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Upstart Auto Retail Named Fastest Growing Digital Retail Software for Auto Dealerships

Upstart | August 02, 2022 | Read time : 02:26 min

Upstart Auto news
Upstart (NASDAQ: UPST), the AI lending marketplace, today announced it has been named the fastest growing auto retail software in the U.S. for Q2 2022, according to data released by Automotive Market Data. From April to June, nearly 240 dealerships went live using Upstart Auto Retail, which was the highest level of growth among dozens of auto software platforms in the survey.1

Our market data shows Upstart Auto Retail had the highest net growth in dealer count in the second quarter of this year, including preferred and exclusive OEM digital retail providers, said Pete Batten of Automotive Market Data, a leading supplier of automotive market insights.

The rapid adoption of Upstart Auto Retail among car dealerships is thanks to its unique combination of in-store customization for dealerships and online access for customers. Earlier this year, Upstart announced that it added mobile-first retail capabilities to its platform, further optimizing the customer experience. Subaru and VW were the latest OEMs that announced support for Upstart Auto Retail, joining Toyota, Lexus, Mitsubishi, and Kia, as well as top franchised dealers from 37 brands including Ford, Honda, and BMW.

“We saw an early opportunity to create a more transparent, seamless experience for both dealerships and customers, which is now being realized in the market, With inventory shortages, dealerships, OEMs, and customers are all looking for a retail experience that reduces time, cost, and complexity. The rapid growth of the Upstart Auto Retail platform indicates a bigger opportunity to enhance how people are buying and financing their cars, which we look forward to bringing to innovative dealer groups across the country.”

-Michia Rohrssen, General Manager of Upstart Auto Retail.

The growth marks an important milestone for Upstart, which continues to transform the car buying experience for customers and dealers – from browsing and selecting a car to quickly securing the best rates for an auto loan. Upstart introduced AI-powered financing to the auto market in 2021, so dealerships could offer affordable financing to more of their customers. Upstart’s AI models take into account more than 1,000 data points to paint a more accurate picture of creditworthiness than traditional credit scores.

About Upstart:
Upstart (NASDAQ: UPST) is a leading AI lending marketplace partnering with banks and credit unions to expand access to affordable credit. By leveraging Upstart’s AI platform, Upstart-powered banks and credit unions can have higher approval rates and lower loss rates for every race, ethnicity, age, and gender, while simultaneously delivering the exceptional digital-first lending experience their customers demand. More than two-thirds of Upstart loans are approved instantly and are fully automated. Upstart was founded by ex-Googlers in 2012 and is based in San Mateo, California and Columbus, Ohio.

Spotlight

Reimagining Retail Commerce in 2023

In 2017, commercetools published “Reimagining Retail Commerce...with the Right Tools.” The paper was meant to inspire traditional retailers to forget about trying to compete with Amazon — and start focusing on building their own businesses by “using innovation to support customer engagement and make your brand experience inviting, authentic, distinctive and personal.” The key takeaways? One: Embracing modern technology is the key to generating loyalty and, thus, sales. And two: By using APIs, retailers can add features gradually for incremental innovation, revamping their platform over time to alleviate fear and pushback within their organization.

More featured news

Spotlight

Reimagining Retail Commerce in 2023

In 2017, commercetools published “Reimagining Retail Commerce...with the Right Tools.” The paper was meant to inspire traditional retailers to forget about trying to compete with Amazon — and start focusing on building their own businesses by “using innovation to support customer engagement and make your brand experience inviting, authentic, distinctive and personal.” The key takeaways? One: Embracing modern technology is the key to generating loyalty and, thus, sales. And two: By using APIs, retailers can add features gradually for incremental innovation, revamping their platform over time to alleviate fear and pushback within their organization.

