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APPLEARN SECURES DEBT FUNDING FROM SILICON VALLEY BANK AND NPIF – MAVEN EQUITY FINANCE

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Funding to support fast-growing software provider’s growth into new markets and create 60 new roles

 

AppLearn, a Manchester-headquartered global Digital Adoption platform (DAP) provider, has secured significant financing from Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and investors, and NPIF – Maven Equity Finance, managed by Maven Capital Partners (Maven) and part of the Northern Powerhouse Investment Fund (NPIF).

Funding from SVB and NPIF – Maven Equity Finance equates to an 8-digit figure investment. The revolving lending facility will enable AppLearn, which also has offices in Boston and San Francisco, to scale its international reach as it makes considerable in-roads in the multi-billion-dollar global DAP market.

Funding will also support the creation of up to 60 new roles within the organization’s North West-based team, as it embarks on an ambitious programme of international growth. With customers in c.100 countries currently, the funding will see AppLearn’s flagship DAP product, Adopt, launched into new territories such as South Africa. It will also accelerate the company’s presence in the lucrative North American market.

A DAP is a layer of software that seamlessly integrates with other applications, intuitively learning how users interact with it. It gathers information to provide support in the flow of work (in-app), user analytics, which guides people through tasks and functions. This enhances productivity, improves user onboarding, and helps organizations to better optimize critical technology investments to drive business objectives.

The financing from SVB and NPIF- Maven Equity Finance follows an investment into AppLearn from California-based K1 Investment Management secured in September 2019. As a result of this investment, the company has gone on to substantial growth.

AppLearn is led by CEO Andrew Avanessian, who joined the business in 2019 and was formerly COO at cyber security company Avecto. Together with an experienced C-Suite, Avanessian has overseen growth of 108%.

Andrew Avanessian, CEO of AppLearn, commented: “Silicon Valley Bank and NPIF -Maven’s support comes at a pivotal time for our business. The strides we have made in the digital adoption market over the last three years has placed AppLearn on the cusp of transformative growth. This funding now enables us to put in place the foundations to fuel our ambitious international strategy and growth plans.

“The global appetite for digital adoption is rapidly advancing, in no small part due to the events of last year. With an increasing number of businesses accelerating their digital transformation journeys, global IT spending is expected to reach $4 trillion this year. AppLearn is in a prime position to bring our technology to this ever-expanding market, and we’re excited to be doing this with NPIF – Maven and Silicon Valley Bank’s backing.”

Dean Cox, Senior Investment Manager at Maven, said, “AppLearn is addressing a genuine need in in the industry for digital transformation services. The business is well placed to take advantage of the current migration to a digital economy and leverage off the new challenges facing enterprises today. We’re delighted to back Andrew, Adam and the team who are experienced and technology focussed with an excellent reputation in the market.” 

Ben Tickler, Director of Venture and Growth at Silicon Valley Bank UK Branch, said,

“Silicon Valley Bank is delighted to extend its partnership with the outstanding team at AppLearn and their trusted investors. It is great to see further funding in Manchester’s innovation ecosystem and we look forward to watching the team continue to grow, build, and scale.”

Grant Peggie at British Business Bank, said: “The Northern Powerhouse Investment Fund is committed to backing innovative growing businesses across the North to achieve their objectives. AppLearn’s story demonstrates the impact that investment can have on an organisation’s growth and we look forward to seeing the success that AppLearn achieves in Manchester, across the UK and globally.”

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

 

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Transact365 launches seamless cross border payments in India

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  • Transact365 enables merchants to transact locally in India
  • Merchants can partner directly with Transact365 without needing to source local partners
  • Transact365 offers two local solutions – Unified Payments Interface (UPI), and NetBanking 

 

UK-based fintech Transact365 has added local India payments for merchants.  By using Transact365’s gateway solution, merchants can access new opportunities in India without having to form local payment partnerships or establish an Indian company. The move ensures merchants now have access to over one billion Indian-based consumers enabling them to pay faster in a familiar way.

Transact365 offers two local solutions tailored to the needs of the Indian market – Unified Payments Interface (UPI) and NetBanking.

Developed by the National Payments Corporation of India – UPI is an instant, real-time payment system that facilitates inter-bank transactions through smart phone devices, powering multiple bank accounts into a single mobile application of the 274 participating banks. UPI facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.

NetBanking is a unique payment method facilitating online payment transactions in India. When a user makes a payment via NetBanking, the payment is initiated via the Transact365  gateway which allows the user to complete the transaction with the merchant in realtime in local currency.

Transact365 has also established a local payment distribution allowing merchants to pay clients in India in real time with fully automated api connectivity 247 365 Days a year.

Transact365’s launch in India is the first in a series of big market expansions planned for 2022. Having already expanded into Europe, Asia and Australia, Transact365’s payment gateway system ensures merchants of all sizes and sectors can access fast-growing markets seamlessly and quickly.

Dan Fernandez, CEO of Transact365, said: “We are pleased to announce that merchants can now use Transact365 to process payment transactions in India. By utililising local payment solutions, Transact365 ensures merchants can now facilitate payments in India, with users able to confirm their payment in a matter of seconds.

“Our expansion into India comes at an exciting time for the company. With customer and merchant demand for payment gateways rising, Transact365’s revolutionary system ensures more businesses are able to access consumers in rapidly expanding markets. Importantly, our launch in India will soon be followed by similar market expansion announcements throughout 2022.”

 

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Europe’s first blockchain neobank, BENKER, opens for pre-registration

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BENKER(http://www.benker.io/) is to become the first officially licensed blockchain neobank launched in Europe following approval by the Bank of Lithuania under the Electronic Money Institution (EMI) category. Now open for pre-registration, it is the first financial services provider in the European Union to operate entirely on blockchain.

The neobank will run on Natrix(https://natrix.io/), a purpose-built hybrid blockchain created for the financial sector to meet all GDPR, bank secrecy and regulatory requirements. BENKER will achieve the highest level of Compliant Client Autonomy, where users have complete control, autonomy and real freedom, assuring sustainability of the market where users and financial market participants are on the same level.

Viktor Bodnár, CEO of BENKER, hopes that the neobank will be a catalyst for fundamental transformation in personal finances, offering customers greater autonomy. On his vision for the future of the market, he said: “We’re introducing a new brand in financial services that can challenge the established order by extending existing legal and regulatory safeguards with the advanced technology-based guarantees achieved through blockchain. In obtaining our EMI licence we have been allowed to radically diminish client exposure to the actors of financial markets, and I see this as a move towards the ‘New World Order’.”

“By adding blockchain to the way in which customer accounts are managed securely, we are offering constant transparency, traceability and complete control over financial matters for our clients, creating the highest level of freedom. This is what we’re calling Compliant Client Autonomy and it’s an idea that is at the heart of BENKER.”

Following a two-year planning, development and application phase, and now with its EMI licences receiving full approval, the neobank will offer services for both individuals and SMEs, and a platform on which to buy and sell gold.

Bodnár finished: “We’ve worked hard to create a fully compliant and secure blockchain neobank, and I’m delighted that it is now going live in 2022. The result is a system in which clients and service providers are finally on the same level, and within all legal and regulatory requirements. This will make managing personal finances in the future more efficient than ever.”

 

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