- PayPal Holdings, Inc. (NASDAQ: PYPL) today in partnership with National Philanthropic Trust (NPT) and Vanguard Charitable announced Grant Payments, a new product that enables Donor-Advised Fund (DAF) sponsors, community foundations and other grantmakers to deliver grants to charities quickly and electronically via PayPal.
Grant Payments will enable charities to receive grants shortly after the funds have been approved by the grantmaker. Both grantmakers and charities will have access to all available grant details, including donor information when provided, via a PayPal dashboard. Eligible and participating charities have been vetted per PayPal's strong compliance standards.
"PayPal is committed to offering safe, secure and seamless products and services that drive efficiency for grantmakers and charities to digitally send and receive grant payments," said Oktay Dogramaci , VP of Giving at PayPal. "By partnering with National Philanthropic Trust and Vanguard Charitable, PayPal Grant Payments will enable more than 200,000 PayPal confirmed charities to quickly receive grants electronically, streamlining and simplifying what has historically been a much more manual and drawn-out process."
In 2020, DAF donors granted at historic levels. Grants from DAFs to qualified charities totaled an estimated $34.67 billion , representing a 27.0 percent increase compared to 2019 and the highest DAF grant increase in a decade. 1 In 2021 Vanguard Charitable sent out $1.78 billion , 2 and NPT sent out $6.4 billion 3 in grants to charities; these payments were made almost entirely by check.
This process can be costly and slow, and the pandemic exacerbated delays in charities receiving grant checks due to disruptions with the postal service and the inability of some non-profits to offices with less access to retrieve checks. Grantmakers and non-profits alike can utilize Grant Payments to save time and resources and focus on fulfilling their respective philanthropic missions.
"We are thrilled to partner with PayPal and NPT to bring modern and effective granting solutions to our donors and non-profit partners alike," said Rebecca Moffett , president of Vanguard Charitable. "Charities today need sustainable donor support more than ever. By streamlining the granting process, donors can make an even greater – and faster – impact on meaningful cause areas. We look forward to continuing to bring innovative solutions to the granting space, ensuring that we're always working to increase philanthropy and maximize its impact over time."
"NPT is always interested in innovation and the pandemic amplified the need for non-profits to receive grant dollars more efficiently," said Eileen Heisman , CEO of National Philanthropic Trust. "This solution does that and more. We believe that PayPal-based Grant Payments will simplify and accelerate how grantmakers can get funds to non-profits for mission-critical programs. The partnership with PayPal and Vanguard Charitable on this sector-wide solution could be a game-changer for other funders as well and has been enormously gratifying."
National Philanthropic Trust will begin to roll out Grant Payments this month, with Vanguard Charitable offering the solution in 2023. All eligible US charities with a confirmed charity status with PayPal can receive grants via PayPal from our partner grantmakers. Charities can review the grant information and accept or decline the grant easily within their PayPal dashboard. Interested grantmakers can contact PayPal for more information at grantpayments@paypal.com , and more information can be found here .
2021 Donor-Advised Fund Report , National Philanthropic Trust
The 2021 Annual Report , National Philanthropic Trust
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering 429 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit https://www.paypal.com .
Founded in 1996, National Philanthropic Trust (NPT) marked its 25 th Anniversary in 2021 as the largest national, independent public charity that manages donor-advised funds and one of the leading grantmaking institutions in the U.S. Since its founding, NPT has raised more than $40.5 billion in charitable funding and has made more than 541,000 grants exceeding $21.0 billion to non-profits around the world . NPT annually publishes the Donor-Advised Fund Report , the sector's authority on the state of DAF philanthropy. Visit NPT's resource library to learn what you can do with a DAF and about NPT's impact investing options . More at NPTrust.org and NPTGivingPoint.org .
