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Spartan Fund Management Inc. and Capital Asset Lending Inc. Launch New Access Fund Targeted at Retail and Institutional Investors

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TORONTO, Sept. 30, 2024 /CNW/ – Spartan Fund Management (“Spartan”) has partnered with Capital Asset Lending Inc. (“CAL”), a leading private residential mortgage administrator based in the Greater Toronto Area (“GTA”), to launch a new fund that will give retail and institutional investors access to CAL’s actively managed portfolios of residential mortgages.

Capital Asset Income Fund (“CAIF”) provides exposure to the mortgages held by each of Mortgage Company of Canada Inc. (“MCOCI”) and First Mortgage LP (“FMLP”), which launched operations in 2013 and 2021 respectively. CAIF intends to invest substantially all of its assets in MCOCI and FMLP.

MCOCI is one of the largest private residential mortgage investment corporations (“MICs”) in Canada, with over $1 billion under administration comprised entirely of residential mortgages on single-family dwellings in Ontario. FMLP is a limited partnership that currently invests exclusively in first mortgages in Ontario but has the ability to lend in the Greater Vancouver Area (“GVA”) as well. Both MCOCI and FMLP are focused on borrowers who have the necessary credit score to qualify with a bank or trust company but do not meet federally mandated requirements for income.

“We are pleased to add CAIF to Spartan’s alternative investment line-up,” said Gary Ostoich, President of Spartan Fund Management. “Capital Asset Lending is one of the major players in this sector and we are excited to offer a residential mortgage fund to retail and institutional investors.”

“We are thrilled to be working with Spartan, one of Canada’s leading providers of alternative investment solutions, to bring this new vehicle to market,” said Raj Babber, CEO of Capital Asset Lending Inc.

Availability

CAIF is available in Class A, Class F, and Class I Units to accredited investors or otherwise qualified purchasers. Interested purchasers are advised to read CAIF’s offering memorandum and consult with their investment advisor. This content is not to be used or construed as investment advice, as an offer to sell or the solicitation of an offer to buy any security.

About Spartan Fund Management Inc.

Spartan, established in 2006, is a Toronto-based investment management company that specializes in providing, through pooled funds, a broad selection of alternative investment solutions that meet a variety of investment needs. Spartan believes that alternative investment strategies can provide better risk-return opportunities for investors than do conventional strategies. Spartan also believes that niche, non-conventional investment strategies tend to outperform more traditional strategies and/or add needed diversification. Spartan’s clients primarily consist of high-net-worth individuals and family offices who access Spartan’s funds directly or through registered advisors. Spartan currently manages in excess of $1.8 billion in client assets.

To learn more about Spartan, please visit www.spartanfunds.ca.

About Capital Asset Lending Inc. (“CAL”)

CAL is a licensed mortgage administrator incorporated under the laws of Ontario in February 2009. Guided by a common-sense approach to lending, CAL provides mortgage origination, underwriting, and administration services to MCOCI and FMLP.

MCOCI is a mortgage investment corporation incorporated in August 2013. MCOCI invests in single-family mortgages located primarily in the GTA. MCOCI’s independent board members are James Garcelon [President and Chief Compliance Officer at Forstrong Global Asset Management], Brian Johnston [Former Chief Executive Officer of CreateTO], and Tammy Oldenburg [Former Chief Financial Officer of Credit Suisse Canada], and its strategic advisor is Daniel Drimmer [Founder, President, and Chief Executive Officer of Starlight Investments].

FMLP is an Ontario limited partnership formed in March 2021. FMLP invests exclusively in first mortgages on single-family homes, including high-rise condos, to super prime borrowers in urban areas, primarily the GTA. FMLP’s general partner’s independent board members are Chris Taves [Special Advisor to BMO Capital Markets CEO and Executive Committee], Neha Verma [Canadian Head, Client and Capital Formation at TPG], and Tim Wilson [Chief Financial Officer of Peoples Group], and its strategic advisor is Daniel Drimmer [Founder, President, and Chief Executive Officer of Starlight Investments].

For further information on MCOCI or FMLP, please visit www.capitalassetlending.com

SOURCE Capital Asset Lending Inc.

