![](\"https://www.pymnts.com/wp-content/uploads/2024/06/Amazon-Business-b2b-procurement.jpg\")
Treasurers should be on the front lines of keeping their company financially healthy. But how many are in an organization that allows for that?
\nPYMNTS Intelligence finds that many companies fall short of empowering their treasurers to have maximum impact. In fact, more than 8 in 10 treasurers say that at least one department in their company would benefit from closer collaboration with them.
\nWhy does this matter? In short, companies with treasurers who have greater influence and integration into business operations reap many benefits. They have more predictable cash flows, expect revenue increases and are agile in responding to market conditions.
\nThese are some of the findings explored in \u201cWhy Treasurers\u2019 Influence Matters,\u201d a PYMNTS Intelligence and Citi collaboration. This report explores the relationship between the level of influence a treasurer has and their company\u2019s business outcomes. It draws on a survey of 500 executives, including treasurers and non-treasurers, conducted from April 9 to May 28.
\nCollaboration can empower treasurers to have maximum impact on their organizations. Download the report to learn more about what integrating treasurers can do for your organization.
\nThe post Study Finds Treasurer Role Misunderstood by 53% of C-Suite Peers appeared first on PYMNTS.com.
\n", "content_text": "Download the Report\n \n Why Treasurers\u2019 Influence Matters\n \n \n \n \n \n \n [contact-form-7]\n \n \n \n \n \n\nTreasurers should be on the front lines of keeping their company financially healthy. But how many are in an organization that allows for that?\nPYMNTS Intelligence finds that many companies fall short of empowering their treasurers to have maximum impact. In fact, more than 8 in 10 treasurers say that at least one department in their company would benefit from closer collaboration with them.\nWhy does this matter? In short, companies with treasurers who have greater influence and integration into business operations reap many benefits. They have more predictable cash flows, expect revenue increases and are agile in responding to market conditions.\nThese are some of the findings explored in \u201cWhy Treasurers\u2019 Influence Matters,\u201d a PYMNTS Intelligence and Citi collaboration. This report explores the relationship between the level of influence a treasurer has and their company\u2019s business outcomes. It draws on a survey of 500 executives, including treasurers and non-treasurers, conducted from April 9 to May 28.\nInside \u201cWhy Treasurers\u2019 Influence Matters\u201d:\n\nThe relationship between a treasurer\u2019s influence and revenue outlooks and cash flows\nHow influential treasurers lead to adaptable responses to changing market conditions\nNon-treasurer executives\u2019 perceptions of the revenue estimates based on their treasurer\u2019s influence\nThe share of treasurers and non-treasurers calling for greater interdepartmental collaboration\nWhat benefits treasurers expect from greater cross-department collaboration\nInsights into non-treasury executives\u2019 misperceptions of the treasurer\u2019s role compared to the CFO\u2019s\nBarriers treasury and non-treasury executives cite that limit collaboration\n\nCollaboration can empower treasurers to have maximum impact on their organizations. Download the report to learn more about what integrating treasurers can do for your organization.\nThe post Study Finds Treasurer Role Misunderstood by 53% of C-Suite Peers appeared first on PYMNTS.com.", "date_published": "2024-07-24T04:00:20-04:00", "date_modified": "2024-07-24T22:38:27-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/treasury-management-financial-health.jpg", "tags": [ "B2B", "B2B Payments", "cash flow management", "cash flows", "CFOs", "Citi", "commercial payments", "corporate treasury", "Main Feature", "News", "PYMNTS Intelligence", "PYMNTS News", "PYMNTS Study", "Revenue", "risk management", "Business" ] }, { "id": "https://www.pymnts.com/?p=2015410", "url": "https://www.pymnts.com/business/2024/report-revolut-could-hit-45-billion-valuation-after-share-sale/", "title": "Report: Revolut Could Hit $45 Billion Valuation After Share Sale", "content_html": "Revolut is reportedly preparing a share sale that would value it at $45 billion.
\nThe British FinTech is close to a deal that would see it sell roughly $500 million in employee-owned shares, the Wall Street Journal (WSJ) reported Tuesday (July 23), citing sources familiar with the matter.
\nThe report noted that the sale is an indicator of rising confidence in the FinTech space.\u00a0
\nRevolut is already the world\u2019s second most-valuable FinTech startup next to Stripe, and this sale would increase its valuation by more than a third.
\nThe Financial Times (FT) had reported whispers of a share sale last month. Separate reports said CEO Nikolay Storonsky was selling a \u201csmall portion\u201d of his stake in the company as part of that share sale.
\nWhen reached by PYMNTS, Revolut declined to comment.
\nThe sale, if completed, could be announced in the coming days and would set the stage for an initial public offering (IPO), the WSJ report said.\u00a0
\nAssuming Revolut is ready to go public, it\u2019s not a given that the company will do so in its home country, as chairman Martin Gilbert said earlier this month that he wasn\u2019t ready to commit to a London IPO, even as he praised pending changes to the rules for listing on the U.K. market.
\n\u201cAll the moves [regulators] are making are good, they\u2019re allowing founder-led companies like Revolut to list here rather than just have no choice,\u201d Gilbert said. \u201cBut again let\u2019s see how it all pans out, the proof will definitely be what happens in the future.\u201d
\nHe added that Revolut was at least a year away from going public, with the company planning to \u201ckeep an open mind\u201d on where its listing would happen.
\nThese comments marked a change from the views put forth by Storonsky, who had ruled out an IPO in London. Revolut\u2019s U.K. CEO, Francesca Carlesi, had indicated a London listing was still possible earlier this year.
\n\u201cThe U.K. is our home and is also one where a lot of our investors come from,\u201d Carlesi said. \u201cWe know that companies are always better off to list where their biggest market is.\u201d
\nThe post Report: Revolut Could Hit $45 Billion Valuation After Share Sale appeared first on PYMNTS.com.
