Tag Archives: Business funding

The future of startup cryptocurrency Ripple hangs on the SEC’s case | Instant News

Brad Garlinghouse, Ripple’s chief executive, last year publicly contemplated at the World Economic Forum in Davos, Switzerland, the initial public offering for the San Francisco startup.

The company recently raised about $ 200 million in a venture funding round led by Tetragon Financial Group, with a valuation of $ 10 billion. The value of its flagship product, a cryptocurrency called XRP, has fallen over the previous year. But Ripple is poised to rebuild the infrastructure for cross-border trade, said Garlinghouse, promising that its future is bright.

A year later, the IPO was canceled. Instead, Ripple’s future hinges on the judge’s decision in a civil suit filed in December by the Securities and Exchange Commission.

Regardless of the outcome, this case is expected to set a major precedent for how US regulators create rules and laws covering cryptocurrencies. It also highlights a broader truth about most digital currencies: Beyond the two largest, bitcoin and ether, most of the hundreds of others have struggled to find utilitarian value beyond speculation.

At the heart of the SEC’s suit is the debate about XRP, a bitcoin-like digital asset created by the founder of Ripple that will grow to become the world’s third-largest cryptocurrency. It is designed to be part of a network that will help banks cut costs in cross-border transfers. The related software, however, never gained traction, the SEC accused, leaving XRP with no apparent purpose, other than to funnel sales to Ripple.


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Visa’s card-issuing platform conductors raised $ 150 million | Instant News

São Paulo, Brazil-based payments fintech Conductor Technology has raised $ 150 million in a private equity round led by Viking Global Investors.

Joining Viking Global in a fundraising campaign is carried out by Advent International affiliate, Sunley House Capital. The new shareholders have joined the company’s existing institutional investors, Riverwood Capital and Visa. The funds will be used to accelerate product development and continue its international expansion throughout Latin America. In July, Conductor was acquired Muxi, Latin American POS terminal providers. At the time of the Muxi acquisition, Conductor reported having annual sales of 400 million rials (approximately $ 70 million).

“The company’s mission is to modernize and democratize the payment pile in Latin America,” Antonio Soares, CEO of Conductor, said in a press release. “We’ve grown our business 10x in the last few years, and we’re just getting started. With this capital injection, we will accelerate our product investment to open up great future opportunities in Brazil and throughout Latin America. “

Visa made a strategic investment in Conductor in 2018 to help the startup expand its issuer-focused solutions for tokenizing payments via mobile wallets, improve access to the Visa API, expand the use of push payments with Visa Direct, and increase acceptance of digital payments among small businesses.

Conductor serves banks, fintechs, retailers and companies with a cloud-based open API platform that provides card issuance and processing, as well as banking-as-a-service in Brazil and Latin America. The company processes $ 20 billion annually for 85 million registered accounts, of which 30 million are considered active. Conductor claims they handle 1.5 billion transactions per year with an authorization peak at 500 transactions per second in current production.

Based on Report Linker, Brazil’s credit card penetration rate is among the highest in Latin America and has shown strong growth as a result of the growth of e-commerce.


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