Toronto, CANADA, Aug 8 (Bernama-GLOBE NEWSWIRE) -- FreshBooks, a leading small business accounting software in America, with paying customers in 160 countries, today announced JPMorgan Chase & Co. (NYSE: JPM) has made a strategic investment in the company.
Since 2004, FreshBooks has helped more than 20 million people and established itself as one of the world’s most popular accounting software platforms for small businesses and self-employed professionals. The company differentiates itself by building ridiculously easy-to-use accounting software with a non-accountant user in mind and delivering best-in-class customer service.
“Our mission is to reshape the world to suit the needs of self-employed professionals and their teams,” said Mike McDerment, CEO and Co-founder at FreshBooks. “We see a significant opportunity to combine the strength and scale of JPMorgan Chase’s banking and payments capabilities with FreshBooks’ expertise in software design to create mass adoption for small businesses, and propel us closer to achieving that world.”
“FreshBooks is one of the smartest, easiest-to-use software options for small businesses, and we’re thrilled we can support their growth with this investment,” said Bill Clerico, Head of SMB Product for Chase Merchant Services and CEO of WePay, the integrated payments business of JPMorgan Chase. “Since earlier this year, our 4 million Chase for Business customers have been able to sign up for FreshBooks through our small business marketplace and we’ve seen lots of demand. Helping software companies like FreshBooks grow by serving our small business customer base is a key differentiator for us in the fast-growing integrated payments market.”
The investment from JPMorgan Chase follows two previous institutional funding rounds for FreshBooks, including a $30 million USD ($40M CDN) Series A funding round in July 2014, and a $43 million USD ($57M CDN) Series B funding round in July 2017.
As part of the investment, a JPMorgan Chase representative will be joining FreshBooks’ board of directors.
FreshBooks announced its completely redesigned and rebuilt platform in September 2016 and has since added more than 100 new apps and integrations to help customers automate more of their workflow. Integrations include G Suite by Google Cloud, Slack, Gusto, HubSpot, Shopify, MailChimp, ZenDesk, MileIQ, Proposify, Trello, Basecamp, Asana, and more. In February 2019, FreshBooks announced the addition of bank reconciliation and double-entry accounting to its software, enabling growing businesses to scale on FreshBooks with confidence and work seamlessly with an accountant.
About FreshBooks
FreshBooks is the #2 small business accounting software in America, with paying customers in 160 countries. The company has helped more than 20 million people process billions of dollars through its easy-to-use invoicing, time-tracking, expense management, and online payments features. Recognized with nine Stevie awards for best customer service in the world, the company’s mantra is to “execute extraordinary experiences every day.” FreshBooks is based in Toronto, Canada. Learn more at www.FreshBooks.com.
About WePay
WePay connects the worlds of payments, software, and small business. As a leading provider of integrated payments processing, WePay helps small businesses and individuals get paid quickly and easily through software and applications like BigCommerce, GoFundMe, and Zoho. Acquired by JPMorgan Chase & Co. in December 2017, WePay thrives in a software-driven economy by translating payments and connecting software companies and their users seamlessly into the full range of banking services. WePay is headquartered in Redwood City, California and offers its services in the United States, Canada and the United Kingdom. For more information, visit wepay.com.
Lindsay Lapchuk
FreshBooks
llapchuk@freshbooks.com
Evelyn Tam
WePay
evelynt@wepay.com
Jessica Francisco
JPMorgan Chase & Co.
Jessica.francisco@jpmchase.com
Source: FreshBooks
--BERNAMA
Thursday, 8 August 2019
DataTracks´ Rainbow 4.0 features artificial intelligence, machine learning
KUALA LUMPUR, Aug 7 (Bernama) -- DataTracks, a cloud-based software application provider for compliance reports, is set to launch the next version of Rainbow software, featuring artificial intelligence (AI) and machine learning capabilities.
Rainbow 4.0, which is slated for release in 18 months, will incorporate AI and machine learning features to supplement human judgment in associating the most ‘fit for purpose’ definition of financial data.
Current version, Rainbow 3.0 links financial books, draws financial and other data into a depository, facilitates writing of compliance reports in a collaborative manner and facilitates extraction of output for filing with regulators and publishing to stakeholders.
DataTracks founder and director, T. R. Santhanakrishnan said: “Independent league tables for quality in the United States places DataTracks within the top three positions with 99.44 per cent score - far better than several competitors in the space.
“High quality makes it easy for analysts to acquire insight into your financials and helps reduce noise and increase signal in the capital market.”
Since inception, the Rainbow software has been used by clients to produce over 166,000 compliance reports while the company counts more than 16,600 clients in 24 countries.
