Paul Schulte, Advisor, Banking and Financial Services
August 22nd, 2019
Paul Schulte is the Founder and Managing Editor of Shulte Research based in Singapore. Paul's roles[...]
Shaquille O’Neal Joins Steady; Company Raises $9 Million in Series A Round of Funding from Leading Fintech Investors
Digital Journal PR | Aug 7, 2018
ATLANTA--(Business Wire)--Steady, the income-building platform for the Build-Your-Own (BYO) workforce is already serving 100,000 Americans since it launched last week. The company, which today delivers personalized income-building opportunities, an income tracker, and exclusive relevant discounts, has raised $9 million in Series A financing round led by Propel Venture Partners, with significant participation from Omidyar Network, the impact investing firm established by Pierre Omidyar, the founder of eBay. The funds raised in this round will be used to rapidly scale and extend product features. Other investors include 25Madison, Clocktower Ventures, and Commerce Ventures. Shaquille O’Neal has joined the team as an Advisor and Advocate for the BYO workforce.
“The traditional 9-5 career path doesn’t work for everyone, and we’re seeing more and more people set out to make their own way. Steady sees and serves this group, giving them the tools to discover new job opportunities, and the resources to earn more money and take control,” said Shaquille O’Neal. “Helping hardworking folks do and get more is an important mission and I’m excited to be part of it.”
Work is changing. Full-time jobs are giving way to more flexible arrangements—shift work, part-time contracts, gigs, and an endless combination of these—that create income uncertainty; retirement resources aren’t cutting it for millions of Americans; and the resulting income mix throws people’s relationship to banks and financial products out of balance. Enter Steady.
See: A U.S. Perspective: Can Canadian Alternative Finance Contend?
“In today’s America, the single, upward career path is a false notion for too many people. A long-term, consistent, path of ascension just isn’t attainable in most industries. People need to create their own,” said Steady co-founder and lead seed round investor Michael Loeb, from Loeb Enterprises.
“Steady is uniquely built to address a financial health crisis that’s hitting epidemic proportions.”
Steady starts by helping BYO workers easily find and apply to income-building opportunities that match their availability, abilities, and interests. Whether augmenting retirement savings, working around childcare responsibilities, leveraging gig opportunities, or supplementing insufficient income from a primary employer, Steady helps people earn more.
“Today’s workforce faces wage stagnation, underemployment and an increasing cost of living. All this leads to people just not making enough money to live the American Dream, and instead they’re caught in a very vulnerable place,” said Ryan Gilbert, Partner at Propel Venture Partners.
“We’re excited to back Steady in delivering much needed solutions aimed at the root problem—insufficient earnings. If people are to thrive in today’s changing world, a solution like Steady is imperative.” Gilbert and Propel Venture Partners Vice President David Mort will be joining Steady’s Board of Directors.
See: Why Blockchain Is The Future Of The Sharing Economy
The new BYO workforce will be able to rely on Steady to:
- Build income: Discover and apply for extra income opportunities and shifts from large employers, small, and medium businesses and the hottest startups (including the top 40 gig economy players)—filtered by location, interests, availability, and goals, in addition to helping define their overall portfolio of work.
- Build networks: Monitor relevant community activity, learn from peers, uncover new opportunities, and create connections that help maximize earning potential.
- Build buying power: Access a marketplace of exclusive benefits—from essentials such as prescriptions and groceries, and discounts on major expenses such as auto care and telecom.
Continue to the full article --> here
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NCFA Canada | March 25, 2020 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Mar 25: Why identity matters in an evolving online environment HOST: Tristram Waye, Fintech Friday's podcast episode GUEST: DAVID LUCATCH, President & Director – KABN Systems North America Inc. (Linkedin) KABN Links: kabnsystemsna.com | liquidavatar.com About this episode: David Lucatch of KABN Networks North America joins Tristram Waye for this episode of Fintech Friday. David discusses why identity is a foundational element of the evolving online and data environment, and why KABN Networks North America has developed a business around it. During this episode he will also discuss: How KABN ID works and why it’s a foundational technology The suite of products KABN Networks North America has developed around identity and why Their vision of the future including the release of Liquid Avatar BIO: David Lucatch has spent more almost 35 years in the international marketing arena and over 25 years of that developing technologies and taking them to market. David has held senior management posts and directorships at both private and public technology and media firms. David is an active supporter of numerous non-profit organizations and has been recognized and awarded internationally for his service and community ...
