PowerPay, a US-based digital lender known for its innovative digital point-of-sale lending solutions and established in 2017, has recently secured a $60 million corporate bond exclusively facilitated by KeyBank. With over $8 billion in consumer loans processed to date, PowerPay specializes in home improvement, healthcare, and solar finance lending solutions. This substantial investment aims to enhance the company’s operational capabilities,
A growing shift in consumer preferences has been identified, with an increasing number of individuals demanding more personalized benefits and rewards from their credit card providers. Notably, over half of the UK’s respondents reported relying on their credit cards to manage their finances. However, a significant proportion of these credit cards do not offer any rewards or loyalty benefits, prompting
OpenOrigins, a startup focused on enhancing trust in digital media, has secured $4.5 million in seed funding to expand its use of blockchain technology to combat AI deepfakes. The investment round was led by Galaxy Interactive and Galaxy Ventures, with additional support from Unbound, helmed by Shravin Bharti Mittal. OpenOrigins aims to certify the authenticity of digital content through a
Deutsche Telekom and Bankhaus Metzler have embarked on a bold pilot project to convert surplus renewable energy into Bitcoin mining, a venture aimed at enhancing energy grid stability and driving financial innovation. In an era where the balance between energy production and consumption becomes increasingly critical, this initiative offers a pioneering solution. Hosted at Riva GmbH Engineering in Backnang, the
Melio, an accounts payable and receivable platform catering to small and medium businesses (SMBs), has secured $150 million in a strategic Series E funding round led by Fiserv, with participation from Shopify Ventures and Capital One Ventures. This significant investment has propelled Melio’s valuation to an impressive $2 billion. Over the past three years, Melio has seen a dramatic ten-fold
In a significant move set to reshape the landscape of digital finance, the Aptos Foundation has partnered with South Korea’s leading telecommunications giant, SK Telecom, to integrate Tether’s USDT stablecoin into SK Telecom’s T Wallet. This partnership is designed to enhance global access to stablecoins and digital finance, extending its reach to over 30 million users by leveraging near-instant, cost-efficient
The growing importance of Artificial Intelligence (AI) in customer service has become increasingly evident in the mortgage lending industry. The report, derived from the 2024 ‘US Mortgage Servicer Satisfaction Study,’ delves into shifting customer attitudes towards AI chatbots and human interactions. Notably, it emphasizes the improvements in AI technology and the resulting rise in customer satisfaction, particularly among younger generations
The world of trading and investment has undergone a significant transformation with the advent of artificial intelligence (AI). Traditional human-centric trading methods are being replaced by sophisticated AI-driven systems that offer faster and more precise decision-making capabilities. This shift is driven by the advanced processing power of AI algorithms, which can analyze vast amounts of data in real-time, providing traders
Franklin Templeton, a globally recognized asset management firm, has taken a major step forward in the financial industry by launching Benji, a tokenized fund on the Base blockchain. This move marks Franklin Templeton as the first asset manager to introduce such an innovative platform. The firm’s objective with this initiative is to harness blockchain technology to enhance transparency and security
Artificial intelligence (AI) is significantly altering the landscape of corporate banking, driving productivity, enhancing customer service, and transforming operational processes across the industry. With the potential to add between $200 billion and $340 billion in value to the global banking sector annually, AI is recognized as a key driver in boosting bank profits through improved efficiency and service quality. This
In recent years, Artificial Intelligence (AI) has begun to revolutionize numerous industries, but perhaps none as profoundly as finance. The integration of AI in finance promises enhanced efficiency, accuracy, and accessibility in financial services. It envisions a world where those once exclusive financial insights are available to everyone, democratizing access. Despite these promising developments, there are looming questions about the
Financial transactions for businesses looking to expand into Southeast Asia and South Asia have long been fraught with challenges and complexities, particularly with traditional card payment schemes. In dynamic and fast-paced markets where card penetration remains persistently low, businesses often face the dual hurdles of exorbitant fees and delayed settlement times. These obstacles make real-time payments a crucial element in
