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Rapyd Expands Asia Pacific Team with Strategic Hires to Drive Global Payment Network Growth

Vlad Poptamas

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Larry Lee Rapyd - Richard oh Rapyd
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Rapyd, the global FinTech-as-a-service platform that helps businesses collect and disburse money via locally preferred payment methods, today announced it has appointed Richard Oh and Larry Lee as its APAC Senior Director of Network Management and Senior Director of Network Growth and Optimization, respectively. These strategic hires support the company’s strategy to expand operations and infrastructure in Asia Pacific, with an emphasis on strengthening the Rapyd Global Payment Network. Both executives join Rapyd from PayPal and will be based in Singapore. Together they bring close to four decades of extensive international experience in senior positions across FinTech and technology industries. These appointments follow the announcement of a $40 Million investment received by Rapyd in its recent Series B round led by General Catalyst and Stripe.

Richard Oh brings nearly 20 years of experience from PayPal and eBay where he was part of the core payments and partnerships team. During his tenure at PayPal, Mr. Oh was responsible for building the payments backbone of PayPal’s business, expanding PayPal’s payment and disbursement capabilities across Asia PacificLatin America, and the emerging markets. Having spent most of his career building international payments, Mr. Oh will be tasked to further grow Rapyd’s network-of-networks through partnerships and ensure users in every APAC market can pay and be paid with locally relevant payment methods.

Larry Lee joins Rapyd after spending 14 years across PayPal and eBay, where he held key responsibilities including geographic expansion, cross border trade, partnerships, regulatory licensing, financial operations, and corporate structure and governance. In his most recent role as Director of International Licensing, he helped develop market entry strategies for PayPal and was responsible for a portfolio of payments and e-money licenses for the international business. In his new role at Rapyd, Mr. Lee will work closely with Mr. Oh on the expansion of network partnerships, while ensuring Rapyd is able to navigate complex regulatory frameworks across a diverse international footprint and enable our customers to scale their businesses globally with ease.

“Richard and Larry join Rapyd at an inflection point of our global growth, and their expertise will be essential as we build out the Rapyd Global Payment Network,” said Joel Yarbrough, Rapyd’s VP, Asia Pacific.

“They are both recognized international business leaders and understand the unique challenges of scaling payments in Asia and globally.”

“Richard is literally a veteran of ‘the PayPal Wars’ that resulted in eBay acquiring PayPal, and he has truly seen it all. That experience is invaluable as we forge strong network partnerships globally and across the region to make going ‘local’ simple for the largest platform companies in the world.”

“Larry has invaluable insights on the licensing, regulatory, and treasury management structures that will help us establish a highly scalable platform that will enable us to keep up with and accelerate growth for the most innovative companies in the world.”

Rapyd already offers over 500 alternative payment methods such as real-time bank transfers, cash-in-store, e-wallets, and local card networks in 100+ countries, with plans to significantly expand its network capabilities and use cases in 2019 and 2020, extending its disbursement, compliance, foreign exchange management, and issuing solutions.

One of the latest milestones for network capabilities expansion in Singapore was Rapyd’s partnership with OCBC Bank to enable real-time bank payments for Singapore consumers and online retailers. The partnership leverages PayNow, Singapore’s national peer-to-peer funds transfer service, enabling OCBC Bank customers to make real-time bank transfers using the OCBC Pay Anyone app.

 

SOURCE Rapyd

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Artificial Intelligence

AvidXchange Unveils New Study on Future of B2B Fintech

Vlad Poptamas

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AvidXchange™, the leading provider of accounts payable (AP) and payment automation solutions, today released compelling new insights on the future of fintech at REVx, its annual gathering of industry experts, AP thought leaders and finance professionals. Developed in collaboration with Levvel Research, the white paper revealed that while B2B companies are becoming more knowledgeable about using disruptive technologies to transform financial processes, most are unaware of how innovations like artificial intelligence (AI), machine learning, big data and blockchain are changing the way they work.

Of the fintech trends analyzed, AI is the most familiar to users, with 43 percent aware of its use in fintech applications and 83 percent citing AI as a strategic priority. In parallel, 84 percent of businesses believe AI will give them a competitive advance, and 75 percent believe it will allow them to expand lines of business by entering new ventures.

In contrast, blockchain was the most alien of the emerging technologies, with just over one in four respondents aware of its role in fintech despite increasing momentum behind blockchain applications in the B2B space. Machine learning and big data finished squarely in the middle, with 34 and 33 percent, respectively, confirming knowledge of daily touchpoints with these technologies.

“B2B fintech has evolved from on-premise accounting systems that help customers manage financial data to dynamic, cloud-based solutions that are impacting almost every area of the business,” said Dan Drees, Chief Growth Officer at AvidXchange. “Despite this progress, there are still a significant number of companies who haven’t embraced fintech. Understanding why and helping businesses adopt it will be the primary challenge for the financial services industry as we move forward.”

Collectively, the lack of familiarity with disruptive technologies indicates a significant area of opportunity for businesses to close this knowledge gap by learning more about fintech innovations and how they will alter the way companies operate in the immediate future.