Read More
Guest Post | Pankaj Raghav | March 25, 2020 The entire world is dealing with the havoc of the coronavirus pandemic. Naturally, it will have a wreaking impact on the economy. The big events are being cancelled, flights are non-operational, and all sports leagues have been postponed. Almost every country across the globe is putting travel restrictions with an aim to keep the virus out of their home border. To combat the disease, the hospitals are bracing day in and day out, and public health officials are doing the best they can. Sadly, it isn’t easy being calm or optimistic in this dark time of crisis. However, as for the business owners, trying to be calm under crisis is a pivotal quality of their job description. So, if, as a business, you employ some proactive steps right away, you can get your business to be more safe and secure to recover faster post the crisis. China, the original epicenter of the Coronavirus, has started coming up with measures that are depicting clear signs of economic recovery. So, we have come up with 4 important steps and strategies that you need to implement to help your business recover post this pandemic ...
Read More
The Globe and Mail OpEd | Cato Pastoll | March 24, 2020 No one planned for this. COVID-19 has brought the global economy to a standstill. With many provinces closing non-essential businesses, and consumption and consumer confidence decreasing, many Canadian small businesses are looking at extinction. Businesses surveyed by Lending Loop, on average, have less than 30 days of cash on hand to weather this storm. This is not a new finding. In 2016, a JP Morgan study showed that the average restaurant, retailer and manufacturer had 16, 19 and 30 days of cash on hand, respectively. As revenue declines continue in the coming weeks and months, their futures look incredibly bleak. By all accounts, the federal government knows small and medium-sized businesses constitute the backbone of our economy because they support at least 70 per cent of all jobs in Canada. Yet, the majority of our governments’ efforts are dedicated to supporting individuals and not businesses. While the enhanced Employment Insurance programs are helpful measures, the disappearance of our businesses would mean there would be no jobs to return to once the pandemic is over. See: Lending Loop Surpasses $50 million Milestone and helps thousands of Canadian Businesses and ...
Read More
BCG Henderson Institute | Martin Reeves, Lars Faeste, Kevin Whitaker, and Mark Abraham | March 15, 2020 A rebound of demand is inevitable, and using high-frequency data proxies for the movement of goods and people, production and confidence, we can see that it is already beginning to happen in China. (See Exhibit 2.) Given the complexity of rebooting companies and supply chains at different speeds in different places, the time to begin preparing a rebound strategy is now. Over the past 100 years, epidemics have only temporarily deflected the economic cycle with short, sharp shocks. Of course, this time could be different. A bear market (technically a 20% decline) does not guarantee a recession but indicates a high probability of one. Prudent companies will prepare for this possibility. Our analysis shows that 14% of companies across all sectors actually grow top and bottom lines during recessions and downturns. Those who flourish share the common traits of preparation, preemption, growth orientation and long term transformation. They take a long term view and place growth bets when competitors are retrenching. And even after the epidemic recedes, and even in the case of recession, there will be opportunities and needs to reimagine business ...
Read More
Techopedia | Claudio Buttice | March 13, 2020 Before AI and the rise of FinTech, very few industry giants had the bandwidth to deal with the inherently quantitative nature of our now tech-savvy world. These AI use cases detail some of the ways AI has been a game-changer for FinTech. Banks alone are expected to spend $5.6 billion USD on AI and Machine Learning (ML) solutions in 2019 — just a fraction of what they’re expecting to earn since the profits generated may reach up to $250 billion USD in value. From automating the most menial and repetitive tasks to free up the time to focus on higher level objectives, to assisting with customer service management and reducing the risk of frauds, AI is employed from back-office tasks to the frontend with nimbleness and agility. 1. Fraud Detection and Compliance According to the Alan Turing Institute, with $70 billion USD spent by banks on compliance each year just in the U.S., the amount of money spent on fraud is staggering. And when the number of reported cases of payments-related fraud has increased by 66% between 2015 and 2016 in the United Kingdom, it’s clear how this problem is much more ...
