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FinTech Platform Nium Closes Latest Funding Round

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New investors include Visa and BRI Ventures

Global fintech platform Nium announced its latest fundraise today. Visa, the world’s leader in digital payments, participated in the round along with existing investors. Another new investor to join the fold was BRI Ventures, the Corporate Venture arm of Bank BRI of Indonesia.

The funding announcement comes on the heels of major wins for Nium in 2020, some of which were:

  • Winning the account of a large European marketplace payment provider to process a billion Euros annually
  • Winning a large international bid for one of the world’s biggest maritime businesses to process crew payments via cards and collections for vessel management
  • Working with a prominent Asian Neobank to help them expand overseas by providing international collections
  • Supporting the development of a migrant bank in the US through integration of Nium’s Banking-as-a-Service stack

Nium has carved a niche for itself and its diversified suite of offerings, with clients often approaching them to solve problems at the cross-section of Send, Spend and Receive. As part of their own consumer and SME remittance offering (InstaReM) and remittance-as-a-service capabilities, Nium now reaches millions of customers across 10 licensed jurisdictions[1] with Japan and Indonesia being the latest additions. On the enterprise front, they serve clients across six continents. Through a fully micro-service driven model, Nium solves inefficiencies that plague traditional payment processes across industries like eCommerce, large corporates to SMEs, from services such as payroll disbursement to travel & expenses management etc.

“I am thrilled to announce that we have closed another round of funding and added two more prestigious investors to our cap table. Visa and BRI Ventures’ participation is a vote of confidence for our business model and its resilience despite the climate,” said Prajit Nanu, CEO and Co-Founder of Nium.

Nium will be using the funds to further build out its uniquely diversified payment infrastructure offering that includes outreach to consumers, SMEs, large enterprises as well as banks and financial institutions. The newly raised corpus will be largely directed towards product development and tuck-in acquisitions that compress time to market. For the latter, Nium will focus on vertical expertise in markets like Europe, India, U.K. and U.S.

According to Nanu, “We are interested in tech infrastructure players with capabilities in issuance, local payment rails etc., which complement our own and can help us ship faster in markets we are bullish on.”

“Nium and Visa’s collaboration began in early 2019 when Nium joined the Visa Fintech Fast Track program in Asia Pacific. We’ve worked together on new commerce experiences like instant remittances for consumers and businesses in Southeast Asia,” said Chris Clark, Regional President, Asia Pacific, Visa. “We are excited to extend our partnership with Nium by investing in their business. Working with fintechs like Nium is a key part of Visa’s strategy to enable payments for anyone, anywhere, on any network.”

“BRI Ventures always look to support developments in the banking and financial industry, especially for partners looking to provide digital financial care to customers in Indonesia. We have been working closely with Nium since their InstaReM days when they were processing consumer remittance, and are excited to witness their growth as they expand their service offerings to include financial institutions and corporates. The potential of financial technology is limitless and we forward look to supporting Nium on their path of growth as they expand their presence into Indonesia and beyond,” said Nicko Widjaja, Chief Executive Officer of BRI Ventures.

Nium currently operates its Send, Spend and Receive business in over 90 countries, 65 in real-time, and in 63 currencies.

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MiTek Industries, a Berkshire Hathaway Company, Selects OneTrust for Global Privacy Management

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OneTrust, one of the largest and most widely used privacy, security and trust software, today announced MiTek Industries, part of the Berkshire Hathaway group, selected OneTrust to operationalize their global privacy program. MiTek uses OneTrust for their global privacy efforts, including Assessment Automation (PIA/DPIAs), Data Mapping, Data Subject Rights Requests, Cookie Compliance and Vendor Risk Management.

MiTek Industries, part of the Berkshire Hathaway group, is a manufacturing building materials and engineering software company. With a global customer base, privacy plays a key role in MiTek’s extensive operation.

MiTek Industries operate across numerous global jurisdictions, and their privacy team needs a centralized system for managing their global operations and allowing for more transparent accountability. To maximize the efficiency and effectiveness of their privacy program, they implemented a range of OneTrust modules, including Cookie Compliance, Assessment Automation, Data Mapping, Data Subject Access Requests, and Vendor Risk Management.

“OneTrust has become synonymous with privacy within internal communication,” said Irakli Kheladze, Global Data Protection Officer, MiTek Industries. “OneTrust puts milestones in place, making these goals more visual and tangible, which really gives privacy some perspective.”

“Drawing together MiTek Industries’ global privacy operations into the OneTrust platform has demonstrated the power of having centralized program management, both for the privacy team and the wider company,” said Kabir Barday, OneTrust CEO and Fellow of Information Privacy (FIP). “We’re proud to partner with MiTek industries and to help build a culture of privacy across their organization.”

