Social Inflation Risk To Directors and Officers

The speed at which the coronavirus has spread around the world illustrates the effectiveness of globalisation. In just a few months, one virus in China has infected 2.2 million people and reached over 180 countries. It isn’t just viruses that travel at this speed. Globalisation and greater global connectivity have allowed social trends to travel from backwater to high-rise within hours, and therein lies one of the major risks facing today’s Directors and Officers.

The spread of social inflation

Trust in corporates and politicians has been undermined by the perfect storm of financial crisis, political scandal and poor corporate practice, among other themes. This social trend may have started small, but globalisation has allowed it to reach every corner of the globe. We’re now seeing an exponential rise in litigation action against corporates and their Directors and Officers, supported by the tailwind of increased third-party litigation funding. The trend is known as social inflation: an increased rise in claims as the same social trends are repeated throughout the world, and it’s something a Director or Officer can insure against.

Repeated failure

The economic instability and anti-corporate sentiment that followed the 2008 global financial crisis gave rise to societal unrest. Those that lost their livelihoods and homes wanted answers and they didn’t trust the mainstream politicians to provide them. Society began to look to the politicians who broke the mould and suddenly support had risen for populist parties across the globe. As society looked for answers in a new political landscape, they also became less enamoured by the corporate machine that powered the wheels that drove the financial crisis in the first place.

This dissatisfaction with corporate culture and the political mainstream has coincided with a rise in social empowerment and third-party litigation funding, giving this anti-corporate sentiment serious financial and crowd backing. Third-party litigation funding is now a significant industry in itself and one which is reshaping litigation around the world. In 2019, the management of Burford Capital (one of the leading litigation funders) felt the might of the crowd as it was targeted by Muddy Waters, the infamous short seller, resulting in a 50% drop in their share price. There is serious weight to the threat of social inflation, no one is immune.

Implications and actions

This trend has now reached every corner of the corporate landscape and with it, a significant rise in the potential for litigation. In many jurisdictions around the world, if the decisions made by directors and officers of corporations lead to adverse outcomes for the company or its stakeholders, those individuals can now be held personally liable. The personal consequences are more acute if Directors and/or Officers can be shown to have acted in an imprudent or unprofessional manner. As such, Directors and Officers must be more vigilant than ever to follow best practice and ensure good corporate governance is at the heart of their business.

This is a challenge at the best of times, but under remote working and times of crisis this will be even more difficult, with lines of communication and protocol inevitably overlooked or sidestepped in the need to respond. This causes immediate risk.

Directors and Officers that are doing all they can to promote best practice, act with necessary and appropriate due diligence, and operate with corporate social responsibility at the core of their organisations culture will be less likely to fall foul to such forces. Boards can go further to protect Directors and Officers by taking out Directors and Officers insurance to offer indemnity against many of the issues they face.

In light of this rising trend, buyers of Directors and Officers insurance should seriously consider the adequacy of their limits of indemnity and review their wider insurance position.

About Elmore Insurance Brokers
Elmore Insurance Brokers Limited advises its clients to actively manage risk to manage down premiums. Insurance is a partnership between businesses and insurers. This partnership can be significantly enhanced by focused engagement to understand and implement information security risk management best practice, which includes cyber insurance. Written by Simon Gilbert, Founder & Managing Director, Elmore Insurance Brokers Limited,

Frost & Sullivan forecast shows online car sales to reach 6 million by 2025

Frost & Sullivan forecast shows online car sales to reach 6 million by 2025

Online retail is rapidly disrupting dealerships as a preferred method of selling cars, with direct online sales expected to surpass 11 million by 2020 and reach 6 million by 2025, according to a report from Frost & Sullivan. 

Online sales reached in 618,000 in 2018, which was double the figure in 2017. The firm says that original equipment manufacturers are able to keep prices low, while quickly introducing the cars to market by selling directly.

“The popularity of the e-commerce model among the younger audience and the success of Tesla’s online retail strategy is likely to encourage other automakers to explore online retail beyond just pilots,” Isaac Abraham, senior consultant, automotive retail and business strategy, said in a release from Frost & Sullivan. “With the emergence of novel purchase models such as vehicle subscription and short-term leases, the dealership of the future is expected to become more experience centric.”

He said that Alibaba is expected to take the lead in China, selling through various partnerships. Hyundai is expected to launch its own in-house program in the U.K., Canada and Singapore. Meanwhile, a firm called Polestar is expected to launch a program in North America through its Volvo dealership network. 