\n", "content_text": "Revolut is reportedly preparing a share sale that would value it at $45 billion.\nThe British FinTech is close to a deal that would see it sell roughly $500 million in employee-owned shares, the Wall Street Journal (WSJ) reported Tuesday (July 23), citing sources familiar with the matter.\nThe report noted that the sale is an indicator of rising confidence in the FinTech space.\u00a0\nRevolut is already the world\u2019s second most-valuable FinTech startup next to Stripe, and this sale would increase its valuation by more than a third.\nThe Financial Times (FT) had reported whispers of a share sale last month. Separate reports said CEO Nikolay Storonsky was selling a \u201csmall portion\u201d of his stake in the company as part of that share sale.\nWhen reached by PYMNTS, Revolut declined to comment.\nThe sale, if completed, could be announced in the coming days and would set the stage for an initial public offering (IPO), the WSJ report said.\u00a0\nAssuming Revolut is ready to go public, it\u2019s not a given that the company will do so in its home country, as chairman Martin Gilbert said earlier this month that he wasn\u2019t ready to commit to a London IPO, even as he praised pending changes to the rules for listing on the U.K. market.\n\u201cAll the moves [regulators] are making are good, they\u2019re allowing founder-led companies like Revolut to list here rather than just have no choice,\u201d Gilbert said. \u201cBut again let\u2019s see how it all pans out, the proof will definitely be what happens in the future.\u201d\nHe added that Revolut was at least a year away from going public, with the company planning to \u201ckeep an open mind\u201d on where its listing would happen.\nThese comments marked a change from the views put forth by Storonsky, who had ruled out an IPO in London. Revolut\u2019s U.K. CEO, Francesca Carlesi, had indicated a London listing was still possible earlier this year.\n\u201cThe U.K. is our home and is also one where a lot of our investors come from,\u201d Carlesi said. \u201cWe know that companies are always better off to list where their biggest market is.\u201d\nThe post Report: Revolut Could Hit $45 Billion Valuation After Share Sale appeared first on PYMNTS.com.", "date_published": "2024-07-23T16:07:36-04:00", "date_modified": "2024-07-23T16:07:36-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/01/revolut-6.jpg", "tags": [ "FinTech", "Fintech Investments", "initial public offering", "ipo", "News", "PYMNTS News", "Revolut", "Revolut IPO", "share sale", "Shares", "What's Hot", "Business" ] }, { "id": "https://www.pymnts.com/?p=2013944", "url": "https://www.pymnts.com/business/2024/microsoft-outage-could-produce-insurance-catastrophe/", "title": "Microsoft Outage Could Produce \u2018Insurance Catastrophe\u2019", "content_html": "Insurers reportedly could\u00a0be facing hundreds or thousands of business interruption claims resulting from the\u00a0Microsoft outage that began late Thursday (July 18).
\nEconomic damages from the event, which crippled industries and inconvenienced consumers around the world, could amount to tens of billions of dollars, Reuters\u00a0reported Friday (July 19).
\nNir Perry, CEO\u00a0at cyber insurance risk platform\u00a0CyberWrite, said in the report that the outage should be considered an \u201cevent that can produce what could be defined as an insurance catastrophe.\u201d
\nAt the same time, not all businesses\u2019 lost time and money will be covered by insurance, according to the report.
\nCoverage for an event like this could be something that would have to be purchased separately, the businesses\u2019 insurance policy could exclude non-malicious events, or there could be deductibles and waiting periods, the report said.
\nLaw\u00a0firm\u00a0Hunton Andrews Kurth wrote in a Friday blog post that firms affected by the outage should check their\u00a0insurance policies.
\n\u201cIf you have been impacted by today\u2019s outage, we recommend reviewing your company\u2019s cyber insurance program to determine whether your losses may qualify for coverage,\u201d the post said. \u201cPrompt notice is critical to obtaining coverage under your cyber insurance policy, so check your policy today.\u201d
\nAs PYMNTS reported earlier on Friday, the\u00a0outage\u00a0struck users of Microsoft\u2019s Windows operating system late Thursday and early Friday and was caused by cybersecurity firm\u00a0CrowdStrike\u2019s software update.
\nCrowdStrike CEO\u00a0George Kurtz said in a Friday\u00a0post\u00a0on X: \u201cCrowdStrike is actively working with customers impacted by a defect found in a single content update for Windows hosts.\u201d
\n\n\n\nCrowdStrike is actively working with customers impacted by a defect found in a single content update for Windows hosts. Mac and Linux hosts are not impacted. This is not a security incident or cyberattack. The issue has been identified, isolated and a fix has been deployed. We\u2026
\n\u2014 George Kurtz (@George_Kurtz) July 19, 2024
Microsoft said it was \u201caware of an issue affecting Windows devices due to an update from a third-party software platform,\u201d Bloomberg\u00a0reported Friday.
\nThe impact of the outage was global and spread across industries.
\nFor example, both\u00a0UPS\u00a0and\u00a0FedEx\u00a0told their customers\u00a0Friday that package deliveries may be delayed due to the\u00a0software outage.
\nHospitals were also among the organizations hit hard by the\u00a0software outage, with Bloomberg\u00a0reporting Friday that without the digital systems they normally use, they are having trouble booking patient appointments and checking medical records, pausing the start of procedures that require anesthesia, canceling elective procedures and closing outpatient clinics.
\nThe post Microsoft Outage Could Produce \u2018Insurance Catastrophe\u2019 appeared first on PYMNTS.com.
\n", "content_text": "Insurers reportedly could\u00a0be facing hundreds or thousands of business interruption claims resulting from the\u00a0Microsoft outage that began late Thursday (July 18).\nEconomic damages from the event, which crippled industries and inconvenienced consumers around the world, could amount to tens of billions of dollars, Reuters\u00a0reported Friday (July 19).\nNir Perry, CEO\u00a0at cyber insurance risk platform\u00a0CyberWrite, said in the report that the outage should be considered an \u201cevent that can produce what could be defined as an insurance catastrophe.\u201d\nAt the same time, not all businesses\u2019 lost time and money will be covered by insurance, according to the report.\nCoverage for an event like this could be something that would have to be purchased separately, the businesses\u2019 insurance policy could exclude non-malicious events, or there could be deductibles and waiting periods, the report said.\nLaw\u00a0firm\u00a0Hunton Andrews Kurth wrote in a Friday blog post that firms affected by the outage should check their\u00a0insurance policies.\n\u201cIf you have been impacted by today\u2019s outage, we recommend reviewing your company\u2019s cyber insurance program to determine whether your losses may qualify for coverage,\u201d the post said. \u201cPrompt notice is critical to obtaining coverage under your cyber insurance policy, so check your policy today.\u201d\nAs PYMNTS reported earlier on Friday, the\u00a0outage\u00a0struck users of Microsoft\u2019s Windows operating system late Thursday and early Friday and was caused by cybersecurity firm\u00a0CrowdStrike\u2019s software update.\nCrowdStrike CEO\u00a0George Kurtz said in a Friday\u00a0post\u00a0on X: \u201cCrowdStrike is actively working with customers impacted by a defect found in a single content update for Windows hosts.\u201d\n\nCrowdStrike is actively working with customers impacted by a defect found in a single content update for Windows hosts. Mac and Linux hosts are not impacted. This is not a security incident or cyberattack. The issue has been identified, isolated and a fix has been deployed. We\u2026\n\u2014 George Kurtz (@George_Kurtz) July 19, 2024\n\nMicrosoft said it was \u201caware of an issue affecting Windows devices due to an update from a third-party software platform,\u201d Bloomberg\u00a0reported Friday.\nThe impact of the outage was global and spread across industries.\nFor example, both\u00a0UPS\u00a0and\u00a0FedEx\u00a0told their customers\u00a0Friday that package deliveries may be delayed due to the\u00a0software outage.\nHospitals were also among the organizations hit hard by the\u00a0software outage, with Bloomberg\u00a0reporting Friday that without the digital systems they normally use, they are having trouble booking patient appointments and checking medical records, pausing the start of procedures that require anesthesia, canceling elective procedures and closing outpatient clinics.\nThe post Microsoft Outage Could Produce \u2018Insurance Catastrophe\u2019 appeared first on PYMNTS.com.", "date_published": "2024-07-19T20:01:13-04:00", "date_modified": "2024-07-19T20:01:13-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Microsoft-CrowdStrike-outage.jpg", "tags": [ "business insurance", "Connected Economy", "CrowdStrike", "Insurance", "Microsoft", "News", "PYMNTS News", "software", "software outage", "What's Hot", "Windows", "Windows operating system", "Business" ] }, { "id": "https://www.pymnts.com/?p=2010948", "url": "https://www.pymnts.com/business/2024/stripe-valued-70-billion-dollars-amid-possible-sequoia-deal/", "title": "Report: Stripe Valued at $70 Billion Amid Possible Sequoia Deal", "content_html": "The valuation of payments processing platform Stripe reportedly reached $70 billion.