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Cleantech Startup Enertechnos Raises £5 Million in Funding to Boost Energy Industry and Net Zero Target

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UK clean energy technology innovator Enertechnos has raised £5 million in a Series A funding round.

Enertechnos is at the forefront of the UK’s drive towards net-zero. Their innovative cable technology reduces energy losses throughout the power network, slashing carbon emissions from wasted energy.

In a show of strength for the fast-growing company, 30% of the funds came from existing investors. The remainder were provided by a wide range of individual investors, including energy and engineering sector specialists alongside former cabinet and environment minister Virginia Bottomley.

The round was advised by Adelpha, a female-led corporate adviser private investment network which specialises in high growth, tech-enabled UK companies with a positive social and environmental impact.

Enertechnos will use funds raised for two waves of activity. They will expand their engineering team to drive the next stage of their ground-breaking R&D, and boost their commercial sales and marketing team to accelerate the global roll out of their technology.

The UK power grid loses around 8% of all electricity as it is transmitted throughout the network – accounting for 1.5% of UK carbon emissions and costing around £3.8 billion annually. This loss could power almost seven million homes each year.

Enertechnos’ cable technology – called Capacitive Transfer System (CTS) – reduces this waste by up to 47%, allowing generators and networks to deliver more power to consumers.

Enertechnos has received backing from several government programmes, and is currently working with the Department for Business, Energy and Industrial Strategy to revolutionize electric vehicle charge times. Enertechnos’ transformational CTS technology will soon be deployed by network operator Western Power Distribution (WPD) in a real-world trial.

Dominic Quennell, CEO of Enertechnos said, “The energy sector is facing a multitude of challenges at present responding to Covid-19, but we also have a commitment to reach net-zero by 2050. Minimizing waste in the energy system will be a key part in achieving this.

“The potential carbon emission savings that can be achieved by this technology is enormous and this funding round recognises the role our technology can contribute to net-zero targets. We are proud to be at the forefront of this effort, helping the UK energy sector rise to the challenge.”

Addie Pinkster, Founder and Chief Executive of Adelpha added, “We are delighted to have advised Dominic and the Enertechnos team on their recent Series A investment round, and work with their impressive existing and incoming investor base. Enertechnos is a great example of an innovative UK company that is providing best-in-class technology to reduce the global carbon footprint.

“The quality of investors in this round is testament to Enertechnos’ world-class engineering team and product, as well as their exceptional management team and highly experienced board. It’s also recognition of how pressing the climate change challenge is, and the regulatory and corporate demand for solutions that work at industrial scale.”

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Small Businesses Are Embracing the Freelance Gig Economy During COVID-19 Crisis. Here’s Why

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As people limit their ventures out and restaurants are forced to go takeout-only in many cities, food delivery services are seeing an explosion in demand during the pandemic.

Instacart, which delivers for grocers including Safeway and Aldi, saw the highest ever customer demand on its platform last weekend, and has the most “shoppers,” that they’ve ever had, according to the platform.

The boom in food delivery services is the opposite of what other GIG platforms are experiencing with Covid-19, as Uber driving earnings fall and Congress’s pandemic aid package which mostly didn’t cover GIG workers, according to an article in Bloomberg Law.

Research from LinkedIn and Intuit indicates the gig economy is here to stay. That’s good news for most small businesses. There’s never been stronger freelance talent to choose from, in so many skill sets and professions, than today. If you own or manage a small business, you’d be hard-pressed to identify a need you couldn’t fill with a freelancer. Freelance platforms like Fiverr, Upwork and Fabrito have seen a surge in its user base. Active companies in the markets this week include ShiftPixy, Inc. (NASDAQ: PIXY), Amazon.com, Inc. (NASDAQ: AMZN), Blue Apron Holdings, Inc. (NYSE: APRN), Starbucks Corporation (NASDAQ: SBUX), Walmart Inc. (NYSE: WMT).

The Freelancers Union’s annual report found that up to 55 million people this year – representing 35% of the total US workforce – are in the freelance workforce. The research anticipates a record 43% of the workforce taking part in the gig economy by 2020.

LinkedIn’s research also supports an increased supply of freelance hours: The LinkedIn article continued: “As small businesses embrace the gig economy, owners and managers can hire freelancers to take on specific scopes of work in specified timeframes.

When you assign your contracted worker to a pressing short-term project, it eases the stress and workload of your staff. It also brings more flexibility and agility to your budgeting. When you need to scale up or down, your hiring can reflect that without the traditional overhead that comes with employees.”

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