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ItsaCheckmate Acquires Open Tender, a First-Party Ordering Platform For Restaurants

Globenewswire | March 24, 2023

ItsaCheckmate, the center of a restaurant’s digital ordering business, announces the acquisition of Open Tender, a first-party digital ordering and guest engagement platform that provides highly customizable and engaging designs for branded websites, mobile apps, and kiosks. Open Tender sets a new standard for branded private label digital ordering and guest loyalty, giving restaurants and chains unprecedented control over design and user experience, either with or without a developer. Open Tender is an open-source program built for the food service industry, supporting unique and highly customizable loyalty programs, while having the ability to go live in just a few days. This eliminates the need for restaurants to wait for weeks or months to onboard, deploy, or update inefficient and clunky solutions. As a market disruptor, this acquisition finally brings a meaningful choice and alternative to legacy first-party vendors. ItsaCheckmate’s established third-party ordering and management, combined with Open Tender’s first-party ordering and loyalty, is a superior solution for operators ranging from the largest enterprise chains to mid market operators who are seeking a customizable and integrated tech stack that doesn’t require painful long term contracts. “Since the beginning we have held that first-party and third-party channels are not an either-or conversation, but should work together to benefit restaurants,” said Vishal Agarwal, Founder and CEO of ItsaCheckmate. “With the acquisition of Open Tender, we have expanded our third-party ordering platform to include elegant, seamless and scalable first-party ordering and guest engagement products to help restaurant operators become truly proficient in omni-channel digital ordering. This solution now enables the customers to manage their first-party and third-party channels through a single login.” “We are excited to be moving to Open Tender’s first-party digital ordering and guest engagement to unify and synergize our tech stack with ItsaCheckmate,” said Neil Hershman, CEO and owner of 16 Handles. “As a NYC-based frozen yogurt and dessert franchise with over 35 locations and plans to expand coast to coast, we prioritize digital ordering and measure success by our loyalty retention, check size, and overall guest satisfaction. We have already begun testing the combined solution of ItsaCheckmate and Open Tender and can’t wait to roll out the seamless user experience to all of our customers and catering clients soon!” The combined Open Tender and ItsaCheckmate solution is immediately available to ItsaCheckmate’s 20,000+ existing customer locations. Additionally, new customers who are looking for alternatives to their existing digital solutions can apply to the program now. About ItsaCheckmate ItsaCheckmate allows restaurants to focus on what matters: serving up delicious food and delightful dining experiences. With ItsaCheckmate, operators can toss the tablets in a drawer and control their online orders and menus straight from their POS - updating everything from item availability to pricing - resulting in higher profits, reduced order errors, and happier staff and customers. ItsaCheckmate proudly works with 20,000+ global restaurant locations, 50+ POS systems, and 100+ ordering platforms including UberEats, DoorDash, Grubhub, and many more.

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POS RETAIL

TerraPay welcomes Visa as a strategic investor and global partner as digital cross-border trade accelerates

PRnewswire | May 11, 2023

TerraPay, a leading global payments infrastructure company, today announces a strategic equity investment from Visa, a world leader in digital payments. In addition, the companies are collaborating to connect Visa solutions to the TerraPay network to help streamline digital cross-border commerce for consumers and SMBs. Visa Direct, which facilitates the delivery of funds directly to eligible cards, bank accounts, and wallets around the world, is the first solution to connect to TerraPay's network of wallet providers. The enablement of Visa Direct to TerraPay's global partner integrations of mobile wallets and bank accounts can empower seamless and fast person-to-person remittances for individuals, as well as business pay-outs for small and medium businesses (SMBs), across 108 receive countries. Global cross-border trade has seen steady growth, largely from emerging markets. By 2025, cross-border trade is expected to reach a value of US$8Tn[1]. Despite this boom and the rise of digital payments globally, cross-border business payments continue to be complex and riddled with challenges, especially for SMBs. For these businesses, the process of sending money can often come with delays, high costs, lack of standardization, and inefficiency. TerraPay and Visa's collaboration will pave the path for holistic pay-in and pay-out solutions that can enhance the usage of eligible commercial cards for SMEs, extending to include added global money-movement capabilities, including cards, accounts, and wallets. At the same time, merchants can use TerraPay's Request-to-Pay wallet solution, globally. Speaking on this announcement, Ambar Sur, Founder and CEO, TerraPay, said, "It gives me great pride to say that TerraPay's relationship with Visa is so much more than a collaboration. With Visa joining us as a key investor, this strategic alliance truly reflects a huge stride forward for global digital payments. We are thrilled to give shape to our joint vision of building a connected and empowered world of digital payments." Ruben Salazar Genovez, Global Head, Visa Direct, said, "We are thrilled that our investment in and collaboration with TerraPay is going to help further enhance the reach of Visa Direct and help spur financial inclusion. More people and SMBs, including underbanked and underserved communities around the world, will soon have access to inbound digital cross-border payment capabilities directly on their mobile devices." Ambar Sur also added, "Combining Visa's scale with our global payments infrastructure, we will be able to help Visa customers enhance their pay-out experiences and scale their businesses faster. Our collaboration also serves the larger purpose of enhancing the way of life for these individuals and businesses, enabling them with a more connected and accessible global payments ecosystem." About TerraPay Headquartered in the United Kingdom, TerraPay believes that the smallest payment deserves a borderless journey as safe as the largest. The group has been building an ever-expanding payments highway that empowers businesses to create transparent customer experiences with an uninterrupted, secure, and real-time global passage for every payment, however small or large. Registered and regulated across 27 global markets, TerraPay is one of the leading global partners to banks, mobile wallets, money transfer operators, merchants, and financial institutions, creating a more expansive and inclusive international financial ecosystem. With access to an extensive network of 7.5Bn+ bank accounts, 2.1Bn+ mobile wallets, across 108 receive countries and 205 send countries, TerraPay enables its partners to become beacons of the promise of global financial inclusion.