\nSequoia Capital is offering to buy shares from investors that want to cash out, Bloomberg reported Monday (July 15), citing unnamed sources. The venture capital firm is offering $27.51 for Stripe shares and will purchase up to $861 million in shares.
\nStripe is one of the most valuable private tech companies. It was valued at $65 billion following a deal that let current and former employees cash out some of their shares, the report said. The company was worth $50 billion last March, although that figure is below the $95 billion Stripe achieved in 2021.
\nStripe declined to comment when reached by PYMNTS Monday afternoon.
\nStripe, founded by brothers Patrick Collison and John Collison, last month said it would begin allowing employees to sell their shares. John Collison noted the company is in no rush to launch an initial public offering (IPO).
\nAlthough analysts have closely watched Stripe and other FinTech veterans, waiting to see when and how they may go public, John Collison said many firms go public too early and Stripe remains committed to developing products and opportunities to grow the business.
\nStripe reported in March that it exceeded $1 trillion in total payment volume in 2023, a number that was 25% higher than the previous year, and that businesses running on Stripe made up about 1% of global gross domestic product.
\n\u201cStripe was robustly cash flow positive in 2023 and expects to be again in 2024,\u201d the founders wrote in the company\u2019s 2023 annual letter. \u201cThis threshold is important because it allows us to invest for the long term, building what we believe our users need 10 years from now, without regard for the natural volatility of capital markets.\u201d
\nDuring the company\u2019s annual user conference in April, John Collison said Stripe was initially founded to enable the acceptance of online payments but soon got requests for additional features, which he called \u201csoftware-defined financial services.\u201d
\n\u201cThat is what Stripe is building,\u201d he said.
\nThe post Report: Stripe Valued at $70 Billion Amid Possible Sequoia Deal appeared first on PYMNTS.com.
\n", "content_text": "The valuation of payments processing platform Stripe reportedly reached $70 billion.\nSequoia Capital is offering to buy shares from investors that want to cash out, Bloomberg reported Monday (July 15), citing unnamed sources. The venture capital firm is offering $27.51 for Stripe shares and will purchase up to $861 million in shares.\nStripe is one of the most valuable private tech companies. It was valued at $65 billion following a deal that let current and former employees cash out some of their shares, the report said. The company was worth $50 billion last March, although that figure is below the $95 billion Stripe achieved in 2021.\nStripe declined to comment when reached by PYMNTS Monday afternoon.\nStripe, founded by brothers Patrick Collison and John Collison, last month said it would begin allowing employees to sell their shares. John Collison noted the company is in no rush to launch an initial public offering (IPO).\nAlthough analysts have closely watched Stripe and other FinTech veterans, waiting to see when and how they may go public, John Collison said many firms go public too early and Stripe remains committed to developing products and opportunities to grow the business.\nStripe reported in March that it exceeded $1 trillion in total payment volume in 2023, a number that was 25% higher than the previous year, and that businesses running on Stripe made up about 1% of global gross domestic product.\n\u201cStripe was robustly cash flow positive in 2023 and expects to be again in 2024,\u201d the founders wrote in the company\u2019s 2023 annual letter. \u201cThis threshold is important because it allows us to invest for the long term, building what we believe our users need 10 years from now, without regard for the natural volatility of capital markets.\u201d\nDuring the company\u2019s annual user conference in April, John Collison said Stripe was initially founded to enable the acceptance of online payments but soon got requests for additional features, which he called \u201csoftware-defined financial services.\u201d\n\u201cThat is what Stripe is building,\u201d he said.\nThe post Report: Stripe Valued at $70 Billion Amid Possible Sequoia Deal appeared first on PYMNTS.com.", "date_published": "2024-07-15T13:14:11-04:00", "date_modified": "2024-07-15T13:31:47-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/02/Stripe-1.jpg", "tags": [ "FinTech", "News", "PYMNTS News", "Sequoia Capital", "stock market", "Stocks", "Stripe", "valuations", "What's Hot", "Business" ] }, { "id": "https://www.pymnts.com/?p=1965819", "url": "https://www.pymnts.com/business/2024/getir-to-split-into-2-companies-in-restructuring/", "title": "Getir to Split Into 2 Companies in Restructuring", "content_html": "Turkish food delivery startup Getir will be divided into two companies as part of a restructuring that will bring in an investment of $250 million by Mubadala Investment Co.
\nThis move follows a power struggle between Getir Co-founder and CEO Nazim Salur and Getir\u2019s Turkey head Batuhan Gultakan, as well as post-pandemic challenges faced by many popular delivery apps, Bloomberg reported Monday (June 24).
\nWith the restructuring, Salur will be replaced by Gultakan, with Salur and his co-founders serving as board members and holding minority stakes in the grocery business, according to the report.
\nSalur and his co-founders will also take a controlling stake in a new entity that will be made up of Getir\u2019s other businesses, including a ride hailing operation called BiTaksi, a jobs board, a shopping platform called N11 and a U.S. grocery business called FreshDirect, the report said. Mubadala will be a minority shareholder.
\nIt was reported in April that Getir was grappling with the need to cut costs and restructure as demand for its services waned.
\nInvestors were pushing for significant changes within the company, including asset sales and market exits.
\nAfter experiencing a surge in business during the pandemic as customers relied on its services while confined to their homes, Getir saw the demand for grocery delivery diminish as the world began to reopen.
\nAt the time of that report, investors had poured over $2 billion into Getir.
