Safe Cash Payment Technologies raises $1.12 mln

Safe Cash Payment Technologies said it raised $1.12 million from Bialla Ventures, InfoSpace founder Naveen Jain, Vuk Bulajic, Vinh Vo and company founder Chris Kitze. The company is developing a platform to enable the use of digital tokens. PRESS RELEASE Safe.Cash Raises $1.12 Million from Top Fintech Investors to Usher in the Era of Digital Cash Safe Cash Payment Technologies to Unveil First Digital Tokens Redeemable for Cash; Consumers Buy Tokens for Cash at Banks, Can Use Digitally Like Cash (SAN FRANCISCO, Sept. 29, 2015 — Safe Cash Payment Technologies (http://www.safe.cash/) has raised $1.12 million from leading technology and business investors, including Bialla Ventures, InfoSpace founder Naveen Jain, veteran trader Vuk Bulajic, Vinh Vo and founder Chris Kitze. The revolutionary new platform, which is set to go live later this year, is the first to let consumers take cash to a bank and purchase digital tokens which preserve the privacy and universal acceptance of cash, while adding in the security and digital portability of cryptocurrency. “Trillions of dollars are transacted in cash globally each year,” said founder Chris Kitze, “representing 85 percent of all global consumer transactions. Instead of asking how to make a digital token like bitcoin more globally accepted, we’ve taken the universally accepted currency of cash and made it digital.” Initial partner banks will be announced in Q4 2015, with the platform set to go live shortly thereafter. The ingenious Safe Cash utilizes digital wallets with end-to-end encryption—which will be available on iOS, Android and other mobile platforms—and partner banks. Following a legal and straightforward fact-pattern, cash stays in the bank while consumers can spend the tokens as freely as if they were cash, swapping them for local currency at partner banks whenever they desire. The Safe Cash system will eventually support euros, U.S. dollars and other fiat currencies. “While this is a boon to consumers, it is first and foremost a fully compliant, legal banking product,” said Kitze. “Safe Cash is a secured digital payment system that enables banks to do things they can’t do now. Consumers and merchants will greatly benefit from person-to-person e-commerce, store of value without digital asset fluctuation risk, and eventually, cross-border payments and remittance. Kitze, a serial entrepreneur who has created companies with more than $8 billion of market capitalization over his 25-year career, was on the IPO team of Lycos, and founder and CEO of Xoom.com and NBCi (the merger of Xoom.com and Snap.com). His management team includes other technology and finance veterans. About Safe Cash Technologies,Inc. Founded in December 2014, Safe Cash is the first payment system to allow cash to be used as a digital asset, with member banks storing U.S. dollars and providing tokens which are redeemable for cash. The system is designed to work globally and on most mobile phones. All product and company names herein may be trademarks of their registered owners.

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Safe Cash Payment Technologies raises $1.12 mln

Axel Springer buys 88 percent of Business Insider: Reuters

(Reuters) — German publisher Axel Springer said on Tuesday it would buy 88 percent of news website Business Insider valued at $343 million. Springer, which earlier this year missed out on buying the Financial Times newspaper from Pearson, said it already owns about 9 percent of the website, which has 76 million monthly visitors. Amazon Inc-founder and chief executive Jeff Bezos will hold the rest of the shares via his personal investment company Bezos Expeditions, Springer said in a statement.

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Axel Springer buys 88 percent of Business Insider: Reuters

Payments startup Square Inc plans ‘imminent’ IPO filing -Reuters

(Reuters) – Payments startup Square Inc plans to file for an “imminent” initial public offering, according to a source familiar with the situation, potentially putting it an a position to be a public company by the end-of-year holiday season. Square, which has pioneered the use of instant payments over smartphones, is one of the most richly valued companies in Silicon Valley, worth an estimated $6 billion based on its most recent round of funding. Earlier Friday, Fortune reported that Square would file for an IPO in the next two weeks. A spokesman for Square declined comment. Market turmoil of the type seen in August, when the Dow Jones Industrial Average closed down 588 points in a single day, could derail IPO plans. Square has become one of the most scrutinized start-ups in Silicon Valley. Many venture capitalists have privately questioned whether it is really worth the $6 billion valuation. The doubters have cited heavy competition and tight margins in the payments business. An IPO will provide a quick answer to that question, as well as guidance for many of the other private start-up companies dubbed “unicorns,” meaning their valuation is $1 billion or more. CB Insights, a venture-capital tracker, says more than 130 such companies now exist. Overall, the climate for venture-backed IPOs has weakened this year, with just 44 venture-backed companies listing on public markets in the first half of the year, according to the National Venture Capital Association. That compares with 66 in the first half of 2014. Earlier this year, Square had filed for a “confidential” IPO, which lets companies with under $1 billion in annual revenue file registration documents and go through a Securities and Exchange Commission review without public scrutiny. After the review, if the company wishes to continue with an IPO, it makes a public filing. Goldman Sachs will serve as lead underwriter, with Morgan Stanley and JPMorgan Chase also participating, Fortune reported. Square’s IPO comes at a critical time for Chief Executive Officer Jack Dorsey, who is also interim CEO of Twitter Inc . Dorsey has not dismissed becoming permanent CEO of Twitter while staying at Square, but Twitter’s board has said that its next CEO needs to be solely focused on that company. (Additional reporting by Yasmeen Abutaleb in San Francisco; Editing by Meredith Mazzilli, Bernard Orr and David Gregorio)

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Payments startup Square Inc plans ‘imminent’ IPO filing -Reuters

Carlyle Power Partners sells Cedar Bay Florida Power & Light for $520.5

Carlyle Power Partners, a Carlyle Group investment unit, has closed its sale of Cedar Bay Florida Power & Light Company for $520.5 million. Jacksonville, Florida-based Cedar Bay is a 250 MW coal-fired power plant. Carlyle acquired Cedar Bay as part of its December 2012 acquisition of Cogentrix Energy. Carlyle Power Partners, led by Robert Mancini and Matthew O’Connor, invests in power generation and related assets, primarily in North America.