Read More
Micky | Ali Qamar | March 21, 2020 The State of Hawaii has recently introduced a pilot program dubbed as the ‘Digital Currency Innovation Lab’ aimed at being a ‘testbed for innovation in the digital currency space.’ On March 17, Hawaii’s governor office revealed that the state’s very first state-initiated blockchain and cryptocurrency incubator is in the works. This initiative is in collaboration with three government agencies: Department of Commerce and Consumer Affairs (DCCA) Hawaii Technology Development Corporation (HTDC) Division of Financial Institution (DFI) See: 10 ways regulators need to change in 2020 The main aim of the project is to assist digital currency issuers to do business in Hawaii without acquiring any sort of money transmitter license in the course of the effective period of the pilot program. The sandbox will remain in operation for the next two years. Furthermore, the program outlines three objectives: Create economic opportunities for Hawaii and foster early adoption of cryptocurrency Offer consumer protection and provide guidance to crypto entrepreneurs Provide data to shape crypto legislation in the state Sandbox participants protected against unlicensed regulation Iris Ikeda, Commissioner of Financial Institutions, highlighted that the DFI has issued a “no-action message” against unlicensed money transmission ...
Read More
Betakit | Meagan Simpson | March 20, 2020 A survey conducted by Toronto-based FinTech startup Lending Loop has found that Canadian small businesses have seen an average revenue decline of more than 63 percent amid the COVID-19 pandemic. Lending Loop has been collecting data over the past few days from over 100 companies on the impact the COVID-19 outbreak is having on small businesses across Canada. In a Tweet on Thursday, Lending Loop CEO Cato Pastoll noted that the initial findings highlight the severity of the current situation. See: Covid-19: Resources and Guides for Businesses and Individuals The small businesses surveyed have an average of 10 employees and according to the survey results have seen immediate impacts amid the current global situation. Those surveyed reported that their business has seen an average revenue loss of $1,141,310, leading to an average revenue decline of 63.3 percent. More than 65 percent of small businesses surveyed reported a revenue decline of more than 50 percent. With 92 percent concerned about their monthly obligations. The industries that have seen the largest hit are education services and restaurant and food services. Following closely behind are finance and insurance, as well as retail and wholesale trade ...
Read More
American Banker | Penny Crosman | March 18, 2020 The coronavirus pandemic could be devastating for many companies, but it's also shining a spotlight on the power of fintechs. They seem to be responding to the sudden challenge, though uncertainties lie ahead. The virus-driven moratorium on travel and the trend of companies encouraging people to work from home are changing the way people behave and communicate, and some of these changes could become permanent. “The behaviors that people can execute from their living room or from their den are going to grow, and behaviors that require face-to-face interaction or getting out into the community are going to diminish,” said Nigel Morris, managing partner of QED Investors and a co-founder of Capital One. “What does that mean? You should have greater mobile apps and digital adoption in general. If I had been holding off on signing up for PayPal, for instance, I might just do that.” Fintechs that help people do things remotely, like communicate about work, apply for a mortgage or make electronic payments, appear to be thriving, at least so far. Digital mortgages The digital mortgage software provider Blend, which has 230 bank clients, has also seen spikes in ...