Vanguard Charitable is a leading U.S. non-profit organization that fulfills its mission to increase philanthropic giving by administering a donor-advised fund—a tax-effective way to consolidate, accrue, and grant assets to charity. Since it was founded by Vanguard in 1997 as an independent 501(c)(3) organization, Vanguard Charitable has granted more than $14 billion to charity. Learn more about Vanguard Charitable here .
Media contact: Tom Hunter thhunter@paypal.com
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Core Innovation Capital and the Center for Financial Services Innovation has announced that their portfolio company has been acquired by PayPal (NASDAQ:PYPL). As quoted in the press release:
CFSI, the nation’s authority on financial health, made an early investment in TIO Networks in 2005. Core, a venture capital firm investing in leading financial technology companies, invested in TIO in 2013 as part of their mandate to create value for everyday and underserved Americans. TIO is a cloud-based multi-channel bill payment processor that has processed over $7 billion in payments in 2016 for its 14 million customers. The company delivers convenient access to secure bill pay via kiosk, walk-in, mobile and web solutions. “Our exceptional financial return is further enhanced by the fact that TIO is one of the most impactful fintechs in the industry, now becoming part of PayPal,” said Arjan Schütte, founder and managing partner of Core. “PayPal’s acquisition of TIO represents one of CFSI’s greatest impacts to date,” said Jennifer Tescher, founder and CEO of CFSI. “In TIO, we made an early investment that helped a strong innovator become a financial health champion, and the company has built an incredible business around a real consumer pain point, shaped it, and demonstrated that it can be done profitably. Under the larger umbrella of PayPal, TIO should scale even further to benefit more Americans.” Seventy-nine percent of TIO’s customers are low-to-moderate income, of which a majority pays their bills by giving cash to a teller at a convenience or other retail location. One of the reasons both CFSI and Core invested is that these bills, when expedited, can be extremely expensive. When Core invested in 2013, TIO saved its customers $192 per year on walk-in bill pay charges, relative to the most common alternatives in the market. This translates to an aggregate savings of $290 million in that year alone. TIO is one of the most impactful companies in Core’s portfolio in terms of number of customers served and ratio of underserved customers.
Click here to read the full press release.
CEO of bitcoin waller provider Xapo has joined PayPal (NASDAQ:PYPL) as a new board member. Wences Casares, CEO of bitcoin wallet provider Xapo, is the payments giant’s newest board member. According to an article on Fortune:
Wences Casares, CEO of bitcoin wallet provider Xapo, is the payments giant’s newest board member. Payments giant PayPal announced a new board member this morning, potentially signaling the company’s openness to cryptocurrencies. Wences Casares, CEO of bitcoin wallet provider Xapo, joined PayPal’s board and is part of the company’s compensation committee. Dan Schulman, president and CEO of PayPal PYPL 2.49% , said of the entrepreneur: “Wences’s unique line of sight into the future of commerce is ideally aligned with PayPal’s vision of transforming the management and movement of money for people around the globe.”
Click here to read the full article on Fortune.
The digitization of the financial industry has accelerated in recent years, and investment in fintech has emerged as an attractive wealth-building opportunity for investors.
In 2021, global fintech investment totaled US$210 billion, according to KPMG. “Expansion” is the word the firm used to describe the fintech market for the year, as that figure was double the previous year's investment.
KPMG attributes 2021’s success to growing deal sizes in a wide variety of fintech subsectors — from cryptocurrencies and blockchain to wealthtech and cybersecurity.
Looking forward, the global fintech market is anticipated to grow at a compound annual growth rate (CAGR) of around 19.8 percent between 2022 and 2028, states Vantage Market Research, and it is expected to reach a market value of around US$332.5 billion in that time.
Growth in venture capital investment, investor interest and private equity investment have all helped fuel innovation and investment in fintech. Read on to learn more about this flourishing market.
Investment in fintech has skyrocketed since 2018, bolstered by a number of major fintech deals that were characterized by their size and geographic diversity.
