MoneyLion, the digital personal finance platform for the financial middle class based in New York, has secured a $42 million Series B funding, led by Edison Partners. The latest investment follows rapid growth of the MoneyLion platform, which has surpassed 1.5 million users and has experienced 178 percent compounded growth in revenue since 2015, the company said. “We set out in 2013 with the mission to empower all Americans to take control of their financial lives with uniquely personalized financial products. We’re bringing private banking-like services to the middle class that address their toughest financial challenges, like fluctuating monthly income and expenses, access to affordable credit, and improving savings,” said Diwakar Choubey, Indian American CEO and co-founder of MoneyLion. MoneyLion equips consumers with better products to borrow, save and invest so they can build financial resilience. With MoneyLion’s free mobile app, customers can receive personalized advice based on their spending patterns and credit profile, monitor their credit, and track balances across bank and credit card accounts. In addition, MoneyLion has provided over 250,000 personal loans to its customers to help them manage unexpected expenses and achieve their financial goals.
Juniata College Partners with Mumbai Initiative
Juniata College will partner with Next-Genius, a Mumbai, India-based educational initiative that identifies talented students in India and matches them with colleges in the United States that offer curricula focused on critical thinking. As a Next-Genius partner, Juniata will award a full-tuition scholarship to one of the top candidates who emerges from a nationwide competition in India sponsored by Next Genius. According to the Next Genius website, Next-Genius.com, thousands of students from across India enter the educational competition each year. Rob Yelnosky, VP for enrollment at Juniata, with Ran Tu, associate director of international recruitment at Juniata College, traveled to India in January 2018 to participate in the competition for students to attend U.S. colleges and universities starting in fall 2018. Juniata’s admissions team began participation in the recruitment program designed to introduce Juniata College in India and build relationships with schools in the country. Over time, Juniata will work to attract more students from the country’s significant number of college-age students interested in pursuing their education in the United States.
Symposium for Western India Alumni to Receive Grant
The U.S. Embassy Public Affairs Section in New Delhi is soliciting proposals for a grant/cooperative agreement from legally-recognized non-profit, nongovernmental organizations that meet U.S. and Indian technical and legal requirements to develop and implement public diplomacy programs. The program goals — information which can be found by visiting https://in.usembassy.gov/embassy-consulates/mumbai/ — include creating an active network among State Department exchange alumni in western India and to strengthen bonds between the exchange alumni and the U.S. Consulate in Mumbai; and strengthening people-to-people ties between the United States and India through the exchange of information, experiences, and expertise. The deadline for the applications is Feb. 16. The amount of the grant is a minimum of $25,000 and a max of $30,000.
Westinghouse Plans to Sell Nuclear Plants in India
Plant Vogtle in Georgia — Westinghouse Electric Co.’s last hope for a U.S. showcase of its AP1000 nuclear power plant — will continue construction, delivering a much needed boost for the Cranberry-based nuclear firm, according to reports. Industry experts said that if Westinghouse wants to be able to sell any AP1000 plants abroad — as it is vying to do in India and Saudi Arabia — it will need a reference plant in the U.S. Vogtle will serve that function, the reports said. Westinghouse is hopeful it can sell plants in India.
Former Receptos Executives Launch Gossamer Bio
Receptos’ former executive leadership team, Faheem Hasnain and Dr. Sheila Gujrathi, announced the launch of Gossamer Bio Inc., a new biopharmaceutical company focused on the discovery and development of novel and differentiated therapeutic products to address high unmet needs of targeted patient populations. Gossamer Bio’s strategy will be to leverage an asset-rich in-licensing environment, with a focus on areas of high unmet need, utilizing a team with a strong track record of execution in immunology, inflammation, fibrosis and oncology, the company said in a news release. Gossamer Bio is launching with $100 million in financing from a seed round of capital provided by Omega Funds and a Series A Preferred Stock round co-led by ARCH Venture Partners and Omega Funds. This capital will be used to quickly ramp up the company, progress clinical trials for a number of early and late-stage drug candidates, and to further augment the company’s pipeline. Added president and COO Gujrathi, “We are thrilled to launch and build a new company with the core mission of developing innovative therapies and being of service to patients who are suffering. We are honored to be working with the world-class team that we are assembling at Gossamer Bio, and we are driven to deliver on our commitments to our patients, our shareholders and each other.” Gossamer Bio will initiate development of its lead program, a Ph2b/3 oral, once daily therapy targeting specific patients across different indications with the potential for a pipeline within a product. Gossamer Bio’s pipeline includes other clinical and preclinical stage assets in multiple disease areas, it said.
BioProtection Association Expands Global Footprint
BioProtection Global, the global association of regional trade organizations representing the biological products industry, announced the incorporation of three new member associations at its fall meeting, including the Biocontrols Alliance of the Pesticide Manufacturers and Formulators of India. The other associations are the Colombian Association of Bio-inputs for the Transformation of Agriculture and the Japan Biocontrol Association. The three key additions raises BPG's total membership to eight regional associations representing biocontrol/bioprotection companies on five continents. The current global biocontrol market is estimated at $3 billion, having experienced double digit growth for six consecutive years. The market is forecast to reach $11 billion by 2025, according to a news release. "The introduction of the Colombian, Indian and Japanese biocontrol associations into BPG significantly increases our critical mass and sets the stage for broader harmonization efforts and new efficiencies that will deliver benefits both to end users and ultimately, consumers," said Rick Melnick, president of BPG and global brand manager of Valent BioSciences. "By bringing together the world's leading experts on biocontrol technology and advocacy, BPG is poised to engage IGO's, NGO's, and regulators as the go-to source for information on biocontrol technologies."