Feb. 26, 2019

YieldStreet, a digital wealth management platform for alternative investments, has raised $62 million in Series B equity finance led by Edison Partners, according to a press release.

The New York-based company said that additional investors included Greenspring Associates, along with existing investor Raine Ventures and a multibillion-dollar family entity.

YieldStreet plans to use proceeds from the funding round to scale originations, recruit new talent, expand offerings to new investments and pursue strategic acquisitions.

Chris Sugden, managing partner at Edison, said that YieldStreet is giving investors the chance to provide real opportunities to create additional wealth in a way that is more affordable and more accessible.

"The are building a multiproduct platform that brings a new level of investing inclusion to those looking to build wealth and save for the future," he said in the announcement.

The platform offers a range of alternative investments, including marine and shipping, real estate, legal finance and commercial loans. The company recently launched the YieldStreet Wallet, an FDIC-insured savings product that provides 2.2 percent yield with no minimum balance or fees.

YieldStreet has grown into a community of 100,000 customers who have invested more than $600 million. The company has generated more than $50 million in interest for these clients, the press release said.

Topics: Financial News, Mobile Apps, Mobile Banking

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Feb. 26, 2019

Roadie, an on-the-way delivery service, said it raised $37 million in Series C funding led by The Home Depot and Tomorrow Ventures, the fund led by Warren Stephens and former Google CEO Eric Schmidt, according to a company release.

Roadie is an app-based delivery service that uses the unused trunk space of passenger vehicles to deliver all types of goods. The service is available through more than 120,000 drivers in 11,000 cities and towns across the country.

The company plans to use the funding to expand its dynamic routing and pricing model and  to increase the use of machine learning technology to match delivery routes to drivers.

"In today's hyper-competitive retail environment, it's not enough to offer same-day delivery to folks in NFL cities," Roadie founder and CEO Marc Gorlin said in the announcement. "Our model is a game-changer for retailers, wholesalers and consumers who want same-day delivery of any item, of any size, to any zip code at any time."

Roadie recently announced delivery partnerships with The Home Depot for same-day delivery; with Delta Air Lines for delivery of delayed baggage; and with Walmart for grocery delivery. Other backers include the UPS Strategic Enterprise Fund, TPG Capital founder David Bonderman, Guggenheim Executive Chairman Alan Schwartz, and Jim McKelvey, co-founder of Square.

The company has raised $62 million to date.

Topics: Financial News, Mobile Apps, Retail

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Feb. 26, 2019

HSBC US Commercial Banking has entered an agreement with San Francisco-based fintech Neptune Financial Inc. to increase lending to the middle market business customer.

The agreement will allow NepFin customers to leverage HSBC's commercial banking services and global reach, according to a company release from the firms. NepFin uses machine learning and data science to make loans to businesses $10 million to $100 million in size.

"HSBC has a long and impressive history serving all types of businesses throughout the world," Albert Periu, founder and CEO of NepFin said in the announcement. "We look forward to combining their expertise, particularly in the middle market, with our digital platforms so we can better serve the needs of this important segment."

The partnership will also help companies that do business in markets where HSBC doesn't have a physical presence, or where multinational financial institutions that serve smaller businesses are not available.

The agreement follows an announcement by HSBC in October that it would launch a digital partner platform to make its APIs available for fintechs and other companies to integrate their systems with HSBC, in a bid to extend the reach of the bank.

Topics: Mobile Banking

Companies: HSBC Bank USA, N.A., Neptune Financial Inc.

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Feb. 26, 2019

Electroneum, a London-based crypto firm, has introduced the M1, a low-cost smartphone that uses blockchain technology to pay users in the developing world for using the service.

The M1 will launch initially in South Africa, according to a press release

The device, which will sell for $80, employs the company’s cloud-based mining technology to let users earn Electroneum through a mobile app. The ETN cryptocurrency can then be used to top up the device, to make purchases or to pay for other online services.

"The M1 is a mass adoption phone for the developing world, those countries whose citizens will benefit most from our monthly $3 rewards," Conor Doyle, Electroneum head of marketing, told Mobile Payments Today via email.

The M1 will be sold by local vendors and through Amazon, he said.

The 4G device is a Google GMS-certified smartphone; Electroneum aims to sell the device at a $60 price point in some markets, Doyle said.

Topics: Bitcoin, In-App Payments, Mobile Payments

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