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POS RETAIL

RS2 Reveals New Brand Identity for its own Merchant Business

Businesswire | May 08, 2023

RS2, the global payment processing and technology leader behind leading fintechs and banks, today announced the unveiling of a new brand identity for its own direct merchant acquiring business in Germany. Beyond by RS2 will build on the business that was launched last year in response to RS2’s expanded issuing and acquiring global strategy. The new name, logo, and website reflect RS2’s increased focus on going beyond in delivering digital payment solutions. Beyond stands for more than just payment, with modern solutions, fair prices and personal customer service. Beyond by RS2 strives to serve any size of merchant across a multitude of industries and aims to work closely with partners, including ISOs, Integrated Software Vendors to originate new business. Being part of a global payments and technology leader, Beyond by RS2 will empower its partners to benefit from products and services supported by the Group globally, initially enabling them across European market with the ability to expand their businesses globally. As part of the build-out of this business, Beyond by RS2 will meet future-generation digital payment needs through the delivery of unified commerce including state-of-the-art POS devices, cloud-based cash registers, digital wallet and merchant loyalty programs as well as a full suite of acquiring services, and an integrated eCommerce offering. Beyond by RS2 will strive to enable merchants and partners to maximize operating efficiencies and scale their businesses by allowing customers to seamlessly pay using both debit or credit cards or via mobile payment options, such as Apple Pay and Google Pay as well as a suite of alternative payment methods. Completing the full offering, Beyond by RS2 plans later this year to roll out a point-of-sale management system that integrates with a traditional ECR allowing merchants to manage their businesses through a single interface. “We are thrilled to unveil our new brand identity,” said Gideon Fourie, Chief Commercial Officer of the RS2 Group.” Along with our advanced payment technology, local payments expertise, and tailor-made solutions, we look forward to partnering with clients in truly going beyond. We will continue to develop products and services that take payments into the future and help our customers and partners businesses thrive”. Jens Mahlke, Managing Director of RS2 Financial Services and CFO/COO of RS2 Group added "We are extremely well positioned to meet the needs of our customers and partners with superior service, leading technology, and a professional team that will support them in managing their business and consolidating their entire payment acceptance channels. With our license as an electronic money institution in Germany, we believe we are well positioned to roll out our solution quickly and easily to other markets." About RS2 RS2 is one of the world’s leading providers of omni/multichannel payment software and end-to-end payment solutions for both issuers and acquirers on a single payment platform for banks, large financial institutions, Integrated Software Vendors (ISVs), Payment Facilitators (PayFacs), Independent Sales Organisations (ISOs) and merchants throughout Europe, North America, Latin America (LATAM), Asia Pacific (APAC) and the Middle East. About Beyond by RS2 Beyond by RS2 is the new brand of RS2 Financial Services GmbH and RS2 Zahlungssysteme GmbH. As part of the RS2 Group, Beyond by RS2 offers a full suite of payment services for merchants of all sizes in various industries, tailor-made payment solutions that meet their business from card acceptance and payment processing to POS terminals, eCommerce solutions, and attractive value-added services.

