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FreshBooks Secures $125M Debt Financing from Morgan Stanley to Fuel Growth
Morgan Stanley Investment Management has made a significant $125 million investment in FreshBooks, a cloud-based accounting software provider for small businesses. The funding, sourced from Morgan Stanley Expansion Capital and Private Credit, aims to refinance existing debt and support FreshBooks’ growth. Based in Toronto, FreshBooks focuses on the US and Canadian markets, offering features like invoicing, payment processing, time tracking, and payroll management. Morgan Stanley leaders highlighted the strong market potential for FreshBooks amid increasing digital transformation. FreshBooks CEO Shaheen Javadizadeh expressed enthusiasm for the partnership, aiming to enhance technology for small business owners.
Qantev and InsureMO Join Forces to Transform Global Insurance Services
Qantev, an AI claims platform, has partnered with InsureMO to enhance global insurance services by integrating Qantev’s AI solutions with InsureMO’s platform. This collaboration aims to streamline data transfer and improve efficiency among insurers, agents, and healthcare providers. Key benefits include optimized claims processes, improved customer interactions, and valuable data insights. Qantev CEO Tarik Dadi highlighted the partnership as a transformative step for the industry, while InsureMO CEO Woody MO emphasized the alignment with their goal of simplifying insurance. This strategic alliance is set to revolutionize the insurance landscape, making it more accessible and efficient for clients worldwide.
Equifax UK Launches Innovative Financed Emissions Calculator to Boost Sustainability Reporting
Equifax UK has launched the Financed Emissions Calculator, a revolutionary tool designed to enhance sustainability reporting in the financial sector. Developed in collaboration with CienDos, this cloud-native solution automates the calculation of financed emissions, which can account for up to 95% of a financial institution’s total carbon output. The calculator improves accuracy, supports regulatory compliance, and enables real-time emissions tracking, addressing traditional challenges like poor data granularity and traceability. Equifax UK ESG Product Manager Brad Davies emphasized the importance of financial institutions in combating climate change, while CienDos CEO Julia Salmond highlighted their shared goal of simplifying carbon reporting.
TaxGPT Raises $4.6M to Revolutionize AI-Powered Tax Automation
TaxGPT, an AI-powered assistant for accounting firms, has raised $4.6 million in funding to enhance its capabilities and expand its industry reach. Investors include Rebel Fund, Y Combinator, and notable individuals like Kulveer Taggar. The funds will be used for product development, marketing, and hiring engineering staff. Tax complexity costs Americans $260 billion annually, with over 75% of CPAs set to retire within a decade. Founded in 2023 by Kashif Ali and Isabella Maceda-Ali, TaxGPT simplifies tax research for over 10,000 professionals, providing instant responses to complex queries and assisting around 250,000 clients.
Generali Partners with eToro to Launch Innovative PER and Life Insurance Solutions for French Investors
eToro has partnered with Generali to launch innovative life insurance and Plan d’Épargne Retraite (PER) offerings for French users, following the establishment of eToro Patrimoine, its new French subsidiary. This collaboration combines eToro’s digital investment expertise with Generali’s insurance experience, providing flexible savings options and long-term growth solutions tailored to diverse financial needs. Users can choose from managed portfolios or create their own strategies using over 500 products, all within a fully digital experience. This initiative underscores eToro’s commitment to enhancing its presence in France and addressing the wealth management needs of local investors.