Cover image courtesy of Frost & Sullivan.

Topics: Online Purchasing, Retail, Technology Providers, Trends / Statistics

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Grab to invest $500M in Vietnam to boost payments, mobility, last-mile delivery

Grab to invest $500M in Vietnam to boost payments, mobility, last-mile delivery

Grab plans to spend $500 million to boost its food delivery, payments and ride-sharing busineses.

Grab Holdings, the Southeast Asian ride sharing, food delivery and payments app, is investing $500 million over a five-year period in Vietnam, part of a massive plan to grow the country’s digital economy and increase the level of financial inclusion among workers.

The funding will be used to expand Grab’s transport, food and payments business in Vietnam, and explore new opportunities in fintech, mobility solutions and the logistics industry. 

Grab, which has operated in the country since 2014, has grown into the leading super app in Vietnam. Grab Food has 300,000 daily orders and Grab drivers have earned more than $1 billion, while its payments partner, called Moca, has grown into one of the nation’s largest mobile payment apps. 

“We will use the investment to roll out new services in the country, such as ticketing, groceries and multi-modal solutions, and scale our transport and food business and increase the adoption of cashless payments via our partner Moca,” a spokesman told Mobile Payments Today via email. “Our investment in new mobility solutions, fintech and logistics, would either involve investing in startups holding those core competencies or investing in the development of promising solutions and services for the country.”

As part of the announcement, Grab said it will partner with Sovico Group, a Vietnamese conglomerate, to invest in logistics and mobility in order to grow first and last-mile delivery in Vietnam.

The announcement comes one month after Grab announced a similar $2 billion investment in Indonesia using funding from SoftBank. 

Cover photo: Courtesy of Grab


Topics: Financial News, In-App Payments, Mobile Apps, Mobile/Digital Wallet, Region: APAC, Restaurants, Venture Capital

Companies: Grab

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Gemini crypto exchange led by Winklevoss names Damato as CSO

Gemini Trust Co., a cryptocurrency exchange led by the Winklevoss brothers, has named David Damato, the former chief security officer at Tanium, as its new CSO. 

While at Tanium, Damato was in charge of building and managing a team that handled security for major Fortune 500 companies, banks and government agencies around the world. He previously was a member of the leadership team at Mandiant, a cybersecurity firm that was later acquired by Fireeeye. 

“Security is the bedrock of our culture and Dave adds to that legacy,” Tyler Winklevoss, CEO of Gemini, said in a company release. “His depth of security knowledge and experience defending global networks will be invaluable as we continue to build the market’s most secure cryptocurrency offering.”

Geminii in June announced that it would open an engineering center in Chicago

Image courtesy of Tanium

Topics: Bitcoin, Security

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Groupon Select membership launches with special discounts and perks for insiders

Groupon Select membership launches with special discounts and perks for insiders

Groupon announced the launch of Groupon Select, a membership program that gives special customer discounts and insider perks to members, for a price of $4.99 per month. 

The company said the Groupon Select program is designed to boost user engagement and increase purchase rates on a range of purchases, with special discounts of up to an additional 25% off local activities, restaurants and spas. The program provides lower discounts on other purchase categories, including 10% off trips and events. Member discounts are applied automatically and don’t need promotion codes added during checkout. 

“Groupon Select is the best way to experience Groupon today and discover even more value on local services, experiences and goods,” Rich Williams, Groupon CEO, said in a company release. 

Groupon is offering a 50% discount off a single item for existing and new Select members. 

Cover image courtesy of Groupon.

Topics: Loyalty Programs, Mobile Apps, Mobile Payments, Retail

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Why the insurance industry has fallen behind on the digital highway

Why the insurance industry has fallen behind on the digital highway

By Christian Wiens, founder and CEO, Getsafe

Insurance by smartphone — younger customers today in particular want digital solutions. Insurtechs have recognized this customer need and the established insurance companies are following suit. The industry is on the verge of upheaval. The technological potential is massive, and so are the challenges.

Digitalization has reached the insurance industry later than in other sectors. The pressure is coming particularly from the customers themselves: They expect a consistently digital insurance experience, starting with the conclusion of the contract, through consulting, to the reporting and settlement of claims.

