UK restaurant financing – Erics Beer Page http://ericsbeerpage.com/ Wed, 21 Jul 2021 13:47:28 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://ericsbeerpage.com/wp-content/uploads/2021/06/cropped-icon-32x32.png UK restaurant financing – Erics Beer Page http://ericsbeerpage.com/ 32 32 Jumio associates 150% revenue growth with KYC https://ericsbeerpage.com/2021/07/20/jumio-associates-150-revenue-growth-with-kyc/ https://ericsbeerpage.com/2021/07/20/jumio-associates-150-revenue-growth-with-kyc/#respond Tue, 20 Jul 2021 19:44:45 +0000 https://ericsbeerpage.com/2021/07/20/jumio-associates-150-revenue-growth-with-kyc/

Jumio, a provider of artificial intelligence (AI) -based identity verification and KYC (know your customer) tools, Tuesday, July 20 ad that sales and revenue increased by more than 150% in the second quarter of 2021 compared to the second quarter of 2020. The company attributes the increase in sales and revenue to the need for today’s businesses to know and d ‘trust that their online users are who they say they are.

Verifying the identity of users online has become more critical since the start of the pandemic. Amid an increase in cyber attacks and data breaches, some have named medical identity theft as one of the country’s fastest growing crimes, according to a recent report. As a tool for preventing medical identity theft, Klever, a Finland-based cryptocurrency holding company earlier this month selected Jumio to provide biometric identity verification for automated integration compliant with KYC and anti-money laundering (AML) regulations.

Jumio said it processes more than 20 million AML transactions per month to help organizations accepting payments know their customers, identify suspicious activity, manage investigations and submit regulatory reports.

“As almost all businesses are now remote first, it’s more important than ever to build trust online,” said Robert prigge, CEO of Jumio. “A comprehensive AI-powered verification platform is essential to adapt to the explosive growth of our customers and help them build and maintain trust online. “

In April, Jumio added IProov liveliness detection to its KYX platform, ensuring that the online user is genuine, physically present and not a sophisticated cyber attack. Jumio added and extended a significant number of partnerships in the second quarter, including Microsoft, Copper River Computing, Australia National Crime Check and Veridium. Jumio has also signed a new distribution relationship with Ingram Micro and its emerging group of companies.

Additionally, as PYMNTS previously reported, Jumio joined Microsoft this spring to launch Azure Active Directory (Active AD) verifiable credentials designed to enable faster integration.

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NEW PYMNTS DATA: STUDY PUTTING LOYALTY AT THE SERVICE OF SMALL BUSINESSES – UNITED KINGDOM EDITION

About the study: UK consumers see local purchases as essential for both supporting the economy and preserving the environment, but many local High Street businesses are struggling to get them in. In the new Making Loyalty Work For Small Businesses study, PYMNTS surveys 1,115 UK consumers to find out how offering personalized loyalty programs can help engage new High Street shoppers.

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Funding Flows for Food Sustainability https://ericsbeerpage.com/2021/07/20/funding-flows-for-food-sustainability/ https://ericsbeerpage.com/2021/07/20/funding-flows-for-food-sustainability/#respond Tue, 20 Jul 2021 19:15:26 +0000 https://ericsbeerpage.com/2021/07/20/funding-flows-for-food-sustainability/

Consumers are more concerned about the planet than ever before, and many are looking to spend their money in a way that matches their values. For food, that means buying plant-based products and choosing to buy food that would otherwise have been wasted, but it doesn’t stop there. Sourcing and packaging are also a priority for many consumers.

Recognizing these concerns, venture capitalists support companies that provide sustainable solutions to meet consumers’ dietary needs. Berlin-based anti-waste technology platform Chocolate on Tuesday, July 20, announced a Series B fundraiser of $ 100 million to support its goal of creating a “connected global food system.” In addition, a New York-based fast casual chain Just salad also announced a new investment on Tuesday, raising funds in an undisclosed amount from circular economy-focused investment firm Closed Loop Partners.

“Food supply chains around the world have been subjected to stress tests over the past 15 months due to the COVID-19 pandemic,” said the CEO of Choco. Daniel Khachab said in a statement. “This funding round allows us to build the technological backbone to make global food systems resilient, flexible and less wasteful. “

He added that the company will use these funds to grow its team and expand its platform, which facilitates workflow and communication for vendors, distributors and restaurants who “seek to operate more profitably, efficiently. and sustainable ”.

Just Salad, meanwhile, addresses sustainability from the restaurant side of the supply chain. The 40-slot fast-casual concept aims to take food waste out of the process, describing itself as “the fast-casual food industry’s leading proponent of zero waste practices”. It is the first restaurant in which Closed Loop Partners has invested. The salad chain has a reusable bowl program to reduce packaging waste and it labels its menu with carbon footprint information for environmentally conscious customers.

