This week, Lombard Odier Investment Managers announced that it will invest in companies working in the tokenization space, while the Los Angeles government announced that it is working with private sector banks to strengthen the payment infrastructure.Â
Lombard Odier Investment Managers To Invest $250M in Tokenization
Lombard Odier Investment ManagersOpens a new window , the asset management arm of the Swiss private bank, is looking to invest in companies working in the space of tokenization. The company has amassed a $250 million fund in assets since May despite the current market situation. Lombard Odier has already invested in a consultancy and software company, whose names have not been disclosed.
Government Joins Hands With Private Sector To Speed Payments
The ongoing pandemic made it difficult for the governmentOpens a new window to reach citizens for payments, tax, refunds, and other financial processes due to lack of infrastructure. To overcome this hurdle, the Los Angeles government has turned to the private sector for support. It is working with Mastercard and economic-development non-profit Accelerator for America to collect private donations via text messages and distribute funds to qualified residents. The government will continue working with private payments companies to broaden access to financial services even after the crisis subsides.Â
Cboe Global Markets To Acquire BIDS Trading
Market operator and global trading solutions, Cboe Global Markets, has agreed to acquire broker-dealer and the operator of the BIDS Alternative Trading System (ATS), BIDS TradingOpens a new window . The companies have been working together since 2016 to create Cboe LIS, a European equities block trading venue.
Square Announces General Availability of Developer Tool
Mobile payments company, Square, announced the general availability of its newest developer tool, Terminal API. The new tool will enable developers to connect Square TerminalOpens a new window , an all-in-one card payments device, to their POS, ERP, or practice management system. It is independent of the platform or operating systems of development.
Finance News: Mastercard, Oracle, and Visa Announce New Partnerships
Spendesk Bags $18M in Series B
Spend management software, SpendeskOpens a new window , announced its Series B funding round with an $18 million investment, made by Eight Roads Ventures. This funding brought the total funding of the company to $68.5 million. The company also welcomed Joseph Smith as the new CRO. Spendesk is a smart spend management software designed for both finance teams and employees.
Alpaca Raises $10M Led by Portag3
AlpacaOpens a new window , the makers of a developer-first API for stock trading, announced its Series A funding round with $10 million. Portag3 led the funding round with previous investors, Social Leverage, Spark Capital, Fathom Capital, and Abstract Ventures. The company previously raised a $6 million pre-seed and $6 million seed round in November last year.
Varo Bank Unveils New Loan Product
Varo BankOpens a new window , a digital bank, announced a new product named Varo Advance. It is a small-dollar loan product that enables qualified Varo account holders an advance of up to $20 for free, with a maximum charge of $5 for a $100 advance, which the customers can repay within a 30-day window.
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