Bolttech Secures $50 Million in Series B Funding. Bolttech a digital insurance market based in Singapore and funded by Hong Kong billionaire Richard Li, has secured an additional $50 million, increasing its total capital to $246 million in a Series B fundraising round. This funding round is notable since it is the biggest Series B financing ever for an insurtech startup. The addition was funded mostly by LeapFrog Investments, a Temasek-backed private equity group with a particular emphasis on the healthcare and banking sectors.
When asked about her excitement for the partnership, Fernanda Lima, partner and co-head of LeapFrog’s Asia financial services team, said, “Bolttech shares LeapFrog’s vision of making essential financial solutions more affordable and accessible, especially for the many emerging consumers in growth markets.” Bolttech has announced that Fernanda Lima will become a non-executive director as a result of this partnership.
Bolttech, a digital middleman that links companies with insurance providers and numerous distribution partners, was founded in 2020 and has since risen to prominence in the insurtech industry. Businesses may receive insurance for anything from employee health to electronic devices via their platform. The South Korean electronics giant Samsung is one of Bolttech’s most prominent customers; the company works with Bolttech to provide insurance for devices sold in its retail stores. Over 6,000 insurance products from 230 insurers and 700 distribution partners are supported by the company’s advanced internet platform, which generates an annually premium value of $55 billion.
Bolttech has big plans for international growth, and the recently obtained capital will help immensely as it expands into new areas including Indonesia, the Philippines, and Vietnam. Bolttech now serves over 30 countries across 3 continents, providing products and services to over 2 million “emerging consumers,” who have a daily buying power below $11.20 when adjusted for purchasing power parity (PPP). When asked about Bolttech’s profitability, a corporate spokesperson affirmed the startup has built a solid financial foundation and has a clear strategy for reaching profitability.
Richard Li’s Pacific Century Group, the Singaporean government investment body EDBI, the Spanish venture capital fund Mundi Ventures, and Activant Capital, located in San Francisco, are among Bolttech’s major supporters. Rob Schimek, the current global CEO of Bolttech, was formerly the managing director and group chief commercial officer of FWD, a life insurance firm owned by Richard Li’s Pacific Century global, where Li also serves as chairman. Bolttech has raised a whopping $493 million to date, solidifying the company’s standing and promising future within the ever-changing insurtech sector.
Bolttech’s Global Expansion Plan: A Focus on Southeast Asia
Bolttech, an insurtech unicorn sponsored by Singaporean tycoon Richard Li, has big plans for international growth, particularly in the countries of Southeast Asia. Bolttech is ready to rapidly expand its operations in emerging markets including Indonesia, the Philippines, and Vietnam thanks to a recent infusion of $50 million in Series B capital headed by LeapFrog Investments.
With this move, Bolttech is bolstering its position as a go-to digital insurance exchange for connecting enterprises with carriers and other channel partners. Bolttech has quickly become the go-to provider of cutting-edge insurance solutions for companies because to its wide selection of policies covering everything from employee health to electronic devices.
Samsung, the Korean electronics titan, is one of Bolttech’s most noteworthy clients since it uses the platform to provide insurance for consumers’ electronic devices at its retail stores. There are presently over 6,000 insurance products supported by Bolttech’s web platform, from 230 insurers, and 700 distribution partners, totaling over $55 billion in yearly premiums.
LeapFrog Investments shares Bolttech’s goal of making vital financial solutions more accessible and cheap to underprivileged individuals as the firm expands its operations into developing economies where financial inclusion is of fundamental importance. The inclusion of Fernanda Lima as a non-executive director to Bolttech’s board of directors thanks to LeapFrog’s investment not only delivers considerable funds but also offers essential knowledge.
According to a corporate official, investors are confident in Bolttech’s development potential because of the firm’s strong financial standing and obvious road to profitability. Bolttech’s adventure to transform the insurance environment continues with almost half a billion dollars in investment from a wide variety of investors including Pacific Century Group and EDBI.