“We are impressed with Just Salad’s innovative approach to integrating zero waste principles into their business. They are a pioneer of large-scale reuse models, creating the world’s largest reusable restoration program and demonstrating their commitment to extending the life of valuable packaging materials, ”said Ron Gonen, Founder and CEO of Closed Loop Partners. “Their continued growth demonstrates the viability, feasibility and desirability of circular business models. “

Consumer attention to environmental issues has intensified since the start of the COVID-19 pandemic. BCG Research finds that 70 percent of people say they are becoming more aware of the impact humans have on the climate than they were before the epidemic. And 87 percent said they believe companies should address environmental concerns more than they have in the past. Another study finds that 81 percent of Americans would appreciate it if there were more food options that take into account environmental concerns. Additionally, Forbes A November 2020 study found that more than half of all consumers prioritize branded products and services that “take a stand” when it comes to issues of social or environmental importance.

“If we can eliminate food waste, we can significantly mitigate climate change” Madeline Rotman, sustainability manager at Imperfect Foods, told PYMNTS. “And it’s something that is not just about the grocery store, but the food system collectively. So it’s growing, transportation, logistics, restaurants, you know, the whole food industry. We cannot do it alone.

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NEW PYMNTS DATA: STUDY PUTTING LOYALTY AT THE SERVICE OF SMALL BUSINESSES – UNITED KINGDOM EDITION

About the study: UK consumers see local purchases as essential for both supporting the economy and preserving the environment, but many local High Street businesses are struggling to get them in. In the new Making Loyalty Work For Small Businesses study, PYMNTS surveys 1,115 UK consumers to find out how offering personalized loyalty programs can help engage new High Street shoppers.

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Recur360 talks about recurring B2B payments, invoicing https://ericsbeerpage.com/2021/07/20/recur360-talks-about-recurring-b2b-payments-invoicing/ https://ericsbeerpage.com/2021/07/20/recur360-talks-about-recurring-b2b-payments-invoicing/#respond Tue, 20 Jul 2021 12:00:48 +0000 https://ericsbeerpage.com/2021/07/20/recur360-talks-about-recurring-b2b-payments-invoicing/

From subscription-based clothing services for consumers to software products for businesses, the recurring billing business model saw a resurgence last year as organizations sought the flexibility of the business model to stay in business.

As the economy moves towards normality, Recur360 President and CEO Andre Abrams says this model – and the digitization of payments in general – is only growing.

Yet for B2B organizations that need to deliver a streamlined, hassle-free billing presentation and recurring payment processing experience to their end customers, the entire accounts receivable workflow can be disorganized without proper automation.

In a recent interview with PYMNTS, Abrams discussed the roles that application programming interfaces (APIs), data integration, and automation technology can play in helping businesses adopt a recurring billing revenue model. and overcome some of the most important challenges in improving the payment experience – for payee and payor.

Management of ACH transactions

For years, card payments have been the payment method of choice for recurring payments. For consumers, cards can drive efficiency and security, allowing payers to provide card details to automate recurring transactions without having to share sensitive data.

Businesses have started to follow suit, particularly with their growing list of user-friendly software solutions for remote working, as organizations embrace commercial card products for B2B payments.

Yet a recent shift among card networks has caused companies to charge on a recurring basis to rethink the card acceptance strategy.

“Credit card interchange rates went up last July,” Abrams said. “The cost of using a credit card as a method of payment has increased for the merchant. “

In a unique shift to B2B payments, organizations receiving recurring invoices have become more comfortable providing bank details to support repeated and automated ACH transactions. Abrams noted that because business customers can also go through the pain of expensive card acceptance – an experience consumers don’t face – there was less resistance in the B2B space for companies to deliver cards. bank details.

Additionally, he said, business customers also recognized that by enabling ACH transactions, they would not have to absorb the transfer fees that some merchants may charge to accept cards.

Facilitate the friction of recurring B2B payments with data

However, digitizing and optimizing the transaction method itself is only one piece of the puzzle when it comes to recurring transactions.

For many B2B merchants in particular, it is difficult to find payment service providers capable of supporting payment acceptance.

“When you apply for a payment account, it goes through an enrollment process that’s no different than what you’re trying to get for a credit card,” Abrams explained.

For new businesses that sell services and not products, this subscription can be a barrier to accepting payments, as there is no physical good that a customer can return if they request a refund.

Yet, with the increase in recurring billing and digital business models, it is imperative for organizations to have quick and seamless access to payment acceptance technology and support a seamless onboarding experience. friction.

As part of its pursuit of such capabilities, Recur360 recently announced a partnership with Paya, a collaboration that Abrams says also supports the need for more robust transaction data to enable integration, workflow automation, reporting and reconciliation. Combined with existing Recur360 tools to help QuickBooks users invoice and accept payments on a recurring basis, the team can further support businesses in a variety of product and service categories to enable recurring transactions.

“Our goal with our technology is to automate the entire invoice generation, payment processing, customer notification, and accounting and reconciliation experience,” said Abrams. “The more automated it is, the more people can focus on running their business as a merchant … and the better the API, the better the automation, the better the experience.”

