release.
\nThe funding comes as AI is poised to transform the accounting sector, as PYMNTS wrote in July, citing a report from venture capital firm Andreessen Horowitz.
\n\u201c\u2026AI is becoming a crucial component in various sectors, with accounting firms particularly eager to harness its potential to enhance efficiency and manage increasing workloads,\u201d PYMNTS wrote.
\nAI\u2019s integration into accounting makes sense, as bookkeeping, tax preparation and auditing involve repetitive tasks that can benefit from the technology. In addition, the industry faces a two-front challenge: an aging workforce and no one to replace them.
\n\u201cWhen preparing to use new technology, like AI, start with what you want your outcome to be first,\u201d Josh Schauer, vice president of finance at insightsoftware, told PYMNTS in the report. \u201cBy understanding what you want the impact to be, then looking for the right tools and data to solve it, you can inform what is required and the steps you need to complete it.
\n\u201cFor instance, one of the biggest challenges accountants face today is a lack of bandwidth and an overload of repetitive, manual tasks \u2014 like reconciliations and generating reports. Ultimately, accountants should be trying to do more with less. Understanding this goal, they can then seek tools that effectively decrease this manual work and free up time for more valuable tasks, like financial planning and analysis.\u201d
\nThe post LiveFlow Raises $13.5 Million for New Accounting Automation Products appeared first on PYMNTS.com.
\n", "content_text": "Finance and accounting automation platform LiveFlow raised $13.5 million.\nThe Series A round will help the company fund the launch of LiveFlow Next, a new line of reporting and analysis products, as it expands its go-to-market team and invests in research and development, according to a Tuesday (Sept. 24) press release.\n\u201cThe new product suite features tools for building custom client dashboards, intelligent forecasting, industry benchmarking, AI-driven transaction categorization and more,\u201d LiveFlow CEO Lasse Kalkar said in the release.\nFounded in 2021, LiveFlow\u2019s customer base includes international accounting firms like BDO and KLR along with brands like Wendy\u2019s and Crumbl Cookies, according to the release.\nThe funding comes as AI is poised to transform the accounting sector, as PYMNTS wrote in July, citing a report from venture capital firm Andreessen Horowitz.\n\u201c\u2026AI is becoming a crucial component in various sectors, with accounting firms particularly eager to harness its potential to enhance efficiency and manage increasing workloads,\u201d PYMNTS wrote.\nAI\u2019s integration into accounting makes sense, as bookkeeping, tax preparation and auditing involve repetitive tasks that can benefit from the technology. In addition, the industry faces a two-front challenge: an aging workforce and no one to replace them.\n\u201cWhen preparing to use new technology, like AI, start with what you want your outcome to be first,\u201d Josh Schauer, vice president of finance at insightsoftware, told PYMNTS in the report. \u201cBy understanding what you want the impact to be, then looking for the right tools and data to solve it, you can inform what is required and the steps you need to complete it.\n\u201cFor instance, one of the biggest challenges accountants face today is a lack of bandwidth and an overload of repetitive, manual tasks \u2014 like reconciliations and generating reports. Ultimately, accountants should be trying to do more with less. Understanding this goal, they can then seek tools that effectively decrease this manual work and free up time for more valuable tasks, like financial planning and analysis.\u201d\nThe post LiveFlow Raises $13.5 Million for New Accounting Automation Products appeared first on PYMNTS.com.", "date_published": "2024-09-24T13:28:44-04:00", "date_modified": "2024-09-24T22:19:38-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/LiveFlow.jpg", "tags": [ "automation", "B2B", "B2B Payments", "commercial payments", "funding", "Investments", "LiveFlow", "LiveFlow Next", "News", "PYMNTS News", "Technology", "What's Hot", "What's Hot In B2B", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2104272", "url": "https://www.pymnts.com/news/investment-tracker/2024/phacet-raises-4-million-to-bring-ai-tools-to-small-businesses/", "title": "Phacet Raises $4 Million to Bring AI Tools to Small Businesses", "content_html": "Artificial intelligence (AI) startup\u00a0Phacet\u00a0has reportedly raised $4.4 million for its small business-based solutions.
\nThe seed funding round comes as the Paris-based company is working to extend its AI applications for small and medium-sized enterprises (SMEs) across a range of sectors, including eCommerce, industry and finance, EU Startups\u00a0reported\u00a0Monday (Sept. 23).
\n\u201cThe support of our investors will allow us to advance our mission to build a bridge between fast-evolving AI models and the concrete needs of SMEs,\u201d said\u00a0Nicolas Marchais, founder and CEO of Phacet. \u201cThis will enable them to move from the desire to integrate AI to its implementation in different departments.\u201d
\nAccording to the report, Phacet works with customers to determine essential applications to enhance business processes. From there, clients can take part in an AI Bootcamp on Phacet\u2019s platform, which creates AI applications with Phacet\u2019s AI engineers and the client team.
\nThe company says the integration of a centralized platform and sole supplier allows for a consistent experience, data connectivity and cost control for businesses.
\nThe company\u2019s funding round comes at a moment where AI is no longer just the domain of large, deep-pocketed companies, as PYMNTS wrote earlier this year in a look at small and medium-sized business (SMB) adoption of the technology.