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Carlyle Power Partners sells Cedar Bay Florida Power & Light for $520.5

Routehappy takes in $3 mln Series B

New York-based Routehappy, a product differentiation platform for air travel, has raised $3 million in Series B funding. The investors were PAR Capital Ventures, iNovia Capital and Contour Venture Partners. PRESS RELEASE NEW YORK, Sept 22, 2015 /PRNewswire/ — Routehappy, the product differentiation platform for air travel, today announced it has secured $3 million in Series B funding from air travel industry veteran PAR Capital Ventures, with participation from existing investors, iNovia Capital and Contour Venture Partners. Routehappy will use the capital in the launch of Routehappy Hub for airline and distributor customers as airlines integrate targeted rich product attribute content into their sales and marketing channels. “Routehappy is at a pivotal moment in our efforts to help airlines differentiate,” said Robert Albert, CEO at Routehappy. “We are launching Routehappy Hub to help airlines create and deliver structured rich content in all of their direct and indirect sales and marketing channels, to better monetize flight shopping. We’ll be announcing partnerships soon, but ten airlines worldwide, including some of the largest, are creating rich product content in Routehappy Hub for integration into search results and upgrade offers on their own websites and via major distributor channels. Large distributors and solution providers are starting to source airline rich content from Routehappy Hub as they innovate the flight shopping experience. We’re thrilled to have PAR’s expertise at our side. Along with our fair flight scoring system and comprehensive, comparable flight amenities, Routehappy Hub is a key piece of the puzzle to help the industry we serve successfully and efficiently decommoditize flight shopping.” Routehappy has been building products to help airlines differentiate since its founding in 2011. In less than one year, Routehappy is raising its Series B after closing its Series A funding last December. “As longstanding investors in airlines and companies serving the airline industry, we’re keenly aware that the popularity of online shopping has led consumers to increasingly view air travel as a commodity,” said Paul Reeder, general partner at PAR Capital Ventures. “Routehappy provides airlines with the tools and systems to fight this trend by more effectively differentiating and merchandising the broad variety of products and services they have to offer. Based on an enthusiastic response by suppliers and intermediaries around the world, we are confident that Routehappy’s data and platform will play an integral role in the marketing and distribution of air travel during the years ahead. We’re pleased to be leading Routehappy’s Series B and look forward to helping shape the development of the company going forward.” Routehappy Hub Routehappy Hub is a software platform that allows airlines to create Universal Product Attributes (UPAs), a Routehappy content standard that combines descriptive and visual content targeted by aircraft, cabin, flight, airport, fare, segment, channel and other criteria, for display in any channel. Airlines can better merchandise their flights and products in search results, upgrade offers, reservations, check-in emails and more with relevant, targeted UPAs that they create in Routehappy Hub. Key features Simple interface and workflow that makes training and use easy across an enterprise Supported media include title, description, call to action, icon, photos, videos, and virtual tours Comprehensive targeting by aircraft, airport, terminal, time, duration, date, fare type, cabin, standard category, custom category, channel and more Lists that group criteria together for easier recurring targeting (e.g. new business class aircraft) Standard categories that tag content for the most common uses; unlimited custom categories Robust filtering of UPAs by cabin, category, airport, aircraft and specific flight Multiple views of media, including list and grid views Dashboard to authorize or restrict access to content by partner airline, distributor and platform Scalable API to source UPAs by flight or flight search result set, for display on high traffic sites In addition to using UPAs directly on airline websites, mobile apps, and emails, Routehappy Hub allows airlines to efficiently share their rich product content with their sales and marketing partners, including GDSs, OTAs, metasearchers, corporate booking tools, ad agencies, ancillary technologies, upgrade software, and others. Routehappy Hub is channel-agnostic, a single-source for an airline’s targeted rich product attribute content wherever and however they want to display it, including standards like NDC. Airlines retain control over their product attribute content and can instantly update content worldwide as their products and services evolve. Routehappy offers a variety of subscription tiers allowing airlines to manage content themselves or use Routehappy Product Specialists to do it for them. With Routehappy approaching 1 billion queries to its Scores & Amenities API, the team is preparing for broad adoption of Scores & Amenities and airline rich content UPAs throughout flight sales and marketing channels. Routehappy products help airlines and their distributors differentiate products and better monetize flight shopping, addressing a critical gap in the flight shopping ecosystem. To see example UPAs from Routehappy trial airlines, please visit Routehappy’s demo site at routehappy.com. UPAs are shared with permission from the airline. ABOUT ROUTEHAPPY Routehappy is the product differentiation platform for air travel, providing the industry with data, content, and tools to improve flight shopping. Routehappy’s Scores & Amenity API rates flights worldwide and provides amenities like seat, entertainment, Wi-Fi, power, and fresh food by flight. Routehappy Hub is a SaaS platform that enables airlines to create, target, and deliver their product attribute content wherever flights are displayed, helping airlines better monetize their products. Routehappy is based in New York. For more information, visit www.routehappy.com. ABOUT PAR CAPITAL VENTURES PAR Capital Ventures makes private investments in travel and technology companies. PAR Capital Ventures is managed by Paul A. Reeder, III. Separately, Mr. Reeder is also the president of PAR Capital Management, which manages a private investment fund with approximately $4.5 billion of assets under management. Through PAR Capital Management, Mr. Reeder was an early investor in ITA Software (acquired by Google and Zillow)

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Routehappy takes in $3 mln Series B