News June 7 2018
CurrencyCloud marks Asia growth with Hyundai card remittance payment launch
Currencycloud, the leading international payment platform, today announced the launch of South Korea’s first remittance service by a non-bank, following its strategic partnership with the country’s leading credit card company, Hyundai Card. The news builds on Currencycloud’s momentum in Asia-Pacific, with the UK-headquartered fintech signing 14 partnerships in the region in the past year and growing the volume of payments in the region by 66% in the past year since Q1 2017. These partnerships include agreements to process business payments between the West and China with X-Transfer and to deliver local payouts in Europe with Geoswift. A strategic partnership has also been signed with EasyPay to facilitate the collections process for Hong Kong merchant service providers. The remittance service with Hyundai Card demonstrates another possible outcome of these collaborations. The offering, which is underpinned by Currencycloud’s advanced API and facilitated by Shinhan Bank, enables Hyundai Card members to make faster and cheaper cross-border payments. “Currencycloud has developed a strong presence in Europe, and after making inroads into the US, launching in Asia is a logical next step. Partnering with the second largest conglomerate in South Korea was an easy decision to make, as its reach and the sheer size of the market allows us to bring our leading technology to millions of end users who can then benefit from the combined product” Commented Stephen Lemon, VP, Corporate Development and co-founder of Currencycloud. Through the integration of its world-class API, Currencycloud brings its digital knowhow and extensive experience of global FX and payment platforms to the partnership. Hyundai, as the service provider, presents the offering to clients through a sophisticated, yet simple to use – and first to market – app, while Shinhan Bank facilitates the remittance from South Korean Won (KRW) into local currencies. Currencycloud then makes the final payment to the beneficiary accounts. “Whether it’s individuals sending money to children studying abroad, or businesses paying suppliers in another country, cross-border payments are a part of life for many South Koreans. But, until now, sending funds abroad has been an expensive and opaque process. There is no excuse for this in today’s technologically enabled environment and our partnership with Currencycloud will address this long overdue issue.” saidWoo Kyung Chang, Hyundai Card’s Head of Digital Biz. Development Department “We are excited to be democratising cross border payments in South Korea through our partnership with Currencycloud and Shinhan Bank, by enabling customers to not only save money but also make international payments at the touch of a button.” continued Dae Young Chung, Team Lead of Overseas Remittance Service Team The overall Asian payment market was worth US$15.6Tn in 2016 and is growing at an approximate compound annual growth rate of 10%, according to market data. In the same year (2016), overall payment flows between the East and West amounted to US$10.3tn and intra-Asia payments flows represented US$8.6Tn.
News June 7 2018
Gett raises $80m led by VW at a $1.4bn valuation
While Uber is growing its business with a net loss on its balance sheet, a smaller rival has confirmed a round of funding, and projects that it will be profitable by Q1 of next year. Gett, the transportation-on-demand startup that competes with the likes of Uber but also traditional taxi cabs, has raised $80 million led by existing investor VW with participation from other previous investors. Post-funding, Gett is now valued at around $1.4 billion, CEO and founder Dave Waiser told TechCrunch in an interview. This is the first time the company has officially disclosed its value. It may give Gett a claim to being a “unicorn,” but it is still a pale number when you compare Gett to Uber, which is doing a secondary round right now at a $62 billion valuation. but Gett is playing with another strong card in its hand: Waiser said the funding will be enough to get Gett — which operates in 120 cities globally — to profitability in all of its markets by Q1 of next year, and