Tag Archives: revenue

Fintech, News

Digital transformation specialist Amdaris partners with financial infrastructure platform Stripe to transform industry-leading payment services

  • The partnership will help to accelerate the adoption of the platform across the industry
  • The partnership will enable users to create new revenue opportunities, expand globally, and go to market faster

Bristol, UK; 22nd June 2022: Digital transformation specialist Amdaris has partnered with Stripe, the financial infrastructure platform for businesses, to provide an industry-leading solution for embedded payments and financial services.

By teaming up with Stripe, Amdaris can empower companies to build and scale powerful global payments and financial services more efficiently. Amdaris will provide the necessary delivery means and skills, which will provide a seamless experience for users.

Amdaris will integrate its expertise with Stripe’s payment solutions to allow clients to create new revenue opportunities and expand globally. This includes helping customers go to market faster without major investment upfront or ongoing development or operations. Stripe’s platform also helps businesses build better end-to-end payment experiences with instant onboarding, robust reporting, and a full suite of payments and fintech solutions.

Vlad Nanu, Co-CEO of Amdaris, commented: “This partnership expands Amdaris’ existing expertise in payments and represents yet another level of our commitment to transforming the technology industry and creating lasting value for our clients. We look forward to the further innovation we can create together to help transform the fintech space.”

“The launch of the Stripe Partner Ecosystem coincides with more businesses looking beyond their organisation to navigate the internet economy, and Stripe is making it easier to find the right partner for their needs,” said Dorothy Copeland, Vice President of Global Partnerships and Alliances at Stripe. “By partnering with Amdaris and introducing a comprehensive set of partner resources, companies around the world will be able to accelerate their move to online commerce more easily.”

Cloud Platforms, News

Financial Institution’s tolerance of poor cloud connectivity is costing them 50% of revenue

Dublin, Ireland, 31st May 2022 BSO, a global pioneering infrastructure and connectivity provider, today revealed new research uncovering a “resilience paradox” suggesting that financial institutions have come to tolerate poor cloud connectivity experiences.

Nearly all IT decision makers rated their connectivity as being extremely or very resilient, yet all had experienced outages to some degree with almost half experiencing outages at least monthly. The sluggishness to move to more reliable cloud options is costing financial institutions 21%-50% of revenue on average yet only 2% of financial institutions are planning to change cloud providers in the near term. The findings are a surprising contradiction given the availability of cloud solutions on the market that guarantee 99.99% uptime and 100% data durability for object storage.

The report, Cloud connectivity and the future of financial markets, is based on a survey of 600 IT decision makers in financial service sectors including banking, trading, brokerage, financial exchanges and crypto exchanges. Businesses from across the world were surveyed including France, Germany, the UK, the US, Hong Kong, Singapore and Brazil.

Key findings include:

  • Performance: In all sectors and countries average losses for financial service firms due to poor network performance topped $67mn for the past 12 months.
  • Data security: The most pronounced impact that security breaches had on businesses was on lost or misdirected payments, with over half of businesses (52%) experiencing them, closely followed by the inability to access accounts or accounts suspended (47%) and inability to use the full, promised functionality of cloud-based applications (41%).
  • Global scale: 2 in 5 (38%) respondents said poor cloud connectivity stopped them from expanding into a new geographic market. Nearly half (48%) said it stopped them from launching a new product or service. Over 2 in 10 (22%) said it stopped them from expanding into a new sector.
  • Top considerations for selecting a new cloud connectivity provider: Quantity of cloud on-ramps (51%), technology and services that align with business needs (49%), low number of transactions needing repairs or returns (48%), the ability to exit with no risk of vendor lock-in (39%) and better choices of currencies (39%) were the top five considerations for businesses when selecting a new provider.
  • The pandemic effect: Contrary to popular belief, the pandemic was not a major stimulus of cloud investment because most businesses (99%) had already started using cloud to access applications before the pandemic.

The research also found a “north-south cloud divide” when comparing markets across several cloud performance metrics. France, UK and US firms consistently estimated considerably higher impacts from poor cloud performance when compared to their southern hemisphere counterparts, Hong Kong, Singapore and Brazil. Cumulative losses topped $442.67mn for France, UK and US firms dwarfing losses of $64.71mn from Hong Kong, Singapore, Brazil firms.

The north-south cloud divide key findings include:

  • Low latency: On average firms lost $14mn due to lost trades in the past 12 months due to the inability to achieve low-latency goals with US ($64.45mn), UK ($16.18mn) and French ($15.97mn) firms experiencing the most significant losses.
  • Scaling resources: Over $25m in revenue was lost in the last 12 months on average from the inability to effectively scale resources. The US recognised shockingly higher losses ($142.83mn) than the rest of the world and dwarfs UK firms ($15.43mn) in second place.
  • Sourcing real time market data: The inability to source real-time market data cost banks $18mn on average. US banks lost $44.72mn followed by UK banks ($14.63mn) and French banks ($12.69mn).