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What is Flutterwave Scandal? All you need to know
For businesses and stores Flutterwave Scandal across Africa, handles payments, making it one of the most talked-about financial tech startups in the region. Recent news about has been less than flattering. The co-founder and CEO of Flutterwave, Olugbenga Agboola, is allegedly under fire for allegedly engaging in improper conduct with female colleagues. Members of the team, both present and former, have been the targets of allegations of bullying, intimidation, and sexual harassment. Claims like this reveal a lot about the startup’s culture. If this rumour proves out to be true, it might do serious damage to reputation and future chances for growth. We can look at the details to understand what the tale may mean for the firm now that it’s heating up.
What Is the Flutterwave Scandal?
Accusations of fraud and money laundering have lately rocked the Nigerian finance business Flutterwave. There have been allegations of fraud, phishing, and money laundering involving Flutterwave’s merchants and partners.
Many consumers’ complaints about being ripped off by Flutterwave’s vendors brought the incident to light. Furthermore, an investigation revealed that Flutterwave Scandal had disregarded alerts regarding questionable vendors on its network. The corporation went on and processed illicit transactions for these sketchy vendors despite many warning signs.
The developers at Flutterwave Scandal have vehemently denied any wrongdoing. Nonetheless, detractors claim that the business disregarded red flags in client due diligence and failed to adequately investigate questionable financial dealings. Concerns over Flutterwave’s compliance standards and commercial practises have been voiced in response to the issue. Massive fraud and money laundering may have been possible due to the company’s lax procedures, which is another source of worry.
Any fintech company, not only in Nigeria, would do well to learn from the lessons taught by the Flutterwave disaster. To stop the misuse of new financial technology, it shows that compliance and regulations need to be tighter. Key executives and investors of Flutterwave are now under investigation for their possible involvement in the incident, which is having a domino effect.
The road to redemption for Flutterwave will be paved with stronger compliance and open business practises.
Explaining the Allegations Against Flutterwave
The Nigerian fintech firm Flutterwave is currently facing accusations of fraud and laundering of funds. Since its introduction in 2016, Flutterwave has reportedly processed over $5 billion in payments for merchants and partners. But naysayers contend that dirty money washed up on a big chunk of these accounts.
The Key Players
Olugbenga Agboola, CEO, and Iyinoluwa Aboyeji, CTO, started Flutterwave to facilitate payment processing for African banks and companies. Some of the major investors include Visa, Stripe, and PayPal.
Tracing the Money
There have been claims that hundreds of millions of dollars were allegedly laundered over Flutterwave’s platform, with a focus on “shell firms” that were not involved in any legitimate commercial transactions. Banks apparently noted questionable transactions and accounts, but Flutterwave disregarded their warnings. The rapid expansion of Flutterwave and its alliances with large corporations, according to its detractors, ought to have raised warning flags.
Critics point out that offshore corporations are commonly used for money laundering on a worldwide scale and that Flutterwave can’t monitor all transactions. According to Flutterwave, “we do not condone any unlawful activity” and “we have a comprehensive system in place to detect and prevent any fraudulent operations.”
The claims have the potential to harm Flutterwave’s credibility, investor trust, and business viability if they turn out to be accurate. But no official charges have been filed against Flutterwave yet. In order to ascertain the extent of Flutterwave’s responsibility and the most suitable course of action, the Central Bank of Nigeria has initiated an investigation.
Financial technology firms should make compliance a top priority and keep a careful eye on platform usage to avoid any illicit activities, as this case has shown. To ensure that businesses are adequately liable for combating online money laundering, new rules may be necessary.
The Aftermath and Impact of the Flutterwave Scandal
The Flutterwave controversy and its fallout have been, to put it mildly, chaotic.
The business practises and compliance measures of Flutterwave were the subject of investigations by government agencies in many nations.
There may have been a breach of personal information for everyone who utilised Flutterwave to send or receive money. It’s wise to keep a careful eye on bank accounts for any indications of fraud. Some customers’ reports of illegal purchases highlighted the need for multifactor authentication and monitoring.
Brand reputation damaged
The scandal has devastated Flutterwave’s reputation and caused many individuals to lose trust in the firm. Concerns about security and corporate ethics might cause customers and businesses to look elsewhere.