Read More
The Economist | March 21, 2020 Central-bank action is failing to stem the rout HOUSEHOLDS ARE frantically stocking up on essentials such as loo roll. But in financial markets, the staple that no one can do without in times of stress is cash—the flushing mechanism of the world economy. In theory, it should never dry up; money can be printed. When firms are desperate for cash it puts a potentially devastating strain on the plumbing of the global financial system. That is why in the past week America’s Federal Reserve has unleashed a huge amount of liquidity. Foreign central banks have joined in. Many face the additional challenge of a strengthening dollar. Unlike the 2007-09 financial crisis, when problems in the financial system caused an economic meltdown, the spread of the covid-19 disease has caused a health and economic crisis that has caught banks, financial markets and business in its wake. Big and small firms realise that they are facing— at the least—months of scant revenues, yet still have bills and debts to pay. Some are better equipped than others (see left-hand chart). The operating expenses (opex), like wages and rent, of all nonbank S&P 500 companies in 2019 amounted ...
Read More
The Toronto Star | Olga Kharif | March 17, 2020 Crypto entrepreneurs Tyler and Cameron Winklevoss are launching a marketplace for nifties, the tradable digital art that can sell for thousands of dollars. Nifty Gateway, a startup that the Winklevoss’s Gemini Trust Co. bought last year, is debuting a website Tuesday where consumers will be able to buy and sell digital collectibles from artists including Michael Kagan and Lyle Owerko. Kagan, known for his space exploration-themed work, has collaborated with singer Pharrell Williams on t-shirt designs and recently sold a work through Christie’s for $40,000. Works of photographer Owerko have graced the cover of Time magazine and been collected by the likes of Beyonce. Niftygateway.com will also sell a collection of digital art from MMA fighter Cris Cyborg. “I haven’t done anything like this before, which is all the more reason to do this now,” Owerko said in a phone interview. See: 3 Ways Digital Assets Will Reshape The World For the Winklevoss twins, who have been two of the earliest supporters of cryptocurrency, the marketplace is a way to tap into an emerging and potentially lucrative market for digital art. Unlike other digital renderings, these pieces are kept track ...
Read More
NCFA Canada | March 25, 2020 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Mar 25: Why identity matters in an evolving online environment HOST: Tristram Waye, Fintech Friday's podcast episode GUEST: DAVID LUCATCH, President & Director – KABN Systems North America Inc. (Linkedin) KABN Links: kabnsystemsna.com | liquidavatar.com About this episode: David Lucatch of KABN Networks North America joins Tristram Waye for this episode of Fintech Friday. David discusses why identity is a foundational element of the evolving online and data environment, and why KABN Networks North America has developed a business around it. During this episode he will also discuss: How KABN ID works and why it’s a foundational technology The suite of products KABN Networks North America has developed around identity and why Their vision of the future including the release of Liquid Avatar BIO: David Lucatch has spent more almost 35 years in the international marketing arena and over 25 years of that developing technologies and taking them to market. David has held senior management posts and directorships at both private and public technology and media firms. David is an active supporter of numerous non-profit organizations and has been recognized and awarded internationally for his service and community ...
Read More
Read More
Guest Post | Pankaj Raghav | March 25, 2020 The entire world is dealing with the havoc of the coronavirus pandemic. Naturally, it will have a wreaking impact on the economy. The big events are being cancelled, flights are non-operational, and all sports leagues have been postponed. Almost every country across the globe is putting travel restrictions with an aim to keep the virus out of their home border. To combat the disease, the hospitals are bracing day in and day out, and public health officials are doing the best they can. Sadly, it isn’t easy being calm or optimistic in this dark time of crisis. However, as for the business owners, trying to be calm under crisis is a pivotal quality of their job description. So, if, as a business, you employ some proactive steps right away, you can get your business to be more safe and secure to recover faster post the crisis. China, the original epicenter of the Coronavirus, has started coming up with measures that are depicting clear signs of economic recovery. So, we have come up with 4 important steps and strategies that you need to implement to help your business recover post this pandemic ...