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ItsaCheckmate Acquires Open Tender, a First-Party Ordering Platform For Restaurants

Globenewswire | March 24, 2023

ItsaCheckmate, the center of a restaurant’s digital ordering business, announces the acquisition of Open Tender, a first-party digital ordering and guest engagement platform that provides highly customizable and engaging designs for branded websites, mobile apps, and kiosks. Open Tender sets a new standard for branded private label digital ordering and guest loyalty, giving restaurants and chains unprecedented control over design and user experience, either with or without a developer. Open Tender is an open-source program built for the food service industry, supporting unique and highly customizable loyalty programs, while having the ability to go live in just a few days. This eliminates the need for restaurants to wait for weeks or months to onboard, deploy, or update inefficient and clunky solutions. As a market disruptor, this acquisition finally brings a meaningful choice and alternative to legacy first-party vendors. ItsaCheckmate’s established third-party ordering and management, combined with Open Tender’s first-party ordering and loyalty, is a superior solution for operators ranging from the largest enterprise chains to mid market operators who are seeking a customizable and integrated tech stack that doesn’t require painful long term contracts. “Since the beginning we have held that first-party and third-party channels are not an either-or conversation, but should work together to benefit restaurants,” said Vishal Agarwal, Founder and CEO of ItsaCheckmate. “With the acquisition of Open Tender, we have expanded our third-party ordering platform to include elegant, seamless and scalable first-party ordering and guest engagement products to help restaurant operators become truly proficient in omni-channel digital ordering. This solution now enables the customers to manage their first-party and third-party channels through a single login.” “We are excited to be moving to Open Tender’s first-party digital ordering and guest engagement to unify and synergize our tech stack with ItsaCheckmate,” said Neil Hershman, CEO and owner of 16 Handles. “As a NYC-based frozen yogurt and dessert franchise with over 35 locations and plans to expand coast to coast, we prioritize digital ordering and measure success by our loyalty retention, check size, and overall guest satisfaction. We have already begun testing the combined solution of ItsaCheckmate and Open Tender and can’t wait to roll out the seamless user experience to all of our customers and catering clients soon!” The combined Open Tender and ItsaCheckmate solution is immediately available to ItsaCheckmate’s 20,000+ existing customer locations. Additionally, new customers who are looking for alternatives to their existing digital solutions can apply to the program now. About ItsaCheckmate ItsaCheckmate allows restaurants to focus on what matters: serving up delicious food and delightful dining experiences. With ItsaCheckmate, operators can toss the tablets in a drawer and control their online orders and menus straight from their POS - updating everything from item availability to pricing - resulting in higher profits, reduced order errors, and happier staff and customers. ItsaCheckmate proudly works with 20,000+ global restaurant locations, 50+ POS systems, and 100+ ordering platforms including UberEats, DoorDash, Grubhub, and many more.

Read More

POS RETAIL

TerraPay welcomes Visa as a strategic investor and global partner as digital cross-border trade accelerates

PRnewswire | May 11, 2023

TerraPay, a leading global payments infrastructure company, today announces a strategic equity investment from Visa, a world leader in digital payments. In addition, the companies are collaborating to connect Visa solutions to the TerraPay network to help streamline digital cross-border commerce for consumers and SMBs. Visa Direct, which facilitates the delivery of funds directly to eligible cards, bank accounts, and wallets around the world, is the first solution to connect to TerraPay's network of wallet providers. The enablement of Visa Direct to TerraPay's global partner integrations of mobile wallets and bank accounts can empower seamless and fast person-to-person remittances for individuals, as well as business pay-outs for small and medium businesses (SMBs), across 108 receive countries. Global cross-border trade has seen steady growth, largely from emerging markets. By 2025, cross-border trade is expected to reach a value of US$8Tn[1]. Despite this boom and the rise of digital payments globally, cross-border business payments continue to be complex and riddled with challenges, especially for SMBs. For these businesses, the process of sending money can often come with delays, high costs, lack of standardization, and inefficiency. TerraPay and Visa's collaboration will pave the path for holistic pay-in and pay-out solutions that can enhance the usage of eligible commercial cards for SMEs, extending to include added global money-movement capabilities, including cards, accounts, and wallets. At the same time, merchants can use TerraPay's Request-to-Pay wallet solution, globally. Speaking on this announcement, Ambar Sur, Founder and CEO, TerraPay, said, "It gives me great pride to say that TerraPay's relationship with Visa is so much more than a collaboration. With Visa joining us as a key investor, this strategic alliance truly reflects a huge stride forward for global digital payments. We are thrilled to give shape to our joint vision of building a connected and empowered world of digital payments." Ruben Salazar Genovez, Global Head, Visa Direct, said, "We are thrilled that our investment in and collaboration with TerraPay is going to help further enhance the reach of Visa Direct and help spur financial inclusion. More people and SMBs, including underbanked and underserved communities around the world, will soon have access to inbound digital cross-border payment capabilities directly on their mobile devices." Ambar Sur also added, "Combining Visa's scale with our global payments infrastructure, we will be able to help Visa customers enhance their pay-out experiences and scale their businesses faster. Our collaboration also serves the larger purpose of enhancing the way of life for these individuals and businesses, enabling them with a more connected and accessible global payments ecosystem." About TerraPay Headquartered in the United Kingdom, TerraPay believes that the smallest payment deserves a borderless journey as safe as the largest. The group has been building an ever-expanding payments highway that empowers businesses to create transparent customer experiences with an uninterrupted, secure, and real-time global passage for every payment, however small or large. Registered and regulated across 27 global markets, TerraPay is one of the leading global partners to banks, mobile wallets, money transfer operators, merchants, and financial institutions, creating a more expansive and inclusive international financial ecosystem. With access to an extensive network of 7.5Bn+ bank accounts, 2.1Bn+ mobile wallets, across 108 receive countries and 205 send countries, TerraPay enables its partners to become beacons of the promise of global financial inclusion.