\n\u201cHowever, the ways that Main Street SMBs can\u00a0unlock growth\u00a0through strategic applications of AI looks a little different from the approaches being taken by their larger enterprise counterparts,\u201d that report said.
\n\u201cSmaller businesses are not just playing catch-up, though. From better access to working capital, to marketing and workflow automation, SMBs are leveraging AI in ways that are uniquely suited to their scale and operations.\u201d
\nIn contrast to major corporations, which might turn to AI to optimize global supply chains, SMBs are employing AI at a more localized level.
\nFor example, a small car repair shop could use AI to predict which parts will be needed most frequently based on historical data, lowering the need to amass large inventories and ensuring that commonly needed parts are always on hand.
\n\u201cThe key to success for SMBs will be in how they choose to\u00a0implement and integrate AI\u00a0into their business models,\u201d PYMNTS wrote. \u201cBy focusing on applications that align with their unique needs and strengths, Main Street businesses can use AI to drive growth in ways that are both sustainable and impactful, distinguishing themselves from larger competitors in the process.\u201d
\n\n
The post Phacet Raises $4 Million to Bring AI Tools to Small Businesses appeared first on PYMNTS.com.
\n", "content_text": "Artificial intelligence (AI) startup\u00a0Phacet\u00a0has reportedly raised $4.4 million for its small business-based solutions.\nThe seed funding round comes as the Paris-based company is working to extend its AI applications for small and medium-sized enterprises (SMEs) across a range of sectors, including eCommerce, industry and finance, EU Startups\u00a0reported\u00a0Monday (Sept. 23).\n\u201cThe support of our investors will allow us to advance our mission to build a bridge between fast-evolving AI models and the concrete needs of SMEs,\u201d said\u00a0Nicolas Marchais, founder and CEO of Phacet. \u201cThis will enable them to move from the desire to integrate AI to its implementation in different departments.\u201d\nAccording to the report, Phacet works with customers to determine essential applications to enhance business processes. From there, clients can take part in an AI Bootcamp on Phacet\u2019s platform, which creates AI applications with Phacet\u2019s AI engineers and the client team.\nThe company says the integration of a centralized platform and sole supplier allows for a consistent experience, data connectivity and cost control for businesses.\nThe company\u2019s funding round comes at a moment where AI is no longer just the domain of large, deep-pocketed companies, as PYMNTS wrote earlier this year in a look at small and medium-sized business (SMB) adoption of the technology.\n\u201cHowever, the ways that Main Street SMBs can\u00a0unlock growth\u00a0through strategic applications of AI looks a little different from the approaches being taken by their larger enterprise counterparts,\u201d that report said.\n\u201cSmaller businesses are not just playing catch-up, though. From better access to working capital, to marketing and workflow automation, SMBs are leveraging AI in ways that are uniquely suited to their scale and operations.\u201d\nIn contrast to major corporations, which might turn to AI to optimize global supply chains, SMBs are employing AI at a more localized level.\nFor example, a small car repair shop could use AI to predict which parts will be needed most frequently based on historical data, lowering the need to amass large inventories and ensuring that commonly needed parts are always on hand.\n\u201cThe key to success for SMBs will be in how they choose to\u00a0implement and integrate AI\u00a0into their business models,\u201d PYMNTS wrote. \u201cBy focusing on applications that align with their unique needs and strengths, Main Street businesses can use AI to drive growth in ways that are both sustainable and impactful, distinguishing themselves from larger competitors in the process.\u201d\n\nThe post Phacet Raises $4 Million to Bring AI Tools to Small Businesses appeared first on PYMNTS.com.", "date_published": "2024-09-23T16:06:25-04:00", "date_modified": "2024-09-23T23:00:19-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/AI-investments-artificial-intelligence.jpg", "tags": [ "AI", "artificial intelligence", "B2B", "B2B Payments", "commercial payments", "EMEA", "funding", "Investments", "News", "Phacet", "PYMNTS News", "small and medium sized businesses", "small business technology", "small businesses", "SMBs", "startups", "Technology", "What's Hot", "What's Hot In B2B", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2104256", "url": "https://www.pymnts.com/news/investment-tracker/2024/jump-raises-12-2-million-to-grow-platform-for-french-freelancers/", "title": "Jump Raises $12.2 Million to Grow Platform for French Freelancers", "content_html": "Jump has raised 11 million euros (about $12.2 million) to grow its platform that provides French freelancers with some of the benefits associated with traditional jobs.
\nThese benefits include French CDI employment contracts, social protection, company health insurance and savings plans, Breega, which led the funding round for the French startup, said in a Monday (Sept. 23) post on LinkedIn translated from the French by that platform.
\nJump also provides freelancers with payment processing, virtual cards and online activity tracking, according to the post. The company also recently added a free solution for freelancers who are just starting out: Jump Open.
\n\u201cWe\u2019re redefining work by merging the flexibility of freelancing with comprehensive support,\u201d Jump CEO Nicolas Fayon said in the post.
\nJump currently serves 2,000 freelancers and 3,000 companies, according to the company\u2019s website, translated by Google.