Many private equity firms have taken notice of this emerging technology in recent years and placed their money into fintech. Among others, Blackstone invested US$17 billion in Refinitiv, while P2 Partners and Silver Lake, a global financial technology business, acquired Blackhawk Network for US$3.5 billion.
In 2021, venture capital investment in fintech was strong despite global uncertainty. In fact, KPMG reported that fintech investment from venture capital sources totaled a record US$115 billion, pushing well past the previous record high of US$53.2 billion in venture capital investment reached in 2018.
The crypto, blockchain and buy-now-pay-later (BNPL) sectors saw the most venture capital investment in 2021. Investment in crypto- and blockchain-based fintech rose from US$5.4 billion in 2020 to over US$30 billion last year. BNPL companies attracted large deals across jurisdictions; some of those highlighted by KPMG include Klarna’s US$1.2 billion venture capital raise, PayPal’s (NASDAQ:PYPL)US$2.7 billion acquisition of Japan-based Paidy and Block’s (formerly Square) (NYSE:SQ) US$29 billion acquisition of Australia-based Afterpay.
Corporate participation in venture investment remained high in 2021, due in part to the strategic nature of these investments. Corporate investment in fintech came to US$50 billion globally during the period.
The Americas attracted the most fintech investment regionally, accounting for half the global total, or US$105 billion. All of the seven venture capital funding rounds that exceeded US$1 billion in 2021 occurred in the Americas, including a US$2 billion raise by US-based Generate and a US$1.1 billion raise by US-based Chime.
US corporations are also investing more in fintech capabilities as a means to support their business strategies. KPMG notes that the sector is marked by a “growing number of corporates and fintechs looking to leverage AI and machine learning across all fintech subsectors, including B2B, cybersecurity, and insurtech."
In the Asia Pacific region, fintech investment reached US$27.5 billion in 2021 — almost twice that of 2020 — across a record 1,165 deals. KPMG notes that in this region “banks are increasingly looking for assistance to improve their embedded finance, digital wallet, and supply chain finance capabilities.” Backend-as-a-solution technology is also gaining increasing interest from banks and startups.
In Europe, fintech investment also hit a record high, coming in at US$77 billion for 2021. This figure was due in large part to merger and acquisition activity, such as the US$14.8 billion acquisition of Refinitiv by the London Stock Exchange and the US$1 billion funding round of BNPL specialist Klarna.
As the sector continues to mature, a number of trends are characterizing the fintech industry.
The financial technology sector is advancing in many ways, both locally and internationally, in areas like real estate, peer-to-peer lending, auto financing and general lending. Both the wealth management sector and portfolio companies are recognizing the benefits of fintech.
Forbes recently identified several trends shaping the infrastructure side of fintech: embedded finance, blockchain technology, cross-border e-commerce, super app platforms, artificial intelligence (AI) and machine learning.
BNPL options are a growing component of embedded finance; these businesses allow consumers who are purchasing through merchants to pay in multiple smaller payments instead of one large immediate one. Transactions in this sector of the fintech market are expected to reach US$680 billion by 2025.
More and more financial institutions are embracing the efficiency and security of blockchain-as-a-service solutions. A number of firms, including Citigroup (NYSE:C) and Goldman Sachs (NYSE:GS), are applying cryptocurrency and blockchain technology to their operations.
Cross-border e-commerce involves selling across a border using an online platform between a retailer and a consumer (B2C), between businesses (B2B) or between two individuals (C2C). Vantage Market Research has forecast that the cross-border B2C market has the potential to grow at a CAGR of 25.1 percent between 2022 and 2028 to reach a value of US$3.4 billion. The Asia Pacific region is expected to dominate in this segment.
Super apps are another burgeoning fintech sector. Forbes notes that super apps “offer vast and diverse suites of services and products from one platform.” Like brick-and-mortar superstores with retail, groceries, hair salons, restaurants, banking and mobile phone services all under one roof, super apps aim to keep customers locked into their platform by offering to fulfil as many needs as possible. Examples of super apps include WeChat and AliPay.
