American Express announced Acquisition of small-business lender Kabbage

Business Wire | August 18, 2020

American Express (NYSE: AXP) today announced that it has entered into an agreement to acquire substantially all of Kabbage, a leading financial technology company providing cash flow management solutions to small businesses in the U.S. The transaction represents an important step toward American Express’ goal of being an essential partner to small businesses through a broad range of payment, cash flow and financial management tools. Under the terms of the agreement, American Express will acquire Kabbage’s team and its full suite of financial technology products, data platform and IP built for small businesses. Kabbage’s products include access to flexible lines of credit, online bill payment, cash flow visualization tools, e-gift certificates, and the ability to centralize funds through the company’s recently launched business checking account. This product suite is integrated into a single online platform that uses real-time data processing to help small businesses better understand, forecast and manage their cash flow.

Spotlight

Have you ever wondered what sets a successful entrepreneur apart from everyone else? A study of 549 business founders conducted by the Kauffman Foundation for Entrepreneurship aimed to find out just that: what makes a successful entrepreneur? The results of the study are in and, interestingly, it doesn’t seem to be nepotism or an upper class upbringing that creates these business minded bosses. So, to not leave you hanging, here’s what makes a successful entrepreneur!


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FINANCE

Wells Fargo Expands Adoption of nCino to Transform Small Business Banking Experience

nCino | April 01, 2022

nCino, Inc., a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced that Wells Fargo & Company will expand its use of the nCino Bank Operating System® to accelerate digital transformation within its Consumer and Small Business Banking division to deliver a premier, cutting-edge technology experience. Previously, Wells Fargo selected nCino as the technological foundation to transform its commercial lending operations. “The pandemic has certainly changed the way our customers want to work with us,” said Derek Ellington, Head of Small Business Banking at Wells Fargo. “Providing more access to digital banking options that are fast, safe and convenient is important and has spurred additional investments in technology. Collaborating with nCino is expected to provide our customers with a more streamlined lending experience, reducing the sometimes tedious back and forth that sometimes occurs when applying for and obtaining a loan, and it provides our employees a single view of each customer, making the end-to-end lending experience quicker and more efficient.” For Wells Fargo, a leading financial services company that proudly serves one in three U.S. households and more than 10% of small businesses in the U.S. and is the leading middle market banking provider in the U.S., a key component to its digital transformation strategy was selecting an end-to-end, flexible, cloud-native platform that could scale as the business required. As small business owners increasingly seek quicker access to capital, as well as digital experiences without having to visit a branch, nCino's Small Business Banking Solution offers a single platform to streamline the entire lending process for origination, underwriting and portfolio management. “We’re incredibly proud to expand our relationship with Wells Fargo two quarters after they first selected nCino to transform their commercial lending operations. Wells Fargo clearly sees the value of the cloud as an enabler in their continued evolution and transformation, and we are confident our best-in-class cloud platform will help drive additional efficiencies and unlock even more value for their employees and small business clients.” Pierre Naudé, CEO of nCino About nCino nCino is the worldwide leader in cloud banking. The nCino Bank Operating System® empowers financial institutions with scalable technology to help them achieve revenue growth, greater efficiency, cost savings and regulatory compliance. In a digital-first world, nCino's single cloud-based platform enhances the employee and client experience to enable financial institutions to more effectively onboard clients, make loans and manage the entire loan life cycle, and open deposit and other accounts across lines of business and channels. Transforming how financial institutions operate through innovation, reputation and speed, nCino is partnered with more than 1,750 financial institutions of all types and sizes on a global basis. About Wells Fargo Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy.