possibly earlier. The news comes on the heels of a report that Gett is looking to raise $350 million — a figure that Waiser dismissed, but did not deny outright when I asked about Gett’s plans beyond profitability and this current investment: “For now, we’re laser focused on this important [profitability] milestone, and the funds we’ve raised to execute on that strategy,” he said, “but when you consider competitive markets like New York and London, we will start thinking about what our next milestone should be, after we make money.” The company has now raised just under $700 million with other investors including Access Industries, Baring Vostok and MCI (Russia’s Sberbank and Kreos have previously provided debt). In the 120 cities where Gett is now active, Waiser said that New York, London and Moscow are its biggest markets, with half of the company’s volume coming from New York and London alone, on a revenue basis. Gett, he said, is currently at a $1 billion/year rate, meaning collectively those two cities account for $500,000. He declined to say what kind of margin the company is operating on now, or what it might be when the company is profitable. New York is Gett’s fastest growing market. It operates in the city as Juno after acquiring its competitor for $200 million a year ago, and it currently has more than 45,000 drivers on its books, or more than half of the 80,000 licensed cab drivers in the city. Uber has been aggressive in its efforts to expand rapidly across the globe, and to position itself as a provider of all things transportation to all people — with categories like food delivery, bikes, autonomous vehicles and flying cars all in Uber’s purview. To do this, it, along with a select few others like Didi in China and Lyft in the US, have raised billions of dollars in outside funding, effectively sucking up a large part of venture money and interest in the transportation-on-demand sector. But rather than falling by the wayside for being unable to keep up, Gett has turned the situation into an opportunity of sorts, by taking a very different, vastly more modest route. Its principle has largely been, for the last several years, to focus most of its efforts on nailing one area before considering how and where to grow. “We are focusing just on our core service,” Waiser said. “We’d rather do that better than others than to go too broad. Uber might be able to afford [going broad], but we want everyone in New York [for example] to know that we are there if you want a much better, higher quality option.” In the case of Gett, the company has been primarily serving consumers with rides, with a heavy emphasis on business users (other test areas of Gett’s like shuttle services and courier deliveries are still too small to note, Waiser said). The company today has 13,000 large enterprises on its books, and they account for the majority of the company’s revenues and profit. “Most of our billion dollars in revenues are coming from corporate clients,” he said. The idea is not just to court businesses, but to provide a level of service that will help Gett grow by word of mouth, both among drivers and passengers. The company, he said, will only consider drivers with a 4.8 rating or higher in New York before a driver can work with Gett, using the driver’s previous ratings on other platforms as a marker. On the other side of the transaction, Gett’s been trying to give drivers better commissions than other services in their specific markets, and generally raising the standard for how they treat them, said Waiser. He said its growth in NYC has been done on virtually no marketing budget. “Some people describe marketing as a tax, but once you become favourable for drivers you don’t have that tax,” he said. “Drivers choose us, without us having to spend a lot on marketing.” Over in London, Waiser said that that the current state of competition — Uber is currently appealing a rejection by local regulators for a license to operate in the city — hasn’t had a huge impact. “We’ve seen some uplift in London because of it, but you always need to try to improve your service, rather than looking at competition. We believe Uber will stay in London, so we’re not building our business on competitors’ problems.”