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NEW PYMNTS DATA: STUDY PUTTING LOYALTY AT THE SERVICE OF SMALL BUSINESSES – UNITED KINGDOM EDITION

About the study: UK consumers see local purchases as essential for both supporting the economy and preserving the environment, but many local High Street businesses are struggling to get them in. In the new Making Loyalty Work For Small Businesses study, PYMNTS surveys 1,115 UK consumers to find out how offering personalized loyalty programs can help engage new High Street shoppers.

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Razorpay Push To Power SMB Finserv https://ericsbeerpage.com/2021/07/19/razorpay-push-to-power-smb-finserv/ https://ericsbeerpage.com/2021/07/19/razorpay-push-to-power-smb-finserv/#respond Mon, 19 Jul 2021 18:38:50 +0000 https://ericsbeerpage.com/2021/07/19/razorpay-push-to-power-smb-finserv/

Indian mobile wallet company Razorpay announced its latest acquisition: TERA Finlabs, an artificial intelligence (AI) -based risk technology SaaS platform. TERA, a Bengaluru-based startup, provides technology, risk and capital solutions to enable innovative integrated financing solutions for businesses. The purchase marks the third such acquisition of Razorpay to gain a deeper foothold in the B2B financing world following the exit of Razorpay Capital in 2019.

“In India, banks are reluctant to provide commercial loans to startups and new SMEs because of the risks associated with new startup income models. Through our lending platform, Razorpay Capital, we have worked to address these cash flow issues, making it easier for businesses to access finance and grow, ”said Razorpay CEO and Co-Founder. Harshil Mathur said in a statement, by the Economic times. “And as we move forward on this journey, an acquisition like this fits perfectly with our vision to develop affordable, bespoke lending solutions for small, underbanked businesses in all industries so they can transform and disrupt digitally. “

Small and medium-sized enterprises (SMEs) in India have been hit hard by the COVID-19 pandemic, as have SMEs around the world, as forced storefront closures have forced high-speed digitization as a requirement for businesses that looking to get out on the other side. But digital upgrades aren’t free, which means small businesses have faced costly upgrades to digitize their offerings to consumers just as their revenue streams have been slashed by the economic effects of the downturn. pandemic.

While the forced closure and repositioning has been a burden on SMEs around the world, Indian SMEs have been hit harder than most. India has been challenged by the delay in vaccine distribution and the more contagious Delta variant of the coronavirus, which raged through the population in early 2021, peaking in late May. To date, COVID-19 has killed more than 400,000 Indian citizens, or about 10% of the 4.1 million deaths from COVID-19 worldwide.

In a world of entrepreneurs hit hard by the pandemic, Indian entrepreneurs have endured some of the harshest headwinds and face a long road to recovery. Razorpay’s plethora of moves in 2021 are all part of a single strategy – to give these small businesses access to the tools and financing they’ll need if they hope to weather the storm.

The case has just been concluded

TERA’s AI-powered risk technology SaaS platform is designed to extend traditional consumer lending models with personalized lending products to make consumer lending affordable for clients and simultaneously profitable for lenders. This platform will allow Razorpay to expand the range of products it can extend to SME borrowers hit hard by the pandemic, the company’s persistent plan for the past 18 months. FinTech had previously launched products such as cash and credit advance solutions with instant settlements during foreclosure to help small businesses overcome cash flow problems created by foreclosure.

The acquisition of TERA, according to a declaration, is aligned with Razorpay’s strategy of financially supporting micro, small and medium enterprises (MSMEs) by developing core competencies in capital solutions, credit underwriting and data-driven risk management.

“MSMEs have long been an underserved market. However, over the past 16 months, they have started to show rapid growth with their digital adoption. And that has created an opportunity for significant disruption in the lending industry – integrated credit is one of those innovations that I’m sure will transform this space, ”said Pradeep Rathnam, co-founder and CEO of TERA Finlabs. “There wouldn’t have been a better time than now to partner with Razorpay and its technological capabilities to support MSMEs. “

Extension of payments

The acquisition comes after a year of explosive growth driven by the pandemic for Indian FinTech, first launched in 2014 by Mathur and Shashank Kumar with the mission of “making online payment accessible to all businesses”, whatever their size.

“Five years ago, when Harshil and I moved to Bangalore to start Razorpay, the startup ecosystem was still nascent and was less than ten years old,” Kumar said. “For most businesses, accepting payments online was a major struggle and it was a stumbling block in India’s digitalization campaign.

Since its inception, however, Razorpay’s ambition has grown significantly beyond accepting payments. Last October, when the company first achieved unicorn status with a billion dollar valuation, it began to speak avidly about its ambitions beyond payments, noting that it is a company. payment, but has always focused on offering broader financial solutions for SMBS. The company also hinted at plans to expand its reach with more in-depth technology products and solutions.

In February, Razorpay announced a partnership with Mastercard that would allow Indian startups and SMEs to integrate technology into their operations and accelerate digitization while maintaining business continuity and preparing for alternatives to cash payments. . The announcement follows Razorpay’s launch of a platform last December designed to help SMEs connect with third-party businesses with tools and capabilities they may need, such as health insurance.