-- BERNAMA
-- BERNAMA
Wednesday, 7 August 2019
Willis Lease Finance Corporation records US$21.8 million pre-tax profit
KUALA LUMPUR, Aug 7 (Bernama) -- Willis Lease Finance Corporation reported pre-tax profit of US$21.8 million and total revenue of US$95.8 million in the second quarter of 2019. (US$1 = RM4.19)
Its pre-tax results were driven by continued revenue growth in core leasing business and spare part sales, as well as gains associated with the active management of its portfolio, according to a statement.
“Our business continues to deliver in all verticals, producing strong cash flow and profitability, which we believe is an indication that the market recognises the value of the entire Willis Platform,” said chairman and chief executive officer, Charles F. Willis.
Among the highlights include lease rent revenue amounting to US$45 million (4.5 per cent growth); quarterly maintenance reserve revenue of US$26.5 million (increased by US$4.4 million), and, spare parts and equipment sales of US$14.6 million (increased 25.2 per cent).
As of June 30, the company had a total lease portfolio consisting of 241 engines, 12 aircraft, 10 other leased parts and equipment, and one marine vessel with a net book value of US$1.6 billion.
Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers in 120 countries.
-- BERNAMA
-- BERNAMA
Stable ratings outlook of Malaysia´s Tune Protect - AM Best
KUALA LUMPUR, Aug 5 (Bernama) -- AM Best has affirmed the Financial Strength Rating of B++ (good) and the Long-Term Issuer Credit Rating of ‘bbb+’ of Tune Protect Re Ltd (TPR) Malaysia.
In a statement, the global rating agency said the outlook of these credit ratings is stable.
The ratings reflect TPR’s balance sheet strength, which AM Best described as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
The company’s balance sheet strength assessment is underpinned by risk-adjusted capitalisation that remains at the strongest level, as measured by Best’s Capital Adequacy Ratio.
The assessment also reflects a neutral holding company impact arising from TPR’s ultimate 100 per cent ownership by Tune Protect Group Bhd.
In addition, AM Best views TPR’s operating performance as strong, with the company having achieved a five-year average (2014-2018) of 56 per cent combined ratio and 54 per cent operating ratio.
TPR has multi-year distribution agreements with AirAsia in a number of its operating countries to provide travel insurance protection to airline customers via a range of local insurance partners, with that business ultimately reinsured by TPR.
AM Best expects TPR to exhibit further advancements to its risk management capabilities over the near term, in order to support continued operational expansion, appropriate management and mitigation of key risks.
-- BERNAMA
-- BERNAMA
Monday, 5 August 2019
NEW EXR AIMS TO BE STABLE PRESERVATION DIGITAL ASSET FOR GLOBAL BUSINESSES
New York, Aug 5 (Bernama-GLOBE NEWSWIRE) -- On June 20th, 2019, EXR and a stellar consortium of partners announced their plans to launch EXR, a new stable digital asset, to be governed by a Libra-like association, that aims to bridge the divide between the industries of blockchain and traditional finance, acting as a safe capital preservation asset that will help businesses hedge against looming international trade conflicts.
Explaining EXR
EXR is a digital asset that will act as a reliable store of value, with an open community ecosystem that simplifies transactions between businesses across diverse industries and regions. While it operates on some of the same principles as Bitcoin and Libra, there are some core differences between EXR and them.
Unlike Bitcoin, EXR’s value will not be speculative and will remain stable and pegged to real-world assets.
Contrary to Libra, which is facing intense regulatory scrutiny by authorities worldwide, EXR is positioned to target the B2B market, and is not intended to be a payment or fiat currency replacement. EXR’s raison d'etre is to facilitate a more convenient and transparent world through improved and fully compliant blockchain technology.
EXR Regulatory Compliance
Since its inception less than a year ago, EXR has made inroads into obtaining regulatory approval. EXR’s index for global and regulatory reference will be confirmed at a later stage, once compliance requirements have been finalized and fulfilled. EXR will also maintain the basket currencies on an attestation-ready and transparent platform, to ensure that the EXR in circulation remains compliant with regulations and does not exceed the value of assets held in the reserve accounts.
EXR Structure
The EXR alliance of established technology companies, telecoms players, payment gateways, high-tech manufacturers, NGOs and more will oversee the EXR foundation which is tasked with the final design of EXR and to roll out the solution.
EXR is set up so that any company will be able to accept the digital asset and build wallets collectively that can be used by businesses of all sizes and types, in much the same way as how Bitcoin organically attracted wallet providers and exchanges. However, EXR is a much more open platform where participants will be able to propose and implement rules and tech protocols in an open voting structure.
EXR in Practice
The EXR token can be used by any merchants who are looking to find suitable collateral that can have its ownership proven cryptographically at any time. With emerging digital assets, custody of a non-volatile asset becomes vital in decision-making and strategy. For example, imagine what chaos a game of chess may devolve in if the rules were to change every 2 - 3 turns.
