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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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FinTech: India’s PayTM Gets Heat From Proxy Advisory Firm

August 12, 2022

Proxy advisory firm Institutional Investor Advisory Services India Ltd. (IiAS) has issued a note ahead of PayTM’s (NSE: PAYTM) annual shareholders’ meeting on August 19 calling for the replacement of Sharma by a professional.


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More Stories on FinTech

FinTech: Fintechs May Not Get a Large Enough Chunk of PPP Disbursements

April 23, 2020

Fintechs are disappointed with the limited role they have played in getting Paycheck Protection Program loans into the hands of the smaller businesses. The first tranche of $349 billion in potentially forgivable loans meant for small businesses across the country was fully disbursed within just two weeks. Even though Treasury Secretary Steve Mnuchin had promised fintechs a role in paying out these loans, the Small Business Administration (SBA) only allowed traditional banks to make these loans by the time the money ran out.

FinTech: SoFi Flags Off Global Expansion With Hong Kong Acquisition

April 22, 2020

SoFi, the fintech that describes itself as the digital personal finance company, launches SoFi Invest in Hong Kong. The SoFi Invest platform will offer brokerage, automated investing and ETFs with the added benefit of commission-free trading. For Hong Kong, the platform will be a simplified mobile experience and also offer financial advice and education.

FinTech: Moven’s Consumer Banking Accounts to Move to Varo

April 21, 2020

Moven announced last month plans to focus completely on the enterprise side of its business. It pulled the plug on its consumer banking unit after the coronavirus put paid to financing plans. Moven planned to close customer accounts by April 30. It now transpires that digital banking challenger Varo Money will take over these accounts.

Venture Capital: Payments Unicorn Stripe Raises $600 Million at a $36 Billion Valuation

April 17, 2020

In its largest funding round yet, California-based payment platform Stripe announced that it raised $600 million in an extension of its $250 million series G funding round. The unicorn said it intended to use the new money to expand its workforce, advance its software, make strategic acquisitions and expand across the globe.

FinTech: Commission-Free Investing Pioneer Robinhood To Raise $250 Million from Investors

April 17, 2020

Online brokerage Robinhood, which has recently been in the news for repeated system outages, is said to be raising $250 million from investors led by Sequoia Capital. Bloomberg, which broke the news of the funding, quoted sources who requested to remain anonymous. However, Bloomberg said it had received no confirmation from either Robinhood or Sequoia on the deal.

FinTech: iProov Launches Web Authentication for Web Browsers

April 16, 2020

iProov is a three-time winner of Finovate Best of Show. It is bringing a version of its renowned mobile identify verification app to laptops/PCs. According to data, consumers still prefer to use desktops and laptops for larger purchases. In 2019, web usage accounted for more than half of online revenue but only 37% of web traffic.

FinTech: World Bank Pushes for Financial Inclusion Via Fintech

April 15, 2020

The new report from the World Bank focuses on new digital technologies, particularly fintech.
The report “payment aspects of financial inclusion in the fintech era,” discusses the opportunities and challenges that come with using fintech to promote financial inclusion. Issued by the Committee on Payments and Market Infrastructures (CPMI) and the World Bank, the report connects fintech innovation with financial inclusion.

FinTech: TransferWise Executes A Quarter of its Cross-Border Transfers in Less Than 20 Seconds

April 14, 2020

TransferWise, the London-based fintech, is “building the best way to move money around the world.” It tweeted last week: “Making fast the new normal: 25% of TransferWise’s payments today are instant – but all consumers should benefit from instant payments.”

FinTech: Wellpay Raises $3.8M; Offers Zero-Interest, Zero-Fee Plans To Help With Medical Bills

April 13, 2020

As healthcare providers and patients reel from the COVID-19 crisis, Wellpay steps up to help.
Fresh from a raising of $3.8 million from lead investors 8vc, Mubadala Capital-Ventures, Montage Ventures, TTCER, and, healthcare fintech Wellpay has accelerated the launch of its platform.

Fintech: Small Business Administration May Leave Out Non-Bank Lenders From Programs

April 10, 2020

Non-bank Lenders may not take part in the funding process for small businesses provided by the Small Business Administration.

The $349 billion loan program put in place to help small businesses survive the current economic shut down caused by the coronavirus pandemic. The Small Business Administration has been reaching out to banks and lenders to service the PPP loans.

FinTech: Finastra Checkmates Hackers By Going Offline

April 10, 2020

Finastra, a maker of banking software used by 90 of the world’s 100 largest banks, fell victim to a hacking attack in mid-March. The cybercriminals timed their attack when the fintech had its hands full with the COVID-19 pandemic and most of its employees were working from home. By stealing employee passwords they gained access to critical Finastra servers and installed backdoors in them.