Razorpay saw its valuation triple to $ 3 billion in April after a $ 160 million Series E funding round. These funds were intended to expand the company’s corporate banking platform, RazorpayX, to create a suite of personalized product offerings on a new technology stack “to further enhance convenience and security” in their digital banking offering.

Since its introduction in 2019, Razorpay has rapidly grown to include more than 10,000 companies. In addition, its transaction volume has grown “multiplied” over the past 12 months, given the pressures put on the Indian economy by the pandemic.

“We believe there is an urgent need to develop new banking technologies that meet growing demand. We therefore plan to use these funds to further expand our range of banking and lending products in order not only to provide a better experience for businesses and their clients, but also to contribute significantly to the growth of our partner businesses ” , said Mathur.

This latest acquisition is clearly part of this path of expansion as, according to the statement, Razorpay Capital using the technological capabilities of TERA Finlab will be able to advance its offerings to meet the credit needs of more than 10,000 companies in India. by next year.

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NEW PYMNTS DATA: STUDY PUTTING LOYALTY AT THE SERVICE OF SMALL BUSINESSES – UNITED KINGDOM EDITION

About the study: UK consumers see local purchases as essential for both supporting the economy and preserving the environment, but many local High Street businesses are struggling to get them in. In the new Making Loyalty Work For Small Businesses study, PYMNTS surveys 1,115 UK consumers to find out how offering personalized loyalty programs can help engage new High Street shoppers.

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Malaysia’s Covid-19 Stimulus Plans Compare to Developed Countries, Finance Ministry Report Says | Malaysia https://ericsbeerpage.com/2021/07/18/malaysias-covid-19-stimulus-plans-compare-to-developed-countries-finance-ministry-report-says-malaysia/ https://ericsbeerpage.com/2021/07/18/malaysias-covid-19-stimulus-plans-compare-to-developed-countries-finance-ministry-report-says-malaysia/#respond Sun, 18 Jul 2021 05:12:57 +0000 https://ericsbeerpage.com/2021/07/18/malaysias-covid-19-stimulus-plans-compare-to-developed-countries-finance-ministry-report-says-malaysia/

Prime Minister Tan Sri Muhyiddin Yassin delivers keynote address at the Putrajaya International Convention Center on March 1, 2020. – Bernama pic

KUALA LUMPUR, July 18 – Malaysia’s Covid-19 stimulus packages have contributed 20% of the country’s gross domestic product (GDP), comparable to other developed countries and higher than regional developing countries, according to a comparative analysis of government assistance.

The Department of Finance’s analysis compared Malaysia to Asia-Pacific (Indonesia, Philippines, Singapore, Thailand, Vietnam, Australia, New Zealand, China, Taiwan, South Korea) and UK and US United of America.

“In the United States, stimulus packages contributed 26.5% of GDP, New Zealand 19.3%, Australia 19.1% and the United Kingdom 17.8% .

“As for the Asian region, Malaysia is also tied with Singapore at 20%, while other countries such as China, Thailand, Vietnam and Taiwan have contributed less than 10% of their GDP.” , the report revealed.

The analysis was carried out by the National Economic Recovery Plan Implementation and Coordination Unit (Laksana).

Laksana found that the initiatives Malaysia has put in place are currently not available in other countries. This includes the moratorium on insurance (for three months), the tax exemption on real estate gains and the unlimited My30 and My5 packages.

“Other initiatives Malaysia could consider as part of the Rakyat stimulus package are rent relief grants to prevent evictions, Covid-19 holidays and self-isolation support for workers, the payment of family or dependents of people who have died due to Covid-19, ”the report says.

As part of the business recovery plan, Laksana found that the Malaysian government’s efforts to support businesses cover several different key areas, and the initiatives proposed are almost similar to those in other countries.

“The initiatives include a loan moratorium (automatic basis for six months), targeted repayment assistance (100 percent opt-in basis for three months or 50 percent for six months).

“Tekun Microfinancing (up to 100,000 RM), Penjana Tourism Fund (up to 300,000 RM), special grant to SMEs in Prihatin (one-time, 3000 RM), DanaJamin (duration up to 10 years, 5 million RM to RM 1 billion) and Dana Penjana, ”the report says.

Other initiatives the Malaysian government may consider in the future, Laksana said, are the UK’s Covid-19 restart grant, corporate tax cuts for large and small businesses, changes to insolvency laws, increasing the threshold and the length of time to respond before creditors take action.

As part of the economic stimulus package, overall Malaysian government assistance covered key sectors such as tourism, food, health and other sectors such as small-scale projects (contracts for entrepreneurs G1 to G4) and Sukuk Prihatin (minimum RM 500).

“The initiatives that Malaysia has put in place that are currently not available in other countries would be the Sukuk Prihatin.

“Other initiatives Malaysia could consider including a 50% Covid-19 testing subsidy for tourists to boost tourism, a restaurant revitalization fund for their food and beverage players,” reimbursement to accommodation providers for their reservations lost due to Covid-19 for the entire lockdown period, Green New Deal to support the net green society by supporting the reduction of greenhouse gas emissions and 20% of ‘energy from renewable energies,’ the report says.