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FINANCE

Verizon partners with Mastercard and FNBO to launch small business credit card

Verizon Business | June 21, 2022

Verizon Business announced that it is teaming up with Mastercard and First National Bank of Omaha (FNBO) to launch a credit card designed to bring value to small business owners. In the coming weeks, existing Verizon Business wireless customers with less than 100 lines and an online account will be eligible to apply for the Verizon Business Mastercard®, which rewards purchases on everyday business expenses such as eligible office supplies, technology, fuel, and more. "Mastercard has been a key partner to us on our journey to help our customers of all sizes transform their businesses and ensure they are truly future-ready,” said Tami Erwin, CEO of Verizon Business. “We are pleased to expand this partnership to include FNBO and bring this small business credit card to our customers at a time when we know they are seeking new avenues to expand their business, manage costs and maximize their use of new technologies to solve challenges to drive growth.” Here is how it works: The Verizon Business Mastercard®, which is issued by FNBO, will allow small business owners who apply and are approved to earn and redeem Verizon Business Dollars toward devices or accessories for their business. Benefits and features of the card will include: Earn Rewards on Eligible Business Purchases*: Earn 5% back on Verizon purchases, like paying your Verizon bill or buying devices from Verizon, during your first billing cycle after account opening;1 3% back on Verizon purchases after your first billing cycle;1 2% back on eligible gas; electronic vehicle charging and office supplies;2 and 1% back on other purchases.3 Get More for Your Business: Earn Verizon Business Dollars on eligible business purchases and redeem them later toward new devices or a Verizon Business wireless bill. New Cardholder Bonus: Eligible Verizon Business customers who apply and are approved will receive $50 toward their credit card statement after their first purchase on the card* (maximum one bonus per business account). No Annual Fee4: The Verizon Business Mastercard® has no annual fee or foreign transaction fees.4 Fill Your Digital Toolbox: The Verizon Business Mastercard® features World Elite Mastercard for Business® benefits to help small business owners reach new audiences and grow their businesses, including access to Microsoft Advertising, Zoho Social and Zoho Marketing Pal.5 Assess Your Digital Footprint: Cardholders will have access to Mastercard’s Digital Diagnostic assessment and Digital Doors program, which provides always-on resources for small business owners to set up shop online, grow and manage their business, accept payments, and keep their business protected. Safe & Secure Payments Experience: The Verizon Business Mastercard® is contactless enabled. Upon approval for the card, cardholders can begin making purchases immediately online, in app, and at the point of sale after adding it to their mobile wallet. Experience Peace of Mind: The Verizon Business Mastercard® offers Mastercard ID Theft Protection™, Zero Liability6 and Price Protection, in addition to 24/7/365 Global Emergency Services.5 This new offering is the result of a multifaceted partnership between Verizon Business and Mastercard to help provide solutions for the global payments and commerce ecosystems. The global leaders continue to work together to couple Verizon’s 5G connectivity with the power of the Mastercard network. Today’s announcement complements Verizon’s network-as-a-service foundation and supports its core areas of growth and innovation across mobility, nationwide broadband, mobile edge computing and business solutions, the value market and network monetization. “Today’s small business owner is looking for smarter, relevant, and customized digital financial products that accelerate their operations and make their lives easier,” said Chiro Aikat, Executive Vice President, Products & Engineering, North America at Mastercard. “We’re proud to extend our relationship with Verizon and FNBO to connect the small business segment through meaningful technology and benefits.” “FNBO has a rich history of helping small businesses grow and succeed, so we are excited to partner with such a respected brand as Verizon on the launch of their first program for small business,” said Jerry J. O’Flanagan, Executive Vice President, Partner Segment at FNBO. To find out if your business is eligible to apply for the Verizon Business Mastercard® when it officially launches, visit http://verizon.com/business-mastercard-comingsoon. ABOUT VERIZON Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is one of the world’s leading providers of technology and communications services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $133.6 billion in 2021. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control. ABOUT FNBO First National Bank of Omaha (FNBO) is a leader in the credit card partnership arena, with partners in a variety of industries including retail, travel, entertainment, automotive, oil, nonprofits and more. For over 60 years, FNBO has specialized in providing comprehensive credit card programs with personalized service to help its customers achieve their goals. Visit card.fnbo.com for more information. ABOUT MASTERCARD (NYSE: MA) Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. www.mastercard.com

