Today in Digital Banking: Truist’s New CEO, Nuvemshop and Branch Finish Fundraising

Today in digital banking, Branch snags $540 million in Series B fundraising. Plus, Truist overhauls leadership team after 2019 merger and Latin American eCommerce platform Nuvemshop raises $500 million in Series E fundraising.

Truist Announces New Leadership Roster Following Merger

Truist Financial Corporation on Wednesday (Aug. 18) said in a press release that President and Chief Operating Officer William H. Rogers Jr. will succeed Kelly S. King as chief executive officer as of Sept. 12, a move that was announced in February 2019 as part of a merger that formed the company.

King will become executive chairman of the board of directors through March 12 as part of the leadership transition. Truist also announced other personnel changes effective Sept. 1 including Daryl N. Bible will be chief financial officer, Scott Case will be chief information officer, Beau Cummins will be vice chair and Ellen M. Fitzsimmons will be chief legal officer and head of public affairs.

LatAm eCommerce Platform Nuvemshop Raises $500M in Series E Funding

Latin American eCommerce platform Nuvemshop, also known as Tiendanube in Spanish-speaking countries, announced Tuesday (Aug. 17) that it raised $500 million in its Series E funding round.

Nuvemshop’s funding round was co-led by Insight Partners and Tiger Global Management, with participation from Alkeon and Owl Rock. Other investors in this round included Sunley House Capital and VMG Partners and existing investors Accel, Kaszek, Kevin Efrusy, Qualcomm Ventures LLC and ThornTree Capital. The latest round of financing values Nuvemshop at $3.1 billion.

Branch Nets More Than $540M In Series B Funding

Business payment acceleration firm Branch announced Tuesday (Aug. 17) it raised more than $540 million in Series B fundraising, money that will be used to help the company build up its flexible workforce payment platform.

Addition led the $48 million Series B funding round and was joined by other investors, including Drive Capital, Crosscut Ventures, Bonfire Ventures, Matchstick Ventures and HR Tech Investments LLC, a subsidiary of Recruit Holdings Co., Ltd. Branch also secured $500 million in purchased assets from funds managed by Neuberger Berman.