The government of Perikatan Nasional (PN) had pledged Ringgit 380 billion in humanitarian aid since the imposition of the First Order of Movement Control (MCO) on March 18 last year.

One year later, Prime Minister Tan Sri Muhyiddin Yassin launched the Strategic Program to Empower the People and the Economy or Pemerkasa worth RM20 billion.

Muhyiddin said Pemerkasa will focus on 20 strategic initiatives to spur economic growth, support businesses and continue to target aid on all those affected.

More recently, the Prime Minister announced in June 150 billion RM in aid spending for Covid-19 with 10 billion RM in aid to be channeled to low and middle-income households affected by the public health crisis.

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Chase and Tock join forces to help restaurants https://ericsbeerpage.com/2021/07/15/chase-and-tock-join-forces-to-help-restaurants/ https://ericsbeerpage.com/2021/07/15/chase-and-tock-join-forces-to-help-restaurants/#respond Thu, 15 Jul 2021 18:58:34 +0000 https://ericsbeerpage.com/2021/07/15/chase-and-tock-join-forces-to-help-restaurants/

chase away partners with the hospitality industry service platform Knock in an effort to help patrons of the Chase Restaurant and Hospitality recover from the pandemic, such as Press release Wednesday (July 14).

Until December 31, small business owners who run restaurants, wineries, events and pop-up shops will receive up to $ 1,200 for subscription fees when they sign up for a year with Tock and log into their Chase checking account.

Launched in 2014, Tock is designed to facilitate online reservations, table management, take out orders and events. The company works with a large network of clients, ranging from neighborhood pizzerias to Michelin-starred restaurants.

Tock claims to have processed over $ 1 billion in prepaid experiences and helped make millions of reservations. The company was acquired by Squarespace earlier this year.

According to the companies, small business owners in Chase have access to these services, as well as the Tock to Go take-out and delivery program, which allows restaurants to schedule take-out orders on their own instead of ordering. by delivery services.

Chase business banking customers who sign up for the Tock Plus plan using their business checking account will receive a free one-month subscription, along with $ 1,000 to spend on future charges. Customers who are already on Tock and have their Chase account linked will receive $ 1,200 for subscription fees.

Restaurants and hotel providers have been among the businesses hardest hit by the COVID-19 pandemic. With more and more small businesses reopening, Chase and Tock say their offering will help “remove barriers, including access to service tools” while helping businesses grow.

“In many ways reopening is more difficult than the initial shock of the pandemic,” said Nick kokonas, CEO of Tock. “Service companies can’t just flip on a switch to scale their operations. Tock and Chase want to help not only by making operations more efficient, but also by supporting them with money.

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NEW PYMNTS DATA: STUDY PUTTING LOYALTY AT THE SERVICE OF SMALL BUSINESS – UNITED KINGDOM EDITION

About the study: UK consumers see local purchases as essential for both supporting the economy and preserving the environment, but many local High Street businesses are struggling to get them in. In the new Making Loyalty Work For Small Businesses study, PYMNTS surveys 1,115 UK consumers to find out how offering personalized loyalty programs can help engage new High Street shoppers.

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Healthcare startups raised $ 15 billion in funding https://ericsbeerpage.com/2021/07/15/healthcare-startups-raised-15-billion-in-funding/ https://ericsbeerpage.com/2021/07/15/healthcare-startups-raised-15-billion-in-funding/#respond Thu, 15 Jul 2021 18:16:50 +0000 https://ericsbeerpage.com/2021/07/15/healthcare-startups-raised-15-billion-in-funding/

]Startups in the digital health space are seeing increased venture capital funding to the tune of $ 14.7 billion in the first half of this year, following investments of $ 14.6 billion in 2020, The Wall Street Journal reported Thursday (July 15), citing data from Rock Health.

“COVID has exposed healthcare systems’ lack of investment in technology,” Sheila Talton, managing director of Gray Matter Analytics, told the WSJ. The Chicago-based software company helps medical insurers and vendors manage data. Startups in the digital health space raised $ 7.7 billion in venture capital throughout 2019.

The COVID-19 pandemic has helped fuel momentum for telemedicine services, which has attracted more investors to invest in digital health tools. In addition to telemedicine, investors have supported remote technology that has helped promote clinical trials in patients’ homes.

DrFirst.com provides software to facilitate electronic prescriptions; CFO David Samuels told the WSJ investors are rallying to help the effort. DrFirst.com has reported annual revenues exceeding $ 100 million and recently entered into a $ 50 million fundraising deal, bringing its total fundraising over the past 12 months to $ 135 million. Samuels said that “capital is chasing this opportunity,” according to the WSJ.

Larry Cheng, managing partner of venture capital firm Volition Capital, told the WSJ that the glut of investors could cause startups to seek more funding than they actually need. “This is a time when smart entrepreneurs will take advantage of dynamic finance markets to raise just the amount they need, but not overdo it,” he said.

Consumers are now the engine of demand for telemedicine services even when people return to see a doctor in person, as digital tools make it easier to manage healthcare experiences. In a PYMNTS collaboration with Rectangle Health – Connected Healthcare: What Patients Want from Their Healthcare Customer Experiences – digital health tools emerged as an important factor.