To read more about how emerging technologies are impacting the B2B fintech space and being embraced by customers, download the full white paper here:

 

SOURCE AvidXchange

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Fintech

OpenFin Raises $17 Million Series C from Wells Fargo and Barclays

Vlad Poptamas

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OpenFin, the operating system (OS) of finance, has raised $17 million in Series C funding from major banks and leading FinTech investors. The funding round was led by Wells Fargo with participation from Barclays and existing investors including Bain Capital Ventures, J.P. Morgan and Pivot Investment Partners. The Series C round brings OpenFin’s total amount of venture funding to $40 million. Proceeds from the financing will be used to make OpenFin OS ubiquitous on financial desktops and to fund further product innovation. This includes OpenFin’s new Cloud Services offering, which enables banks, asset managers, wealth managers and hedge funds to provide their own private app stores for employees and customers out of the box.

The global financial services industry is spending billions in addressing the digital transformation of thousands of legacy desktop applications used for client service centers, front office, operations, risk and compliance. OpenFin’s widely adopted desktop operating system enables financial services firms to build new applications with modern web technology while enabling seamless and secure integration with legacy applications. This allows these firms to modernize and unify the end-user desktop experience while extracting the greatest possible value from their existing technology investments.

“Apple and Google’s mobile operating systems and app stores have enabled more than a million apps that have fundamentally changed how we live,” said Mazy Dar, CEO and Co-Founder of OpenFin. “OpenFin OS and our new app store services enable the next generation of desktop apps that are transforming how we work in financial services.”

OpenFin OS has become a de facto market standard for deployment and interoperability of desktop apps to power digital transformation across the industry. Its customers include most major banks, leading asset management firms and many of the best known vendor platforms in the space. The operating system software runs more than 1,000 applications at more than 1,500 banks and buy-side firms across 200,000 desktops in 60+ countries.

“We have been following OpenFin’s progress and are impressed by the company’s success in gaining wide adoption in capital markets. OpenFin is leading a key effort in providing the financial industry with a modern and unifying foundation for development and secure distribution of financial applications,” said Basil Darwish, Managing Director, Strategic Investments at Wells Fargo Securities. “We are delighted to lead OpenFin’s Series C funding round and excited to support the next phase of their development.”

“Agility and interoperability are core pillars of our digital strategy because time is a precious resource, especially in a banking environment. OpenFin accelerates our innovation cycle and allows us to create better workflows, enabling our colleagues and clients to make more productive use of their time,” said Brett Tejpaul, Head of Digital and Client Strategy at Barclays Investment Bank. “We are pleased to support the company which is a leader in the industry with its open source model and its commitment to industry collaboration.”

“OpenFin is building the roads, bridges and communications infrastructure for financial apps that will allow capital markets to innovate like Silicon Valley,” said Matt Harris, Partner at Bain Capital Ventures. “We are proud to have been early backers of the company and we welcome the strategic support from Barclays, J.P. Morgan and Wells Fargo.”

OpenFin has significant network effects in financial services as a result of its wide adoption which, in turn, is fueling innovation and accelerating a generational shift in how applications are developed, distributed and maintained. The company also sees tremendous opportunities for their technology in adjacent industries.

 

SOURCE OpenFin

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Fintech

Beyorch launches three-tier program to help businesses raise capital

Vlad Poptamas

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Today Beyorch (beyork) launches a three-tier program for businesses looking to raise capital without forgoing any business equity.

“The three-tier Beyorch Professional Services plan allows business owners to retain their equity and instead pay a flat fee in an effort to raise capital to grow their businesses, while experiencing the effects of a stock exchange without having to go public,” said Andre Villeroy, CEO of Beyorch. “This plan is something long overdue in the Fintech space.”

Businesses looking to raise capital can choose from one of three plans: https://beyorch.com/pioneering-markets/

The Business Tier is for businesses looking to raise $60 million over three years.
The Enterprise Tier is for businesses looking to raise $150 million over three years.
The Fortune 1 Tier is for businesses looking to raise $500 million over three years.

To become a Beyorch Professional Services client, companies need to maintain an average daily balance of $1 million or more.

“If your total balance doesn’t meet our requirements, we may work with you to determine an alternative Beyorch product,” Villeroy said.

Business owners will have the opportunity to work with a Beyorch corporate manager, a Beyorch specialist and a professional service advisor as they navigate the money-raising process.

“We make customer service a top priority at Beyorch,” Villeroy added. “We want your experience to be top notch.”

Some of the ways Beyorch is different is that they allow everyday investors the opportunity to invest in the Beyorch Exchange with as little as $1,000. Traditionally, when it comes to private equity investing, investors have had to invest as much as $200,000 to participate.

“We wanted to offer something for the middle class,” Villeroy added. “We see this as a way to level the playing field by allowing for monthly dividends from 8 to 20 percent that don’t coincide with exhausting fees.”

For subscription information please visit https://beyorch.com/beyorch-exchange-reimagined/

Beyorch is located in the financial district of downtown Los Angeles.  To contact a Beyorch representative click the following link: https://go.beyorch.com/connect.html

SOURCE Beyorch

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