Fintech companies are harnessing the power of AI and machine learning to analyze data and provide insights that serve to benefit both businesses and consumers.
“AI and machine learning have benefited banks and fintech, as they can process vast amounts of information about customers,” according to a report by Mordor Intelligence. “This data and information are then compared to obtain results about suitable services/products that customers want, which has aided primarily in developing customer relations.” The market research firm predicts the market for AI in fintech could grow by a CAGR of 23.17 percent between 2021 and 2026 to top US$26.67 billion.
If you’re serious about making an investment in fintech, there are a number of ways to step into the sector, including exchange-traded funds (ETFs) and stocks.
ETFs provide exposure to multiple companies at once. Fintech-focused options include:
Fintech companies are popping up left, right and center, and it might be overwhelming for some investors. As a starting point, check out our list of Canadian fintech stocks, learn more about what Australia has to offer and see which US fintech stocks may warrant investor attention.
Whichever investing path you choose, it’s clear the fintech sector has grown considerably in recent years as more private equity and fintech investors enter the space. As companies continue to innovate in finance and ultimately the capital markets, the industry looks likely to keep expanding in the future.
This is an updated version of an article originally published by the Investing News Network in 2016.
Don’t forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Former President of Expedia Marketplace Brings Extensive Product Management and Technical Experience to PayPal
PayPal Holdings, Inc. (NASDAQ: PYPL) today announced that John Kim will join the company as Executive Vice President (EVP), Chief Product Officer (CPO), effective September 26, 2022 . Kim brings unique skills and experience building foundational consumer products and marketplaces from the ground up. Throughout his career, he has driven innovative product development to compete and win in rapidly evolving and competitive markets. Kim succeeds current CPO, Mark Britto who will remain with PayPal for a transition period, before retiring at the end of this year.
Kim joins PayPal following a decade-long tenure with Expedia Group, where he served most recently as President of Expedia Marketplace. In this role, he oversaw strategy, product, technology and operations for all of Expedia Group's lines of business – including lodging, air, car, cruise and activities – bringing Expedia's products to life for its customers and suppliers. Previously, Kim served as President of Platform & Marketplaces where he led the development of artificial intelligence, user experience, research, ecommerce, marketplaces and yield management, and oversaw the data and development platforms that power Expedia Group's two-sided marketplace platform.
Previously in his career, Kim served as President of HomeAway/Vrbo after it was acquired by Expedia Group, then as President of Vrbo. At Vrbo, Kim led the company's transformation from a subscription-based advertising model to a modern ecommerce business powered by data science and technology. Before Vrbo, Kim served as Expedia's Chief Product Officer. He has more than two decades of experience across venture-backed startups, medium-sized companies and globally known brands including Yahoo!, Overture, Accenture, Bank of America and Pelago.
In his role as PayPal's EVP, CPO, Kim will lead the consumer and merchant product and engineering teams. Together with his product and engineering leadership teams, he will work to advance PayPal's position as a leader in digital payments and commerce for consumers and merchants around the globe.
"I'm thrilled to welcome John Kim to the PayPal team," said Dan Schulman , PayPal President and CEO. "John is an outstanding leader with a proven ability to build and lead high performing global teams that drive new and innovative product development. Developing new products at scale that engage customers and merchants through an exceptional user experience requires a unique combination of talents, and we've truly found these in John."
Schulman continued, " Mark Britto had an indelible impact on PayPal. We have all benefited from Mark's leadership and his deep commitment to creating value for our customers. I wish him all the best in his future endeavors."
"I am incredibly excited to join the passionate and dynamic team at PayPal," said Kim. "PayPal stands alone at the intersection of technology, digital payments, financial services and commerce. The scale of its two-sided global platform and reputation as one of the most trusted consumer brands in the world are true differentiators. I have been inspired by conversations with Dan, Mark and other members of PayPal's leadership team. I am eager to work alongside the PayPal team to help drive the next phase of growth and enable future generations of global digital payments and commerce."
