Credit Suisse has taken a majority stake in the startup TradePlus24 in a Series A-1 financing round; TradePlus24 is based in Zurich and helps SMEs increase their working capital by leveraging their domestic and export receivables; Credit Suisse recently announced a $200 million revolving credit facility with Kabbage. Source
Kabbage now has debt funding capacity of $750 million; the additional facility will allow the company to offer higher lines of credit with longer terms; Deepesh Jain stated, “The new, DBRS-rated facility, provided by Credit Suisse, speaks to Kabbage’s maturity in the financial markets and gives us diverse funding options to serve our small business customers. To earn an investment-grade rating requires a rigorous evaluation of not only our lending models, automated risk analysis, and successful history of reducing bad debt to an industry-low, but also our operational processes – from exceptional customer service to unmatched technology development.” Source
Credit Suisse plans to reduce its workforce by 6,500 jobs; the Zurich-based lender has reported significant losses primarily the result of a $2 billion provision for a settlement with the US Department of Justice over mortgage portfolios; the firm has already cut 7,250 jobs in 2016 and is focused on a new strategy under CEO Tidjane Thiam who was appointed in 2015. Source
A consortium of banks that include JP Morgan Chase, Goldman Sachs, BNP Paribas, Credit Suisse and Citi trialed a distributed ledger platform that proceeded equity swaps from beginning to end; the AxCore platform by Axoni would allow for payments to process instantly and reduce potential disputes; Greg Schvey, CEO of Axoni, said in a statement reported by CoinDesk, “Equity swap data is infamously complex and difficult to manage, making it a terrific fit for distributed ledger technology.” Source.
Credit Suisse is leading a blockchain project seeking to develop a blockchain-based platform for syndicated loans; Emmanuel Aidoo from Credit Suisse is leading the project which began last fall and is expected to launch in 2018; the platform would involve more efficient processing of syndicated loans which involve multiple lenders providing capital to a corporate borrower; the parties involved believe that a blockchain-based syndicated loan platform could increase deal flow by reducing costs and processing time, making syndicated loans a more attractive investment for lenders. Source
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