FinTech
Digital payments alone could become a $100 trillion industry, according to PwC. And that’s just one component of the global Fintech industry. This channel tackles the lenders and buyers, the obstacles and achievements, and the trends and trend makers leading the ongoing technological evolution in global finance.
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Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers stand to receive up to 1 BTC as a reward when signing up and can earn an additional 1 BTC for each successful referral. The platform claims to be the sole custodial crypto platform in the EU offering customers a percentage of their trading volume back every month, paid in Bitcoin.
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FinTech: Mastercard And Microsoft Partner To Make Online Shopping Safer
Mastercard (NYSE: MA) is taking aim at digital fraud in online shopping by enhancing its Digital Transaction Insights solution with next-generation authentication and real-time decisioning intelligence capabilities. Microsoft’s (NASDAQ: MSFT) Dynamics 365 Fraud Protection’s proprietary risk assessment, which leverages adaptive AI to assist in real-time fraud detection by identifying risky behaviors across purchase, account and in-store activities, has been integrated with Mastercard’s Digital Transaction Insights.
FinTech: Stripe And Twitter To Test Crypto Payouts
Stripe said in a blog post today that it had been exploring crypto-currency based platforms to facilitate payouts to creators, freelancers, sellers, and solopreneurs across the world. The “open-access global financial rails” offered by cryptocurrencies was highly attractive to Stripe given that the Connect service could not still reach many countries due to hetereogenous local payment systems. In a pilot, Stripe is testing crypto payouts for Connect via a select group of creators on Twitter (NYSE: TWTR), its first partner.
FinTech: Card Issuing Platform Marqeta Launches End-to-End RiskControl Solution
Global card issuing platform Marqeta (NASDAQ: MQ) has announced RiskControl, a suite of products designed to provide comprehensive, end-to-end risk management to the company’s card issuing customers. Klarna, Yonder and Branch are Marqeta customers that have already commenced using RiskControl and its components – KYC, Real-Time Decisioning, 3D Secure, and Disputes.
FinTech: Brex Acquires Pry Financials For $90M
Brex, a startup focusing on startups, has acquired Pry Financials, a financial planning platform that replaces Excel for founders, helping them plan and manage budgets, create hiring plans, build financial models, predict cash runway, and more, for $90 million.
FinTech: Robinhood Acquires UK-Based Crypto Assets Firm Ziglu
Ziglu, a U.K.-based electronic money institution and cryptoasset firm, allows customers to buy and sell eleven cryptocurrencies, pay using a debit card, and remit money abroad without fees. Robinhood (NASDAQ: HOOD), itself a major cryptocurrency-friendly stock trading app, has acquired Ziglu for an undisclosed sum with the objective of expanding its crypto business internationally, particularly UK and Europe.
Digital Assets: Gemini Introduces Instant Crypto Rewards Credit Card
Crypto platform Gemini, which was founded by the Winklevoss twins, has launched the Gemini Credit Card. It’s the first instant crypto rewards credit card that provides a seamless way for consumers to acquire up to 3%+ back from 60+ cryptocurrencies supported on Gemini’s platform. Issued by WebBank, the new card features Mastercard as the exclusive card network.
FinTech: Cross River Bank To Help Build Revolut USA’s Credit Business
Cross River Bank, a technology infrastructure provider that offers embedded financial solutions, will partner with Revolut to set up the first U.S.-based consumer personal loans for Revolut customers using Cross River’s technology infrastructure.
FinTech: Philippine Fintech Holding Company Voyager Raises $210M
Philippine fintech leader Voyager Innovations turned unicorn at a valuation of nearly $1.4 billion after it raised $210 million. The round was led by new investor SIG Venture Capital, the Asian venture capital arm of SIG. Other new investors included Singapore-based global investor EDBI and investment holding company First Pacific Company Ltd.
FinTech: India’s BankBazaar Is IPO-Bound, Sezzle Expands BNPL, Le Monde Hires Stripe, And More
News from around FinTech.
FinTech: Discover’s Checking Account, The Uber Super App, And White Label BNPL
Discover’s all-new checking account comes with cash-back rewards. The Discover Checking Account Discover (NYSE: DFS) has launched a new, benefits-packed Cashback Debit account with user-friendly features, such as early access to paychecks up to two days in advance and a mobile-first banking experience. According to Discover Research, 90% of consumers say having no fees is…
FinTech: AI-Enabled Credit Platform Liquidity Raises $775M
Liquidity Group has secured capital commitments aggregating $775 million from Apollo (NYSE: APO) and MUFG Bank (NYSE: MUFG). The amount comprises $425 million from Apollo Funds as a credit facility scale up its lending volume, and $300 million from MUFG for a debt fund joint venture named Mars Growth Capital. This will now invest in late-stage tech unicorns. There is also a a $50 million SAFE note investment by Apollo Funds, MUFG Innovation Partners and Spark Capital.
