Fundbox | June 27, 2022
Fundbox, a small business embedded working capital platform, announced today that it has partnered with Galileo Financial Technologies, an open API platform that enables unique and differentiated financial solutions, and MetaBank®, N.A., a leading economic empowerment company, to accelerate its product roadmap and bring innovative products to market. In addition, jin Hwang, who most recently served as Head of Product - Platform at Marcus by Goldman Sachs and previously led the product team at Intuit QuickBooks Capital, has been appointed as Fundbox's new Chief Product Officer.
Fundbox's collaboration with two leading fintech infrastructure companies, as well as the appointment of a Chief Product Officer, are part of a larger effort to expand its working capital platform. Fundbox has seen significant growth and rapid adoption of the product, with payment volume increasing by more than 80% quarter over quarter, and the median active customer using it more than five times per month for applications such as payroll, inventory, and rent.
Fundbox solutions are available to business owners through embedded experiences with business systems and accounting solutions, as well as directly through the Fundbox website and mobile app. Fundbox's platform has enabled access to over $3 billion in working capital and has connected with half a million businesses.
“Our new partnership with Galileo and MetaBank enables us to expand and scale payment offerings on our platform, We will introduce a number of new Flex Pay capabilities later this year, including a bill pay functionality where customers can make fast and easy payments to third party merchants on the platform.”
-Prashant Fuloria, CEO of Fundbox.
Wolters Kluwer | June 28, 2022
Given that many financial institutions' transformation lists to adopt new technologies have grown in recent years, having a clear understanding of the ultimate purpose of that technology is critical to getting it right and embracing significant change. According to the CEO of Wolters Kluwer Compliance Solutions, in a recently published interview, the mindset required for technology teams to successfully develop—and implement—those same technologies to meet the complex challenges of financial services customers.
“They’re not just creating code… (or) different architectures. It’s linking it all the way to the actual impact that it has for our end customers, in a Mortgage Professional America feature, Tech Must be Purpose-Built. It sounds like simple work, but I’ve seen a lot of organizations where you ask somebody what they’re working on and how that impacts their own community, and someone would say ‘I don’t really know.’ That’s been a major initiative for us—to further engage our entire technology organization to not only create great technology, but to know how it benefits others.”
-Steve Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions
He notes that purpose-built technology has led the way in many financial services arenas, from Wolters Kluwer assisting lenders in quickly accessing critical small business funding during the pandemic crisis to the development of digital assets "in all lending areas, including mortgage" that are fundamentally changing the lending industry for the better.
Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to insurance companies, banks and credit unions, and securities firms in the United States. The company, which is part of Wolters Kluwer's Governance, Risk & Compliance (GRC) division, assists financial institutions in efficiently managing risk and regulatory compliance obligations, as well as gaining the insights required to focus on better serving their customers and growing their business.
Priority Software Ltd | June 28, 2022
Priority Software Ltd., a leading global provider of business management solutions, announced the enhancement of its product offering with the acquisition of Silverbyte, a leading provider of property management software.
The purchase agreement with Silverbyte will broaden Priority's business management suite offering to customers operating in the hospitality sector.
Operating in over 30 countries, Silverbyte provides an innovative, scalable platform that allows accommodation providers of all sizes and from various hospitality industry segments to easily and intuitively manage all aspects of their property, from end-to-end in-house operations to external distribution and booking systems. Silverbyte's solution is implemented in leading hotel chains worldwide, such as Leonardo, Fattal, Crowne Plaza, and Holiday Inn.
The acquisition of Silverbyte is the fifth acquisition made in the past 15 months by Priority, which continues to expand with an impressive range of solutions that give Priority a significant advantage over competitors.
Silverbyte's acquisition is synergetic to the company's operation and will enable Priority to continue delivering highly advanced solutions through the integration with Priority's cloud ERP and retail solutions.
By acquiring leading solution providers in multiple business sectors, Priority assumes a leading position in different market verticals, including retail, education, and hospitality.
"Silverbyte's innovative solutions expand our business management offering for the hospitality industry. Combining our technology and market reach with Silverbyte's solutions will increase our capability to deliver new, innovative solutions to the global market. This acquisition is another important step in Priority's evolution and vertical expansion, positioning the company as a market leader in the fields of ERP, Retail management, HRM, Logistics, Education, and now hospitality."
-Sagive Greenspan, Priority CEO.
Silverbyte CEO, Einav Peleg, said: I am very pleased to join a leading technology company. Being part of Priority will allow us to offer an end-to-end solution, developed by a single company, that includes an ERP system, point of sale (POS), workforce management and Silverbyte's PMS system. The synergy between the companies will provides a unique value to the hospitality market.
Priority Software Ltd., a Fortissimo and TA Associates company, is a leading provider of scalable, agile, and open cloud-based business management solutions for various industries and organizations of all sizes, from global enterprises to small and growing businesses. Recognized by top industry experts and analysts for its product innovation, Priority provides real-time access to business data and insights from any desktop or mobile device, enabling organizations to increase operational efficiency, improve the customer experience, identify new opportunities, and outpace the competition. With offices in the US, UK, Belgium, and Israel and a global network of business partners, Priority empowers 75,000 customers in 40 countries with smart and intuitive business management platforms that drive accelerated organizational growth. For more information, visit www.priority-software.com.