News June 7 2018
90min generates localised fan coverage at global scale, attracting key advertising partners during the World Cup
The world’s largest digital football community, 90min, will provide fans with localised World Cup storylines tailored exclusively to their fan passion which they can’t get anywhere else. By creating localised content for fans, 90min is bringing their audience to the World Cup through a unique lens that speaks to the individual fan bases of each team playing in the tournament. Employing a team of “FanVoice captains” (fan reporters) to report on-the-ground at Russia, 90min will provide street-level video reporting that focuses on the fan journey, the fan culture in Russia and the combustion moments that happen on and off-the-pitch. These FanVoice captains will represent a variety of nations, including Brazil, Mexico, Argentina, England, France, Spain and Germany, and feature social influencers with massive followings (15M+ combined), including 90min’s Mexican FanVoice captain ‘Cracks,’ who has over 3.2M YouTube Subscribers. “We are handing football back to the fans and letting them share what the World Cup is all about through their eyes. No suit and ties required,” said Andres Cardenas, 90min’s Global Head of Soccer. As well as the FanVoice captains, 90min will be sending its in-house video production team to create content that celebrates the untold stories surrounding the World Cup. The video production team will continue its “Year of the Underdog” series from Russia, following the lower-tier teams as they surprise the world with their unprecedented dedication, grittiness, and in some instances, on-field success. 90min will further complement its presence in Russia with localised editorial coverage from its 4k+ fan contributors worldwide, capturing the hometown celebrations of football’s biggest moments, which sometimes go unnoticed and are often key to the popularity of this global tournament. From the streets of Ipanema in Rio de Janeiro to the Fountain of Cibeles in Madrid to Trafalgar Square in London, 90min will be there to capture the pure moments of fans celebrating their love for their national teams and football. This combination is what has appealed to many advertisers looking to make a splash during the World Cup, and to-date, 90min has secured key partnerships with Budweiser, Hyundai, Right Guard, Listerine, Caliente, Samsung and BOSS Fragrance, many of which are taking advantage of our fan-led video and editorial coverage. “BOSS Fragrance, part of the Coty Luxury portfolio, is excited to be partnering with 90min to position the brand front and centre during the most pivotal football event of the year—The World Cup. Through engaging videos, interactive digital tools and inspiring messaging, we are confident that 90min will create meaningful connections between BOSS fragrance and the passionate football fan base, #BOSS United,” Susie Thompson, Head of Media & Digital, Coty UK & Ireland. 90min reaches more than 70 million monthly owned and operated unique users worldwide, offers original content in 12 different languages and has partnerships with over 800+ social communities and publishing partners that distribute its content—providing the perfect balance of both local coverage and global scale. 90min is a property of global publishing platform Minute Media.
News June 7 2018
Marley Spoon announces IPO
Meal kit company Marley Spoon on Wednesday announced plans to raise $70 million through an IPO, as it looks to grab a bigger slice of the highly competitive meal kit market. The Germany-based company is offering shares via a type of security that allows international companies to trade on the ASX at an offer price of $1.42 per share to institutional, broker firm and chairman’s list investors. No general public offer will be made. Marley Spoon is expected to begin trading on the ASX on 2 July under the ticker MMM, with an indicative market capitalisation of around $200 million. The majority of funds raised will be used to support the continued growth of Marley Spoon’s existing and potential customer base, according to the company. “In our next phase of growth, and with the benefits of capital raised via the IPO, Marley Spoon is focused on growing its customer base and improving the efficiency of its operations to enhance its market position and delivering sustainable growth for its shareholders,” Marley Spoon chairman Deena Shiff said. Australia more than a third of the business Launched in Germany in 2014 by Fabian Siegel and Till Neatby, Marley Spoon is currently active in six markets, including Germany, Austria, Belgium, the Netherlands, the US and, since 2015, Australia. It has approximately 111,000 active customers across all markets and brands, which include Marley Spoon and a recently launched budget option, Dinnerly. The decision to list on the ASX is due to the fact that 37 per cent of the company’s total revenue is generated in the Australian market, where one-third of its workforce is based. “As we continue to experience strong growth in our markets, in particular the Australian market, we believe an ASX-listing provides the ideal platform to build our major consumer brands – Marley Spoon, Martha & Marley Spoon, and Dinnerly – for the coming years,” said Marley Spoon CEO Fabian Siegel. Marley Spoon currently offers meal kit delivery in Sydney, Canberra, Melbourne, Adelaide, Brisbane, the Gold Coast, Wollongong, Newcastle and the Central Coast of NSW – representing around 65 per cent of the population. It will need to expand its coverage to compete with the number one provider in the market, HelloFresh, which has been entering more suburban and regional areas in recent months. However, last week’s report that Marley Spoon’s logistics provider, BeCool, may be sold to a range of parties, including Marley Spoon but also, potentially, HelloFresh, could hinder the company’s expansion plans. A statement from the company notes that Marley Spoon “currently” uses outsourced logistics to provide delivery to its customers, suggesting the meal kit maker may be looking to bring this function in-house in future. Referrals come under fire Marley Spoon acquires customers through a combination of online and offline marketing, as well as referrals. This involves providing existing customers with free meal kit vouchers to share with new customers to entice them to sign up. Referrals have been a core customer acquisition method in the meal kit space for several years, but have come under fire for failing to convert customers beyond the free trial period. Marley Spoon said that a third of its new customers come through referrals, indicating this acquisition method has proved to be effective for the German company. The meal kit space has been growing much faster over the past few yeas than online grocery as a whole, thanks in large part to the convenience factor of having ingredients for a meal together with the recipe delivered to your doorstep. The US market for fresh food meal kits is estimated to have increased from US$1.5 billion in 2016 to US$4.65 billion in 2017, according to Euromonitor. Market research suggests the total United States meal kit market size will increase to US$11.6 billion by the end of 2022. According to Marley Spoon, the market will grow as health and wellness trends evolve, consumers prefer to prepare home-cooked meals and consume based on their values, by reducing food waste for instance, and buy more items online.