The established insurance companies are aware of these customer expectations, but consistent implementation is still missing. Most processes are still paper-based; contractual changes must be made in writing; many employees spend most of their working time on trivial copy-paste tasks. This is time-consuming and ties up resources. Repetetive work processes are also more prone to errors, as employees become tired and less able to concentrate over time.

At the same time, the potential for the use of new technologies is enormous: many customer enquiries, damage reports or data analyses could theoretically be standardized and automated – ideal prerequisites for using intelligent machines.

According to several studies by strategic consultancies, the consistent automation of manual processes and the use of new technologies could increase premium income by almost 25 percent and simultaneously reduce costs by almost 30 percent. According to experts, the greatest savings are possible in claims settlement and acquisition costs.

For most established insurers, meeting changing customer expectations and fully exploiting the potential of digitisation is a mammoth task. They are not lacking in willpower, but the hurdles are great.

On the one hand, life, health and property & casualty insurance sectors are often separated into independent legal entities, which often work with different IT systems. On the other hand, cost and competitive pressures in recent years have led to smaller insurance companies being bought up by the “big ones” without integrating the IT infrastructure. The result is a patchwork of incompatible hardware and software in which customer data cannot be exchanged within a group or across multiple departments or divisions. Under these circumstances, it is difficult to realize a digital customer experience.

In addition, most insurers work with brokers who, in turn, know their customers’ lives much better than the insurers themselves. The motor insurer knows what kind of car the customer owns, the liability insurer at least knows the family circumstances, the household contents insurer can draw conclusions about the income and assets of the customer. But even full insurers do not have an infrastructure that allows them to bundle customer data over the entire contract term and all interfaces. In particular, the question of where customers come from remains unanswered despite cooperation with brokers.

Insurtechs, on the other hand, have two decisive advantages here: they build their insurance solutions without any inherited burdens, so to speak “on a greenfield site”. Obsolete IT infrastructure, sceptical employees who act according to the motto “We’ve always done it this way” —  a foreign word in startups. Agility is the order of the day here, and while established insurers need months — if not years — to introduce new software, Insurtechs spurn reflection in favour of implementation. The (partially blind) activism of the “boys” may cause head shaking among established insurers – but it is also clear that their speed is an important strength.

Companies such as Lemonade in the USA, Bought By Many in Great Britain and Getsafe in Germany are working intensively on platforms with which they can record and analyse customer data in a structured manner. Not only do they lay the foundation for feeding self-learning algorithms with classified training data, they also manage to make the insurance experience simple, transparent and digital.

Figuratively speaking, a manoeuvrable and partly D.I.Y. sailing ship is competing against a giant steamship. The steamship has an experienced crew, well-rehearsed processes and a venerable captain who has proven his skills over many years — but the sailboat sets the pace and the course. The steamer can better withstand a storm on the high seas, but as long as the sea remains calm, it will reach its destination much later than the manoeuvrable sailboat, despite its much greater power. And: Due to its more precise data, the sailboat may not even run into the danger of a storm.

It will remain exciting to see who wins the race in the future: the steamship or the sailboat. The way data and technology is handled will be decisive. Only those who make their internal processes more efficient and at the same time meet the needs of their customers will be able to assert themselves in the markets of the future.

Cover photo: iStock











Topics: Bill Payment, Mobile Payments

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Finix raises $17.5 million led by Bain to expand payments infrastructure platform

Finix Payments Inc. announced that it raised $17.5 million in Series A funding led by Bain Capital Ventures along with Insight Venture Partners, Aspect Ventures and Visa. 

The San Francisco-based payments infrastructure platform plans to use the funding to accelerate product development and sales. 

“Payments technology has reached an exciting tipping point, ” Richie Serna, founder and CEO at Finix, said in a company release, noting that Lyft, Airbnb and Mindbody have high valuations in part due to their own payments stacks. 

“Our mission is to provide the foundation for the next generation of multi-billion dollar payments businesses by empowering them to become payments facilitators in months, not years.”

Finix claims that it can help businesses become payments facilitators in as little as two months, at a fraction of the average cost of $3 million to $5 million that it costs to build a system from scratch. 

Topics: Mobile Payments

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FitPay, CPI Card Group enter deal for integrated contactless payment device

CPI Card Group Inc. said it entered an agreement with FitPay to combine its Adaptives embedded contactless technology with FitPay’s contactless payment device, called Flip. 

Flip allows consumers to make purchases at millions of retail locations that accept contactless payments. Flip is linked to FitPay’s digital wallet, which allows consumers to store and manage funds from traditional bank accounts, bitcoin wallets and other payment sources. 