Almost 60% of digital health financing came from 372 investments of $ 100 million or more. Even as the pandemic subsides, healthcare consumers are still looking for digital health deals.

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NEW PYMNTS DATA: MAKING LOYALTY WORK FOR SMALL BUSINESSES – UNITED KINGDOM EDITION

About the study: UK consumers see local purchases as essential for both supporting the economy and preserving the environment, but many local High Street businesses are struggling to get them in. In the new Making Loyalty Work For Small Businesses study, PYMNTS surveys 1,115 UK consumers to find out how offering personalized loyalty programs can help engage new High Street shoppers.

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Dominica hopes new international airport will elevate it to major Caribbean destination – Skift https://ericsbeerpage.com/2021/07/15/dominica-hopes-new-international-airport-will-elevate-it-to-major-caribbean-destination-skift/ https://ericsbeerpage.com/2021/07/15/dominica-hopes-new-international-airport-will-elevate-it-to-major-caribbean-destination-skift/#respond Thu, 15 Jul 2021 13:01:12 +0000 https://ericsbeerpage.com/2021/07/15/dominica-hopes-new-international-airport-will-elevate-it-to-major-caribbean-destination-skift/

For years, tourists flying off the beaten track to the tiny Caribbean nation of Dominica rely on neighboring islands using planes or boats to get to their destination.

While Dominica, known as the “natural island” of the Caribbean, has always had international flights from neighboring islands, the small nation could not offer direct flights to and from Europe and the continental United States – until now.

The construction of a new international airport, which is expected to be completed in 2025, will be a game-changer for this small country that is relatively difficult to access, opening up a world of opportunities for tourism and economic growth.

Join us at the Skift Destination and Sustainability Summit on July 21

And in a hyper-competitive market like the Caribbean, a new airport that can carry tourists directly from lucrative source markets like Europe can change the status of a destination like this.

“The development of the international airport is a long-standing goal and dream of our government, as we know the importance of significantly developing the tourism industry and improving the ease of doing business in Dominica,” said Denise Charles, Dominica’s Minister of Tourism, said in an interview with Skift.

A rendering of Dominica’s future international airport.

Samuel Johnson, CEO of the Dominica International Airport Development Company, agreed it would all come down to air access.

“You can have the best attractions, the best hotels. and the best brands, but if it is difficult to get to the island, it adds even more friction to a visitor’s trip. And we’re an island in an island chain, so they could just as easily land in any of our sister islands which are easier than ours, ”Johnson said. “So we really think it’s going to improve several aspects of the country. “

There is no price yet for the project because the call for tenders is in progress but some press articles fixed it at north of $ 220 million.

The airport which has been in the planning phase for several years is designed by an American boutique company Landrum and Brown, specializing in airports and aviation planning. The new international airport will meet world-class standards and will be located close to Douglas Charles Airport, which it could eventually replace, Johnson said.

Dominica expects that once the airport project officially begins with the inauguration, it will boost the global economy in a major way.

“It has already started because we expect to see a boost in the construction industry. And in the actual construction phase, we will see an increase in direct jobs associated with the construction of the airport as well as indirect jobs, ”Charles said.

Indirect jobs include people who provide accommodation services, restaurateurs and transport services contributing to job creation in the economy and overall improving the business climate once Dominica has an international airport. .

Hotels will also add jobs to the economy, and plans are already underway to prepare the infrastructure for the influx of tourists a new airport will bring.

A new tourist and commercial frontier

Unlike the rest of the Caribbean region, Dominica’s coronavirus story is a success story.

The Caribbean island is currently at level one – low risk on the Centers for Disease Control and Prevention’s List of Covid-19 Travel Recommendations by Destination and is on the UK’s coveted Green List. This is because Dominica has successfully contained Covid-19, with no community spread and zero deaths.

This is good news for an island which, before the pandemic, had continued to develop hotels on the island, including a combination of large chains and luxury hotels such as Marriott, Hilton, Secret Bay and the Jungle Bay and Cabrit Resort and Spa Kempinski.

In addition to increasing tourism, the international airport will help Dominica in freight transportation and trade.

Charles said Dominica has plenty of locally produced agricultural, organic and manufactured products to offer, including flora, a variety of crops such as bananas and dasheen, some of which are marketed in the region.

“One of our challenges has been to get it into international markets because of the weather and it has to get there fresh and crisp for the markets. So this will certainly open up many opportunities for us in terms of trade, not only in the US market but also in the UK market, ”said Charles.

It’s too early to put a dollar figure on the revenue the new airport will generate for Dominica, Charles said, but she believes it will be huge revenue. Based on the expansion the island is experiencing with hotel projects, trade, jobs, and the opportunity to invest more in the country, Charles believes the possibilities are endless.

“It will definitely transform our economy and dramatically increase our GDP (gross domestic product),” Charles said.

Build a the airport is bearing fruit with the increase in tourism in Saint Vincent and the Grenadines in the Caribbean, Loop News reported. The opening of a new airport has also changed things for the better in Saint Lucia, an island neighboring Dominica.