\nIn September 2023, Getir raised $500 million in a funding round at a valuation of $2.5 billion.
\nEighteen months earlier, the company had been valued at $11.8 billion.
\nIt was reported at the time that the decline in valuation reflected the downturn in venture capital markets due to rising interest rates and worsening economic conditions.
\nGetir acquired FreshDirect in November 2023, saying it aimed to grow in the United States.
\nThe company said at the time that customers would continue to receive the same service they did before; that FreshDirect would leverage Getir\u2019s technology and operational footprint to serve its customer base; and that Getir would gain FreshDirect\u2019s product range to increase the quality and breadth of its own.
\nThe post Getir to Split Into 2 Companies in Restructuring appeared first on PYMNTS.com.
\n", "content_text": "Turkish food delivery startup Getir will be divided into two companies as part of a restructuring that will bring in an investment of $250 million by Mubadala Investment Co.\nThis move follows a power struggle between Getir Co-founder and CEO Nazim Salur and Getir\u2019s Turkey head Batuhan Gultakan, as well as post-pandemic challenges faced by many popular delivery apps, Bloomberg reported Monday (June 24).\nWith the restructuring, Salur will be replaced by Gultakan, with Salur and his co-founders serving as board members and holding minority stakes in the grocery business, according to the report.\nSalur and his co-founders will also take a controlling stake in a new entity that will be made up of Getir\u2019s other businesses, including a ride hailing operation called BiTaksi, a jobs board, a shopping platform called N11 and a U.S. grocery business called FreshDirect, the report said. Mubadala will be a minority shareholder.\nIt was reported in April that Getir was grappling with the need to cut costs and restructure as demand for its services waned.\nInvestors were pushing for significant changes within the company, including asset sales and market exits.\nAfter experiencing a surge in business during the pandemic as customers relied on its services while confined to their homes, Getir saw the demand for grocery delivery diminish as the world began to reopen.\nAt the time of that report, investors had poured over $2 billion into Getir.\nIn September 2023, Getir raised $500 million in a funding round at a valuation of $2.5 billion.\nEighteen months earlier, the company had been valued at $11.8 billion.\nIt was reported at the time that the decline in valuation reflected the downturn in venture capital markets due to rising interest rates and worsening economic conditions.\nGetir acquired FreshDirect in November 2023, saying it aimed to grow in the United States.\nThe company said at the time that customers would continue to receive the same service they did before; that FreshDirect would leverage Getir\u2019s technology and operational footprint to serve its customer base; and that Getir would gain FreshDirect\u2019s product range to increase the quality and breadth of its own.\nThe post Getir to Split Into 2 Companies in Restructuring appeared first on PYMNTS.com.", "date_published": "2024-06-24T14:38:42-04:00", "date_modified": "2024-06-24T14:38:42-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/03/Getir.jpg", "tags": [ "delivery", "ecommerce", "FreshDirect", "funding", "Getir", "Investments", "Mubadala Investment Co", "N11", "News", "PYMNTS News", "startups", "What's Hot", "Business" ] }, { "id": "https://www.pymnts.com/?p=1964095", "url": "https://www.pymnts.com/business/2024/amazon-doubles-down-on-b2b-procurement-with-new-business-buyer-solutions/", "title": "Amazon Doubles Down on Procurement With New Business-Buyer Solutions\u2002", "content_html": "
When the operating landscape is uncertain and dynamic, businesses must prioritize controlling for what\u2019s controllable.
\nAnd with the news Thursday (June 20) that Amazon Business, Amazon\u2019s online business-to-business procurement store, has announced a number of new technology features designed to help large business customers simplify the way they shop for business supplies, unlocking operational leverage through tighter control over sourcing and procurement is top of mind for forward-thinking B2B firms.
\n“Amazon Business wants to change how companies shop for supplies through our unmatched selection, deep discounts, and smart capabilities,\u201d said Shelley Salomon, worldwide vice president of Amazon Business, in a statement. \u201cWe don\u2019t just react to the biggest challenges our customers have shared with us; we get ahead of them with new technologies so our customers can use their resources to navigate the unexpected and continue expanding their business.\u201d
\nAs the global economy becomes increasingly volatile, the need for more transparency, control and actionable insight into key payment processes, particularly procurement, is critical.
\nOngoing economic instability can lead to liquidity issues, supply chain disruptions and increased financial risk. To mitigate these risks, B2B companies must prioritize robust procurement strategies and leverage digital technologies that fortify their procurement operations.
\nBy moving away from legacy procurement programs mired in complexity and hung up on multi-step processes and embracing streamlined purchasing programs that reduce the amount of time leaders spend auditing purchases, firms can identify areas where savings can be made and implement cost-control measures without compromising on quality or operational efficiency.
\nRead more: Transforming Back-Office Functions Lets Firms Move Forward With Certainty
\nSupply chains are the backbone of B2B operations, and unexpected disruptions along the procurement journey can cause significant supply chain interruptions, from delayed shipments to even supplier bankruptcies. Tight control over procurement processes allows businesses to manage their supply chains more effectively, ensuring that they can adapt to changes swiftly. This involves maintaining a diversified supplier base, closely monitoring supplier performance and having contingency plans in place for potential disruptions.
\n\u201cThe single biggest challenge in B2B payments is that they are so\u00a0fragmented across the company that being able to get a good healthy view of what my budget is, and where my actuals are, is the business problem most people are trying to solve. And once you finish that layer, then comes up the most important question, am I getting the ROI [return on investment] on my spend?\u201d\u00a0Karandeep Anand, chief product officer at Brex, told PYMNTS last summer.
\nEffective procurement strategies can help companies manage costs better by optimizing purchasing processes, negotiating better terms with suppliers and reducing waste. This requires a detailed understanding of spending patterns, identifying areas where savings can be made, and implementing cost-control measures without compromising on quality or operational efficiency.
\n\u201cMany folks don\u2019t want to buy from 30 or 40 different vendors. They want to be able to\u00a0consolidate that with a few vendors, as few as possible \u2026 To differentiate ourselves, we have to make it truly seamless to buy, and to have a pricing structure that is completely transparent,\u201d\u00a0Dave Haase, president at\u00a0ChemDirect, told PYMNTS in a conversation posted last November.
\nRead more: B2B Marketplaces Unlock New Opportunities for Commercial Procurement
\nThe solutions that Amazon Business is bringing to market provide clues around what B2B firms are seeking from procurement solutions.
\nFor example, the Amazon Business App Center includes integrated shopping, accounting management, expense management, rewards and recognition, inventory management and business analytics, providing a single point of discovery as well as eliminating or reducing the need to develop a custom solution.
\nSeparately, per the release, the platform\u2019s Budget Management solution streamlines the process of setting and reviewing time-bound budgets across an organization, allowing business customers to set spend thresholds and make budget amounts visible to buyers to get ahead of overspending.