\nIt offers its Jump Life plan at a fixed price of 149 euros ($166) a month on a monthly basis or 99 euros ($110) a month on an annual plan, per the site.
\nIn its own post on LinkedIn, also translated from the French by LinkedIn, Jump said there are more than 4 million self-employed people in France, half of the members of Gen Z do not want a traditional permanent contract, and a quarter of young people say freelancing allows them to enjoy freedom in their professional career.
\n\u201cThis major fundraising will therefore allow Jump to deploy its model in France and Europe in order to allow the younger generations to reconcile their aspirations for freedom and their need for security (permanent contracts, social protection, employee savings, easier access to loans, removal of administrative burdens, etc.,\u201d Jump said in the post.
\nIn Europe, business banking can be a nightmare for entrepreneurs and solopreneurs as more established, traditional lenders often neglect individuals who do not have the typical 9-to-5 worker profile or a regular monthly paycheck, Alexandre Prot, co-founder of French neobank Qonto, told PYMNTS in an interview posted in February 2022.
\nIn March, Qonto expanded the business finance solutions it offers small and medium-sized businesses (SMBs) and freelancers by adding an in-house financing offer called \u201cPay later.\u201d
\nThe post Jump Raises $12.2 Million to Grow Platform for French Freelancers appeared first on PYMNTS.com.
\n", "content_text": "Jump has raised 11 million euros (about $12.2 million) to grow its platform that provides French freelancers with some of the benefits associated with traditional jobs.\nThese benefits include French CDI employment contracts, social protection, company health insurance and savings plans, Breega, which led the funding round for the French startup, said in a Monday (Sept. 23) post on LinkedIn translated from the French by that platform.\nJump also provides freelancers with payment processing, virtual cards and online activity tracking, according to the post. The company also recently added a free solution for freelancers who are just starting out: Jump Open.\n\u201cWe\u2019re redefining work by merging the flexibility of freelancing with comprehensive support,\u201d Jump CEO Nicolas Fayon said in the post.\nJump currently serves 2,000 freelancers and 3,000 companies, according to the company\u2019s website, translated by Google.\nIt offers its Jump Life plan at a fixed price of 149 euros ($166) a month on a monthly basis or 99 euros ($110) a month on an annual plan, per the site.\nIn its own post on LinkedIn, also translated from the French by LinkedIn, Jump said there are more than 4 million self-employed people in France, half of the members of Gen Z do not want a traditional permanent contract, and a quarter of young people say freelancing allows them to enjoy freedom in their professional career.\n\u201cThis major fundraising will therefore allow Jump to deploy its model in France and Europe in order to allow the younger generations to reconcile their aspirations for freedom and their need for security (permanent contracts, social protection, employee savings, easier access to loans, removal of administrative burdens, etc.,\u201d Jump said in the post.\nIn Europe, business banking can be a nightmare for entrepreneurs and solopreneurs as more established, traditional lenders often neglect individuals who do not have the typical 9-to-5 worker profile or a regular monthly paycheck, Alexandre Prot, co-founder of French neobank Qonto, told PYMNTS in an interview posted in February 2022.\nIn March, Qonto expanded the business finance solutions it offers small and medium-sized businesses (SMBs) and freelancers by adding an in-house financing offer called \u201cPay later.\u201d\nThe post Jump Raises $12.2 Million to Grow Platform for French Freelancers appeared first on PYMNTS.com.", "date_published": "2024-09-23T14:55:23-04:00", "date_modified": "2024-09-23T14:55:23-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/freelancers-instant-payments.png", "tags": [ "Breega", "EMEA", "France", "freelancers", "funding", "gig economy", "Gig Workers", "health insurance", "Investments", "Jump", "News", "PYMNTS News", "startups", "What's Hot", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2104144", "url": "https://www.pymnts.com/news/investment-tracker/2024/apollo-global-management-offers-5-billion-dollar-investment-intel/", "title": "Report: Apollo Global Management Offers $5 Billion Investment in Intel", "content_html": "Apollo Global Management reportedly offered to invest up to $5 billion in chipmaker Intel.
\nIntel executives are considering the proposal, Bloomberg reported Monday (Sept. 23), citing unnamed sources.
\nThe size of the potential investment could change, or the talks could come to nothing, according to the report.
\nNeither Apollo Global Management nor Intel immediately replied to PYMNTS\u2019 request for comment.
\nThe investment would provide Intel with an alternative to a potential takeover by rival chipmaker Qualcomm, which has floated the idea of a friendly takeover, per the report.
\nApollo and Intel have an existing relationship, following Apollo\u2019s June purchase of an $11 billion stake in a joint venture that controls a chip plant in Ireland, according to the report.
\nIntel\u2019s sales have been shrinking, and its shares have lost half their value this year, the report said.
\nThe shares rose last week after Intel CEO Pat Gelsinger announced a deal with Amazon Web Services (AWS) to co-invest in a custom artificial intelligence semiconductor, a plan to turn Intel\u2019s manufacturing business into a wholly owned subsidiary, and a pause to plans to build new factories in Germany and Poland, per the report.
\nA combination of Intel with Qualcomm or another competitor would likely face regulatory scrutiny, according to the report.