“Along with the shift to contactless payments, we’re also seeing an evolution in consumers’ relationships with their wallets,” Jack Jania, vice president of product management and innovation at CPI Card Group, said in a company release. “People went from paying with cash to mostly paying with cards.”


Topics: Contactless / NFC, Mobile Apps, Mobile/Digital Wallet

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CurrencyCloud Raises New Capital in Series E

Currencycloud is believed to have raised around $40 million (£32 million) in the first part of a Series E funding round, Jane Connolly writes in Fintech Futures (Finovate’s sister publication).

TechCrunch reported that the London-based company, which provides an API and service for cross-border payments, plans to follow tranche one with more funding in the next two or three months.

According to TechCrunch’s sources, Goldman Sachs is rumored to be taking part, along with other possible investors GV and Santander. Currencycloud has declined to comment.

Currencycloud undertook a Series A round in 2011. The company operates across Europe, the U.S. and Canada, and includes Visa, Starling Bank, Standard Bank South Africa, Travelex and Klarna among its clients.

With offices in Amsterdam and New York, Currencycloud demonstrated its technology most recently at FinovateSpring 2018.

Facebook announces 32 job openings for blockchain

The social media giant Facebook has listed 32 job openings related to blockchain technology. The listings include programmers, financial accountants, data scientists and technology communications, according to the postings.

Facebook recently announced itsLibra cryptocurrency, which users will store on a wallet called Calibra. The job listings range from researchers to engineers to legal experts.

Congress hasrecently requested that Facebook halt development on Calibra and Libra until representatives have time to examine the products. This is due to previous privacy breaches alleged misuse by the social media company.

Topics: Bitcoin, Mobile/Digital Wallet, Regulatory Issues, Social Media

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OPAL IS Launches Replatforming Guidance for Banks and Insurers

Fintech solutions developer OPAL IS, part of OPAL Group, has launched guidance for banks and insurers to replatform more efficiently. Based on the group’s 35 years of experience, OPAL IS has highlighted three key themes of which financial providers need to be aware before embarking on a replatforming in order to make it fast, cost effective and secure.

1. Keep innovation outside of the legacy system

Keep the build outside of the legacy system in a ring-fenced development area, don’t mix the two together from the start. At the very least take a hard look at the benefits of migration versus cost and risk. What is required is a step by step development over a period of time with measurable milestones, triggers and reactions to the market. This reduces complexity so the focus is on the immediate needs for new products. There is less customer disruption and lower cost and risk because there’s no change to the existing systems and no data migration initially.

We know that what financial providers want to do is to deliver client solutions digitally and at pace.

2. Understand what problem you’re trying to solve to manage risk

Look through the ‘right end of the telescope’ by being clear what problem are you trying to solve? Do you need a new platform or do you need to launch new, competitively priced, attractive products in the channels that customers want to buy them in? Understand how best to keep distribution channels happy, maintain customer service levels, all while testing, learning and retesting. If the focus is cost and risk management, for example, keep in mind that old, complex books of business with very low customer volumes are not a priority where the risks outweigh the benefits and the key problem is how to deliver new products digitally rather than worrying about migrating old books. In these situations, OPAL suggests a selective approach to replatforming.

3. Assemble a specialist team with a proven track record

In-house teams often struggle with the specialist needs of replatforming projects. Build a team that will focus on the three main drivers in developing digital platform solutions – flexibility, speed and quality of build. Building new digital platforms and replatforming existing data doesn’t have to be fraught with complexity and doomed to failure. It just needs to be fully assessed in advance and then broken down into practical and manageable sections, but doing it efficiently, on time and to budget only comes with experience.

Eoin Lyons, OPAL Group CEO, said: “The last year has seen plenty of headlines about the bad experiences of banks and insurers when building and migrating to new platforms. Despite a huge budget, some of the biggest names failed to deliver, leaving clients locked out of new systems and budgets overrunning.

We know that what financial providers want to do is to deliver client solutions digitally and at pace. However, they are not always clear how best to do that and we believe our three rules should be front of mind when embarking on a replatforming project.“

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Aurora Chain Unveils Upgradable Blockchain Network

Public blockchain Aurora Chain has published a new feature – Upgradable Block, which brings more flexibility and utility to the public chain landscape. Developers using Aurora chain will be able to enjoy the latest features that Aurora brings and reduce cases of hard forking.