\nFor larger orders of more than 1,000 items or more than $10,000 in total value, Integrated Quoting helps B2B firms generate custom quotes for bulk orders as well as other suppliers via third-party eSourcing and eProcurement platforms.
\nAmazon Business isn\u2019t the only platform focused on streamlining procurement. Also this month, Airbase added\u00a0spend analytics and\u00a0vendor management capabilities to its spend orchestration software designed for mid-market and larger organizations; while Bamboo Rose has added\u00a0supplier relationship management (SRM) capabilities to its retail management platform.
\n\u201cWe hear time and again from our customers that they can never be better than their worst performing suppliers,\u201d\u00a0Matt Stevens, CEO at Bamboo Rose, said in the release.
\nPYMNTS Intelligence has found that businesses across the board have upped their investments in technologies to support their\u00a0procurement processes. In addition, many businesses that have been slow to invest now plan to increase their spending on these solutions.
\nThe post Amazon Doubles Down on Procurement With New Business-Buyer Solutions\u2002 appeared first on PYMNTS.com.
\n", "content_text": "When the operating landscape is uncertain and dynamic, businesses must prioritize controlling for what\u2019s controllable.\nAnd with the news Thursday (June 20) that Amazon Business, Amazon\u2019s online business-to-business procurement store, has announced a number of new technology features designed to help large business customers simplify the way they shop for business supplies, unlocking operational leverage through tighter control over sourcing and procurement is top of mind for forward-thinking B2B firms.\n“Amazon Business wants to change how companies shop for supplies through our unmatched selection, deep discounts, and smart capabilities,\u201d said Shelley Salomon, worldwide vice president of Amazon Business, in a statement. \u201cWe don\u2019t just react to the biggest challenges our customers have shared with us; we get ahead of them with new technologies so our customers can use their resources to navigate the unexpected and continue expanding their business.\u201d\nAs the global economy becomes increasingly volatile, the need for more transparency, control and actionable insight into key payment processes, particularly procurement, is critical.\nOngoing economic instability can lead to liquidity issues, supply chain disruptions and increased financial risk. To mitigate these risks, B2B companies must prioritize robust procurement strategies and leverage digital technologies that fortify their procurement operations.\nBy moving away from legacy procurement programs mired in complexity and hung up on multi-step processes and embracing streamlined purchasing programs that reduce the amount of time leaders spend auditing purchases, firms can identify areas where savings can be made and implement cost-control measures without compromising on quality or operational efficiency.\nRead more: Transforming Back-Office Functions Lets Firms Move Forward With Certainty\nThe Importance of Tightening Control Over B2B Processes\nSupply chains are the backbone of B2B operations, and unexpected disruptions along the procurement journey can cause significant supply chain interruptions, from delayed shipments to even supplier bankruptcies. Tight control over procurement processes allows businesses to manage their supply chains more effectively, ensuring that they can adapt to changes swiftly. This involves maintaining a diversified supplier base, closely monitoring supplier performance and having contingency plans in place for potential disruptions.\n\u201cThe single biggest challenge in B2B payments is that they are so\u00a0fragmented across the company that being able to get a good healthy view of what my budget is, and where my actuals are, is the business problem most people are trying to solve. And once you finish that layer, then comes up the most important question, am I getting the ROI [return on investment] on my spend?\u201d\u00a0Karandeep Anand, chief product officer at Brex, told PYMNTS last summer.\nEffective procurement strategies can help companies manage costs better by optimizing purchasing processes, negotiating better terms with suppliers and reducing waste. This requires a detailed understanding of spending patterns, identifying areas where savings can be made, and implementing cost-control measures without compromising on quality or operational efficiency.\n\u201cMany folks don\u2019t want to buy from 30 or 40 different vendors. They want to be able to\u00a0consolidate that with a few vendors, as few as possible \u2026 To differentiate ourselves, we have to make it truly seamless to buy, and to have a pricing structure that is completely transparent,\u201d\u00a0Dave Haase, president at\u00a0ChemDirect, told PYMNTS in a conversation posted last November.\nRead more: B2B Marketplaces Unlock New Opportunities for Commercial Procurement\nWhat B2B Firms Expect From The Modern Procurement Experience\nThe solutions that Amazon Business is bringing to market provide clues around what B2B firms are seeking from procurement solutions.\nFor example, the Amazon Business App Center includes integrated shopping, accounting management, expense management, rewards and recognition, inventory management and business analytics, providing a single point of discovery as well as eliminating or reducing the need to develop a custom solution.\nSeparately, per the release, the platform\u2019s Budget Management solution streamlines the process of setting and reviewing time-bound budgets across an organization, allowing business customers to set spend thresholds and make budget amounts visible to buyers to get ahead of overspending.\nFor larger orders of more than 1,000 items or more than $10,000 in total value, Integrated Quoting helps B2B firms generate custom quotes for bulk orders as well as other suppliers via third-party eSourcing and eProcurement platforms.\nAmazon Business isn\u2019t the only platform focused on streamlining procurement. Also this month, Airbase added\u00a0spend analytics and\u00a0vendor management capabilities to its spend orchestration software designed for mid-market and larger organizations; while Bamboo Rose has added\u00a0supplier relationship management (SRM) capabilities to its retail management platform.\n\u201cWe hear time and again from our customers that they can never be better than their worst performing suppliers,\u201d\u00a0Matt Stevens, CEO at Bamboo Rose, said in the release.\nPYMNTS Intelligence has found that businesses across the board have upped their investments in technologies to support their\u00a0procurement processes. In addition, many businesses that have been slow to invest now plan to increase their spending on these solutions.\nThe post Amazon Doubles Down on Procurement With New Business-Buyer Solutions\u2002 appeared first on PYMNTS.com.", "date_published": "2024-06-20T13:36:12-04:00", "date_modified": "2024-06-20T22:57:33-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/Amazon-Business-b2b-procurement.jpg", "tags": [ "Amazon", "Amazon Business", "B2B", "b2b operations", "B2B Payments", "Business", "business procurement", "business supplies", "digital transformation", "Editor's Picks", "enterprise", "News", "procurement", "procurement solutions", "PYMNTS News", "Supply Chain", "yf" ] }, { "id": "https://www.pymnts.com/?p=1963368", "url": "https://www.pymnts.com/business/2024/nuvei-shareholders-approve-previously-announced-go-private-deal/", "title": "Nuvei Shareholders Approve Previously Announced Go-Private Deal", "content_html": "Nuvei has obtained shareholder approval for its previously announced plan for a going private transaction with Advent International.
\nShareholders approved the special resolution at a meeting held Tuesday (June 18), the Canadian FinTech company said in a Tuesday press release.