“The importance of cloud technologies is well-established among financial service institutions, but this is the first report of its kind to uncover the impact of poor cloud connectivity on the commercial success of businesses. The losses financial service institutions have witnessed in the last year due to poor cloud connectivity should be a wake up call to the industry.” Said Michael Ourabah, CEO of BSO. “The findings raise an important question – why are institutions hesitating to make changes to their cloud connectivity when solutions are readily available? Whatever the answer, the most successful institutions will be those that take a proactive approach to their cloud strategy.”

The report is available at https://www.bso.co/cloud-connectivity-report

Business News, News

Westcon-Comstor reports FY22 financial results

Revenue up 11.8% to US$2 890.4 million following demand for all technologies in the Westcon International portfolio

LONDON, UK – 24th May 2022 – Westcon-Comstor (Westcon International) reported its FY22 earnings results earlier today. Total net revenue was up by 11.8% to US$ $2.89 Billion driven by strong demand and market share in its cybersecurity portfolio, networking and hybrid infrastructure offers and its remote access and cloud collaboration solutions which were deployed in new flexible working environments.

EBITDA profit increased by 52% to US$68.1 million (FY21: US$44.8 million) with gross margins averaging 11% globally. Westcon International’s gross profit increased by 9.6% to US$319.0 million (FY21: US$291.0 million) supported by strong results in both Europe and Asia-Pacific.

“Two years ago, our company demonstrated strong resilience in the face of the pandemic and the FY22 results we announced today illustrate our ability to not just sustain strong momentum but to go beyond and adapt and win in a rapidly changing market”, commented David Grant, CEO of Westcon-Comstor.

“Our focus on portfolio expansion with software and subscription-based solutions has helped us to not only record double-digit, organic revenue growth– despite material product supply constraints– but to drive unprecedented EBITDA improvement as well. It’s a true testament to the hard work of our teams across all operations, who have performed exceptionally well this last year.”

Westcon-Comstor announced that demand for its solutions continued to climb, coupled with supply constraints and chip shortages, its backlog of orders increased over 300% (from US$261 million for FY21 to US$824 million for FY22.)

“Multi-year investments we’ve made in business automation and digital tools are paying dividends as well. Our focus on Solutions Lifecycle Management and building Flexible payment solutions helped us to ensure that over 50% of our gross revenue in FY22 was recurring; we see that percentage growing as we go into FY23”, added David Grant.

FInance, News

MarketFinance rides embedded lending wave to boosted revenue and profitability

  • MarketFinance announces a year of profitability with revenues increasing 133% in 2021
  • Growth was boosted by product development and its role as delivery partners for the British Business Bank lending schemes, CBILS and RLS, alongside strategic partnerships with Barclays and other fintechs
  • MarketFinance’s fintech platform offers the fastest credit decisions in market, with 100% of applications processed in under 24 hours
  • To build on this growth, MarketFinance is developing lending APIs and investing significantly in embedded finance models, as it targets unicorn status

London, UK – 31st March 2022 – MarketFinance, the leading fintech payments and credit provider, today announced an increase of 133% in revenue, which saw the business hit profitability in 2021, as it invests further in its embedded finance products and digital lending APIs.

MarketFinance’s growth is driven by a surge in demand for working capital over the pandemic from SME borrowers, facilitated by the fintech’s successful roll out of the government-backed Coronavirus Business Interruption Loan Scheme (CBILS) loans and its accreditation as a delivery partner of the Recovery Loan Scheme (RLS). Both schemes saw the company handle over £2.1bn in digital applications with the fastest speed of decision in the market – currently 100% of applicants hear back in less than 24 hours. This growth has been achieved in tandem with the company’s moves to double down on existing strategic partnerships with Barclays Bank UK Plc and international cash management experts Ebury. MarketFinance is also launching new strategic partnerships with Azets, the largest Top 10 regional SME Accountancy and Business Advisory firm, and FTSE 250 enterprise merchants across various sectors.

The fintech saw a close to ten-fold increase in monthly borrowing applications since the pandemic and was able to provide businesses with the quickest ‘time to yes’ on the market via their digital application process. 2019’s £20m-30m volume in submitted monthly applications leapt to an average of £300m per month through 2021, reaching £725m in one month at its peak. Last year MarketFinance advanced over half a billion pounds across its product offering that spans invoice finance, business loans and flex loans, and approved credit limits worth £286m.

