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Industry roundup: 13 May

Barclays makes first investment under Sustainable Impact Capital initiative

Barclays has announced a significant equity investment in SaveMoneyCutCarbon, a digital aggregator that provides a marketplace focused on sustainability, offering cost-effective products and solutions to businesses and consumers seeking to reduce their carbon footprint and be more sustainable.

This is Barclays’ inaugural investment under its Sustainable Impact Capital initiative, which aims to invest £175m over the next five years in innovative and environmentally-focused businesses - an important component of Barclays’ commitment to enabling a low-carbon economy.

Founded in 2012, SaveMoneyCutCarbon has helped hundreds of thousands of customers reduce their carbon footprint while saving money by using water and energy in more sustainable ways.

 

Treasury Prime raises US$9m to connect banks with fintech clients

Treasury Prime has announced that it has raised US$9m in its Series A funding round. Led by Amias Gerety of QED Investors and with participation by Jason Lemkin of SaaStr and Hans Morris of NYCA Partners, the round builds on Treasury Prime’s previous US$2.5m Seed Round, bringing its total funding to date to US$11.5m.

Treasury Prime provides an API that enables banks to offer a modern interface to legacy backend infrastructures. This allows banks to integrate with modern financial technology clients. By integrating directly with a bank’s core banking system, Treasury Prime’s automation is designed to reduce the time and cost for onboarding new clients, while fulfilling the banks’ governance requirements. In this way, banks grow with deposits from a new client base, and fintechs can offer secure digital banking services to their customers.

 

iGo and Conferma Pay partner to simplify taxi payments for business travellers

Taxi network and marketplace, iGo, has partnered with global payment technology company, Conferma Pay, to provide business travellers with a seamless payment solution for booking, paying and reconciling taxis.

Companies managing ground transport will no longer require business travellers to pay with cash or cards. The payment for each trip will be transferred from Conferma Pay’s virtual wallet directly into the private hire or taxi company’s account as soon as the ride is complete.

Conferma Pay’s virtual wallet guarantees each payment the moment the trip is completed, incentivising taxi companies to take more jobs through the iGo network. This should improve the experience of booking taxis during busy periods for business travellers.

 

COVID-19’s increased risk of data breaches a boon for DSA Connect

DSA Connect, a UK-based IT company that specialises in the permanent deletion and destruction of electronic data, saw enquiries during March increase by 35% when compared to February, and by 52% more than in January. Overall enquiries in Q1 were 55% higher than the same period last year, and revenue was up 46%.

“Sadly, people are desperate to find out information on Coronavirus and this increases the chances of them forgetting the basics of cybersecurity and visiting unsafe websites where they could become the victim of a scam which could lead to a data breach,” said Harry Benham, chairman of DSA Connect. “As a result of this, we have seen a significant increase in employers contacting us asking if we can remove data remotely from their systems, reducing the chances of data breaches should their employees, who are working from home, become the victim of a phishing or malware attack.”  

 

PNC announces pricing of BlackRock stock offering

The PNC Financial Services Group has announced that it has agreed to sell 28.75 million shares of BlackRock common and preferred stock through a registered offering at a price of US$420 per share. In addition, BlackRock will repurchase 2.65 million shares from PNC at a price of US$414.96 per share.

In connection with the offering, the underwriters have been granted an option to purchase up to 2.88 million additional BlackRock shares at the price payable by the underwriters in the offering, exercisable within the next 30 days. If the option is fully exercised, the offering and repurchase will together result in the sale of PNC’s entire holding in BlackRock, excluding 500,000 BlackRock shares that PNC intends to contribute to the PNC Foundation by the end of the second quarter of 2020.

PNC currently holds 34.8 million common and Series B preferred BlackRock shares, which will convert into common stock automatically upon close of the sale, representing 22.4% ownership.

 

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