Hard forking has been a prevalent issue during the blockchain industry’s short history. Bitcoin alone has more than 6 hard forks including Bitcoin Classic and Bitcoin Cash. Furthermore, the already forked Bitcoin Cash forked again last year by it’s two major mining pools, creating BCHABC and BCHSV.

While hard forks can be a good way to gain attention in social media, ultimately it lowered the utility of bitcoins and undermined its mining capability. For more up-to-date and advanced blockchains, this could potentially be catastrophic. As a result, the Aurora tech team developed a solution that can reduce this risk.

The solution requires mining agents or agent candidates to vote for upgrading the blockchain within a 14 day limit. When votes for an upgrade exceeds the total number of voting agents and agent candidates, this upgrade passes and a block height will be chosen for implementing the new upgrade.

An upgrade should include URL of the version released on Github, the version code, description of the update and md5 information of the new upgrade.

When the upgrading program on the network receives an upgrading request, it will automatically retrieve the new release and proceed to verify this version. Once the verification is successful, the test network will be activated.

“This is a major step for us, we’ve been aware of the scalability issues that the industry is facing.”

Users can try this new version on the test network. If any problems or glitches occur before the implementation of the release, the agent that requested the upgrade can put the upgrade to a halt. Until the halt is revoked, the upgrade will not be carried out even if the network reaches the agreed block height.

The solution has two smart contracts and an upgrade control:

Smart contract A manages the upgrade smart contract, which is smart contract B. It can substitute the old version of the blockchain code with the new one

Smart contract B regulates the process of voting and retrieving of an upgrade. It supervises 5 major parts of the solution:

  1. Agents and Agent node candidate votings
  2. Other mining agents or agent candidates participating in the voting process
  3. The upgrade is passed when “Yes” votes exceed 2/3 of the total number of the mining agents and agent candidates
  4. The agent that requests the upgrade can halt the upgrading process in case of emergency
  5. The agent that requests the upgrade can resume the upgrading process

Upgrading control has three purposes:

  1. To oversee the whole network, supervise the initiation, processing, and pausing/abandoning the upgrade.
  2. Monitor the communication between contract A and contract b,
  3. Optimize the concurrence of Testnet and Mainnet.

Aurora chain CEO Aqua Zhao commented:

“This is a major step for us, we’ve been aware of the scalability issues that the industry is facing. Our network is already faster than most public chains, however ‘Upgradable Blockchain’ further boosts our scalability and utility.”

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Fintech Alliance Closes Partnership with Delio to Power Funding for Startups Directly Through its Platform

Fintech Alliance, a digital platform launching on 10th June to unite both the UK and the global financial technology sector, has announced a partnership with Welsh startup Delio, a private asset investment infrastructure as a service company, to power its funding feature. The deal will enable startups within the alliance’s community to access important routes to funding directly through the organisation’s website.

Fintech Alliance was announced in late April by the Rt Hon Philip Hammond MP, Chancellor of the Exchequer, and in partnership with the Department for International Trade (DIT), to bring together the strengths of the UK’s Fintech ecosystem in one destination. The platform officially launches on 10th June and is built on providing opportunity and education to those working in the Fintech sector.

One of the core missions of the Fintech Alliance is to enable the FinTech ecosystem to continue to grow across the UK. Funding plays a key role in this, and the partnership with Delio will enable the platform’s community to connect with investors and capital directly.

For both Fintechs looking for funding and for high net-worth investors looking for funding opportunities the process of using the platform is straightforward. Once registered, companies can post a project they seek to be funded, including details and relevant documents. When the project is approved, they are able to track investor engagement via a dashboard and interact directly with investors that are interested. The investment portal gives investors a truly end-to-end solution, from distribution to execution all the way through to portfolio reporting. Delio already provides its technology to companies like ING and Barclays.

One of the core missions of the Fintech Alliance is to enable the FinTech ecosystem to continue to grow across the UK.

Alastair Lukies CBE, Member of the Prime Ministers Business Council and Chair of FinTech Alliance, said: “The Alliance is here for the whole of the UK so we are thrilled to have such a prominent Welsh Fintech, Delio, on board, helping us build a crucial functionality into our platform.”

