Grath currently supports global leaders such as Deutsche Bank, Freetrade, Winterflood Securities, and StepChange. With the new DIFC office, Grath aims to extend its reach and expertise to support more world-class clients in the Middle Eastern region, further strengthening its role as a trusted partner in the financial ecosystem.

The new office at DIFC will serve as a central hub for Grath’s operations in the Middle East, offering enhanced support and localized services to our growing base of customers. By establishing a presence in Dubai, Grath is poised to tap into the vibrant financial ecosystem and leverage the DIFC’s robust infrastructure, strategic location, and regulatory framework to drive growth and foster collaboration.

Matt Povey, CEO of Grath, expressed his enthusiasm for the expansion:

“We are thrilled to establish our presence in Dubai at the DIFC, a global financial center that embodies innovation and progress. This expansion aligns perfectly with our vision of global growth and reinforces our commitment to providing top-tier financial services and regulatory compliance technology to our clients. We look forward to the exciting opportunities this move will bring for both our company and our clients in the Middle East.”

Grath remains dedicated to its mission of delivering cutting-edge financial services and compliance technology, and the new DIFC office is a testament to the company’s ongoing commitment to growth, innovation, and regulatory excellence.

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The innovative platform unlocks FIS’ existing financial technology via components that are easy to embed and consume. Atelio is where companies from all industries can go to create financial experiences such as collecting deposits, moving money, issuing cards, sending invoices, or leveraging the platform’s tools to fight fraud, forecast cash flows, or better understand customer behavior.

Atelio enables users to embed financial services into their products and workflows in a secure and compliant manner and empowers companies to simply and easily offer financial services to their customers at the point of financial need.

Three lighthouse clients – KeyBank, College Ave and RoyalPay Inc. – are already building on Atelio, demonstrating the power of the platform and its broad distribution channel.

“Welcome to the future of financial services,” said Tarun Bhatnagar, president of Platform and Enterprise Products at FIS. “Atelio by FIS is our vision to lead where fintech is going, which is outside the boundaries of how businesses enable, and their customers consume, financial services today. More than just a new solution, Atelio is built to lend the expertise, tools and distribution so that our users and clients can focus on creating. Our scale, distribution and continued investment in technology have given us the foundation to unlock our financial capabilities to a wider audience and power the next generation of financial innovation.”

Why Atelio Matters

Modern software solutions have fundamentally changed how we pay, get paid, borrow money and invest, placing financial offerings at the point of need. This trend is accelerating. According to Bain Capital, embedded finance will grow to 10% of transactions, valued at $7 trillion, or over $50 billion in revenue by 2026.

To meet this growing demand for embedded finance, FIS is making it easier for users of Atelio to participate in this next wave of financial innovation by leveraging FIS’ fintech capabilities in an entirely new way.

Atelio is unique because it builds on FIS’ history of financial innovation and service to the financial services industry together with FIS’ scaled technology, broad suite of financial service capabilities, and expertise in risk and compliance – curated and offered as a service.

Banks and other financial services partners also benefit from Atelio by extending their customer reach. For example, based on research by S&P Global Intelligence, banks offering embedded finance outpaced peers on deposit growth, with a median sequential growth rate of 2.2% for banks, versus a decline of 0.8% for banks that did not.

How Atelio Works

Atelio makes scalable and compliant fintech capabilities consumable by banks, businesses and software developers – any innovator – where they can create the experiences they want to offer their customers.

Distribution of Atelio is enhanced by FIS’ expansive bank distribution channel as well as its go-to-market relationship with Worldpay^®, giving users access to the full financial ecosystem and making it truly a destination for financial innovation.

“We built and launched a new financial product for college students via Atelio quickly and simply,” said Karen Boltz, head of Product Management at College Ave, the second largest private student loan provider in the U.S. “We wanted a product that could bring together an account, credit card and payments into a single experience, and Atelio allowed us to offer a custom solution through our platform in a simple and secure process, which has been hugely beneficial to us in meeting our customers’ needs.”

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Nirav Patel, CEO of Andaria

Nirav is CEO of Andaria with over 10 years of experience as a Payment & Banking Executive. He has a proven track record of developing strategies and leading organisations to achieve sustainable growth and profitability. With a strong focus on the payments and card sector, Nirav brings valuable expertise in managing regulatory processes across Europe and the UK, driving digital transformation, and identifying lucrative commercial market opportunities. Nirav is widely recognised as a visionary in the financial institutions and fintech industry. With his motivation and results-oriented approach, Nirav consistently delivers exceptional outcomes, making him a trusted leader in the field.

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In this role, Louise will serve as a vital link between TerraPay, the financial ecosystem at large, and TerraPay stakeholders, to uphold the highest standards of governance, diversity & inclusion, and a culture of compliance. With her extensive background in fintech and financial services, she will bring a unique outside-in perspective to the board, enhancing TerraPay’s governance model to align with the company’s growth and ambitions.