EXR also aims to simplify the relationship between demand and supply of goods and services with a stable means of transaction. Customers and merchants can trade stress-free, secure in the knowledge that EXR‘s value stays consistent with that of major fiat currencies at all times. Finally, within the EXR ecosystem, each participant will be free to issue its own stable asset that will comply with local regulations and integrate with the EXR ecosystem at large.
EXR aims to ultimately enhance economic benefits to both the end-consumer and participating businesses.
Attachment
Explaining EXR
EXR is a digital asset that will act as a reliable store of value, with an open community ecosystem that simplifies transactions between businesses across diverse industries and regions. While it operates on some of the same principles as Bitcoin and Libra, there are some core differences between EXR and them.
Unlike Bitcoin, EXR’s value will not be speculative and will remain stable and pegged to real-world assets.
Contrary to Libra, which is facing intense regulatory scrutiny by authorities worldwide, EXR is positioned to target the B2B market, and is not intended to be a payment or fiat currency replacement. EXR’s raison d'etre is to facilitate a more convenient and transparent world through improved and fully compliant blockchain technology.
EXR Regulatory Compliance
Since its inception less than a year ago, EXR has made inroads into obtaining regulatory approval. EXR’s index for global and regulatory reference will be confirmed at a later stage, once compliance requirements have been finalized and fulfilled. EXR will also maintain the basket currencies on an attestation-ready and transparent platform, to ensure that the EXR in circulation remains compliant with regulations and does not exceed the value of assets held in the reserve accounts.
EXR Structure
The EXR alliance of established technology companies, telecoms players, payment gateways, high-tech manufacturers, NGOs and more will oversee the EXR foundation which is tasked with the final design of EXR and to roll out the solution.
EXR is set up so that any company will be able to accept the digital asset and build wallets collectively that can be used by businesses of all sizes and types, in much the same way as how Bitcoin organically attracted wallet providers and exchanges. However, EXR is a much more open platform where participants will be able to propose and implement rules and tech protocols in an open voting structure.
EXR in Practice
The EXR token can be used by any merchants who are looking to find suitable collateral that can have its ownership proven cryptographically at any time. With emerging digital assets, custody of a non-volatile asset becomes vital in decision-making and strategy. For example, imagine what chaos a game of chess may devolve in if the rules were to change every 2 - 3 turns.
EXR also aims to simplify the relationship between demand and supply of goods and services with a stable means of transaction. Customers and merchants can trade stress-free, secure in the knowledge that EXR‘s value stays consistent with that of major fiat currencies at all times. Finally, within the EXR ecosystem, each participant will be free to issue its own stable asset that will comply with local regulations and integrate with the EXR ecosystem at large.
EXR aims to ultimately enhance economic benefits to both the end-consumer and participating businesses.
Attachment
Chicago Booth offers flexibility to complete its Advanced Management Programme
KUALA LUMPUR, Aug 2 (Bernama) -- The University of Chicago Booth School of Business Executive Education has added more flexibility for its Advanced Management Programme, giving top business leaders the option to complete an elective in Chicago and in Asia.
Starting with the October 2019 cohort, Chicago Booth will offer senior executives (who enrolled in the Programme) the flexibility to choose to attend two of the many two-day-long programmes at Booth’s Hong Kong campus to fulfill one elective requirement.
This addition allows executives to complete the programme globally with more personalisation, according to a statement.
This flexible, individualised course of study includes three week-long core sessions and three elective sessions which allow executives to choose classes that fit their experiences and professional interests.
Booth Executive Education offers world-class education across finance, leadership, strategy, marketing, and comprehensive management, and designs custom programmes tailored to meet an organisation's unique challenges.
The University of Chicago Booth School of Business is the second-oldest business school in the United States and the first to teach executives. For more information, contact chicagobooth.edu/amp.
-- BERNAMA
SIMO Corporation launches new IoT business unit
KUALA LUMPUR, Aug 1 (Bernama) -- SIMO Corporation has established a new Internet of Things (IoT) and B2B business unit with the appointment of Ludovic Lassauce as chief executive officer.
SIMO Corporation is the parent company behind Skyroam, a leading portable WiFi device brand while Lassauce is the former head of mobile and IoT in the Asia Pacific region for Tata Communications.
The new business unit will enable third party devices with its virtual eSIM™ technology that is already serving over 10 million Skyroam WiFi users globally.
The company's revolutionary virtual eSIM™ technology has been developed and used for over a decade and has many worldwide patents, with a total of more than 100 million users relying on its global connectivity service platform.
The virtual eSIM™ service eliminates the barrier for OEMs to integrate connectivity into their devices by removing any physical SIM card.
According to Ericsson Mobile Trend Report, by 2025 the number of IoT connections will reach 13.8 billion, and all these new devices will increase the need to be always connected to a myriad of Internet content and applications.
-- BERNAMA
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