“St. Lucia is often seen as a sister island to ours with many similarities including the same French connecting culture and the common French Creole language in addition to English, but Dominica is a bit more rugged and less densely populated, which leaves a lot of room for expansion, ”Johnson said.

Build new roads

To avoid a cold start once the new airport is complete, Johnson is working hard to start international flights from the continental United States to Dominica as soon as possible, including upgrading its current airport to facilitate this. He has contacted Delta, JetBlue, Caribbean airlines and is in active talks with American, Johnson said.

“We think that we may not be able to accommodate the bigger planes, but there are new technological changes, for example the Airbus A220, a smaller plane which is very efficient for flying long routes. thin, which Dominica would initially be, ”Johnson said. mentionned. “Applicable

Dominica is also actively working on developing active routes for current and future airports, he added.

American Airlines Dominica test flight

U.S. crew members join Dominica Airport and government officials on the tarmac at Douglas Charles Airport after performing a test flight from Miami, Fla., To Dominica in June. Photo courtesy of the Dominica International Airport Development Company.

In preparation, the island hosted its first American Airlines flight when an American Eagle aircraft operated by Envoy made a test flight to Dominica from Miami, Fla., In June, Charles said. Successful flights are one of the last hurdles airlines face before obtaining an air operator’s permit for a destination.

Dominica is going to be a changing environment in terms of consumption, restaurants, entertainment, luxury transportation and clothing that will attract significant numbers of visitors from Europe and Asia, said Missi P. Henderson, Permanent Secretary of the Prime Minister’s office. .

With its new airport, Dominica is looking to attract tourists from the United States, the United Kingdom, Asia and in particular France, all important markets for the country. In addition, he looks to South America, Latin America and other regions that love nature and nature lovers who enjoy adventure, water sports and swimming with whales, said Charles.

“Dominica is one of the top ten diving destinations in the world and a lot of people don’t know it,” Charles said.

Henderson said Dominica’s central location in the Caribbean makes it an ideal hub even for regional travel and they believe its airport will become the region’s new hub.

The airport will be built in five phases, but as the RFP is currently underway, the Prime Minister’s office has refused to disclose the cost of the airport project at this time.

However, in terms of financing the projects, Henderson said the country had considered several options for loans or grants. And to minimize the debt of the country and its citizens, Dominica decided as a country to use its Citizen by Investment (CBI) program under the leadership of the Management Consultants Montreal East., specializing in immigration and CBI for several countries, she said.

This has proven to be an innovative funding model that we have used for a number of our projects since Tropical Storm Erika in 2015, Hurricane Maria in 2017 and of course during this pandemic, Henderson said. And so “we have tested it at our health centers, our homes, and the intention is ultimately, when you have an airport, not to have any debt burden, and to have revenues allocated to operate and operate the airport in a sustainable manner, ”she said.

The operation of Dominica’s CBI program is very similar to that of the US E-B5 Immigrant Investor Program which accelerates citizenship for investors, where foreigners wishing to become Dominican citizens through approved foreign direct investment will then be granted citizenship. accelerated, Johnson said. .

Vaccines and teleworking

As tourism slowly picks up, Dominica is capitalizing on the remote working revolution around the world right now, offering a “Work in nature” program allowing visitors to stay on the island for up to 18 months, with a selection of apartments from participating resorts for rent with reliable internet service, Charles said.

Dominica is currently in the midst of a mass vaccination campaign with 40 percent of its target population vaccinated.

Tourists fully vaccinated with proof of vaccination are no longer required to self-quarantine if they arrive with a negative PCR test done within 72 hours and take an antigen test at Dominica airport upon arrival, which takes about an hour to process, she said.

Light clearing begins this week and new homes are being built for families who have been moved to make way for the new international airport, Charles said.

Register now for the Skift Destination and Sustainability Summit on July 21

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Dickey’s virtual kitchen brand goes physical https://ericsbeerpage.com/2021/07/14/dickeys-virtual-kitchen-brand-goes-physical/ https://ericsbeerpage.com/2021/07/14/dickeys-virtual-kitchen-brand-goes-physical/#respond Wed, 14 Jul 2021 16:27:03 +0000 https://ericsbeerpage.com/2021/07/14/dickeys-virtual-kitchen-brand-goes-physical/

With consumers returning to restaurants for on-site dining at record rates, restaurants that launched virtual brands during the pandemic are at a crossroads. They could remain exclusively offsite restaurants, building on the continued popularity of digital ordering for pickup and delivery, or they could leverage the brand recognition they have gained so far to establish physical locations.

Dallas-based barbecue restaurant chain Dickey’s barbecue pit, which operates approximately 460 physical locations across the United States, is taking the latter route with its Squadron leader virtual brand. The brand currently has around 80 locations online only. Now, Dickey’s and Wing Boss announced on Tuesday (July 13) that the hickory-smoked chicken wing restaurant is opening its first physical location. The restaurant, located in the town of Addison just north of Dallas, will open in early September. It will include a full bar, dining area, and TV screens for guests to watch sporting events while they eat.

