Biz Builder Mike

You can't sail Today's boat on Yesterdays wind - Michael Noel

No Code Digital Future: EasySend Raises $16 Million

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EasySend, a company that wants to help insurance companies, banks, and other financial services firms better develop their tech stack with an “AI-powered no-code platform,” has raised $16 million. The Tel Aviv based company reports that the Series A funding was led by Hanaco with participation from Intel Capital.

The new funding follows a previously undisclosed $5 million seed round from existing investors Vertex Ventures and Menora Insurance. The cash infusion will be used to boost staff and offices around the world as well as for further product development.

EasySend’s platform is designed to convert manual processes into “digital journeys” that can be optimized by non-technical staff without any coding via a simple drag and drop interface.

EasySend believes that now more than ever, financial services and insurance companies are searching for ways to digitize their operations effectively.

Tal Daskal, EasySend CEO and co-founder, says the world is changing and COVID has forced traditional businesses to embrace a digital transformation:

“Our no-code platform is uniquely positioned to make this digital transition easier for enterprises from a wide range of industries – especially insurance and financial services – enabling them to create new digital products efficiently and effectively while boosting and creating digital opportunities which not only save on development and maintenance costs, but also drive revenue growth.”

Nick Washburn, senior managing director, Intel Capital, added:

“EasySend’s no-code platform utilizes AI to digitize thousands of forms quickly and easily, reducing development time from months to days, and transforming customer journeys that have been paper-based, inefficient and frustrating. In today’s world, this is more critical than ever before.”

EasySend says it currently works with unnamed leading financial institutions in the U.S.A., Israel, and Europe, including top insurance companies.

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INX Security Token Sale Starts this Week, Seeks up to $117 Million

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INX Limited, a company that filed an F-1 with the Securities and Exchange Commission (SEC) in 2019, that was subsequently approved earlier this year, will kick off its public sale of the digital asset this week on August 25, 2020. The security token (INX) will entitle purchasers pro rata distribution of the company’s net cash flow from operations according to the filing.

INX Limited is a Gibraltar domiciled firm that is developing INX Trading Solutions, described as a single entry-point for users for the trading of cryptocurrencies, security tokens, and their derivatives. Up to 130 million INX tokens may be sold generating $117 million ($0.90 a token) before fees if the offering is completely sold out. The minimum hurdle has been set at $7.5 million.

The company has assumed that 100% of the INX Tokens sold in this offering will be sold to non-U.S. persons. INX has enlisted the assistance of A-Labs to market the offering outside the US.

The offering notes that there is currently no secondary market for the digital security and no guarantee of one but obviously at some point one would anticipate it will trade on an exchange, ATS, or some marketplace.

INX touts the fact it has worked directly with regulators from the beginning as opposed to many digital asset platforms that skirted the laws only to decide to become compliant after the fact. As well, management points to the fact it developed its own tech stack as opposed to licensing it from a 3rd party provider.

INX benefits from the participation of managers as well as advisors that have traditional financial markets experience. Founder and President Shy Datika has more than 25 years of experience in the banking and finance industry and is a founder and former CEO of ILS Brokers, a multinational brokerage house based in Tel-Aviv, Israel.

The INX security token offering is interesting as it is global, compliant with a digital asset that is both a security as well as a utility. As a security, investors may generate income as well as a capital gain. As a utility, it may be used to cover fees.

The company states that there is a capped supply of 200 million tokens and anticipate this number will decline over time creating more value for remaining holders.

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