FINANCE
Businesswire | May 31, 2023
Rapid Enterprise, a division of Rapid Finance delivering Lending-as-a-Service (LaaS) solutions to support enterprise clients, announced today the commercial availability of its award-winning, AI-powered fraud detection platform, Lynx, allowing financial institutions to leverage their data better and gain insights to generate 360-degree views of their customers.
Data has become a critical asset for banks and truly knowing the customer, both individually and as a business, is key for any institution. Built with a modular, cloud-native, API-based design, Lynx quickly and easily integrates with enterprise partners’ existing systems and workflows, equipping enterprises with data enrichments and verifications; related application identification; insights and alert indicators to drive efficient and intelligent decisioning. Designed to standardize disparate datasets, Lynx’s proprietary pattern-matching-AI algorithms identify related records and instantly makes them available to users in any system through real-time API calls. The Lynx API also provides optional data enrichments through third-party data integrations to facilitate KYC/KYB and fraud checks within a single call.
A proven marketplace solution, Rapid Finance has successfully leveraged Lynx within the company’s lending business for seven years, as well as by the U.S. Small Business Administration (SBA) in the execution of COVID-19 EIDL programs that provided more than 10 million loans and grants, totaling almost $400 billion. As a result, Rapid Finance was awarded recognitions from both Fintech Futures and the Fintech Breakthrough Awards for Lynx’s performance for its users.
Lynx is available alongside Rapid Enterprise’s true, end-to-end digital loan origination system (LOS), Decisioneer, as components of Rapid Enterprise’s proven LaaS solution set that supports lending operations across acquisition, origination and servicing.
“We’re excited to share Lynx as a commercially available product, allowing enterprises to leverage their data better while tapping Lynx AI to manage their customer interactions in a more efficient and effective manner,” said Will Tumulty, CEO, Rapid Finance. “As lenders ourselves, and through our work with the SBA, we understand the importance of providing a frictionless experience to customers while minimizing fraud. Our team uses Lynx extensively, including managing our enterprise clients through collections and recovery practices, to unlock the power of data and achieve the highest collections rates in our space – and we are confident that the commercial availability of Lynx will help more FIs harness their data to better support their customers and financial programs.”
About Rapid Finance/Rapid Enterprise
Since 2005, Rapid Finance has been supporting the growth and success of small businesses across the U.S. Powered by a thoughtful combination of technology, speed and deep industry expertise, the Rapid Enterprise business line provides Lending-as-a-Service solutions to enterprise clients. With modular, flexible and scalable financial solutions, Rapid Enterprise solutions are customized to our enterprise partners’ needs.
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MANAGEMENT
PRnewswire | June 02, 2023
Deltek, the leading global provider of software and solutions for project-based businesses, announced today that ePATHUSA, a small business government contracting firm, has selected Deltek Costpoint to streamline processes, maximize efficiency, and remain compliant with security regulations.
ePATHUSA is a women-owned small business (WOSB) and a multiple GSA Schedule holder that has been recognized for its contributions to the industry with multiple awards, including the prestigious Woman-Owned Small Business Award and the Iowa Impact Award. With several offices and a growing team of 70 people across the U.S., ePATHUSA provides recruitment and staffing solutions along with software modernization and data analytics services to a wide range of federal, state, commercial and non-profit entities.
Leadership at ePATHUSA made the decision to make the switch to Deltek Costpoint ERP from QuickBooks®, due to Costpoint's capability to scale with the company and handle the DCAA compliance requirements necessary when working with federal contracts. ePATHUSA needed a more streamlined accounting solution with end-to-end processes – and Deltek, recognized as the trusted industry standard, was the clear choice as its partner.
Deltek Costpoint is the government contracting industry's leading solution that delivers more innovation and greater intelligence at every stage of the project lifecycle. It centralizes the management of projects, people and finances, and scales seamlessly as needs grow, enabling small to enterprise size businesses to win new contracts, manage project profitability and improve customer satisfaction at every stage. Additionally, the integrated cloud offering enables the secure storage of contract data and is consistently enhanced to meet the most up-to-date governmental and agency cybersecurity compliance standards including NIST 800-171.
"We vetted multiple solutions and found Deltek Costpoint to be the best accounting solution for us as we work to grow and scale our business," said Anitha Timiri G, President & CEO at ePATHUSA. "All of our colleagues in the industry are more familiar with Costpoint and trust the solution more than anything else on the market. It was apparent to us that Deltek was the partner we needed to set us up for success in the future. We're looking forward to implementing Deltek Costpoint to have an end-to-end, secure and compliant solution that is recognized as the gold standard among all the different organizations we work with."
"We're proud that Deltek Costpoint has been selected by ePATHUSA as the best solution to help it remain competitive, and compliant, as it scales," said Brian Daniell, Senior VP and Chief Customer Officer at Deltek. "We're looking forward to working with ePATHUSA to help them streamline operations as they continue growing their business."
About Deltek
Better software means better projects. Deltek is the leading global provider of enterprise software and information solutions for project-based businesses. More than 30,000 organizations and millions of users in over 80 countries around the world rely on Deltek for superior levels of project intelligence, management and collaboration. Our industry-focused expertise powers project success by helping firms achieve performance that maximizes productivity and revenue.
