This week in Fintech- AppZen and HighRadius expanded their executive teams, Splitit bagged funds, and CardFlight unveiled the results of their latest survey. Let’s see who else made the headlines this week.Â
AppZen Adds Ali Sadat as Vice President of Product
As part of the company’s recent leadership expansion, AI solutions provider, AppZenOpens a new window , announced the addition of Ali Sadat as the new vice president of product. Sadat joins the executive team with almost 20 years of experience in bringing innovative products to the market.
Rick Natividad Joins HighRadius as Vice President of Consulting
Fintech enterprise, HighRadiusOpens a new window , added Rick Natividad as vice president of consulting, North America. He will put 25 years of experience to rapidly translate technology into quantifiable business value. Before this, Rick was the VP-Americas Head for SAP Transformation and Delivery at HCL.Â
Splitit Raises $71.5M for Growth Acceleration
Global payment platform, SplititOpens a new window , announced that it has raised $71.5 million in a private placement and share purchase plan (SPP). Splitit is a payment platform that enables customers to pay installments via their credit cards, by splitting credit card purchases into interest and fee-free monthly payments.
Billtrust Adds BPN 3.0 for ACH
B2B order-to-cash solutions provider, BilltrustOpens a new window , announced the addition of BPN 2.0 to ACH, a wire that delivers the ability to digitize commercial transactions for participants by adding support for ACH and wire transactions. Unlike traditional payments, BPN ensures that every payment arrives with data.
CardFlight Studies the Impact of COVID-19 on Small Businesses
CardFlightOpens a new window , a SaaS payment technology company, unveiled the results of a survey that studied the impact of COVID-19 on small businesses in the US. It surveyed around 250 business owners and employees and found that there has been a revenue loss for 75% of respondents since March and 33% have faced issues with suppliers. 21% of respondents reported that they had to lay off or furlough their staff within Q2.
COVID-19 Pandemic Has Surged Contactless Payments: National Retail Federation Report
A reportOpens a new window released by National Retail Federation and Forrester has revealed that the COVID-19 pandemic and an increased fear of touching an unknown surface have led to an increase in mobile payments and contactless credit or debit cards. No-touch payments have increased by 69% since January, and 94% of respondents said that this trend will only surge over the next 18 months.
Small Businesses Adopting New Ways To Address COVID-19 Changes: Visa Study
This week, VisaOpens a new window published the Visa Back to Business Study, which highlights significant changes in the way businesses operate and consumers buy. The study revealed that 78% of customers had changed their mode of payment and 67% of SMBs had tried new payment methods.
WePay Report Unveils Payment Issues Faced by Small Businesses Amidst Pandemic
Software and payment company, WePay in its State of Small Business Payments 2020 surveyOpens a new window , has unveiled that despite increased spend on technology in recent years, businesses are still spending a considerable amount of time on payment issues. 62% of respondents said that they are likely to switch to a bank and software company, while 43% wanted to switch to a software company. 28% of respondents said they were planning to change their payment system in the upcoming year.
Bill Clerico, CEO of WePay and Head of Small Business Products at Chase Merchant Services, while speaking to Toolbox, said, “We wanted to know more about what small businesses are thinking – about payments, financial institutions, and technology. We surveyed a thousand business owners and learned that even though small business owners have increased their technology spend in the past two years, 39% say they still spend five hours or more per week dealing with payment issues. While this data was collected before the COVID-19 pandemic, most of the findings are still relevant. In fact, payment issues haven’t gone away at all. What the data shows is clear: small businesses have an appetite to embrace the power of integrated payments. Our payments expertise and the scale of JPMorgan Chase give us the ability to help ISVs, and SaaS providers achieve their revenue goals and enhance small businesses’ experience.â€
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