Read More
Read More
The Globe and Mail OpEd | Cato Pastoll | March 24, 2020 No one planned for this. COVID-19 has brought the global economy to a standstill. With many provinces closing non-essential businesses, and consumption and consumer confidence decreasing, many Canadian small businesses are looking at extinction. Businesses surveyed by Lending Loop, on average, have less than 30 days of cash on hand to weather this storm. This is not a new finding. In 2016, a JP Morgan study showed that the average restaurant, retailer and manufacturer had 16, 19 and 30 days of cash on hand, respectively. As revenue declines continue in the coming weeks and months, their futures look incredibly bleak. By all accounts, the federal government knows small and medium-sized businesses constitute the backbone of our economy because they support at least 70 per cent of all jobs in Canada. Yet, the majority of our governments’ efforts are dedicated to supporting individuals and not businesses. While the enhanced Employment Insurance programs are helpful measures, the disappearance of our businesses would mean there would be no jobs to return to once the pandemic is over. See: Lending Loop Surpasses $50 million Milestone and helps thousands of Canadian Businesses and ...
Read More
Read More
BCG Henderson Institute | Martin Reeves, Lars Faeste, Kevin Whitaker, and Mark Abraham | March 15, 2020 A rebound of demand is inevitable, and using high-frequency data proxies for the movement of goods and people, production and confidence, we can see that it is already beginning to happen in China. (See Exhibit 2.) Given the complexity of rebooting companies and supply chains at different speeds in different places, the time to begin preparing a rebound strategy is now. Over the past 100 years, epidemics have only temporarily deflected the economic cycle with short, sharp shocks. Of course, this time could be different. A bear market (technically a 20% decline) does not guarantee a recession but indicates a high probability of one. Prudent companies will prepare for this possibility. Our analysis shows that 14% of companies across all sectors actually grow top and bottom lines during recessions and downturns. Those who flourish share the common traits of preparation, preemption, growth orientation and long term transformation. They take a long term view and place growth bets when competitors are retrenching. And even after the epidemic recedes, and even in the case of recession, there will be opportunities and needs to reimagine business ...
Read More
Read More
Techopedia | Claudio Buttice | March 13, 2020 Before AI and the rise of FinTech, very few industry giants had the bandwidth to deal with the inherently quantitative nature of our now tech-savvy world. These AI use cases detail some of the ways AI has been a game-changer for FinTech. Banks alone are expected to spend $5.6 billion USD on AI and Machine Learning (ML) solutions in 2019 — just a fraction of what they’re expecting to earn since the profits generated may reach up to $250 billion USD in value. From automating the most menial and repetitive tasks to free up the time to focus on higher level objectives, to assisting with customer service management and reducing the risk of frauds, AI is employed from back-office tasks to the frontend with nimbleness and agility. 1. Fraud Detection and Compliance According to the Alan Turing Institute, with $70 billion USD spent by banks on compliance each year just in the U.S., the amount of money spent on fraud is staggering. And when the number of reported cases of payments-related fraud has increased by 66% between 2015 and 2016 in the United Kingdom, it’s clear how this problem is much more ...
Read More
Read More
Micky | Ali Qamar | March 21, 2020 The State of Hawaii has recently introduced a pilot program dubbed as the ‘Digital Currency Innovation Lab’ aimed at being a ‘testbed for innovation in the digital currency space.’ On March 17, Hawaii’s governor office revealed that the state’s very first state-initiated blockchain and cryptocurrency incubator is in the works. This initiative is in collaboration with three government agencies: Department of Commerce and Consumer Affairs (DCCA) Hawaii Technology Development Corporation (HTDC) Division of Financial Institution (DFI) See: 10 ways regulators need to change in 2020 The main aim of the project is to assist digital currency issuers to do business in Hawaii without acquiring any sort of money transmitter license in the course of the effective period of the pilot program. The sandbox will remain in operation for the next two years. Furthermore, the program outlines three objectives: Create economic opportunities for Hawaii and foster early adoption of cryptocurrency Offer consumer protection and provide guidance to crypto entrepreneurs Provide data to shape crypto legislation in the state Sandbox participants protected against unlicensed regulation Iris Ikeda, Commissioner of Financial Institutions, highlighted that the DFI has issued a “no-action message” against unlicensed money transmission ...