News June 6 2018
EarlySense honoured with 2018 MedTech Breakthrough Award
EarlySense, the market leader in contact-free continuous monitoring solutions across the care continuum, today announced that its EarlySense InSight® monitoring and analytics platform has been selected as the winner of the "Healthcare Analytics Innovation Award" from MedTech Breakthrough, an independent organization that recognizes the top companies, technologies and products in the global health and medical technology market. "We are honored by this recognition, highlighting the value of continuous monitoring and predictive analytics as a powerful tool to empower clinical teams to detect and treat adverse events sooner, throughout the healthcare continuum,” said Avner Halperin, Co-founder and CEO of EarlySense. “Our analytics platform has been clinically validated in helping clinicians achieve both clinical and economic outcome improvements. Every day, doctors and nurses who use InSight are more effective in preventing adverse events, thereby saving lives and shortening or preventing hospitalizations. Combined with our accelerated commercial growth, this is further evidence that our technology is making a real difference in patient safety and care" Placed under a bed mattress, EarlySense’s solution is used by the world’s top hospitals, skilled nursing facilities and rehabilitation organizations to assist with early detection and help healthcare teams intervene earlier and prevent unnoticed and potentially harmful events. The solution utilizes artificial intelligence and big data analysis to accurately and continuously monitor cardiac and respiratory cycles, as well as patient movement, without ever touching the patient. Over a typical four hour nursing rounding cycle, the EarlySense InSight will track, record and trend thousands of patient events. By capturing patient data continuously, the solution enables health teams to accurately track trends and changes in patient status, including baseline deviations that may otherwise go undetected using traditional methods. This is crucial because a significant number of critical events are usually preceded by subtle warning signs 6-8 hours prior to the event. The MedTech Breakthrough Awards honor excellence and recognize the innovation, hard work and success in a range of health and medical technology categories, including medical devices, mHealth, patient engagement, Electronic Health Records (EHR) and more. This year’s program attracted more than 3,000 nominations from over 12 different countries across the world. "By incorporating artificial intelligence and big data analysis to accurately and continuously monitor heart rate, respiratory rate and movement, the EarlySense solution is delivering a simple and powerful method for providers and patients to monitor and analyze critical healthcare data,” said James Johnson, Managing Director of MedTech Breakthrough. “The EarlySense platform empowers users with personal health insights that ultimately help improve decision making, which is the ultimate goal of healthcare analytics solutions. Congratulations to the EarlySense team on their significant industry momentum and innovations this year, earning our 2018 MedTech Breakthrough Award Healthcare Analytics Innovation Award." About EarlySense® EarlySense® is the global leader in contact-free, continuous monitoring solutions for the healthcare continuum. Used worldwide in hospitals, post-acute care facilities, and homes, EarlySense assists clinicians in early detection of patient deterioration. The solution has been proven to help prevent adverse events, including code blue events which are a result of cardiac or respiratory arrest, preventable ICU transfers, patient falls, pressure ulcers, and hospital readmissions. EarlySense’s FDA-cleared solutions leverage Artificial Intelligence (AI) and big data analytics to provide actionable health insights and improve clinical outcomes. The company has partnered with leading global technology companies including Samsung, Welch Allyn, iFit and Beurer. EarlySense is based in Ramat Gan, Israel and Woburn, Massachusetts. For more information, visit www.earlysense.com.