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SMALL BUSINESS ADVICE
PRnewswire | June 08, 2023
Mosaic, the first Strategic Finance Platform for real-time data analysis and collaborative financial planning, today announced a $26 million Series C funding round led by OMERS Ventures, with participation from existing investors, Founders Fund, General Catalyst, and Friends and Family Capital.
"Mosaic's impressive 300% growth amid the current macroeconomic downturn is a testament to the innovation gap in the market as companies recognize the need for the next generation of strategic finance software," said Adam Landefeld, head of product at Mosaic. "AI is rapidly revolutionizing every industry, and the finance space is poised to reap enormous benefits. That's why we're investing heavily in making AI core to what Mosaic offers. From leveraging advanced AI language models to employing intuitive AI automation capabilities, Mosaic is committed to reducing workflow friction and simplifying financial decision-making for our customers."
Mosaic's core mission is to help companies meet the challenges of balancing high growth with capital efficiency. This latest round of funding will expand Mosaic's investment in AI, empowering high-growth SMB and mid-market finance leaders with the power to strengthen their roles as strategic partners in their businesses.
"As Mosaic continues to rethink the CFO software stack, our strategic investment in AI serves to address the critical need for finance teams to provide faster, more strategic insights to their business partners across the organization," said Mahesh Guruswamy, the product engineering veteran Mosaic brought on as vice president of engineering to spearhead its development and AI strategies. "For example, our platform roadmap includes a myriad of AI-driven enhancements such as automated forecasts versus actuals breakdowns, model roll-forward and metric analysis."
Tedious manual tasks and the historically complex implementations of legacy FP&A solutions have prevented finance teams from focusing on more strategic tasks in the business. With AI-powered features and an open API, Mosaic is building a platform that transforms finance leaders into data masters and strategic partners — not just Excel wizards.
"One reason Bijan Moallemi, Brian Campbell, and I started Mosaic in 2019 was because of our shared experience of implementing an incumbent FP&A software while working in finance at Palantir," said Joe Garafalo, co-founder and COO of Mosaic. "It took us over six months to put that platform in place, and ongoing maintenance was a nightmare. Right now, we can already get Mosaic customers up and running in four weeks. By bringing AI to our data workflows, we'll significantly shorten that timeline and help users avoid the garbage in, garbage out problem that kills value in this space."
"In 2023, we're on pace to see the lowest volume of Series C venture capital deals in years," said Eugene Lee, partner at OMERS Ventures. "Companies that can raise a Series C in this environment need to showcase massive potential, which we saw in Mosaic. The company's 3x top-line growth in 2022 was uncommon, not just in the finance software space but in SaaS at large. Now, we're excited to see how Mosaic continues to innovate and bring its Strategic Finance Platform to finance leaders." By delivering the market's fastest time-to-value through real-time analytics and dynamic planning features designed to remove data complexities, Mosaic makes any data instantly actionable to drive organizational success.
"Mosaic builds powerful and intuitive software products that can help unlock value for every finance team, CFO and CEO," said Colin Anderson, former CFO at Palantir and founding partner at Friends and Family Capital. "As the former longtime CFO of Palantir, I worked side by side with the Mosaic founders to solve our most critical strategic finance workflows with powerful software. This capital raise builds on Mosaic's position of strength in the market and enables them to continue to develop great products for the tens of thousands of finance teams out there looking for a better way to win."
"New features like Metric Builder, our easy-to-use engine for creating, analyzing and planning custom metrics, have helped us drive significant growth in the last 12 months," said Bijan Moallemi, co-founder and CEO at Mosaic. "We'll use this latest investment to continue bringing unparalleled, enterprise-grade functionality and consumer-grade ease of use to SMB and mid-market companies while expanding into new verticals and serving more up-market customers."Since its founding in 2019, Mosaic's ability to deliver on this mission led GGV Capital, Crunchbase, and Nasdaq to name Mosaic to the 2023 SMBTech 50 list.
About Mosaic
Mosaic is the maker of the world's first Strategic Finance platform. The company provides finance and business leaders with a real-time analytics and planning platform that helps teams get from data to decision, faster. High-growth companies like Emerge, Sourcegraph, and Drata rely on Mosaic to manage the financial health and outlook of their businesses with automated insights and flexible business modeling. Mosaic is a private company backed by leading venture capital firms such as OMERS Ventures, General Catalyst, Founders Fund, and XYZ.
About OMERS and OMERS Ventures
Founded in 1962, OMERS is one of Canada's largest defined benefit pension plans, with CAD$124 billion in net assets as of December 31st, 2021. OMERS is a jointly-sponsored pension plan, with 1,000 participating employers ranging from large cities to local agencies, and over half a million active, deferred and retired members. OMERS members include union and non-union employees of municipalities, school boards, local boards, transit systems, electrical utilities, emergency services and children's aid societies across Ontario. Contributions to the Plan are funded equally by members and employers. OMERS teams work in Toronto, London, New York, Amsterdam, Luxembourg, Singapore, Sydney and other major cities across North America and Europe – serving members and employers and originating and managing a diversified portfolio of high-quality investments in public markets, private equity, infrastructure and real estate.
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