Read More

POS RETAIL

RS2 Reveals New Brand Identity for its own Merchant Business

Businesswire | May 08, 2023

RS2, the global payment processing and technology leader behind leading fintechs and banks, today announced the unveiling of a new brand identity for its own direct merchant acquiring business in Germany. Beyond by RS2 will build on the business that was launched last year in response to RS2’s expanded issuing and acquiring global strategy. The new name, logo, and website reflect RS2’s increased focus on going beyond in delivering digital payment solutions. Beyond stands for more than just payment, with modern solutions, fair prices and personal customer service. Beyond by RS2 strives to serve any size of merchant across a multitude of industries and aims to work closely with partners, including ISOs, Integrated Software Vendors to originate new business. Being part of a global payments and technology leader, Beyond by RS2 will empower its partners to benefit from products and services supported by the Group globally, initially enabling them across European market with the ability to expand their businesses globally. As part of the build-out of this business, Beyond by RS2 will meet future-generation digital payment needs through the delivery of unified commerce including state-of-the-art POS devices, cloud-based cash registers, digital wallet and merchant loyalty programs as well as a full suite of acquiring services, and an integrated eCommerce offering. Beyond by RS2 will strive to enable merchants and partners to maximize operating efficiencies and scale their businesses by allowing customers to seamlessly pay using both debit or credit cards or via mobile payment options, such as Apple Pay and Google Pay as well as a suite of alternative payment methods. Completing the full offering, Beyond by RS2 plans later this year to roll out a point-of-sale management system that integrates with a traditional ECR allowing merchants to manage their businesses through a single interface. “We are thrilled to unveil our new brand identity,” said Gideon Fourie, Chief Commercial Officer of the RS2 Group.” Along with our advanced payment technology, local payments expertise, and tailor-made solutions, we look forward to partnering with clients in truly going beyond. We will continue to develop products and services that take payments into the future and help our customers and partners businesses thrive”. Jens Mahlke, Managing Director of RS2 Financial Services and CFO/COO of RS2 Group added "We are extremely well positioned to meet the needs of our customers and partners with superior service, leading technology, and a professional team that will support them in managing their business and consolidating their entire payment acceptance channels. With our license as an electronic money institution in Germany, we believe we are well positioned to roll out our solution quickly and easily to other markets." About RS2 RS2 is one of the world’s leading providers of omni/multichannel payment software and end-to-end payment solutions for both issuers and acquirers on a single payment platform for banks, large financial institutions, Integrated Software Vendors (ISVs), Payment Facilitators (PayFacs), Independent Sales Organisations (ISOs) and merchants throughout Europe, North America, Latin America (LATAM), Asia Pacific (APAC) and the Middle East. About Beyond by RS2 Beyond by RS2 is the new brand of RS2 Financial Services GmbH and RS2 Zahlungssysteme GmbH. As part of the RS2 Group, Beyond by RS2 offers a full suite of payment services for merchants of all sizes in various industries, tailor-made payment solutions that meet their business from card acceptance and payment processing to POS terminals, eCommerce solutions, and attractive value-added services.

Read More

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