Gareth Lewis, Co-Founder and CEO, Delio, added: “At Delio, we already work with a wide range of firms to provide effective digital private market solutions. Given the importance of the UK Fintech sector, we are really excited now to provide the Fintech Alliance with our platform. Using it will help companies and investors match the best funding opportunities and, in turn, power the continued growth of UK Fintech.”

Individuals or a company can build a profile on the Fintech Alliance, where users will be able to access and share a wealth of insight and news across the platform, connect with investors, receive updates on the latest policy and regulatory changes, and find the talent they need in order to scale.

Individuals can register for free and businesses have to pay a monthly subscription or annual fee for a presence on the Fintech Alliance’s platform. The profits made by the organisation will be used to drive further initiatives and support pre-existing organisations in the UK Fintech community.

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New Fears Over China’s Regional Banks As EY Quits

China’s community banks are raising new fears over the health of the industry after auditor Ernst & Young resigned from its work with regional bank Bank of Jinzhou.

The Wall Street Journal reported Monday (June 3) that EY submitted its resignation letter to the bank after the institution did not provide sufficient documentation over certain loans under review by EY. Reports noted that EY found evidence that proceeds from the loans may not have been used for their stated purpose, and according to a filing from the bank, Bank of Jinzhou could not reach an agreement with EY to resolve the issue.

Reports said the decision for EY to quit is the latest event to raise concerns over China’s community banking sector.

Last month, the government took control of a struggling regional bank, Baoshang Bank, marking the first such event in more than two decades. The publication said the takeover resulted in higher interbank lending rates on mainland China last week.

In the last year, small and mid-sized banks in China have seen increases in nonperforming loan ratios, the result of government rules to classify loans more than 90 days past due as nonperforming.

For Bank of Jinzhou, that means $1.2 billion of loans at risk of default, worth 3.3 percent of its loan portfolio — a significant increase from early 2018, reports said.

Despite concerns, the People’s Bank of China said the takeover of Baoshang Bank was an “isolated incident,” reports said. The central bank urged investors and the public to look at the case “objectively and calmly.”

“Everyone, please don’t worry,” the central bank reportedly said at the time. “At present we don’t yet have this plan” to introduce revised policy that could make government takeovers of struggling banks more common.

As some fears increase over China’s community banking space, the government is allowing more foreign entities to obtain banking licenses, while the central bank is also planning to strengthen regulation over FinTechs.


Latest Insights: 

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. TheMay 2019 Payments And The Platform Economy Playbook, aims to help platform payments decision-makers identify and manage the risks and rewards inherent in optimizing their operations and navigating real-time challenges.

Paytm Eyes Insurance Marketplace Coverfox

Paytm, the Indian payments company backed by SoftBank, is reportedly in late-stage discussions to buy Coverfox, the Indian insurance marketplace.

According to a report in the Economic Times, Paytm is in talks to pay $100 million to $120 million in what will be an all-cash deal. The report cited two people aware of the matter for the information. It would mark the biggest acquisition for the Indian digital payments company that has emerged as a leader ever since India’s government took high-denominated currency out of the system and shifted to digital payments. With the resulting cash crunch, Paytm became a household name. The company counts Alibaba, the Chinese eCommerce giant, as a backer as well.

The fact that SoftBank’s Vision Fund is an investor in PolicyBazaar, another insurance marketplace, could raise issues with an acquisition deal closing, sources reportedly said. One source told the paper the Paytm board is finalizing the details of the deal. There’s a chance it could still fall apart.

To date, the news outlet said, Coverfox raised $40 million in venture funding from investors including SAIF Partners, Accel Partners, Catamaran Ventures and International Finance Corp. If a deal is reached, the paper noted, these investors are expected to receive an exit.

News of a potential deal to acquire Coverfox comes as the company is looking to expand in India. Earlier this month it announced it partnered with Citigroup to launch a credit card in the country. The Paytm First Card will give Indian consumers 1 percent cash back on all transactions. For Paytm, the new card is aimed at helping it stand out from the crowd of digital payment rivals that seems to be growing every day. In an interview with Reuters, Vijay Shekhar Sharma, founder and CEO of Paytm parent One97 Communications, said the company is completing its offering by launching the credit card with Citibank. “We understood that there is a set of the customer base or customer needs that get fulfilled when you have a credit card or card in the hand,” the executive said.


Latest Insights: 

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. TheMay 2019 Payments And The Platform Economy Playbook, aims to help platform payments decision-makers identify and manage the risks and rewards inherent in optimizing their operations and navigating real-time challenges.