MarketFinance has been focused on providing frictionless finance to B2B businesses, in partnership with blue chips, start-ups and public bodies alike for over a decade. The company has benefited greatly from its strong track record of successfully embedding lending services on a cross-sector basis, where MarketFinance’s lending product is integrated within Barclays Online Banking, enabling hundreds of millions of pounds in funds loaned to businesses through the partnership since 2018.

Looking ahead, MarketFinance is building on this growth by developing its lending APIs and investing further in embedded finance models through integrations with software platforms, accountancy platforms, digital banks and B2B marketplaces, as it targets unicorn status. In Q2 2022, MarketFinance will debut its latest digital payments and credit offering for businesses and B2B marketplaces as the next step in its embedded finance strategy.

Anil Stocker, CEO at MarketFinance, commented: “In a market where profits often come second to growth, we are extremely proud to say we have reached this important profitability milestone. Our track record as a B2B credit provider over the last decade, together with our focus on refining our lending APIs, and working towards launching more payment and credit options for B2B marketplaces, stands us in good stead to build a much larger company. We’re still very early in our long-term journey.

“MarketFinance is focused on leading the B2B embedded finance market and transforming it in the same way that Klarna has transformed consumer payments and credit. We will reach our ambitious target through the continued development of pioneering new products, hiring great people to our mission, and maintaining partnerships, such as the one we hold with Barclays, to serve as many businesses with finance as we can.”

News

Globalization Partners on track to meet customer and revenue goals

Company ramps up hiring to 150 internal employees per month to meet market demand 

 

Globalization Partners, which simplifies global remote team building by making it fast and easy for companies to hire anyone, anywhere within minutes via its SaaS global Employer of Record (EOR) solution, today announced that at just nearly halfway into 2021, it is already on track to meet its forecasted 2021 new customer acquisition goal by 130 percent and similarly exceed its original revenue projections.    

 

The company’s dramatic growth reflects the demand for high-quality, scalable, global remote work solutions in a business environment that has quickly shifted towards a “remote-first” work culture. Globalization Partners is reporting record-breaking results with an upwards revised financial forecast of more than USD$1 billion dollars in annualised recurring revenue (ARR) by the end of 2021. To accelerate even beyond this unprecedented growth, the company is currently working to dramatically increase capacity, and capitalise further on its market leading position in what industry experts call a trillion-dollar remote work industry. 

 

At the onset of 2021, Globalization Partners planned to hire 300 new employees over the course of the year. Now, the company is upgrading that initial projection to 150 internal employees per month in the second half of 2021 and beyond, while maintaining its commitment to customers by ensuring a continued 97 percent customer satisfaction rating. 

 

“The pandemic proved global remote teams are the way of the future and companies increasingly want to hire great talent anywhere they can find it,” said Nicole Sahin, CEO and Founder, Globalization Partners. “We have built a legally compliant SaaS global Employer of Record platform that gives anyone the ability to hire great talent anywhere within minutes without establishing subsidiaries. Companies are turning to us because they know they can trust the quality of our world-class platform and exceptional customer support team to support their global remote workforce.” 

 

“Remote working has become a trillion-dollar industry, and in less than a decade, 50 percent of the western workforce will be permanently remote,” said Liam Martin, Co-Founder, Running Remote. “The Employer of Record industry will provide the framework for the global workforce of the future as it gives companies the freedom to hire talent anywhere and the ability to manage payroll internationally for their teams.” 

 

Strong Q1 Results

 

The following metrics highlight record-breaking results: 

 

  • Exceptional ARR growth: Globalization Partners achieved 50 percent increase YoY (Q1/Q1) in ARR between Q1 2020 and Q1 2021.
  • Rapid customer growth: Globalization Partners saw a 150 percent increase YoY (Q1/Q1) in the number of new customers acquired, with rapid adoption in the Americas, EMEA, and Asia Pacific regions. 
  • Success with partners:  Key companies in the HCM space have chosen Globalization Partners as their key partner with fully integrated APIs, solidifying Globalization Partners’ position as the leader in the global remote work technology industry. 

 

“Globalization Partners’ impressive growth is a direct result of the agility and value its technology-enabled Employer of Record platform continues to provide for multinational firms,” said Pete Tiliakos, Principal Analyst, NelsonHall.  “Its vision, commitment, and steady investments to further innovate and de-risk global expansion have positioned it well for sustained growth by meeting the needs of emerging firms seeking to support a growing global workforce.”

 

As an EOR, Globalization Partners allows companies to hire anywhere in the world by serving as the legal employer, ensuring compliance with local employment laws and regulations, freeing up companies to manage and direct the daily work of their team members. To see a demonstration, please watch this video.