\nShares that are not held by one of three rollover shareholders \u2014 Nuvei founder, chair and CEO Philip Fayer, certain investment funds managed by Novacap Management, and Caisse de d\u00e9p\u00f4t et placement du Qu\u00e9bec (CDPQ) \u2014 will be acquired for $34 in cash per share, according to the release.
\nEach of the rollover shareholders will sell all their shares to the purchaser in exchange for a combination of cash and shares in the capital of the purchaser or an affiliate, the release said.
\nFollowing the completion of this arrangement, Fayer, Novacap and CDPQ are expected to hold or control about 24%, 18% and 12%, respectively, of the common equity in the resulting private company, per the release.
\nNuvei announced on April 1 that it was set to become a private company in a $6.3 billion deal with Advent International.
\nFayer said at the time in a press release that the transaction \u201cmarks the beginning of an exciting new chapter for Nuvei.\u201d
\n\u201cOur strategic initiatives have always focused on accelerating our customers\u2019 revenue, driving innovation across our technology, and developing our people,\u201d Fayer said. \u201cBringing in a partner with such extensive experience in the payments sector will continue to support our development.\u201d
\nNuvei offered two things that would seemingly appeal\u00a0to an acquirer: a broad-based exposure to some of the key shifts within payments and significant top-line momentum, PYMNTS reported April 2.
\nIn the company\u2019s earnings results released March 5, Nuvei reported that in the fourth quarter, global commerce revenue increased 12% year over year; B2B, government and independent software vendors revenue increased 19% year over year; and small- to medium-sized business-related revenues gained 2%.
\nAs detailed in a May 14 proxy filing, Nuvei advised shareholders to vote for the go-private deal, saying the agreement is \u201cin the best interests of the company … and represents an increase of approximately 42% from the consideration initially proposed by Advent.\u201d
\nThe post Nuvei Shareholders Approve Previously Announced Go-Private Deal appeared first on PYMNTS.com.
\n", "content_text": "Nuvei has obtained shareholder approval for its previously announced plan for a going private transaction with Advent International.\nShareholders approved the special resolution at a meeting held Tuesday (June 18), the Canadian FinTech company said in a Tuesday press release.\nShares that are not held by one of three rollover shareholders \u2014 Nuvei founder, chair and CEO Philip Fayer, certain investment funds managed by Novacap Management, and Caisse de d\u00e9p\u00f4t et placement du Qu\u00e9bec (CDPQ) \u2014 will be acquired for $34 in cash per share, according to the release.\nEach of the rollover shareholders will sell all their shares to the purchaser in exchange for a combination of cash and shares in the capital of the purchaser or an affiliate, the release said.\nFollowing the completion of this arrangement, Fayer, Novacap and CDPQ are expected to hold or control about 24%, 18% and 12%, respectively, of the common equity in the resulting private company, per the release.\nNuvei announced on April 1 that it was set to become a private company in a $6.3 billion deal with Advent International.\nFayer said at the time in a press release that the transaction \u201cmarks the beginning of an exciting new chapter for Nuvei.\u201d\n\u201cOur strategic initiatives have always focused on accelerating our customers\u2019 revenue, driving innovation across our technology, and developing our people,\u201d Fayer said. \u201cBringing in a partner with such extensive experience in the payments sector will continue to support our development.\u201d\nNuvei offered two things that would seemingly appeal\u00a0to an acquirer: a broad-based exposure to some of the key shifts within payments and significant top-line momentum, PYMNTS reported April 2.\nIn the company\u2019s earnings results released March 5, Nuvei reported that in the fourth quarter, global commerce revenue increased 12% year over year; B2B, government and independent software vendors revenue increased 19% year over year; and small- to medium-sized business-related revenues gained 2%.\nAs detailed in a May 14 proxy filing, Nuvei advised shareholders to vote for the go-private deal, saying the agreement is \u201cin the best interests of the company … and represents an increase of approximately 42% from the consideration initially proposed by Advent.\u201d\n\nThe post Nuvei Shareholders Approve Previously Announced Go-Private Deal appeared first on PYMNTS.com.", "date_published": "2024-06-18T19:11:25-04:00", "date_modified": "2024-06-18T19:11:25-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/04/Nuvei.jpg", "tags": [ "Advent International", "Business", "FinTech", "News", "Nuvei", "Philip Fayer", "privatization", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1962323", "url": "https://www.pymnts.com/business/2024/stripe-to-let-employees-cash-out-shares-for-third-time/", "title": "Stripe to Let Employees Cash Out Shares for Third Time", "content_html": "Stripe expects to let employees cash out some of their shares, as it has done twice before.
\nJohn Collison, a co-founder of Stripe, said the company did that last year, did it again this year and will probably do it again \u201cin the future,\u201d Bloomberg reported Monday (June 17).
\nSpeaking with David Rubenstein for an upcoming episode of Bloomberg Television\u2019s \u201cThe David Rubenstein Show: Peer to Peer Conversations,\u201d Collison also said that Stripe is in no hurry to launch an initial public offering (IPO), according to the report.
\nWhile analysts have closely watched Stripe and other FinTech veterans, waiting to see when and how they may go public, Collison said many companies go public too early and that Stripe remains focused on products and opportunities to grow the business, per the report.
\nStripe was valued at $65 billion in February after a share sale deal with employees.
\nThat deal saw the company and some of its investors purchase more than $1 billion in stock from current and former employees,
\nWhen announcing the deal, Stripe said that using its own capital to purchase the shares would offset dilution from the company\u2019s employee equity compensation programs.
\n\u201cWe\u2019re pleased to once again offer employees an opportunity for liquidity,\u201d Stripe Chief Financial Officer Steffan Tomlinson said at the time. \u201cOur business continues to see strong momentum with the most advanced companies in the world.\u201d
\nIn March, Stripe reported that it surpassed $1 trillion in total payment volume in 2023, a figure that was up 25% from the previous year and meant that businesses running on Stripe accounted for about 1% of global gross domestic product (GDP).
\n\u201cStripe was robustly cash flow positive in 2023 and expects to be again in 2024,\u201d Collison and Co-founder Patrick Collison wrote in the company\u2019s 2023 annual letter released March 13. \u201cThis threshold is important, because it allows us to invest for the long term, building what we believe our users need 10 years from now, without regard for the natural volatility of capital markets.\u201d
\nDuring the company\u2019s annual user conference held in April, John Collison said that Stripe was founded in 2009 to enable the acceptance of online payments but soon got requests for additional features, which he dubbed \u201csoftware-defined financial services.\u201d
\n\u201cThat is what Stripe is building,\u201d Collision said.
\nThe post Stripe to Let Employees Cash Out Shares for Third Time appeared first on PYMNTS.com.