\nIt was reported Friday (Sept. 20) that Qualcomm initiated discussions with Intel about a potential acquisition. The talks were in their early stages, and Qualcomm has not submitted a formal offer.
\nIf the acquisition attempt moves forward, it could mark one of the largest in tech history. In 2018, chipmaker Broadcom sought to acquire Qualcomm for $142 billion, but that deal was ultimately blocked by then-President Donald Trump due to national security concerns.
\nIn June, Intel introduced a next-generation AI chip, the Xeon 6 processor, promising a combination of enhanced performance and power efficiency to tackle the demands of data center workloads.
\n\u201cAI is driving one of the most consequential eras of innovation the industry has ever seen,\u201d Gelsinger said at the time. \u201cThe magic of silicon is once again enabling exponential advancements in computing that will push the boundaries of human potential and power the global economy for years to come.\u201d
\nFor all PYMNTS AI coverage, subscribe to the daily AI Newsletter.
\nThe post Report: Apollo Global Management Offers $5 Billion Investment in Intel appeared first on PYMNTS.com.
\n", "content_text": "Apollo Global Management reportedly offered to invest up to $5 billion in chipmaker Intel.\nIntel executives are considering the proposal, Bloomberg reported Monday (Sept. 23), citing unnamed sources.\nThe size of the potential investment could change, or the talks could come to nothing, according to the report.\nNeither Apollo Global Management nor Intel immediately replied to PYMNTS\u2019 request for comment.\nThe investment would provide Intel with an alternative to a potential takeover by rival chipmaker Qualcomm, which has floated the idea of a friendly takeover, per the report.\nApollo and Intel have an existing relationship, following Apollo\u2019s June purchase of an $11 billion stake in a joint venture that controls a chip plant in Ireland, according to the report.\nIntel\u2019s sales have been shrinking, and its shares have lost half their value this year, the report said.\nThe shares rose last week after Intel CEO Pat Gelsinger announced a deal with Amazon Web Services (AWS) to co-invest in a custom artificial intelligence semiconductor, a plan to turn Intel\u2019s manufacturing business into a wholly owned subsidiary, and a pause to plans to build new factories in Germany and Poland, per the report.\nA combination of Intel with Qualcomm or another competitor would likely face regulatory scrutiny, according to the report.\nIt was reported Friday (Sept. 20) that Qualcomm initiated discussions with Intel about a potential acquisition. The talks were in their early stages, and Qualcomm has not submitted a formal offer.\nIf the acquisition attempt moves forward, it could mark one of the largest in tech history. In 2018, chipmaker Broadcom sought to acquire Qualcomm for $142 billion, but that deal was ultimately blocked by then-President Donald Trump due to national security concerns.\nIn June, Intel introduced a next-generation AI chip, the Xeon 6 processor, promising a combination of enhanced performance and power efficiency to tackle the demands of data center workloads.\n\u201cAI is driving one of the most consequential eras of innovation the industry has ever seen,\u201d Gelsinger said at the time. \u201cThe magic of silicon is once again enabling exponential advancements in computing that will push the boundaries of human potential and power the global economy for years to come.\u201d\nFor all PYMNTS AI coverage, subscribe to the daily AI Newsletter.\nThe post Report: Apollo Global Management Offers $5 Billion Investment in Intel appeared first on PYMNTS.com.", "date_published": "2024-09-23T12:31:15-04:00", "date_modified": "2024-09-23T12:31:53-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Apollo-Global-Management.jpg", "tags": [ "acquisitions", "Apollo Global Management", "artificial intelligence", "GenAI", "Innovation", "Intel", "Investments", "News", "PYMNTS News", "Qualcomm", "Technology", "What's Hot", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2103255", "url": "https://www.pymnts.com/news/investment-tracker/2024/paypal-increases-investment-in-blockchain-risk-management-firm-chaos-labs/", "title": "PayPal Increases Investment in Blockchain Risk Management Firm Chaos Labs", "content_html": "PayPal Ventures has announced an additional investment in Chaos Labs, a company providing blockchain risk management.
\nA Friday (Sept. 20) press release announcing the move did not report the amount of the investment.
\n\u201cOur continued investment in Chaos Labs reflects our belief in their vision to create a safer crypto ecosystem and move more financial services on chain,\u201d Amman Bhasin, partner at PayPal Ventures, said in the release. \u201cChaos Labs has emerged as a leading risk authority in the sector and we are thrilled to witness their evolution as they launch innovative products like Edge to mitigate oracle vulnerabilities.\u201d
\nEdge is a new decentralized oracle protocol that combines accurate price data with actionable market intelligence, ensure the security and efficiency of DeFi applications, and provides insights into market dynamics and security risks, according to the release.
\nThe news of PayPal Ventures\u2019 additional investment comes a month after Chaos Labs announced a $55 million Series A funding round that was led by Haun Ventures and included new investors like F-Prime Capital, Slow Ventures and Spartan Capital and existing investors like PayPal Ventures, per the announcement.
\nChaos Labs will receive the investment in PayPal\u2019s stablecoin, PYUSD, on-chain, according to the release.