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Novo AI and discovermarket partner to take Embedded Insurance to the next level

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SINGAPORE, Nov. 6, 2024 /PRNewswire/ — Novo AI joins forces with discovermarket, a leading embedded insurance platform, to revolutionize the future of digital insurance. This new partnership aims to enhance the efficiency and accessibility of embedded insurance offerings.

What is Embedded Insurance?

This is a type of product that integrates insurance products directly into the purchasing process of non-insurance items in real-time, enabling consumers to get protection seamlessly during the buying process. The insurance policies are suited to their specific needs, at a fraction of the cost of traditional offerings. With technological advancements, embedded insurance is making low-value items insurable in a cost-effective manner and democratizing the insurance landscape.

What Novo AI Brings to the Table?

This collaboration brings together two innovative companies poised to transform the insurance industry. Given the large volumes and low prices of embedded insurance products, it’s essential to streamline operations, automate processes, and maximize efficiency. Novo AI uses generative AI to make them x100 more efficient than before. Key areas of focus include automating claims processing, implementing systematic fraud detection at scale and enhancing customer support.

Novo AI and discovermarket are rolling out a new product to enhance the customer journey: AI-powered policy creation and management. This AI-agent allows discovermarket to offer a tailored, automated experience where customers can create personalized policies and manage them throughout their lifetime. The agent effectively helps customers understand their insurance coverage, the policy exceptions and assists them with claims submissions.

A Word from the Partners

discovermarket’s CEO, Patrick Bühler states: “Our platform offers a marketplace-as-a-service platform where brokers and insurers can design specific coverage directly, which is automatically configured to operate within our system. We are thrilled to be working with Novo AI to enhance this capability. The addition of AI-driven features will enable us to draft better insurance products autonomously, based on existing policy wording. We believe this is the future of hyper-customized insurance.

Novo AI CEO: “We’re very excited with the unique set of challenges that the digital insurance playground offers and to be partnering with a forward-looking partner like discovermarket on this. The sector operates under very different rules than traditional insurance, with a critical need for scalable, low-cost, differentiated solutions, particularly in policy management. This will enable first access to insurance for less privileged pockets of the population, and we’re in a unique position to make it happen.”

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/novo-ai-and-discovermarket-partner-to-take-embedded-insurance-to-the-next-level-302296583.html

SOURCE Novo AI

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Maytronics Announces Patent Settlement With Chasing

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WASHINGTON, Nov. 6, 2024 /PRNewswire/ — Maytronics, Ltd. (TASE: MTRN) (“Maytronics”), a global leader in the swimming pool industry, is pleased to announce that it has entered into a settlement agreement with Chasing Innovation Technology Co., Ltd. and Chasing Technology (USA), LLC (collectively “Chasing”) resolving claims of patent infringement related to innovative robotic pool cleaning technology covered by Maytronics’ U.S. Patent No. 10,378,229 and European Patent Nos. 2,845,969 and 2,706,170 (“Maytronics’ Patents”).

In October 2023, Maytronics filed a patent infringement complaint against Chasing in the US District Court for the Western District of Washington. As a result of the parties’ settlement, that complaint will be dismissed. In exchange for Maytonics dismissing the lawsuit, Chasing will, among other things, cease production and sales of robotic pool cleaners that utilize the technology and innovations described and claimed in Maytronics’ Patents. The remaining terms of the settlement agreement remain confidential.

Franck Sogaard, Maytronics’ Chief Revenue Officer (CRO) and President of Americas, EMEA and APAC, said: “We are pleased this matter has been resolved. Maytronics invests considerable time and resources to develop and protect technologies that not only differentiate its products in the market but that define trends in the market. With this settlement, Maytronics re-enforces its commitment to protect its intellectual property and maintain its innovative edge in the global pool cleaning market. This settlement will allow us to focus our full attention on the future by innovating and creating consumer-driven, value-minded, integrated pool products that provide our customers with the perfect pool environment.”