\n", "content_text": "Stripe expects to let employees cash out some of their shares, as it has done twice before.\nJohn Collison, a co-founder of Stripe, said the company did that last year, did it again this year and will probably do it again \u201cin the future,\u201d Bloomberg reported Monday (June 17).\nSpeaking with David Rubenstein for an upcoming episode of Bloomberg Television\u2019s \u201cThe David Rubenstein Show: Peer to Peer Conversations,\u201d Collison also said that Stripe is in no hurry to launch an initial public offering (IPO), according to the report.\nWhile analysts have closely watched Stripe and other FinTech veterans, waiting to see when and how they may go public, Collison said many companies go public too early and that Stripe remains focused on products and opportunities to grow the business, per the report.\nStripe was valued at $65 billion in February after a share sale deal with employees.\nThat deal saw the company and some of its investors purchase more than $1 billion in stock from current and former employees,\nWhen announcing the deal, Stripe said that using its own capital to purchase the shares would offset dilution from the company\u2019s employee equity compensation programs.\n\u201cWe\u2019re pleased to once again offer employees an opportunity for liquidity,\u201d Stripe Chief Financial Officer Steffan Tomlinson said at the time. \u201cOur business continues to see strong momentum with the most advanced companies in the world.\u201d\nIn March, Stripe reported that it surpassed $1 trillion in total payment volume in 2023, a figure that was up 25% from the previous year and meant that businesses running on Stripe accounted for about 1% of global gross domestic product (GDP).\n\u201cStripe was robustly cash flow positive in 2023 and expects to be again in 2024,\u201d Collison and Co-founder Patrick Collison wrote in the company\u2019s 2023 annual letter released March 13. \u201cThis threshold is important, because it allows us to invest for the long term, building what we believe our users need 10 years from now, without regard for the natural volatility of capital markets.\u201d\nDuring the company\u2019s annual user conference held in April, John Collison said that Stripe was founded in 2009 to enable the acceptance of online payments but soon got requests for additional features, which he dubbed \u201csoftware-defined financial services.\u201d\n\u201cThat is what Stripe is building,\u201d Collision said.\nThe post Stripe to Let Employees Cash Out Shares for Third Time appeared first on PYMNTS.com.", "date_published": "2024-06-17T17:14:46-04:00", "date_modified": "2024-06-17T17:14:46-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/06/Stripe.jpg", "tags": [ "employee stock shares", "FinTech", "News", "payments", "PYMNTS News", "stock market", "Stripe", "What's Hot", "Business" ] }, { "id": "https://www.pymnts.com/?p=1960362", "url": "https://www.pymnts.com/business/2024/is-former-synapse-ceo-already-moving-on-with-a-robotics-startup/", "title": "Is Former Synapse CEO Already Moving on With a Robotics Startup?", "content_html": "To paraphrase a famous F. Scott Fitzgerald quote, there are no second acts in life.
\nThe Gatsby scribe had never met a tech CEO. The business landscape is populated with stories of reinvention, and in some cases, with business leaders who \u2014 for lack of a better phrase \u2014 \u201ckeep on truckin\u2019\u201d and leave failed, or failing, companies behind while boldly moving onto something else.
\nNews came Thursday (June 13), through a variety of media outlets including CNBC, that Foundation Robotics Labs is in the process of raising funds for a reported $11 million seed round. And it\u2019s worth noting that the robotics startup counts as a co-founder none other than Synapse\u2019s former CEO Sankaet Pathak. The startup\u2019s seemingly all of two months old, and we note that there already seems to be some controversy around the funding activities.
\nCNBC reports that as it seeks to raise the last $1 million of the $11 million funding, Foundation Robotics has claimed (to would-be investors) that it would be on the receiving end of an investment from General Motors. The auto giant was also reportedly in the midst of a data collection pact with the robotics firm and had supposedly committed a $300 million order\u2026 all of which has now been publicly denied by GM.
\n\u201cGM has never invested in Foundation Robotics and has no plans to do so,\u201d a GM spokesman told CNBC. \u201cIn fact, GM has never had an agreement of any kind with the company. Any claims to the contrary are fabricated.\u201d
\nPathak is of course the same executive who this week weighed in at a creditor hearing that Synapse may have commingled funds \u2014 end user funds, FinTech partner funds and Synapse\u2019s own operating monies \u2014 in accounts held with Evolve. As we reported this week, it can be tough to sort out the commingled holdings to determine who owns what \u2026 and by extension, how, when and whether an $85 million shortfall in end users\u2019 holdings will be recovered and restored to their rightful owners.
\nIt remains to be seen what happens with either firm \u2014 Synapse, which may impact the lives of hundreds of thousands of FinTech customers, or Foundation Robotics. As the latter firm launched this year \u2014 well after Synapse began laying off staff late last year after losing one of its largest clients, Mercury \u2014 the read across is that Pathak is looking toward what\u2019s next.
\nAnd there\u2019s an echo here. Just last month, as noted in this space, WeWork has been moving through bankruptcy and its co-founder Adam Neumann, previously ousted from the firm, has given up an attempt to buy the firm for about $650 million (after it had been valued in its heyday for tens of billions of dollars). Three years after leaving WeWork, Neumann launched Flow in 2022, a real estate venture focused on residential living, and complete with digital wallets.
\nCEO and co-founders often are likened to visionaries \u2014 known for taking risks where others may not dare to tread. Reinvention is part of the lore. For Synapse, and for Pathak, the next chapter looms.
\nThe post Is Former Synapse CEO Already Moving on With a Robotics Startup? appeared first on PYMNTS.com.