Venture Capital: Accel Gets Sweet 4X Returns on $1.2B Galileo Exit

April 8, 2020

It’s the third big one in the fintech space within a space of barely four months. In January, Visa (NYSE: V) acquired Plaid for $5.3 billion, followed by Intuit (NASDAQ: INTU) paying $7.1 billion for Credit Karma in February. In the current deal, personal finance company SoFi is buying up Galileo, a Utah-based financial services API and payments platform, for $1.2 billion in cash and stock. Accel, an investor in Galileo, has reportedly romped home with 4X returns.

FinTech: Kabbage Ties Up With SBA-Authorized Bank To Fast-Track Delivery of PPP Loans

April 8, 2020

Kabbage, the aggressive fintech that focuses on small business lending, announced it will collaborate with a technology-enabled bank and authorized lender of the Small Business Administration (SBA) to pay out Paycheck Protection Program (PPP) loans. Kabbage did not name the lender but said an announcement from the bank would follow.

Fintech: SoFi Buys Galileo for $1.2 Billion

April 8, 2020

. Online personal finance start-up SoFi has agreed to buy payments software company Galileo for $1.2 billion. The deal is a combination of cash and stock, according to the press release announcing the deal today. SoFi and Galileo Galileo’s digital payments platform enables critical checking and savings account-like functionality via its powerful open APIs, providing…

FinTech: Despite the Virus, Open Banking FinTech Yapily Raises $13M

April 7, 2020

Yapily, a fintech startup that offers an open banking API, raised $13 million in a Series A round despite swirling panic around the coronavirus. The round was led by Lakestar, which also funded Revolut, Skype, Spotify, Airbnb and Facebook (NASDAQ: FB).

Fintech: deVere Group Cites Big Weekly Jump in Fintech Usage

April 7, 2020

deVere Group released a report last week that found that the use of fintech apps in Europe grew by 72% in just a week.

The Swiss-based consulting firm said large parts of Europe closed down under quarantine orders. Therefore, consumers turned to mobile and online apps to conduct their personal banking needs and to conduct business. The coronavirus pandemic is likely to cause a global acceleration of fintech usage and product development going forward.

FinTech: Chime Readies to Instantly Pay $1,200 Stimulus Cheques

April 6, 2020

The digital challenger bank, the largest of its kind in the U.S., stands ready to pay out the stimulus cheques of $1,200 each. In a test run, it randomly chose 1,000 of its clients who met certain criteria with immediate access to $1,200 of spending power through SpotMe while they waited for their government stimulus payment. SpotMe is the firm’s free alternative to bank overdrafts.

Fintech: M&A In the Fintech Space Will Heat Up

April 3, 2020

One of the clear winners, if there is such a thing of the current economic situation, will be fintech companies. And we can expect to see a wave of fintech M&A as a result. There was already a trend towards digital platforms in the financial services industry. Now it’s just accelerating. Even those who prefer…

Digital Assets: Revolut Opens Up Crypto Trading To All Users; Cites 2008 GFC

April 3, 2020

Revolut is now opening up crypto trading to all 10 million of its users. The facility was previously available only to its Premium and Metals classified customers. Standard users may trade cryptos at a flat fee of 1.5% per trade. However, with effect from May, the fee will rise to 2.5%.

FinTech: Small Businesses Left High and Dry as Lending Platform Kabbage Switches off Loans

April 3, 2020

Some small business customers of Kabbage received an unpleasant surprise this past week when they found their credit line had been abruptly cut to zero. “This is very bad business ethics,” complained one distraught customer to Bloomberg. “You just turn it off without saying a word — not an email, not a phone call, nothing.”

FinTech: Kyash Closes $45M Series C Funding

April 2, 2020

Kyash, a Japanese fintech startup aspiring to be a leading challenger bank, gained $45 million in a Series C funding. The round was co-led by Greenspring Associates and Goodwater Capital, a global consumer technology investor along with several venture capital firms from around the world.
The startup will use the funds to accelerate its full-stack mobile banking business in Japan, as well as to advance its overall growth strategy and business domain expansion, mainly into the banking space.

FinTech: FinXact’s Core-as-a-Service Platform Will Power Digital Banker One

April 1, 2020

One is the new digital banking app launched by Bill Harris, the former CEO at PayPal and Intuit. It is a digital banking start-up that promises “One app. One card. One account.” It intends to deliver full-service banking via one simple account allowing users to save, spend, share, and borrow. It focuses on middle-income families across the United States. Currently in beta mode, One will likely launch during summer this year. It has chosen Finxact to power its banking services.

FinTech: Amidst the Pandemic, Fintech Fast-becoming The New Normal, Says Study

March 31, 2020

The world is adapting to unforeseen lockdowns and social distancing by using more digital technology. As people spend more time indoors, the demand for online services is exploding. But, the virus may accelerate, and perpetuate, digital trends that may already have been taking shape in our lives.

FinTech: Moven Moves On; As Funding Woes Bite, It’s Lights Out at the Consumer Bank

March 30, 2020

The coronavirus notches up digital challenger bank Movenbank as a casualty. Founder Brett King has pulled the plug on Moven nearly nine years after its launch in October 2011 as the world’s first cardless bank. In an interview with American Banker, King clarified the many reasons for what must have been a difficult decision.