Kim's appointment marks the most recent addition to PayPal's Executive Leadership Team amongst several key hires this year, including Chief Financial Officer Blake Jorgensen in August and Chief Information Officer Archana (Archie) Deskus in March. Blake joined PayPal from Electronic Arts and has extensive experience driving operational excellence and shareholder value. Previously CIO of Intel, Archie is a highly accomplished technology executive who is working to optimize PayPal's internal technology processes and systems, ensuring PayPal has the most modern, secure, reliable and scalable technology foundation to drive meaningful innovation and serve customers.
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering 429 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.
Gabrielle Rabinovitch grabinovitch@paypal.com
Ryan Wallace ryanwallace@paypal.com
Amanda Miller amandacmiller@paypal.com
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INTUit (Nasdaq: INTU), the global financial technology platform that makes TurboTax , Credit Karma , QuickBooks , and Mailchimp , will host its annual Investor Day on Sept. 29 at 8:00 a.m. Pacific time, at its headquarters in Mountain View, CA.
Chief Executive Officer Sasan Goodarzi and Chief Financial Officer Michelle Clatterbuck will be joined by other business leaders to discuss Intuit's strategy for fiscal year 2023. The company's fiscal year runs from August 1, 2022 to July 31, 2023.
The half-day event will be broadcast live via webcast available on Intuit's website and can be heard at http://investors.intuit.com/Events/default.aspx . A replay of the video broadcast and webcast will be available on Intuit's website approximately two hours after the meeting ends.
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With more than 100 million customers worldwide using TurboTax , Credit Karma , QuickBooks , and Mailchimp , we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit , our products and services, and find us on social .
View source version on businesswire.com: https://www.businesswire.com/news/home/20220907005511/en/
Investors Lisa Patterson Intuit Inc. 650-944-2713 lisa_patterson@intuit.com
Media Kali Fry Intuit Inc. 650-944-3036 kali_fry@intuit.com
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INTUit (Nasdaq: INTU), the global financial technology platform that makes TurboTax , QuickBooks , Mint , Credit Karma , and Mailchimp , announced today that Sasan Goodarzi, chief executive officer, will present at the Goldman Sachs TMT Conference on September 13.
The fireside chat will begin at 10:00 a.m. Pacific time (1:00 p.m. Eastern time) and will be available live via audio webcast on Intuit's investor relations website at https://investors.intuit.com/events-and-presentations/default.aspx . A replay of the webcast will be available approximately 24 hours after the presentation ends.
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With more than 100 million customers worldwide using TurboTax , Credit Karma , QuickBooks , and Mailchimp , we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit . our products and services, and find us on social .
View source version on businesswire.com: https://www.businesswire.com/news/home/20220906005927/en/
Investors Lisa Patterson Intuit Inc. 650-944-2713 lisa_patterson@intuit.com
Media Kali Fry Intuit Inc. 650-944-3036 kali_fry@intuit.com
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Tax prep and advisory are now streamlined into a simple, automated tool to save time and scale planning
Today, INTUit (NASDAQ: INTU), the global financial technology platform that makes TurboTax , QuickBooks , Credit Karma , and Mailchimp , is announcing Intuit Tax Advisor (ITA), a new, convenient insights tool for tax professionals to deliver tax advisory services. Intuit Tax Advisor seamlessly integrates with Intuit Accountant software, Lacerte and ProConnect Tax, to provide insights and strategies for the tax professional's clients.
ITA generates client-friendly reports with recommendations that are personalized for estimated tax savings strategies. This includes what retirement plan contributions, income and deduction timing, and more, can do for clients. In addition to saving time, ITA helps advisors showcase their expertise and confidently develop personalized tax plans to enable growth for clients and their firms.
"Based on customer feedback, we designed Intuit Tax Advisor to help advisors save time and scale their planning services to more of their staff," said Jorge Olavarrieta, Vice President of product management and design at Intuit. "Tax professionals can simplify proactive tax planning and advisory services with ITA to replace the current process of cobbling together tax planners, spreadsheets, and reporting applications."
"When more and more people are in need of advisory services to help them make significant financial decisions, ITA can help tax professionals differentiate their services and power prosperity with industry-leading change," said Barry Pennett, the SVP and GM of Intuit ProConnect Group. "There is a clear need and appetite for creating more value for clients and firms, and ITA is designed to do just that."
Intuit Tax Advisor highlights include:
For more information on Intuit Tax Advisor, visit proconnect.intuit.com/tax-advice-planning-for-professionals/ .
ABOUT INTUIT : Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. Serving more than 100 million customers worldwide with TurboTax , QuickBooks , Credit Karma , and Mailchimp , we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit, our products and services, and find us on social .
View source version on businesswire.com: https://www.businesswire.com/news/home/20220830005177/en/
Debra Hammer Debra_Hammer@intuit.com
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With real-time payments increasing, many countries must either modernize outdated payments infrastructure or build entirely new real-time payments networks to move money faster. In response, FIS ® (NYSE: FIS) has launched its new central infrastructure payment solution, RealNet™ Central , to help central banks transform their markets to digital-first, real-time payment economies.
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Currently, 72 percent of the world's population has, or will soon have, access to instant payments, according to the 2022 Worldpay from FIS Global Payments Report . Many markets are also replacing or renovating their established real-time services, especially those that repurposed their corporate real-time gross settlement (RTGS) services to cater for instant payments, such as Brazil, United Kingdom, Japan, South Africa and Mexico. Similarly, India and the U.S. are introducing additional competing services that will sit alongside the established schemes.
As this shift occurs, RealNet™ Central will accelerate real-time payments adoption by connecting a country's businesses, consumers, financial institutions and government entities to real-time networks, both domestically and internationally. FIS will also help central banks launch Central Bank Digital Currencies (CBDC). Through FIS' CBDC Virtual Lab created in collaboration with M10 Networks (M10) and its high-performance digital money platform FIS will support countries' efforts to integrate CBDCs into their economy.
The CBDC Virtual Lab allows central banks, commercial banks and other financial participants to experiment with – and pilot – core concepts of issuance, transfer, redemption, offline payments, programmable payments, retail, wholesale and cross-border payments. FIS' CBDC Virtual Lab is enterprise-grade technology that supports over one million transactions per second at less than a second latency.
"The global economy has rapidly shifted toward digital-first mindsets and methods. While the idea of making payments in real-time may sound simple, the reality of delivering on that promise is enormously sophisticated, especially when doing so across borders," said Aman Cheema, Head of Global Real-Time Payments and CBDCs at FIS. "Our latest offering sets out to change that, bringing consumers, businesses, financial institutions and governments closer together in the payments ecosystem. The launch of this solution is the latest proof point of FIS' commitment to invest in innovative technologies and solutions that advance how the world pays."
FIS has been shortlisted as a finalist on the G20 TechSprint 2022 CBDC challenge to build a prototype using the FIS Virtual Lab to demonstrate secure, resilient and effective CBDC issuance, redemption and transfer, whilst maintaining financial stability and integration with the existing payments landscape.
For more information, visit the RealNet™ Central webpage .
FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across any industry globally. We enable the movement of commerce by unlocking the financial technology that powers the world's economy. Our employees are dedicated to advancing the way the world pays, banks and invests through our trusted innovation, system performance and flexible architecture. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500 ® and the Standard & Poor's 500 ® Index. To learn more, visit www.FISglobal.com . Follow FIS on Facebook , LinkedIn and Twitter ( @FISglobal ).
View source version on businesswire.com: https://www.businesswire.com/news/home/20220825005060/en/
Kim Snider, 904.438.6278 Senior Vice President FIS Global Marketing and Communications kim.snider@fisglobal.com
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