Charlie Munger Dies at 99

Hi NoRamp Community,

Today we’re debuting a new structure for NoRamp Daily. Going forward, we’ll be featuring 5 pieces of daily news, spanning across fintech, payments, and blockchain.

Daily News:

1) Charlie Munger Dies at 99

2) Circle Moves Native USDC offering to Cosmos Mainnet

3) Synchrony to Sell Pet Insurance Subsidiary For $750M Gain

4) Webull Leaps Into Mexico With Acquisition of Stock Trading App Flink

5) Candex Lands $45M to Grow Procurement Management Business

Charlie Munger Dies at 99:

• Charlie Munger, Warren Buffett's confidante and Berkshire Hathaway's vice chairman, passed away at 99, leaving a significant gap in the company despite a robust succession plan.

• Munger, renowned for his investment acumen alongside Buffett, was a key figure in shaping Berkshire's investment strategies, known for guiding Buffett towards quality investments over 'cigar butts'—mediocre, cheap companies.

• Munger's death marks the end of an era in corporate America, with his insights and life advice highly valued by investors and peers, impacting generations of investment managers.

Circle Moves Native USDC offering to Cosmos Mainnet:

• Circle has launched its cross-chain transfer protocol (CCTP) on the Noble mainnet, enabling native USDC minting within Cosmos' inter-blockchain communication protocol, aiming to enhance USDC's utility and address its market capitalization slump.

• The CCTP, which also operates on testnet on Solana and other blockchains like Arbitrum and Ethereum, uses a burn-and-mint mechanism for direct asset transfer, differing from traditional token bridging methods.

• As USDC's market cap has declined since mid-2022, Circle's investment in this permissionless cross-chain protocol reflects a trend of centralized crypto projects strengthening their DeFi capabilities, with Circle considering an IPO in early 2024.

Synchrony to Sell Pet Insurance Subsidiary For $750M Gain:

• Synchrony Financial announced the sale of its subsidiary, Pets Best Insurance Services, to Poodle Holdings, resulting in a $750 million gain.

• The deal, finalized on Nov. 23 and disclosed in a recent SEC filing, involves a mix of cash and equity in Poodle Holdings' affiliate, Independence Pet Holdings (IPH). The transaction is expected to be completed in the first quarter of 2024.

• While selling Pets Best, Synchrony will maintain its presence in the pet sector through an equity stake in IPH, offering new credit options for pet owners. A Synchrony spokesperson praised the move as a partnership aimed at fostering long-term growth for all involved parties.

Webull Leaps Into Mexico With Acquisition of Stock Trading App Flink:

• Webull, a U.S.-based low-commission online trading platform with Chinese roots, has acquired Mexican investment platform Flink, expanding its market presence into Mexico.

• Flink, a startup enabling Mexican consumers to invest in fractional shares of U.S.-listed companies without commissions, was founded in 2017 and has raised $70 million in funding. The acquisition includes Mexican brokerage Vifaru Casa de Bolsa, which Flink agreed to purchase in May 2022.

• Webull plans to enhance Flink's services by integrating its technology, offering a wider range of investment products, and launching local Mexican investment and cash management products, building on Flink's success in a market with strong demand for technology-driven wealth-building solutions.

Candex Lands $45M to Grow Procurement Management Business:

• Candex, specializing in simplifying procurement processes for businesses, has raised $45 million in a Series B round led by Goldman Sachs, bringing its total funding to $85 million, aimed at expanding in Asian markets and developing new products for high-volume, small payment transactions.

• The company, which has doubled in size annually for the past four years and is expecting to more than double its revenues again this year, plans to use the investment to grow its 120-person team by over 50% next year.

• With a strong client base including major corporations like HSBC and Dell, Candex's platform streamlines vendor payments and integrates with procurement and enterprise resource management software, utilizing AI to verify invoices and ensure compliance with local laws and regulations.

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