Read More
Read More
Betakit | Meagan Simpson | March 20, 2020 A survey conducted by Toronto-based FinTech startup Lending Loop has found that Canadian small businesses have seen an average revenue decline of more than 63 percent amid the COVID-19 pandemic. Lending Loop has been collecting data over the past few days from over 100 companies on the impact the COVID-19 outbreak is having on small businesses across Canada. In a Tweet on Thursday, Lending Loop CEO Cato Pastoll noted that the initial findings highlight the severity of the current situation. See: Covid-19: Resources and Guides for Businesses and Individuals The small businesses surveyed have an average of 10 employees and according to the survey results have seen immediate impacts amid the current global situation. Those surveyed reported that their business has seen an average revenue loss of $1,141,310, leading to an average revenue decline of 63.3 percent. More than 65 percent of small businesses surveyed reported a revenue decline of more than 50 percent. With 92 percent concerned about their monthly obligations. The industries that have seen the largest hit are education services and restaurant and food services. Following closely behind are finance and insurance, as well as retail and wholesale trade ...
Read More
Read More
American Banker | Penny Crosman | March 18, 2020 The coronavirus pandemic could be devastating for many companies, but it's also shining a spotlight on the power of fintechs. They seem to be responding to the sudden challenge, though uncertainties lie ahead. The virus-driven moratorium on travel and the trend of companies encouraging people to work from home are changing the way people behave and communicate, and some of these changes could become permanent. “The behaviors that people can execute from their living room or from their den are going to grow, and behaviors that require face-to-face interaction or getting out into the community are going to diminish,” said Nigel Morris, managing partner of QED Investors and a co-founder of Capital One. “What does that mean? You should have greater mobile apps and digital adoption in general. If I had been holding off on signing up for PayPal, for instance, I might just do that.” Fintechs that help people do things remotely, like communicate about work, apply for a mortgage or make electronic payments, appear to be thriving, at least so far. Digital mortgages The digital mortgage software provider Blend, which has 230 bank clients, has also seen spikes in ...
Read More
Read More
The Economist | March 21, 2020 Central-bank action is failing to stem the rout HOUSEHOLDS ARE frantically stocking up on essentials such as loo roll. But in financial markets, the staple that no one can do without in times of stress is cash—the flushing mechanism of the world economy. In theory, it should never dry up; money can be printed. When firms are desperate for cash it puts a potentially devastating strain on the plumbing of the global financial system. That is why in the past week America’s Federal Reserve has unleashed a huge amount of liquidity. Foreign central banks have joined in. Many face the additional challenge of a strengthening dollar. Unlike the 2007-09 financial crisis, when problems in the financial system caused an economic meltdown, the spread of the covid-19 disease has caused a health and economic crisis that has caught banks, financial markets and business in its wake. Big and small firms realise that they are facing— at the least—months of scant revenues, yet still have bills and debts to pay. Some are better equipped than others (see left-hand chart). The operating expenses (opex), like wages and rent, of all nonbank S&P 500 companies in 2019 amounted ...
Read More
Read More
The Toronto Star | Olga Kharif | March 17, 2020 Crypto entrepreneurs Tyler and Cameron Winklevoss are launching a marketplace for nifties, the tradable digital art that can sell for thousands of dollars. Nifty Gateway, a startup that the Winklevoss’s Gemini Trust Co. bought last year, is debuting a website Tuesday where consumers will be able to buy and sell digital collectibles from artists including Michael Kagan and Lyle Owerko. Kagan, known for his space exploration-themed work, has collaborated with singer Pharrell Williams on t-shirt designs and recently sold a work through Christie’s for $40,000. Works of photographer Owerko have graced the cover of Time magazine and been collected by the likes of Beyonce. Niftygateway.com will also sell a collection of digital art from MMA fighter Cris Cyborg. “I haven’t done anything like this before, which is all the more reason to do this now,” Owerko said in a phone interview. See: 3 Ways Digital Assets Will Reshape The World For the Winklevoss twins, who have been two of the earliest supporters of cryptocurrency, the marketplace is a way to tap into an emerging and potentially lucrative market for digital art. Unlike other digital renderings, these pieces are kept track ...
Read More
Read More
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