FinTech: Goldman Sachs Acquires Retirement Focused Robo Advisor NextCapital
Goldman Sachs (NYSE: GS) Asset Management has acquired Next Capital, a technology enabled advisor of retirement solutions offered in partnership with financial services firms that provide a brand-specific user experience, advice delivery and system integration. The terms of the acquisition were not disclosed.
FinTech: Apple Wants A Bigger Slice Of The Fintech Pie
Bloomberg reported Wednesday on Apple’s (NASDAQ: AAPL) plans to bring more financial services in-house including developing their technology and infrastructure. An ambitious, multi-year plan would bring a number of future, fintech-like functionalities under Apple’s own roof such as payment processing, risk assessment for lending, fraud analysis, credit checks and additional customer-service functions such as the handling of disputes.
Venture Capital: Cross River Bank Raises $620M Financing
Cross River Bank announced today the raise of a $620 million financing led by Eldridge and Andreessen Horowitz, with participation from funds and accounts advised by T. Rowe Price Investment Management, Inc., Whale Rock and Hanaco Ventures. Cross River currently powers lending and payments for over 80 leading technology partners including Affirm, Best Egg, Checkout.com, Coinbase, Divvy, Freedom Financial, Pay.com, Rocket Loans, Stripe, Trustly, Upgrade and Upstart.
FinTech: New Co-Branded Mastercard From Victoria’s Secret And Bread Financial
Financial services company Bread Financial (NYSE: ADS) flagged off today a co-branded credit card program with Victoria’s Secret, the world’s largest retailer of intimate garments. The two organizations also renewed their three-decade long brand partnership.
FinTech: In The UK, Digital Chase Offers 1.5% On New Saver Account
Customers of digital bank Chase in the UK can now open the Chase Saver Account via the Chase app. Linked to the Chase Current Account, the new savings option offers savers a rate of 1.5% AER. Multiple such accounts, each uniquely numbered, may be opened, in accordance with specific savings goals, and named accordingly. It is available to both existing and new Chase customers.
FinTech: Robinhood Launches Cash Card
Robinhood (NASDAQ: HOOD) announced today its Robinhood Cash Card that promises debit card customers the same benefits and rewards once reserved for credit card holders. “We’re introducing the Robinhood Cash Card to help a new generation start their investing journey—and get rewarded—while spending on the things they need and love,” the company said.
Venture Capital: Corporate Card And Expense Management Platform Jeeves Raises $180M
Jeeves, the company operating a global expense management platform and an issuer of corporate cards, raised $180 million in a Series C round led by Tencent (HKG: 0700) with participation from GIC, Stanford University, Andreessen Horowitz (a16z), CRV, Silicon Valley Bank, FT Partners, Clocktower Ventures, Urban Innovation Fund, Haven Ventures, Gaingels, Spike Ventures, the family offices of two FAANG founders, and Carlo Enrico, president of Latin America and the Caribbean for Mastercard.
Venture Capital: Finance Automation Platform Ramp Raises $750M In Equity And Debt Funding
Ramp is a finance automation platform and the first corporate card designed to help businesses control spending. The company announced today $750 million in new financing, bringing its valuation to $8.1 billion.
FinTech: RippleNet Noted In Arab Monetary Fund’s Guide On CBDCs
The Arab Monetary Fund (AMF) recently issued an exhaustive guide to Central Bank Digital currencies (CBDCs) with a view to inform Arab central banks on various aspects relating to CBDCs. Interestingly, a page of the publication analyzes payment modernization methods that could serve as an alternative to CBDCs, with Ripplenet and Ripple’s XRP listed as an example.
FinTech: Jack Dorsey’s Block Flags Off Asian Foray, Invests In Japanese Fintech Kyash
Jack Dorsey’s Block Inc (NYSE: SQ), formerly Square, has participated in a $41.2 million Series D round raised by Japanese fintech and challenger bank Kyash. The transaction marks the first investment by Block in an Asian company. The funding valued the startup at about $107.7 million.
FinTech: Robinhood Would Allow Users To Loan Stocks, Earn Passive Income
Robinhood (NASDAQ: HOOD), the pioneer in commission-free mobile stock trading, is likely to roll out a stock lending feature in the coming months, Bloomberg reported. Dubbed the Stock Loan Income Program (SLIP), the new feature would compete with other legacy brokers when it rolls out in coming months.
FinTech: Mastercard Expands BNPL Reach, Adds New Partners
Amount, Bass Pro Shops and Cabela’s, Deserve, H&R Block, i2c, Lithic, Saks Fifth Avenue, Sutton Bank and Walgreens are new brands that are now partnering Mastercard Installments, the card major’s BNPL offering.
FinTech: Moove, An African Mobility Platform And Financier, Raises $105M
Nigeria-based fintech Moove, which provides vehicle financing to drivers of ride-hailing companies, has raised Series A2 financing of $105 million. The round was led by existing investors Speedinvest, Left Lane Capital, and thelatest.ventures, with participation from new investors including AfricInvest, MUFG Innovation Partners, Latitude, and Kreos Capital.