News June 5 2018
Cloud Computing Magazine names Quali a 2018 Product of the Year Award winner
Quali, the leader in sandbox software for cloud and DevOps automation, today announced today that TMC, a global, integrated media company, has awarded Quali CloudShell a 2018 Products of the Year Award, presented by Cloud Computing Magazine. "Enterprise CIOs today are intensely focused on digitization initiatives to become more agile and reduce costs, but manual processes, IT environment complexity and infrastructure bottlenecks make this shift an ongoing challenge," said Shashi Kiran, CMO at Quali. "Quali is at the forefront of making it easier to build and manage IT environment on any cloud – public, private or hybrid. We're thankful for the recognition with CloudShell and its ability to help organizations across the world accelerate their digitization initiatives for a variety of use-cases." "Congratulations to Quali for being honored with a Cloud Computing Product of the Year Award," said Rich Tehrani, CEO, TMC. "CloudShell is truly an innovative product and is amongst the best solutions available within the past 12 months that facilitates business-transforming cloud computing and communications. I look forward to continued excellence from Quali in 2018 and beyond." The Cloud Computing Product of the Year Award honors the most innovative and beneficial cloud products within the past year. Quali's CloudShell brings the power of self-service and cloud to the entire organization with support for full-stack automation of application and infrastructure environments. That means teams get on-demand, self-service access to environments that can include physical, virtual, and cloud resources. These are used by a variety of organizations worldwide for increasing productivity of Dev/Test and DevOps teams as well as other use-cases including migrating to public, private or hybrid cloud models, application modernization, demo and POCs, security, cyber ranges and compliance mapping. About Quali: Quali is the leading provider of enterprise sandbox software for cloud and DevOps automation. With its flagship CloudShell platform and blueprint-based approach, Quali gives Dev/Test teams, sales and support professionals, as well as architects, access to on-demand, self-service replicas of complex production environments that work on private, public and hybrid cloud deployments. Cloud Providers, Telco, Technology Vendors and Enterprises, and several Fortune 500 and Global 100 customers use Quali software to innovate faster, increase productivity and deliver their products and services to market faster with higher quality and reduced costs. More information about Quali is available at www.quali.com. About Cloud Computing Magazine: Cloud Computing magazine is the industry's definitive source for all things cloud - from public, community, hybrid and private cloud to security and business continuity, and everything in between. This quarterly magazine published by TMC assesses the most important developments in cloud computing not only as they relate to IT, but to the business landscape as a whole. About TMC Through education, industry news, live events and social influence, global buyers rely on TMC's content-driven marketplaces to make purchase decisions and navigate markets. As a result, leading technology vendors turn to TMC for unparalleled branding, thought leadership and lead generation opportunities. Our in-person and online events deliver unmatched visibility and sales prospects for all participants. Through our custom lead generation programs, we provide clients with an ongoing stream of leads that turn into sales opportunities and build databases. Additionally, we bolster brand reputations with the millions of impressions from display advertising on our news sites and newsletters. Making TMC a 360-degree marketing solution, we offer comprehensive event and road show management services and custom content creation with expertly ghost-crafted blogs, press releases, articles and marketing collateral to help with SEO, branding, and overall marketing efforts. For more information about TMC and to learn how we can help you reach your marketing goals, please visit www.tmcnet.com and follow us on Facebook, LinkedIn and Twitter, @tmcnet.