\n", "content_text": "To paraphrase a famous F. Scott Fitzgerald quote, there are no second acts in life.\nThe Gatsby scribe had never met a tech CEO. The business landscape is populated with stories of reinvention, and in some cases, with business leaders who \u2014 for lack of a better phrase \u2014 \u201ckeep on truckin\u2019\u201d and leave failed, or failing, companies behind while boldly moving onto something else.\nNews came Thursday (June 13), through a variety of media outlets including CNBC, that Foundation Robotics Labs is in the process of raising funds for a reported $11 million seed round. And it\u2019s worth noting that the robotics startup counts as a co-founder none other than Synapse\u2019s former CEO Sankaet Pathak. The startup\u2019s seemingly all of two months old, and we note that there already seems to be some controversy around the funding activities.\nControversies Over Funding and Commitments\nCNBC reports that as it seeks to raise the last $1 million of the $11 million funding, Foundation Robotics has claimed (to would-be investors) that it would be on the receiving end of an investment from General Motors. The auto giant was also reportedly in the midst of a data collection pact with the robotics firm and had supposedly committed a $300 million order\u2026 all of which has now been publicly denied by GM.\n\u201cGM has never invested in Foundation Robotics and has no plans to do so,\u201d a GM spokesman told CNBC. \u201cIn fact, GM has never had an agreement of any kind with the company. Any claims to the contrary are fabricated.\u201d\nPathak is of course the same executive who this week weighed in at a creditor hearing that Synapse may have commingled funds \u2014 end user funds, FinTech partner funds and Synapse\u2019s own operating monies \u2014 in accounts held with Evolve. As we reported this week, it can be tough to sort out the commingled holdings to determine who owns what \u2026 and by extension, how, when and whether an $85 million shortfall in end users\u2019 holdings will be recovered and restored to their rightful owners.\nIt remains to be seen what happens with either firm \u2014 Synapse, which may impact the lives of hundreds of thousands of FinTech customers, or Foundation Robotics. As the latter firm launched this year \u2014 well after Synapse began laying off staff late last year after losing one of its largest clients, Mercury \u2014 the read across is that Pathak is looking toward what\u2019s next.\nAnd there\u2019s an echo here. Just last month, as noted in this space, WeWork has been moving through bankruptcy and its co-founder Adam Neumann, previously ousted from the firm, has given up an attempt to buy the firm for about $650 million (after it had been valued in its heyday for tens of billions of dollars). Three years after leaving WeWork, Neumann launched Flow in 2022, a real estate venture focused on residential living, and complete with digital wallets.\nCEO and co-founders often are likened to visionaries \u2014 known for taking risks where others may not dare to tread. Reinvention is part of the lore. For Synapse, and for Pathak, the next chapter looms.\nThe post Is Former Synapse CEO Already Moving on With a Robotics Startup? appeared first on PYMNTS.com.", "date_published": "2024-06-13T14:27:24-04:00", "date_modified": "2024-06-13T14:27:24-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/Synapse-CEO-startup.png", "tags": [ "bankruptcy", "Foundation Robotics Labs", "general motors", "GM", "News", "PYMNTS News", "robotics", "Sankaet Pathak", "startups", "Synapse", "Technology", "Business" ] }, { "id": "https://www.pymnts.com/?p=1956884", "url": "https://www.pymnts.com/business/2024/report-seo-firm-yext-considering-sale-after-attracting-takeover-interest/", "title": "Report: SEO\u00a0Firm Yext Considering Sale After Attracting Takeover Interest", "content_html": "Search engine optimization (SEO) firm Yext is reportedly considering\u00a0a sale.
\nThe company has hired investment bankers after attracting takeover interest, Reuters reported Friday (June 7), citing unnamed sources.
\nIt is only in the early stages\u00a0of exploring a sale and it may choose not to proceed with any deal, according to the report.
\nReached by PYMNTS, Yext declined to comment on the report.
\nThe firm\u2019s shares have lost more than half their value over the last 12 months amid a decline in revenue, intense competition\u00a0and advancements in artificial intelligence (AI), the report said.
\nYext will release its latest quarterly results Monday (June 10), according to a May 29 press release.
\nIn May, the company introduced a solution called Listings Recommendations that uses AI to provide actionable insights and advance to help brands enhance their search strategies.
\nThe solution provides proactive recommendations, insights supported by data science and listings monitoring that identifies underperforming business listings and suggests ways to improve them.
\n\u201cWith the ability to give customers deep insights and take action\u00a0much faster, it\u2019s\u00a0a new day in the listings space,\u201d Jason LaFollette, chief technology officer at Yext, said in a May 13 press release announcing this new offering.
\nIn March, Yext expanded its service and support portfolio to include a new customer success program featuring a team of digital marketing experts who use AI to identify insights and solutions to help customers capitalize on opportunities.
\nBusiness leaders are rethinking their digital strategies after Google\u2019s latest unveiling of AI-powered search tools sent ripples through the business world, PYMNTS reported in May.
\nCompanies are struggling to understand and adapt to the tech giant\u2019s new features that promise to disrupt online information retrieval.
\nAnother player in the SEO space, Constructor, unveiled a solution in July designed to optimize product discovery and search relevance on its platform for enterprise eCommerce companies.
\nThe company\u2019s Attribute Enrichment combines raw product catalog data with buyer\u2019s behavioral data to correct and auto-enrich product attributes.
\nAmong the benefits of this solution are more accurate product descriptions that increase their SEO rankings.
\nThe post Report: SEO\u00a0Firm Yext Considering Sale After Attracting Takeover Interest appeared first on PYMNTS.com.
\n", "content_text": "Search engine optimization (SEO) firm Yext is reportedly considering\u00a0a sale.\nThe company has hired investment bankers after attracting takeover interest, Reuters reported Friday (June 7), citing unnamed sources.\nIt is only in the early stages\u00a0of exploring a sale and it may choose not to proceed with any deal, according to the report.\nReached by PYMNTS, Yext declined to comment on the report.\nThe firm\u2019s shares have lost more than half their value over the last 12 months amid a decline in revenue, intense competition\u00a0and advancements in artificial intelligence (AI), the report said.\nYext will release its latest quarterly results Monday (June 10), according to a May 29 press release.\nIn May, the company introduced a solution called Listings Recommendations that uses AI to provide actionable insights and advance to help brands enhance their search strategies.\nThe solution provides proactive recommendations, insights supported by data science and listings monitoring that identifies underperforming business listings and suggests ways to improve them.\n\u201cWith the ability to give customers deep insights and take action\u00a0much faster, it\u2019s\u00a0a new day in the listings space,\u201d Jason LaFollette, chief technology officer at Yext, said in a May 13 press release announcing this new offering.\nIn March, Yext expanded its service and support portfolio to include a new customer success program featuring a team of digital marketing experts who use AI to identify insights and solutions to help customers capitalize on opportunities.\nBusiness leaders are rethinking their digital strategies after Google\u2019s latest unveiling of AI-powered search tools sent ripples through the business world, PYMNTS reported in May.\nCompanies are struggling to understand and adapt to the tech giant\u2019s new features that promise to disrupt online information retrieval.\nAnother player in the SEO space, Constructor, unveiled a solution in July designed to optimize product discovery and search relevance on its platform for enterprise eCommerce companies.\nThe company\u2019s Attribute Enrichment combines raw product catalog data with buyer\u2019s behavioral data to correct and auto-enrich product attributes.\nAmong the benefits of this solution are more accurate product descriptions that increase their SEO rankings.\n\nThe post Report: SEO\u00a0Firm Yext Considering Sale After Attracting Takeover Interest appeared first on PYMNTS.com.", "date_published": "2024-06-07T20:08:12-04:00", "date_modified": "2024-06-07T20:08:12-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/Yext.jpg", "tags": [ "acquisitions", "Business", "digital transformation", "ecommerce", "News", "PYMNTS News", "search engine optimization", "seo", "What's Hot", "Yext" ] } ] }