\n\u201cWe\u2019re excited to receive the strong confidence and additional support from the PayPal Ventures team,\u201d Chaos Labs CEO and founder Omer Goldberg said in the release. \u201cEdge by Chaos is the culmination of our entire company\u2019s work and expertise. Edge Price, Risk and Proofs deliver meaningful and unmatched contextualized risk and price data for assets including stablecoins and other real-world assets, in addition to the crypto assets and venues that provide access to them.\u201d
\nChaos Labs was founded to secure DeFi protocols against economic vulnerabilities and market manipulation, the company said when announcing seed funding in February 2023.
\nPayPal introduced PYUSD in August 2023, saying in a press release that the U.S. dollar-pegged stablecoin is \u201cdesigned to contribute to the opportunity stablecoins offer for payments and is 100% backed by U.S. dollar deposits, short-term U.S. Treasuries and similar cash equivalents.\u201d
\nIn May, the company said PYUSD was available on the Solana blockchain, making the stablecoin faster and cheaper to use.
\nThe post PayPal Increases Investment in Blockchain Risk Management Firm Chaos Labs appeared first on PYMNTS.com.
\n", "content_text": "PayPal Ventures has announced an additional investment in Chaos Labs, a company providing blockchain risk management.\nA Friday (Sept. 20) press release announcing the move did not report the amount of the investment.\n\u201cOur continued investment in Chaos Labs reflects our belief in their vision to create a safer crypto ecosystem and move more financial services on chain,\u201d Amman Bhasin, partner at PayPal Ventures, said in the release. \u201cChaos Labs has emerged as a leading risk authority in the sector and we are thrilled to witness their evolution as they launch innovative products like Edge to mitigate oracle vulnerabilities.\u201d\nEdge is a new decentralized oracle protocol that combines accurate price data with actionable market intelligence, ensure the security and efficiency of DeFi applications, and provides insights into market dynamics and security risks, according to the release.\nThe news of PayPal Ventures\u2019 additional investment comes a month after Chaos Labs announced a $55 million Series A funding round that was led by Haun Ventures and included new investors like F-Prime Capital, Slow Ventures and Spartan Capital and existing investors like PayPal Ventures, per the announcement.\nChaos Labs will receive the investment in PayPal\u2019s stablecoin, PYUSD, on-chain, according to the release.\n\u201cWe\u2019re excited to receive the strong confidence and additional support from the PayPal Ventures team,\u201d Chaos Labs CEO and founder Omer Goldberg said in the release. \u201cEdge by Chaos is the culmination of our entire company\u2019s work and expertise. Edge Price, Risk and Proofs deliver meaningful and unmatched contextualized risk and price data for assets including stablecoins and other real-world assets, in addition to the crypto assets and venues that provide access to them.\u201d\nChaos Labs was founded to secure DeFi protocols against economic vulnerabilities and market manipulation, the company said when announcing seed funding in February 2023.\nPayPal introduced PYUSD in August 2023, saying in a press release that the U.S. dollar-pegged stablecoin is \u201cdesigned to contribute to the opportunity stablecoins offer for payments and is 100% backed by U.S. dollar deposits, short-term U.S. Treasuries and similar cash equivalents.\u201d\nIn May, the company said PYUSD was available on the Solana blockchain, making the stablecoin faster and cheaper to use.\nThe post PayPal Increases Investment in Blockchain Risk Management Firm Chaos Labs appeared first on PYMNTS.com.", "date_published": "2024-09-20T14:20:37-04:00", "date_modified": "2024-09-20T14:20:37-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/PayPal-blockchain-Chaos-Labs.png", "tags": [ "Blockchain", "blockchain risk management", "Chaos Labs", "Cryptocurrency", "DeFi", "funding", "Investments", "News", "PayPal", "PayPal Ventures", "PYMNTS News", "risk management", "stablecoins", "What's Hot", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2102470", "url": "https://www.pymnts.com/news/investment-tracker/2024/capmont-launches-111-million-fund-for-b2b-tech-startups/", "title": "Capmont Launches $111 Million Fund for B2B Tech Startups", "content_html": "Munich-based venture capital (VC) firm\u00a0Capmont Technology\u00a0has reportedly launched a $111 million fund.
\nThe company, which has raised $334 million since its founding in 2016, focuses on B2B tech startups from late seed to the Series B stage, EU Startups\u00a0reported\u00a0Thursday (Sept. 19).
\n\u201cStartups operate in a highly competitive space, but it\u2019s also incredibly collaborative. We aim to offer founders an unmatched network and go above and beyond to help them succeed,\u201d said Dr. Torsten Kreindl, Capmont managing partner.
\n“It\u2019s not just about deploying capital \u2014 we are in it for the long run, introducing founders to decision-makers, potential customers, or stepping in with additional funding when needed.\u201d
\nAccording to the report, Capmont is in industries such as supply chain, manufacturing, and IoT, enterprise Software-as-a-Service, robotics and cybersecurity.
\nPast investments include Konux, an artificial intelligence (AI)-powered railway optimization company, and ProGlove, an industrial IoT firm later acquired by Nordic Capital, the report said.
\nThe announcement comes as VC firms are seeing funding pick back up after a lengthy downturn. For example, this week began with reports that the venture outfit\u00a0Insight Partners\u00a0was preparing to close a $10 billion-plus fund.