“Dallas has been the home of Dickey for 80 years, so it’s the perfect place to start building this thriving brand,” Laura Rea DickeyDickey’s CEO said in a statement. “Dickey’s has a long history of delivering Legit. Texas. Barbecue ™, and taking our heritage and applying it to smoked chicken wings, we’ve seen impressive results with guests across the country.

The company first announced the opening of Wing Boss at the end of March 2021, when 40 sites were already operational. The brand was joined in early June by the second virtual brand of Dickey’s Barbecue, Big Deal Burger, which serves burgers, sandwiches and side dishes at nearly 50 locations across the United States.

The decision to establish a physical presence for Wing Boss comes as many brands rethink the strategies that led them through the most difficult months of the pandemic, adjusting consumers’ post-quarantine routines. Many restaurants have rethought the role of ghost cooking, seeing it as a tool for testing new concepts and locations. Dickey’s is perhaps doing the first, using its virtual concepts as a way to try out menus with a view to establishing new physical restaurant brands in the future.

This could be a winning strategy for the future. As Joey simons, senior vice president of operations for culinary brand C3, which has created physical spaces for its digital native brands, told PYMNTS in April: “Consumers feel more connected to brands than they can see, touch and that they can connect with in person. These are the brands that will survive on and off delivery apps when the pendulum swings back to in-person dining experiences. “

According to the US Census Bureau The data, sales of food services and drinking places in May (the most recent month on record) reached $ 67.3 billion, with the figure increasing every month since February, suggesting the vaccine is bringing consumers back to restaurants . Where digital control was the core of restaurant operations during the pandemic, it is now just one of many relevant channels. To capitalize on the boom of quarantine virtual brands in the omnichannel lives of consumers, restaurants will have to do what Dickey’s is doing: think about the role these brands play in the new normal, so to speak.

Find out more about innovation in catering:

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NEW PYMNTS DATA: STUDY PUTTING LOYALTY AT THE SERVICE OF SMALL BUSINESS – UNITED KINGDOM EDITION

About the study: UK consumers see local purchases as essential for both supporting the economy and preserving the environment, but many local High Street businesses are struggling to get them in. In the new Making Loyalty Work For Small Businesses study, PYMNTS surveys 1,115 UK consumers to find out how offering personalized loyalty programs can help engage new High Street shoppers.

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Echelon’s strategies to reach a valuation of $ 1 billion https://ericsbeerpage.com/2021/07/12/echelons-strategies-to-reach-a-valuation-of-1-billion/ https://ericsbeerpage.com/2021/07/12/echelons-strategies-to-reach-a-valuation-of-1-billion/#respond Mon, 12 Jul 2021 21:56:07 +0000 https://ericsbeerpage.com/2021/07/12/echelons-strategies-to-reach-a-valuation-of-1-billion/

In today’s top connected economy news, Echelon Fitness is reportedly considering various options that could put the company at over $ 1 billion, while Sweden-based Klarna collaborates with the shopping newcomer. social HERO. In addition, Paytm hopes to raise $ 268 million in a funding round.

Peloton Rival Echelon Fitness Considering Strategies To Reach $ 1 Billion Valuation

Echelon Fitness Multimedia LLC is reportedly reviewing various strategic options that could provide the company with a valuation of over $ 1 billion. Goldman Sachs Group Inc. led a $ 65 million financing for Echelon in 2020. Echelon is a competitor to Peloton. Merchants such as Costco Wholesale Corp., Target Corp. and Walmart Inc. sell Echelon’s wares. Echelon CEO Lou Lentine recently noted that musician Pitbull has backed the company.

Klarna acquires HERO to improve social shopping

Swedish payment and shopping platform Klarna, based in Sweden, has acquired social shopping startup HERO. To that end, Klarna will bring HERO to its quarter million business partners. “With HERO, we share the ambition to improve the shopping experience through the convergence of online and in-store shopping experiences, helping retailers inform and engage consumers in new ways,” said Sebastian Siemiatkowski, CEO of Klarna, said in a statement. HERO, which launched six years ago, is headquartered in New York and London.

Paytm seeks to raise $ 268 million ahead of IPO

Paytm, the Indian digital payments company, hopes to bring in $ 268 million in a fundraising round as it prepares to make its public debut later in 2021. One97 Communications Ltd., the parent company of Paytm, is said to have had to file a draft prospectus for a national initial public offering (IPO). The potential $ 2.3 billion IPO would be the third in India in terms of dollar amount, after state mining company Coal India in the early 2010s and Reliance Power in 2008.

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NEW PYMNTS DATA: STUDY PUTTING LOYALTY AT THE SERVICE OF SMALL BUSINESS – UNITED KINGDOM EDITION

About the study: UK consumers see local purchases as essential for both supporting the economy and preserving the environment, but many local High Street businesses are struggling to get them in. In the new Making Loyalty Work For Small Businesses study, PYMNTS surveys 1,115 UK consumers to find out how offering personalized loyalty programs can help engage new High Street shoppers.

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