About Maytronics

Maytronics is a global leader in the swimming pool industry, specializing in pool water solutions and offering a wide variety of products such as robotic pool cleaners, pool safety products and water treatment systems. Over the past 40 years, through innovative technology, design and reliability, Maytronics has built its Dolphin pool cleaning robots into a leading global brand. Innovation and creativity are core to Maytronics’ mission and critical to Maytronics’ leadership position and competitive advantage in the market. Consistent with Maytronics’ commitment to leadership through innovation, Maytronics has invested substantial resources in research and development and protection of its intellectual property. Maytronics has developed a global patent portfolio that includes over 100 issued U.S. patents and published patent applications. In addition, Maytronics has numerous international patents protecting its industry-leading innovative technology for pool cleaning robots.  For more information about Maytronics please visit www.maytronics.com

Contact:

Tomer Rubinshtein
Tomer.Rubinshtein@Maytronics.com

View original content:https://www.prnewswire.com/apac/news-releases/maytronics-announces-patent-settlement-with-chasing-302296664.html

SOURCE Maytronics

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Nium and Partior Partner on Real-Time, Cross-Border Payments, Clearing and Settlement

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Nium becomes first fintech to join the blockchain-based network, enabling faster cross-border payments, added market reach, and greater transaction transparency

SINGAPORE, Nov. 5, 2024 /PRNewswire/ — Nium, the leading global infrastructure for real-time cross-border payments, today announced a partnership with Partior, the blockchain-based fintech for clearing and settlement at the Singapore Fintech Festival 2024. The partnership makes Nium the first fintech payment service provider (PSP) on the Partior network. Financial institutions will be able to connect with Nium via Partior for 24×7, transparent, real-time payouts, clearing, and settlement to over 100 markets worldwide. Importantly, the connection will require no additional API integration work, streamlining what historically took months of resource-intensive work.

This new partnership builds on Nium’s recent strategy to connect more networks to its real-time payments’ infrastructure. By joining the Partior network, Nium is extending its connectivity to one of the most innovative networks in the industry. Partior’s blockchain-powered platform effectively resolves longstanding inefficiencies in global payments, such as settlement delays, high costs, and limited transaction transparency. In today’s global landscape, where companies operate around the clock, effective liquidity management is essential for both corporate and financial institutions. This collaboration allows Nium to offer its clients the ability to execute real-time multi-currency payments and Payments versus Payments (PvP) settlements, further simplifying access to its global payments network.

“Nium’s partnership with Partior brings us closer to becoming the most connected payments network globally. By integrating with advanced networks, such as Partior, we are ensuring that financial institutions can quickly and easily access our real-time payments infrastructure without the need for complex technical integrations,” said Alexandra Johnson, Chief Payments Officer at Nium. “Recognizing how resource-constrained financial institutions are, we’re eliminating barriers to using our network and increasing interoperability to deliver on our mission of having seamless and streamlined real-time payments to anyone, anywhere.”

Humphrey Valenbreder, Chief Executive Officer at Partior said, “Partnering with Nium marks a significant step in our journey to further advance the global payments landscape. By combining Partior’s real-time blockchain settlement network with Nium’s vast global reach, we’re empowering financial institutions to break down long-standing barriers. Imagine a world where cross-border payments are instantaneous, transparent, and accessible to all. This is the future we’re building together.”

As part of its continued expansion, Nium’s partnership with Partior enhances its ability to facilitate frictionless global transactions and unlock new services such as intra-day FX swaps, cross-currency repos, programmable enterprise liquidity management, and Just-in-Time multi-bank payments for financial institutions worldwide.

Nium’s growing network, supported by these strategic partnerships, is setting a new standard for how financial institutions can access and benefit from global payments, paving the way for a more efficient and transparent financial ecosystem.

About Nium

Nium, the leading global infrastructure for real-time cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 220+ markets, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 40 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licenses and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore.

About Partior

Partior, the blockchain-based fintech for clearing and settlement, is redefining the way value moves globally. Founded in 2021, Partior is backed by founding shareholders DBS, J.P. Morgan, Standard Chartered, and Temasek, and Series B lead investor Peak XV. Partior is addressing the operating inefficiencies experienced by industry players, including settlement delays, limited transaction transparency and high operating costs, and facilitates the movement of liquidity for financial institutions and their customers. Its network offers real-time multi-currency payments, and Payments versus Payments (PvP) settlement. Additionally, it is exploring new services including Intra-day swaps, Delivery versus Payments (DvP) settlement and enterprise solutions.

Logo: https://mma.prnewswire.com/media/1678669/5007806/Nium_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/nium-and-partior-partner-on-real-time-cross-border-payments-clearing-and-settlement-302296465.html

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