\nAs the Financial Times (FT) reported this fund is only about half the amount the company had originally planned, but still represents a sign that tech investors are\u00a0returning to the VC space.
\nThe VC market had been on the decline for two years, though recently, investors had come back with firms such as Andreessen Horowitz and Iconiq Growth raising nearly $20 billion. Andreessen Horowitz, announced in April that it had\u00a0raised $7.2 billion\u00a0for tech startups, including those in the AI sector. And Iconiq recently closed a $5.75 billion, its largest to date.
\nInsight won\u2019t close on its fund until early next year but at least $10 billion has been committed, sources told the FT, adding that the final figure could reach around $12 billion.
\nAlso this week, early-stage VC firm Patron announced its second fund had\u00a0raised $100 million.
\n\u201cHundreds of millions of consumers are growing up immersed in platforms like Roblox and Discord, spending the bulk of their online time in these environments as the first truly gaming-native generation,\u201d said Brian Cho, Patron co-founder and general partner.
\n\u201cWe are excited to continue backing visionary founders who are pioneering new experiences for this generation, using gaming as the initial wedge to build venture-scale businesses and reshape how these consumers engage with the internet.\u201d
\nThe post Capmont Launches $111 Million Fund for B2B Tech Startups appeared first on PYMNTS.com.
\n", "content_text": "Munich-based venture capital (VC) firm\u00a0Capmont Technology\u00a0has reportedly launched a $111 million fund.\nThe company, which has raised $334 million since its founding in 2016, focuses on B2B tech startups from late seed to the Series B stage, EU Startups\u00a0reported\u00a0Thursday (Sept. 19).\n\u201cStartups operate in a highly competitive space, but it\u2019s also incredibly collaborative. We aim to offer founders an unmatched network and go above and beyond to help them succeed,\u201d said Dr. Torsten Kreindl, Capmont managing partner.\n“It\u2019s not just about deploying capital \u2014 we are in it for the long run, introducing founders to decision-makers, potential customers, or stepping in with additional funding when needed.\u201d\nAccording to the report, Capmont is in industries such as supply chain, manufacturing, and IoT, enterprise Software-as-a-Service, robotics and cybersecurity.\nPast investments include Konux, an artificial intelligence (AI)-powered railway optimization company, and ProGlove, an industrial IoT firm later acquired by Nordic Capital, the report said.\nThe announcement comes as VC firms are seeing funding pick back up after a lengthy downturn. For example, this week began with reports that the venture outfit\u00a0Insight Partners\u00a0was preparing to close a $10 billion-plus fund.\nAs the Financial Times (FT) reported this fund is only about half the amount the company had originally planned, but still represents a sign that tech investors are\u00a0returning to the VC space.\nThe VC market had been on the decline for two years, though recently, investors had come back with firms such as Andreessen Horowitz and Iconiq Growth raising nearly $20 billion. Andreessen Horowitz, announced in April that it had\u00a0raised $7.2 billion\u00a0for tech startups, including those in the AI sector. And Iconiq recently closed a $5.75 billion, its largest to date.\nInsight won\u2019t close on its fund until early next year but at least $10 billion has been committed, sources told the FT, adding that the final figure could reach around $12 billion.\nAlso this week, early-stage VC firm Patron announced its second fund had\u00a0raised $100 million.\n\u201cHundreds of millions of consumers are growing up immersed in platforms like Roblox and Discord, spending the bulk of their online time in these environments as the first truly gaming-native generation,\u201d said Brian Cho, Patron co-founder and general partner.\n\u201cWe are excited to continue backing visionary founders who are pioneering new experiences for this generation, using gaming as the initial wedge to build venture-scale businesses and reshape how these consumers engage with the internet.\u201d\nThe post Capmont Launches $111 Million Fund for B2B Tech Startups appeared first on PYMNTS.com.", "date_published": "2024-09-19T14:37:10-04:00", "date_modified": "2024-09-19T22:38:07-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/08/funding.jpg", "tags": [ "B2B", "B2B Payments", "Capmont Technology", "commercial payments", "early-stage funding", "funding", "Investments", "News", "PYMNTS News", "seed funding", "startups", "Venture Capital", "What's Hot", "What's Hot In B2B", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2102479", "url": "https://www.pymnts.com/news/investment-tracker/2024/yonder-raises-31-million-to-expand-credit-card-outside-uk/", "title": "Yonder Raises $31 Million to Expand Credit Card Outside UK", "content_html": "Yonder has raised 23.4 million pounds (about $31.1 million) to expand its credit card designed to help cardholders build good credit habits while earning rewards.
\nThe London-based company will use the new funding to grow its team, launch new rewards and accelerate its expansion outside the United Kingdom, Yonder said in a Thursday (Sept. 19)\u00a0post\u00a0on LinkedIn.