Louise’s career includes her tenure as Vice Chairman of Deloitte UK and Head of FinTech and Financial Services Innovation across Deloitte Europe. She has been a driving force in shaping Deloitte’s response to the rise of fintech, fostering financial inclusion, and promoting local fintech excellence on the global stage. Her strategic vision, practical approach, and commitment to inclusive leadership have set her apart as a leader in the industry. She has worked across the ecosystem with financial services clients, government bodies, regulators, advisors, VCs, and the broader fintech community. As a former banker and leader, she understands the nuances of balancing strategic vision with the reality of a highly regulated sector. Louise firmly believes in the potency of inclusive leadership and diversity of thought to drive superior long-term success.

As the Chair of the Board and the Governance Risk and Compliance (GRC) Committee at TerraPay UK, Louise will play a pivotal role in ensuring the company’s governance model evolves to embrace TerraPay’s solutions, and enhance its reputation. Her expertise will provide the necessary challenge and guidance, situational awareness, and horizon scanning, to support TerraPay’s strategic narrative and long-term success.

Ambar Sur, Founder & CEO, TerraPay, expressed his enthusiasm about Louise joining the team, “We are delighted to welcome Louise to TerraPay as our Independent Director in the U.K. Her extensive experience and strategic acumen will be invaluable in shaping the future of TerraPay. We believe her expertise will further strengthen our governance standards and contribute significantly to our growth journey.”

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With the next-generation solution, the DIFC Authority will benefit from continuous large-scale client screening and re-screening capabilities to ensure it fulfils regulatory compliance requirements. The partnership will help DIFC safeguard its global reputation and vigilant adherence to international anti-money laundering and combating the financing of terrorism (CFT) standards.

As the Middle East’s largest financial ecosystem with more than 4,000 active registered companies, DIFC is also home to an independent and internationally recognised financial regulator. DIFC is home to 17 of the world’s top 20 banks, 25 of the world’s top 30 global systemically important banks, five of the top 10 insurance companies, five of the top 10 asset managers and many leading global law and consulting firms.

Jacques Visser, Chief Legal Officer at DIFC, said: “Dubai bridges the East and West, and DIFC facilitates significant trading and investment for the region. We are committed to maintaining our status as a great place to do business and, as such, we endeavour to stay ahead of the curve when it comes to adopting the very latest technology to set the standards for financial compliance. We are delighted to be incorporating Napier’s Client Screening solution into our regulatory framework.”

The Napier Client Screening system will help DIFC to automatically screen and re-screen clients at relevant intervals against sanctions, blacklists, PEP lists, and other watchlists.

Greg Watson, CEO at Napier, commented: “DIFC is a central pillar of the financial and regulatory landscape in the Middle East. We’re proud to be supplying them with our advanced, robust screening capabilities and playing our part to help keep the district and the businesses based there safeguarded from financial crime risks.”

Dima Godfrey, Regional Sales Director at Napier, said: “As one of the many organisations that have selected the DIFC district for a UAE base, we look forward to building on the great relationship Napier has with the Centre.”

In addition to DIFC, Napier provides anti-financial crime solutions to many organisations across the MEASA region, including central banks, monetary agencies and crypto exchanges. It opened its Dubai office at the Centre in 2021.

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“Our vision for a trusted financial ecosystem means we’re able to provide consumers and SMBs with a trusted platform to learn about various financial topics, shop for products, connect their data and receive data-driven nudges,” said Tim Chen, CEO and Co-founder of NerdWallet. “On the Barrelhead’s data and technology solutions will help us advance toward our goal by enabling us to leverage consumer information to provide users with relevant financial guidance and more personalized and compelling product recommendations. Their differentiated technology solutions and NerdWallet’s trusted brand and reach will also strengthen our footprint in the lending space by providing significant value to our partners.”

On the Barrelhead was founded with a goal to help consumers and SMBs understand and navigate their loan options to improve their finances. Their platform provides consumers and SMBs with highly personalized credit recommendations by intelligently matching customer credit information with financial partner data. By leveraging data analysis, On the Barrelhead’s platform also helps users improve their finances by surfacing new product recommendations to manage their debt and save them money.

“Finding trustworthy guidance and recommendations on how to access capital and consolidate debt is hard to come across for consumers and SMBs,” said Sam Yount, CEO and Co-founder of On the Barrelhead. “We are excited to be joining NerdWallet’s dedicated and knowledgeable team to unlock more ways for our users to optimize their finances.”

NerdWallet expects that its trusted brand and massive reach combined with On the Barrelhead’s differentiated technology will unlock profitable growth at scale and help advance toward becoming a trusted financial ecosystem. In addition to NerdWallet’s ongoing expansion into new financial categories and geographies, this acquisition reinforces NerdWallet’s ability to vertically integrate, as proven with its successful acquisition of Fundera.

