With mounting concerns of a Covid-19 “second wave,” SaaS companies like SalesForce, Shopify and Workday are poised to benefit as companies extend their work-from-home policies. These SaaS / mission-critical software service firms provide cloud-based solutions for employees to operate efficiently in the safety of their homes. Google has already allowed most employees to work remotely through the rest of the year, with Twitter and Facebook choosing to do so permanently. As the rest of the economy transitions to digital workplaces, business processes will be adapted to SaaS platforms and will be increasingly integrated, streamlined and automated. The long-term subscription revenue of these SaaS companies is expected to keep pushing up their valuations this year.
In March, the Paycheck Protection Program (PPP) was initiated to provide loans to small businesses, as part of the comprehensive coronavirus stimulus bill (CARES Act). Through this program, $660 billion was authorized to support business owners keep up their payroll and other operating expenses. However, the scale of the program and lack of borrower scrutiny has attracted numerous fraudsters, including a NYC resident who was charged with a $20 million PPP and SBA loan fraud. In this report, we highlight fraud strategies such as “loan stacking” and the use of FinTech to address these problems.
Investment banks that conduct complicated M&A and capital raise transactions are notoriously resistant to deploying technology in their operations. This attitude affects larger investment banks down to the one-man firms advising on transactions, since the transactions are high-impact and there is not any room for error (i.e. highly risk adverse). Migrating these organizations to a 21st century technology stack will result in bankers to dispensing strong advice. Alex Koles, CEO of Evolve Capital, spoke with Federico Baradello, the CEO of Finalis , a VC-backed software driven firm enabling investment banks to operate, in the cloud, all aspects of a transaction.
Insurance is a traditionally staid business that has operated the same way for years. As I walked around the Risk and Insurance Management Society (RIMS) Conference this year, the conversations were different because the insurance industry is aware the status quo is about to change. There’s a big gap between the established insurance business practices and the new InsurTech world.
Insurance is a traditionally staid business that has operated the same way for years. As I walked around the Risk and Insurance Management Society (RIMS) Conference this year, the conversations were different because the insurance industry is aware the status quo is about to change. There’s a big gap between the established insurance business practices and the new InsurTech world.
Evolve Capital Partners recently hosted a lively evening of conversation and networking where attendees enjoyed a choice of fine whiskeys, waters and wines along with delicious food. Over 50 companies across the wealth and insurance sectors, many with an aptitude in technology, joined attendees from the broader FinTech sector.
The hosts of the popular FutureTech podcast invited Alex Koles to share the story of Evolve Capital Partners and how they provide companies in the fintech space with unrivaled connections and expert knowledge. Joining him were Young Cho, CFO and Gennadiy Gurevich, CIO of AltLending, a leading-edge company in New York that provides asset-backed loans against cryptocurrencies.
We hosted our “Frosty February” FinTech Breakfast on a chilly morning in New York City’s Midtown Manhattan. With over 25 executives and investors from the broader InsurTech and FinTech sectors, the successful event drew in professionals from both large and emerging growth firms across the insurance services and technology spaces, including PartnerRe and The Guarantors. […]
As the U.S. and global economies continue to expand and recover from the Great Recession of 2007-2009, the consumer, a key driver of the U.S. economy, is spending again and tapping into different types of credit. The rapid growth of online lenders, expansion of digitally enabled lending technologies (e.g. point of sale solutions at the home or online), and growth in lending to subprime borrowers are all catalysts for the rise in demand.
The recent data breach at Equifax, which is believed to have impacted over 143 million U.S. consumers, set off a firestorm of discussion about how to keep credit reporting data secure. There is no simple or one-size-fits-all solution because regulatory standards and data management vary greatly throughout the world.