Fintech, Finance, Technology, Banking Highlights – 13 February 2018
Payroc buys Integrity Payment Systems
Payroc, LLC, a leading merchant services and payment organization, is pleased to announce that it has acquired Integrity Payment Systems, LLC, a full-service processor and acquirer.
This transaction results in a significant expansion of Payroc’s payments business. The combined Chicagoland companies have more than 27,000 merchants and over $8.2 billion in annual core merchant processing volume. Additionally, Payroc and Integrity are expanding their member bank sponsor relationships with the addition of Chicago-headquartered MB Financial Bank, N.A. Payroc has registered to become an independent sales organization (ISO) with MB Financial, and Integrity has registered to become a third-party payment processor, ISO and encryption support organization (ESO).
“Payroc is focused on building something very special,” said James Oberman, chief executive officer of Payroc. “We welcome the entire Integrity team, as this winning combination positions both companies for significant growth,” added Oberman. “We are very excited about our expanded relationship with MB Financial Bank and their commitment to the payments business.”
Shyft introduces blockchain-based KYC/AML network
Shyft, the leader in KYC/AML infrastructure for the global economy, today announced an open and unified blockchain framework for the standardization of regulatory, compliance, and due diligence mandates for Know Your Customer (KYC) and Anti-Money Laundering (AML).
The Shyft Network’s blockchain-based system will let users securely obtain, store, inquire into, and work with compliance-satisfying data, helping them reduce costs and increase effectiveness while deepening consumer data security.
Shyft Chairman Joseph Weinberg said: “In recent years, financial technology has been evolving by leaps and bounds. Unfortunately, at the risk of disruption or even catastrophic failures like terrorist financing, industry players have been struggling to keep pace with the advancements. Financial institutions are facing an increasing number of compliance obligations with heightened complexity and rigor, where failure to comply can result in significant legal penalties and reputational damage. The current processes used by financial institutions to handle regulatory compliance are broken and highly ineffective in stopping money laundering. Identity is being looked at in an improper manner and the industry is ready for a seismic change.”
Coinsquare lands $30 million invesment
Coinsquare, one of Canada’s leading and most secure digital currency exchanges, announced today that it has closed a fully marketed equity financing led by Canaccord Genuity Corp. for gross proceeds of approximately $30 million. In just over four months Coinsquare has raised a total of $47.3 million, at equity valuations increasing from $30 million to $430 million. The most recent round of funding will be used to fuel a global growth plan and diversification strategy focused on making the platform even more responsive to mainstream customers’ needs.
“We have seen tremendous investor confidence in the Coinsquare business model, having raised a total of $47.3 million in just over four months – notable for this industry,” says Cole Diamond, CEO of Coinsquare. “We take a very different view than your typical digital currency trading platform. Virgile Rostand, Coinsquare’s Founder, was an early industry pioneer and blue-chip banking industry veteran. He built a custom platform that is unrivaled in Canada, boasting extremely high security standards.”
To lead this growth, Coinsquare has recruited financial veterans to join its executive team. Ken Tsang, an investment banking veteran with expertise in the tech space has taken on the role of Chief Financial Officer. Robert Mueller has been recruited as Chief Operating Officer. He adds successful tech start-up experience to the team, having previously raised $50 million in venture funding for his latest venture. Lewis Bateman, hired as Chief Business Officer, brings a wealth of experience with more than 20 years in banking and finance. Today, the company employs 90 staff members and expects to have over 200 employees by the end of Q2 2018.