\n\u201cIt\u2019s going to be a busy couple of years,\u201d Yonder said in the post. \u201cBuilding a world class credit card business isn\u2019t easy. But we love to keep busy, so we\u2019re doubling down on ways to help you get the most out of your points, adding new partnerships with some of the world\u2019s most iconic brands and building more intuitive features to help you use credit responsibly.\u201d
\n\u201cThat\u2019s not even the half of it,\u201d the company added. \u201cWith this new funding, we\u2019ll be taking Yonder on tour and launching outside the U.K. by the end of next year.\u201d
\nOver the last year, Yonder added a free membership tier, hundreds of new partners around the U.K., product improvements and a feature called Yonder Flights that lets cardholders use their points \u201con any flight with any airline globally,\u201d according to the post.
\nRTP Global, which co-led Yonder\u2019s funding round, said in a Thursday\u00a0post\u00a0on LinkedIn that it is excited to support the company as it prepares for European expansion and continued innovation.
\n\u201cYonder is reshaping the credit card landscape, focusing on rewards and experiences that truly resonate with their customers,\u201d RTP Global said in the post. \u201cFrom curated partnerships with local businesses to exciting collaborations with airlines, Yonder is creating a unique financial lifestyle platform that goes beyond traditional credit.\u201d
\nThe Mastercard-powered Yonder credit card aims to solve the challenge of maximizing\u00a0credit card rewards and figuring out how best to spend points accumulated over time,\u00a0Tim Chong, co-founder and CEO at Yonder, told PYMNTS in an interview posted in May 2023.
\nThe company\u2019s rewards program allows customers to access value through an instant and seamless redemption process, Chong said.
\n\u201c[That means] no clunky website portals, it\u2019s just pairing your card, swiping the app, and that dinner is fully on Yonder,\u201d Chong said.
\nThe post Yonder Raises $31 Million to Expand Credit Card Outside UK appeared first on PYMNTS.com.
\n", "content_text": "Yonder has raised 23.4 million pounds (about $31.1 million) to expand its credit card designed to help cardholders build good credit habits while earning rewards.\nThe London-based company will use the new funding to grow its team, launch new rewards and accelerate its expansion outside the United Kingdom, Yonder said in a Thursday (Sept. 19)\u00a0post\u00a0on LinkedIn.\n\u201cIt\u2019s going to be a busy couple of years,\u201d Yonder said in the post. \u201cBuilding a world class credit card business isn\u2019t easy. But we love to keep busy, so we\u2019re doubling down on ways to help you get the most out of your points, adding new partnerships with some of the world\u2019s most iconic brands and building more intuitive features to help you use credit responsibly.\u201d\n\u201cThat\u2019s not even the half of it,\u201d the company added. \u201cWith this new funding, we\u2019ll be taking Yonder on tour and launching outside the U.K. by the end of next year.\u201d\nOver the last year, Yonder added a free membership tier, hundreds of new partners around the U.K., product improvements and a feature called Yonder Flights that lets cardholders use their points \u201con any flight with any airline globally,\u201d according to the post.\nRTP Global, which co-led Yonder\u2019s funding round, said in a Thursday\u00a0post\u00a0on LinkedIn that it is excited to support the company as it prepares for European expansion and continued innovation.\n\u201cYonder is reshaping the credit card landscape, focusing on rewards and experiences that truly resonate with their customers,\u201d RTP Global said in the post. \u201cFrom curated partnerships with local businesses to exciting collaborations with airlines, Yonder is creating a unique financial lifestyle platform that goes beyond traditional credit.\u201d\nThe Mastercard-powered Yonder credit card aims to solve the challenge of maximizing\u00a0credit card rewards and figuring out how best to spend points accumulated over time,\u00a0Tim Chong, co-founder and CEO at Yonder, told PYMNTS in an interview posted in May 2023.\nThe company\u2019s rewards program allows customers to access value through an instant and seamless redemption process, Chong said.\n\u201c[That means] no clunky website portals, it\u2019s just pairing your card, swiping the app, and that dinner is fully on Yonder,\u201d Chong said.\nThe post Yonder Raises $31 Million to Expand Credit Card Outside UK appeared first on PYMNTS.com.", "date_published": "2024-09-19T14:21:36-04:00", "date_modified": "2024-09-19T14:21:36-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Yonder-credit-cards.jpg", "tags": [ "credit card", "EMEA", "funding", "Investments", "loyalty", "News", "personal finances", "PYMNTS News", "Rewards", "uk", "What's Hot", "Yonder", "Investments" ] }, { "id": "https://www.pymnts.com/?p=2102220", "url": "https://www.pymnts.com/news/investment-tracker/2024/atob-raises-130-million-to-fuel-transportation-payments-services/", "title": "AtoB Raises $130 Million to Fuel Transportation Payments Services", "content_html": "Transportation industry payments solution provider\u00a0AtoB\u00a0has raised $130 million in equity and debt funding.
\nThe Series C round was led by\u00a0General Catalyst\u00a0and\u00a0Bloomberg Beta\u00a0with participation from\u00a0Mastercard\u00a0and trucking and logistics industry players, the company said in a Thursday (Sept. 19) news release.
\n\u201cTrucking is one of the largest occupations in the US, with small and medium-sized trucking businesses making up the vast majority of fleets today,\u201d said AtoB CEO\u00a0Vignan Velivela. \u201cThese milestones will allow us to better support truckers and the small businesses they represent \u2014 the backbone of America\u2019s economy \u2014 with tools that allow for transparency and efficiency.\u201d
\nAccording to the release, the combination of high fuel costs and tight profit margins threatens the financial stability of trucking firms.
