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Nuvei Goes Private in $6.3 Billion Sale to Advent International
Hi NoRamp Community,
Daily News:
1) Crypto.com to Launch New App in South Korea
2) Andreessen Horowitz to Invest $30M in Tech-Fueled Gaming Startups
3) Nuvei Goes Private in $6.3 Billion Sale to Advent International
4) Wealthtech NewRetirement Lands $20M in Series A Funding
5) Rakuten Plans to Consolidate Its Fintech & Banking Businesses
Source: Cryptonews
Crypto.com to Launch New App in South Korea:
Crypto.com is set to launch its app in South Korea on April 29, following regulatory approvals, allowing retail customers to trade over 150 cryptocurrencies and access exclusive NFT projects.
The platform will offer trading accounts, educational resources from Crypto.com University, and a range of benefits and rewards, with a commitment to ongoing collaboration with South Korean regulators to align operations with local legal standards.
Prior to the app launch, Crypto.com has obtained necessary registrations and forged partnerships with companies across finance, gaming, and communication sectors in South Korea, aiming to provide comprehensive and regulated Web3 products and services to the highly engaged local crypto market.
Source: Cointelegraph
Andreessen Horowitz to Invest $30M in Tech-Fueled Gaming Startups:
Andreessen Horowitz (a16z) plans to invest $30 million in technology-centric gaming startups, focusing on AI, VR/AR, and Web3 games, through its early-stage accelerator program "SPEEDRUN."
The SPEEDRUN program will distribute $750,000 to each selected startup, supporting them with capital, industry coaches, mentors, and a community of ambitious founders over a 12-week course.
Despite fierce competition with only 1% of applicants accepted, 80% of companies from the first cohort secured funding post-Demo Day. Applications for the next cohort are due by May 19, with the program running from July 29 to Oct. 20, 2024, in Los Angeles, California. The Web3 gaming market is projected to grow significantly, from $154 billion to $614 billion by 2030.
Nuvei Goes Private in $6.3 Billion Sale to Advent International:
Canadian payments FinTech Nuvei is set to become a private company in a $6.3 billion deal with private equity firm Advent International, announced on April 1, following earlier reports of a potential acquisition.
Nuvei CEO Philip Fayer, who will control nearly a quarter of the equity in the private company, is expected to remain as the head of the firm. The company aims to continue delivering for its customers and employees and capitalize on significant investment opportunities, with a focus on accelerating customer revenue, driving innovation, and developing its people.
Nuvei made headlines last year with actor/entrepreneur Ryan Reynolds investing in the company, along with its $1.3 billion acquisition of payment platform Paya to increase its footprint in high-growth sectors such as healthcare, nonprofit, government, utilities, and B2B markets. Nuvei has also collaborated with PYMNTS Intelligence on research and emphasized the role of integrated payments in increasing operational efficiencies and revenue for independent software vendors (ISVs) and their clients.
Wealthtech NewRetirement Lands $20M in Series A Funding:
NewRetirement, a financial planning and wellness platform, has raised $20 million in a Series A funding round led by Allegis Capital, with the aim of expanding its enterprise offerings and funding research and development.
The platform, powered by a planning and modeling engine, leverages data and technology to provide digital tools for US consumers to confidently create and manage their financial plans, covering aspects such as human capital, estate planning, home equity, pensions, Medicare, social security, and taxes.
NewRetirement plans to further develop its API-based enterprise offering alongside its direct-to-consumer product and integrate Large Language Models (LLMs) and AI into the platform for more personalized recommendations. The funding round also saw participation from several venture capital firms, including Cameron Ventures, Fin Capital, Frontier Venture Capital, Motley Fool Ventures, Ulu Ventures, Nationwide Ventures, Marin Sonoma Impact Ventures, Northwestern Mutual Future Ventures, and Plug and Play Ventures.
Rakuten Plans to Consolidate Its Fintech & Banking Businesses:
Rakuten plans to reorganize its fintech operations by integrating all its fintech businesses, including Rakuten Bank, into one unified entity to gain a competitive advantage and optimize resource allocation.
The consolidation aims to leverage group synergies to maximize the lifetime value of each member, minimize customer acquisition costs, and maximize group profit, enabling more flexible decision-making and increased collaboration across its ecosystem, especially in AI and data integration.
Rakuten's executive board has executed a Memorandum of Understanding (MOU) to discuss the reorganization process, and a special committee has been established to ensure fairness. The integration is planned to take effect in October this year, pending necessary approvals and licenses from regulatory authorities, with Rakuten Bank continuing to be listed on the Tokyo Stock Exchange, while Rakuten Securities Holdings may have to halt its IPO plans.
NoRamp:
NoRamp is building Web2’s favorite Web3 apps on our lightning-fast payment infra. Join our discord, dive into our our docs, or check out our website to learn more.
NoRamp chatted with Mike Seckler, CEO of Justworks, and Maite Diez-Canedo, Co-Founder of Via. Justworks recently acquired Via to form Justworks International.
We talk on how the idea for Via came to be, Justworks’ amazing synergistic exercise while considering acquiring Via, the future of the HR industry, and much more. Mike and Maite are incredible entrepreneurs and there’s a lot to learn from both of them. Check out our conversation: