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M1 Finance closes $45M Series C mere months after it raised its $33M Series B

October 14, 2020
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M1 Finance closes M Series C mere months after it raised its M Series B

 

Just months after it announced a $33 million Series B, Chicago-based M1 Finance today disclosed a $45 Series C.

The new financing event was led by Left Lane Capital, the same investor that led M1’s Series B. Bear in mind that so-called inside rounds are now a bullish sign in 2020, as opposed to in prior VC eras when they were viewed more cooly. Other M1 investors include Jump Capital, Clocktower Technology Ventures and Chicago Ventures, though only the first two appear to have taken part in this round.

Per M1, the Series C comes just 120 days after it raised a Series B. A good question is why M1 has raised more capital, and why Left Lane Capital wanted to lead two rounds for the consumer-focused fintech provider. Going back to our prior coverage, we can figure it out.

Chicago’s M1 Finance, a consumer-focused fintech platform, reaches $1B

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Business Leaders from Finance, Technology, Retail and Hospitality Call For Civility and Patience Ahead of The 2020 Election | News

October 14, 2020
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WASHINGTON, Oct. 14, 2020 /PRNewswire/ — In partnership with the Leadership Now Project, more than 50 of our nation’s business leaders released a statement: “America Has Held Successful Elections Amid Crises Before. We Can and Must Do So Again,” which underscores the importance of maintaining confidence in an election held during an unprecedented health crisis. Signatories include Greylock Partner and LinkedIn Co-Founder Reid Hoffman, D. E. Shaw & Co. Managing Director Eddie Fishman, The Baupost Group CEO Seth Klarman, Lumi Labs Co-Founder and former Yahoo CEO Marissa Mayer, Harvard Business School Professor Michael Porter, General Assembly CEO Lisa Lewin, KIND Snacks Executive Chairman Daniel Lubetzky and K1 Capital Management CEO Neil Malik, among other leaders.

With an unprecedented number of Americans voting by mail because of the pandemic, officials have consistently stressed that we may not know the outcome

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Finding Virtue in the Finance Industry

October 14, 2020
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Executive Summary

Over the past few decades, the financial services industry seems to have moved away from its mission of serving clients and supporting the economy in favor of enriching itself. How can this be fixed? Regulation is a critical piece of the puzzle. But, even within the constraints of existing structures, research indicates that well-intentioned finance professionals can buck the stereotypes and succeed without extracting value from the rest of society.  Virtuous role models serve their customers’ interests faithfully, but not in ways that cause harm to other stakeholders. They treat their colleagues with dignity and promote diversity within their organizations and across the industry. And they use their skill sets and networks to contribute to the world beyond their job.

Illustration by Erre Gálvez

Finance can be a force for good in society but, over the past few decades, structural and behavioral changes have pushed the industry away

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Equitas Small Finance Bank may launch IPO on October 20

October 14, 2020
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Equitas Small Finance Bank may launch IPO on October 20


© India Today Group
Equitas Small Finance Bank may launch IPO on October 20

The initial public offer (IPO) of Equitas Small Finance Bank (ESFB) is expected to be launched on October 20, 2020. The issue was earlier scheduled for subscription by the end of March 2020. However, the offer was put on hold due to the spread of COVID-19 disease.

Equitas Small Finance Bank (ESFB) had earlier filed the draft red herring prospectus (DRHP) on December 16, 2019.

The fresh issue of equity shares for its proposed IPO was revised recently downward to Rs 280 crore from Rs 550 crore planned earlier. The IPO consists of a fresh issue of 8 crore equity shares and an offer for sale of 7.2 crore equity shares.

“The size of the fresh issue has been reduced from up to Rs 5,500 million (Rs 550 crore) to up to Rs 2,800 million (Rs

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Verady Extends Advisory Board with World Class Blockchain and Finance Leaders

October 14, 2020
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ATLANTA, Oct. 14, 2020 /PRNewswire/ — Verady, the leading cryptocurrency tax and accounting software company, announced the addition of four Advisory Board members. These members will guide and support Verady as the Company extends its crypto asset tax and accounting platform, Ledgible, to the global blockchain industry and the accounting profession. 

“We are fortunate to have brought in more valued perspectives so that Verady can benefit from their diverse areas of expertise and combined years of knowledge,” said Kell Canty, CEO of Verady. “I am excited to work with them and their insights on strategic opportunities and vision.”

The advisors are Jagruti Solanki, Blockchain Partner at Aprio, Frank Bishop, former CEO of INVESCO, Eric Piscini, Global VP Blockchain Solutions at IBM, and Michael Wasserfuhr, former CFO at Worldpay N.A. Current advisors include Chris Danusiar and Jon West.

This group of incredibly talented

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SoFi Invest Puts the “Social” Back in Social Finance

October 14, 2020
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SAN FRANCISCO, Oct. 14, 2020 /PRNewswire/ — SoFi, the digital personal finance company, announced today the launch of its social trading and investing features within SoFi Invest, including the ability to follow friends, family, and other SoFi members on their investing journeys, all within the full SoFi experience.

The platform’s new capabilities are available to all SoFi Active Investing members today, and include the ability to share their investment portfolios – with exact dollar amounts hidden – and also discover and follow the holdings, watchlists, and activity of members who have opted into the feature. Members can also comment on or react to the trades of investors they follow, and see how they stack up against the market and other investors via a dynamic leaderboard.

“According to SoFi’s research, about 70% of SoFi Invest member respondents indicated that they regularly (at least weekly) discuss their investments with family members,

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Twitter to pay $100,000 over Washington state campaign finance violations

October 14, 2020
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AG Ferguson says the company agreed to pay $100,000 for failing to maintain records related to ads that ran from 2012 through 2019.

OLYMPIA, Wash. — Editor’s note: The above video aired at an earlier date.

Twitter is the latest social media giant to pay for violations of Washington state’s campaign finance disclosure rules. 

Attorney General Bob Ferguson says the company agreed to pay $100,000 for failing to maintain records related to ads that ran from 2012 through 2019, when Twitter banned political advertising. 

Companies are required to maintain records about who paid for ads, when they ran, how much they cost, and the name of the candidate or measure supported or opposed. 

Facebook and Google have also agreed to settlements of $200,000 each, though Ferguson filed a second lawsuit against Facebook in April.

The law requires commercial advertisers to maintain the following information regarding ads they sell so that

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The Finance 202: Joe Biden’s tax plan would barely dent growth, conservative group finds

October 14, 2020
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The analysis concludes Biden’s plan would raise $2.8 trillion over the next decade from higher taxes on businesses, corporations and the wealthiest households. Over that time, AEI projects the higher taxes would reduce economic growth by a relatively modest 0.16 percent.

The plan would “make the tax code more progressive,” AEI’s Kyle Pomerlau and Grant Seiter write. And after slightly crimping growth in its first decade, it would “reduce debt-to-GDP in the second decade, leading to slightly higher GDP. However, in the long term, his plan would not raise enough to stabilize debt-to-GDP and would lead to a 0.18 percent smaller economy.”

The macroeconomic drag the AEI model anticipates roughly aligns with other analyses from the Tax Foundation and the Penn Wharton Budget Model, Pomerlau notes. In other words, rolling back most of the Trump tax cuts wouldn’t bring about the economic Armageddon the Trump campaign has depicted.

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World Bank approves $12B to finance virus vaccines, care

October 14, 2020
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The World Bank has approved $12 billion in financing to help developing countries buy and distribute coronavirus vaccines, tests, and treatments, aiming to support the vaccination of up to 1 billion people.

The $12 billion “envelop” is part of a wider World Bank Group package of up to $160 billion to help developing countries fight the COVID-19 pandemic, the bank said in a statement late Tuesday.

The World Bank said its COVID-19 emergency response programs are already reaching 111 countries.

Citizens in developing countries also need access to safe and effective COVID-19 vaccines, it said.

“We are extending and expanding our fast-track approach to address the COVID emergency so that developing countries have fair and equal access to vaccines,” said the bank’s president, David Malpass, said in the statement.

“Access to safe and effective vaccines and strengthened delivery systems is key to alter the course of the pandemic and help

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Mexico’s Cemex extends $2 bln loan maturities in ‘green’ finance deal

October 13, 2020
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Adds CFO’s comments, details of deal

MEXICO CITY, Oct 13 (Reuters) – Mexican cement maker Cemex said in a statement on Tuesday that it has extended repayment dates on about $2.1 billion of credit and will prepay some $530 million in loans, as part of a so-called “green” financing deal.

Cemex also changed some $313 million of dollar-denominated credit to Mexican pesos and around $82 million to Euros in the deal, under which the company incorporated green metrics into approximately $3.2 billion of commitments.

Cemex said the transaction meant it had no important debt maturities through July 2023.

“We are pleased with this transaction, which allows us to improve our debt maturity profile and underscores Cemex’s commitment to sustainability as one of our key strategic pillars,” said chief financial officer Maher Al-Haffar.

The green metrics include reducing net CO2 emissions related to cement products and power consumption from

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