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TECHNOLOGY

Celero Commerce Acquires OMEGA Technology

Celero Commerce | January 19, 2022

Celero Commerce (“Celero”), a top ten non-bank payment processor, today announced the acquisition of OMEGA Technology (“OMEGA”) a premier provider of electronic transaction processing. With the addition of Kentucky-based OMEGA, Celero will serve over 50,000 merchants processing approximately $20 billion in annual card volume. Founded in 2003, OMEGA provides electronic payments solutions, business analytics, and software solutions for small businesses and financial institutions nationwide. The acquisition of OMEGA is Celero’s second in the last month and the company’s eighth since its launch in late 2018. “OMEGA and Celero share a common culture and drive to make our financial institutions and small business customers successful,” stated Todd McHugh, President and CEO of OMEGA. “Joining forces with Celero means that we can deliver greater value for all stakeholders through technology, financial resources, and human capital.” “Celero continues to build the premier technology-focused, commerce solutions offering for small and medium-sized businesses and financial institution partners. OMEGA’s technology-focused approach to serving its customers aligns with our approach at Celero and we are excited to welcome the outstanding OMEGA team to our growing Celero family.” Kevin Jones, Founder and CEO of Celero Commerce About Celero Commerce Headquartered in Nashville, Celero Commerce is a full-service, integrated electronic commerce solutions provider powered by leading edge technology, strategic partnerships, and business intelligence. Celero offers payment processing services, business management software, and data intelligence to small and medium-sized businesses, empowering them to drive growth and profitability.

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FINANCE

Wells Fargo Introduces Small Businesses to Alternative Options for Financing and Technical Assistance

Wells Fargo | April 25, 2022

Today, Wells Fargo announces the Small Business Resource Navigator, an online portal helping connect small business owners to potential financing options and technical assistance through Community Development Financial Institutions (CDFIs) across the country. The portal was launched in collaboration with the non-profit Community Reinvestment Fund, USA, and was made possible by the Wells Fargo Open for Business Fund. By visiting www.bizresourcenavigator.com and completing a short questionnaire, small businesses may be connected to CDFIs or business advisory resources in their area. “As the uncertainties of the COVID-19 pandemic persist, small businesses continue to need our help. We see a lot of value in supporting a resource like this to help small businesses connect to as many options as possible. The Small Business Resource Navigator connects small business owners to potential capital assistance provided by a CDFI who could help meet their needs, and serves as a major time saver for busy entrepreneurs allowing them to stay focused on their business.” Derek Ellington, head of Small Business at Wells Fargo Since 2015, Wells Fargo has provided more than $500 million in philanthropic grants and investments to CDFIs that help underserved small businesses. Ellington added, “We’ve long understood the impact of CDFIs. They are an important part of our financial ecosystem embedded in communities across America providing small businesses in need with capital and other assistance they may not otherwise qualify for through traditional financing. We are proud to expand our support of the work CDFIs do by helping route small businesses to these vital organizations for lending, technical assistance and support.” "Wells Fargo has been dedicated to helping small businesses for many years, but in particular, getting them through the current environment,” says Patrick Davis, SVP of Strategy with Community Reinvestment Fund, USA. "This support is extremely timely as it helps connect small businesses with CDFIs who can potentially provide them access to funding and resources that will help owners get back on their feet. CDFIs are an important part of the financial ecosystem and play a critical role in deploying capital to small businesses with a history of underrepresentation, and it's great to see that Wells Fargo is so committed to the success of small business across the U.S.” In 2020, Wells Fargo announced the Open for Business Fund, a roughly $420 million small business relief effort focused on small businesses hardest hit by COVID-19, including Black, African-American, Hispanic, Asian, Native American, women and many others. Grants were awarded to more than 235 CDFIs and nonprofits serving small businesses across the U.S. The Open for Business Fund is estimated to serve more than 152,000 small businesses and preserve or create more than 255,000 jobs. Roughly 85% of small businesses served by Open for Business Fund grantees are projected to reach racially and ethnically diverse entrepreneurs. Ann Finnegan, president of NDC Community Impact Loan Fund, an Open for Business Fund grant recipient and participating CDFI on the Small Business Resource Navigator network says, “We are excited for the opportunity to connect with more small businesses in need. This platform is an important tool to support our lending mission to minority and women-owned small businesses and non-profits.” About Wells Fargo Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy.

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Spotlight

Have you ever wondered what sets a successful entrepreneur apart from everyone else? A study of 549 business founders conducted by the Kauffman Foundation for Entrepreneurship aimed to find out just that: what makes a successful entrepreneur? The results of the study are in and, interestingly, it doesn’t seem to be nepotism or an upper class upbringing that creates these business minded bosses. So, to not leave you hanging, here’s what makes a successful entrepreneur!

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