It could be a while before we know how the Flutterwave incident has affected everything.
Now we know the whole history of the Flutterwave debate. Their blunders eroded confidence, and they must now make an effort to restore it.
You, the consumer, ought to have a cautiously positive outlook. And as a business owner, you should see this as a chance to grow. Create a culture based on solid principles right from the start. Maintain your integrity while you expand. Additionally, as your business grows, you should always be looking for ways to enhance your controls and supervision. Keep alert; the future is still bright.
Former USC Student’s Legal Battle: C.W. Park’s USC Lawsuit Revealed
A former student of Marshall School of Business professor Choong Whan Park (also known as C.W. Park) and the University of Southern California (USC) has filed a lawsuit against Park and the university, which is a startling turn of events. Claims of sexual assault and discrimination spanning three years were made in the complaint that was filed on April 20. C.W. park usc lawsuit This page digs into the specifics of this litigation, explaining the background, the disturbing allegations, and the parties’ answers.
A Korean American woman named Yi Youn Kim who worked as Park’s student assistant from August 2016 to April 2019 has spoken out about alleged troubling changes made to her working conditions in the spring of 2017. Allegedly, Park made unwanted sexual approaches towards her after asking her to lock the door to his office. Kim also claims that Park repeatedly assaulted her sexually and harassed her during her time in office. The complaint claims that the events happened between October 2017 and October 2018, with the most recent assault occurring on April 24, 2019.
The lawsuit’s central allegation is that Park and Kim spoke virtually entirely in Korean. The complaint claims that Park took advantage of the cultural barrier that Kim would face if he tried to stop, protest, or report the alleged attacks and harassment since Park is an older Korean man.
The University’s Response
In its response to the case, USC has categorically denied the allegations against it. University officials insist they “did not commit the acts or omissions alleged in the Complaint for discriminatory or retaliatory motives.” A USC spokesman declined to elaborate, citing the need to protect the privacy of employees.”
The Internal Investigation
On October 12, 2020, Kim formally complained to USC’s Office of Equity, Equal Opportunity, and Title IX. USC began looking into the matter internally after receiving the report. The complaint details the disturbing allegations of sexual assault made by at least three additional young ladies of Korean heritage who worked with Park during the inquiry. However, USC has not commented on the progress or availability of this internal probe, and so far, no information has been made public.
Allegations Against Park
The complaint describes Park as a “serial sexual predator” possessing a “dangerous propensity to sexually assault and harass USC’s young female students, particularly those of Korean descent.” Allegedly comparable experiences of non-consensual touching, embracing, kissing, and groping, coupled by sexual remarks about the victims’ bodies, are described for three women (Victim 1, Victim 2, and Victim 3). These assertions, shockingly, go all the way back to 2011.
The complaint prompts inquiries about the women’s employment history with Park, but specifics are lacking. It claims that Ruth Joya, an administrative assistant at Marshall, helped set up Kim and Park. Kim’s attorney claims that Joya hired his client, a Korean speaker, because she knew Park would benefit from having someone who could translate between the two languages.
Despite the lawsuit and the claims against him, there was no formal notification of Park’s retirement. His profile as a professor at USC is still accessible online. However, a university representative would not elaborate on his leaving.
The Broader Context
Marshall Dean James Ellis, who led over much of the time period covered by the case, resigned in December 2018 after an inquiry of the administration’s treatment of allegations of discrimination and harassment found cause for dismissal. The findings from that review was never made public by the university, therefore it is unknown if any complaints were found against Park.
A Call for Cultural Change
This shocking incident demonstrates the urgent need for universities to adopt a new culture. Carol Wise, an associate professor in the Department of International Relations, discusses the difficulties that women experience and the disturbing prevalence of sexual harassment at the university’s Thurgood Marshall School of Business. It is crucial to provide conditions in which victims feel comfortable reporting such instances and offenders suffer repercussions for their acts.
In conclusion, the sexual assault and discrimination allegations made public by the C.W. park usc lawsuit are deeply alarming. As the case proceeds in court, it is a sharp reminder of the critical nature of addressing these issues inside schools and creating a safe learning environment for all children.
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