For the twelve months ended December 31, 2021, On the Barrelhead generated approximately $38 million in revenue, growing roughly 90% year-over-year, and $5 million in net income. NerdWallet believes the acquisition of On the Barrelhead would have been accretive to NerdWallet’s revenue and adjusted EBITDA for the year ended December 31, 2021. NerdWallet expects the acquisition will be accretive to NerdWallet’s 2022 revenue and adjusted EBITDA and reconfirms previously announced expected year-over-year increase in its 2022 annual adjusted EBITDA margin.

Transaction Terms and Financing

Under the terms of the merger agreement, NerdWallet will acquire all of the outstanding shares of On the Barrelhead for total consideration of approximately $120 million, subject to customary purchase price adjustments, consisting of approximately $70 million in cash and $50 million in NerdWallet Class A common stock. The NerdWallet equity issued as part of the transaction will be determined based on the 30-trading day volume-weighted-average price as of June 22, 2022, or $10.37 per share, and half of the equity will have a two-year lock-up restriction. NerdWallet expects to finance the cash portion of the acquisition with borrowings from its existing credit facility.

A new compensatory bonus retention pool of approximately $30 million has been planned for On the Barrelhead management.

The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2022.

Solomon Partners acted as the exclusive financial advisor to On the Barrelhead in the transaction.

Supplemental information will be available on the investor relations section of NerdWallet’s website at: https://investors.nerdwallet.com/.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 2IE of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “target,” “continue,” “predict,” “project,” “change,” “result,” “future,” “will,” “would,” “could,” “can,” “may,” “likely,” “potentially,” or similar expressions that concern our strategy, plans, expectations or intentions. Forward-looking statements reflect management’s evaluation of information currently available and are based on NerdWallet’s current expectations and assumptions regarding NerdWallet’s business, On the Barrelhead (“OTB”); estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities and synergies relating to the acquisition of OTB (the “Acquisition”), the economy and other future conditions. Although we believe that the expectations and assumptions reflected in these forward-looking statements are reasonable, forward-looking statements are subject to inherent uncertainties, risks and other factors that are difficult to predict and could cause our actual results to vary in material respects from what we have expressed or implied by these forward-looking statements. Specific factors that could cause future results to differ from those expressed or implied by the forward-looking statements include, but are not limited to, (i) NerdWallet’s and OTB’s ability to complete the proposed transaction on the proposed terms or on the anticipated timeline, or at all, and satisfaction of other closing conditions to consummate the Acquisition; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the Acquisition; (iii) risks related to diverting the attention of NerdWallet and OTB management from ongoing business operations; (iv) failure to realize the expected benefits of the Acquisition; (v) significant transaction costs and/or unknown or inestimable liabilities; (vi) the risk that OTB’s business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; (vii) risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company following completion of the Acquisition; (viii) the effect of the announcement of the proposed transaction on the ability of NerdWallet and OTB to operate their respective businesses and retain and hire key personnel and to maintain favorable business relationships; (ix) risks related to the market value of the NerdWallet Class A common stock to be issued in the proposed transaction; (x) other risks related to the completion of the Acquisition and actions related thereto; (xi) national, international, regional and local economic and political climates and conditions; (xii) changes in global financial markets and interest rates; (xiii) risks related to the COVID-19 coronavirus pandemic; and those factors discussed in NerdWallet’s Annual Report on Form 10-K for the year ended December 31, 2021 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 filed with the Securities and Exchange Commission (“SEC”) and in other filings and furnishings made by NerdWallet with the SEC from time to time. Other unknown or unpredictable factors could also have material adverse effects on NerdWallet’s performance. We caution that you should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release and are not guarantees of future performance. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

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Safenetpay will issue Mastercards directly, improving the delivery of its pioneering B2B payment solutions and ability to acquire new customers at scale.

Sanjar Mavlyanov, CEO and founder of Safenetpay, says “Introducing a Mastercard to go alongside our business accounts is a landmark moment for Safenetpay and further demonstrates our dedication to rebuilding the financial ecosystem for UK SMEs and sole traders. Being able to issue cards under the Safenetpay name will allow our customers to bridge both the digital and physical payment spaces using one provider.”

Deborah Suttle, Head of Commercial Issuing at Mastercard UK & Ireland added: “We are thrilled to welcome Safenetpay to Mastercard and working with them to offer innovative solutions for UK SME’s and sole traders who are the backbone of the UK economy.”

High street banks and mainstream lenders continually overlook or reject entrepreneurs despite SMEs making up 99% of all registered businesses in the UK. Safenetpay wants UK SMEs and sole traders to look beyond the banks and embrace a true alternative to the status quo.

With Safenetpay’s all-in-one payments platform UK SMEs and sole traders will no longer need to contend with a myriad of providers, saving them time, money; allowing them to focus on what’s important. Safenetpay cards will be available in 2022.

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