\n\u201cBy simplifying payment processes and providing 24×7 instant access to earnings through the AtoB Carrier Wallet \u2014 designed for managing both fuel and non-fuel expenses \u2014 AtoB helps drivers optimize their finances, reduce fraud, and maintain the stability essential for success in a challenging industry,\u201d the company added.
\nThe release notes that in the last year, AtoBe has seen a 500% increase in revenue and volume with its partners, growth driven by\u00a0collaborations\u00a0with companies like Uber Freight.
\nSpeaking with PYMNTS CEO Karen Webster earlier this year, Velivela argued that slow payments\u00a0represent a \u201csilent tax\u201d\u00a0on fleet management and truckers.
\nPaper checks remain the chief way of paying both short-haul and long-haul truck drivers. And payroll loans are the norm, as drivers can spend days or weeks on the road, needing to cover everyday costs like food, gas, lodging or repairs.
\nAs for the companies paying them, these are typically smaller businesses, with smaller fleets. Under 3% of them have more than 20 vehicles on the road.
\n\u201cIf you have slow payments, you have a higher cost of working capital, and this shrinks margins and companies have to raise their prices constantly,\u201d Velivela told Webster.
\nMeanwhile, research by PYMNTS Intelligence finds that\u00a093% of truckers\u00a0would use instant payments if offered the chance, though many companies in their sector have yet to adopt them.
\nThe research showed that of the transportation small- to medium-sized businesses (SMBs) did not use\u00a0digital payments, 24% said their banks do not offer them. Another 29% of this group said difficulty of use or insufficient knowledge were holding them back.
\n\u201cCost concerns were also a factor, with 23% saying instant payments were too expensive,\u201d PYMNTS wrote. \u201cAdditionally, 22% pointed to limited payee acceptance.\u201d
\nThe post AtoB Raises $130 Million to Fuel Transportation Payments Services appeared first on PYMNTS.com.
\n", "content_text": "Transportation industry payments solution provider\u00a0AtoB\u00a0has raised $130 million in equity and debt funding.\nThe Series C round was led by\u00a0General Catalyst\u00a0and\u00a0Bloomberg Beta\u00a0with participation from\u00a0Mastercard\u00a0and trucking and logistics industry players, the company said in a Thursday (Sept. 19) news release.\n\u201cTrucking is one of the largest occupations in the US, with small and medium-sized trucking businesses making up the vast majority of fleets today,\u201d said AtoB CEO\u00a0Vignan Velivela. \u201cThese milestones will allow us to better support truckers and the small businesses they represent \u2014 the backbone of America\u2019s economy \u2014 with tools that allow for transparency and efficiency.\u201d\nAccording to the release, the combination of high fuel costs and tight profit margins threatens the financial stability of trucking firms.\n\u201cBy simplifying payment processes and providing 24×7 instant access to earnings through the AtoB Carrier Wallet \u2014 designed for managing both fuel and non-fuel expenses \u2014 AtoB helps drivers optimize their finances, reduce fraud, and maintain the stability essential for success in a challenging industry,\u201d the company added.\nThe release notes that in the last year, AtoBe has seen a 500% increase in revenue and volume with its partners, growth driven by\u00a0collaborations\u00a0with companies like Uber Freight.\nSpeaking with PYMNTS CEO Karen Webster earlier this year, Velivela argued that slow payments\u00a0represent a \u201csilent tax\u201d\u00a0on fleet management and truckers.\nPaper checks remain the chief way of paying both short-haul and long-haul truck drivers. And payroll loans are the norm, as drivers can spend days or weeks on the road, needing to cover everyday costs like food, gas, lodging or repairs.\nAs for the companies paying them, these are typically smaller businesses, with smaller fleets. Under 3% of them have more than 20 vehicles on the road.\n\u201cIf you have slow payments, you have a higher cost of working capital, and this shrinks margins and companies have to raise their prices constantly,\u201d Velivela told Webster.\nMeanwhile, research by PYMNTS Intelligence finds that\u00a093% of truckers\u00a0would use instant payments if offered the chance, though many companies in their sector have yet to adopt them.\nThe research showed that of the transportation small- to medium-sized businesses (SMBs) did not use\u00a0digital payments, 24% said their banks do not offer them. Another 29% of this group said difficulty of use or insufficient knowledge were holding them back.\n\u201cCost concerns were also a factor, with 23% saying instant payments were too expensive,\u201d PYMNTS wrote. \u201cAdditionally, 22% pointed to limited payee acceptance.\u201d\nThe post AtoB Raises $130 Million to Fuel Transportation Payments Services appeared first on PYMNTS.com.", "date_published": "2024-09-19T11:10:12-04:00", "date_modified": "2024-09-19T22:37:05-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/05/trucking.jpg", "tags": [ "AtoB", "B2B", "B2B Payments", "Bloomberg Beta", "commercial payments", "funding", "General Catalyst", "Investments", "logistics", "MasterCard", "News", "payments", "PYMNTS News", "transportation", "Trucking", "trucking payments", "What's Hot", "What's Hot In B2B", "Investments" ] } ] }