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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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FinTech: Revolut Launches Buy-Now-Pay-Later (BNPL) In Ireland

June 24, 2022

Digital challenger bank Revolut has commenced the rollout of a BNPL offering in Ireland this week. It will compete with established BNPL players in the country such as Swedish fintech Klarna and Humm, owned by Australia’s Flexi-Fi. However, Revolut’s product comes with fees and a credit limit must be approved prior.

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More Stories on FinTech

FinTech: AI-Enabled Credit Platform Liquidity Raises $775M

April 5, 2022

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

April 4, 2022

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

April 1, 2022

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

March 30, 2022

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

March 29, 2022

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: Robinhood Launches Cash Card

March 22, 2022

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

March 22, 2022

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

March 21, 2022

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

March 21, 2022

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

March 18, 2022

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

March 17, 2022

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

March 16, 2022

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

March 15, 2022

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.

Digital Assets: Stripe Returns To Crypto With A Focus On Business Solutions

March 14, 2022

Stripe CEO John Collison announced in a tweet last week that the company was back in the crypto arena and supporting crypto businesses including exchanges, on-ramps, wallets, and NFT marketplaces. “Not just pay-ins but payouts, KYC and identity verification, fraud prevention, and lots more,” he added.

FinTech: India’s PayTM Engulfed In A Maelstrom Of Bad News

March 14, 2022

PayTM (NSE: PAYTM), the Indian fintech, made waves with its November listing of shares issued at INR 2150. Vijay Shekhar Sharma, the founder, was in joyful tears at the conclusion of the IPO. In the four months since, the IPO the stock has been on a one-way ticket downhill, and today it gapped down at the open and closed at an all-time low.

FinTech: Lloyds To Acquire Stake In Loyalty App Bink

January 4, 2022

Lloyds Banking Group (LON: LLOY), Britain’s biggest mortgage provider, will acquire a minority stake in loyalty app Bink, according to a report by Sky News for an undisclosed amount that may run into millions of pounds. It was also not known how much the transaction valued Bink.

FinTech: Tencent Backs Monzo’s Latest Funding Round, Buys Undisclosed Stake

January 3, 2022

Monzo, the fast-growing digital challenger bank in the UK, has roped in Tencent Holdings (HKG: 0700) as an investor in its $600 million funding round that had its first close earlier this month. Existing investors Accel and General Catalyst participated in that round, which valued Monzo at $4.5 billion.

FinTech: Cross-Border Remittances Alleviate Poverty; But They Must Be Easier, Cheaper

December 31, 2021

Worldwide remittances to low and middle income countries (LMICs) of a cumulative $4.7 trillion helped lower the global rate of extreme poverty (defined as people living on less than $1.90 per day) from nearly 36% to 10% during the years 1990-2015. Ruben Salazar Genovez, Global Head of Visa Direct, writes in a blog – The human impact of cross-border remittances – that global, cross-border remittances must be simplified and made cheaper to drive financial inclusion and build wealth where there is poverty.

FinTech: Indian Fintech SaveIN Brings “Pay Later” To Healthcare

December 29, 2021

Indian fintech SaveIN has launched a “care now pay later” offering in healthcare across the dental, veterinary, optical, dermatology, diagnostics, and physical therapy practices. The service is available offline at over 100 healthcare centers and covers over 300 products and treatments. Users can unlock a credit limit in 60 seconds when at a SaveIN partner physical outlet, and pay for the services availed over time.

Reputation And Trust Platform MetaMap Raises $70M Series B

December 28, 2021

MetaMap, a company that allows entrepreneurs to engage with customers and talent on the basis of “merits,” announced the close of $70 million Series B funding round led by Tribe Capital, with participation from Craft Ventures, Alameda Research and Titan Capital, as well as angel investors including Jerry Murdock of Insight Partners.

Venture Capital: iCapital Network Raises $50M At More Than $6B Valuation

December 27, 2021

iCapital Network, an alternative investment platform having platform assets of over $104 billion, announced its close of a $50 million funding round led by PE firm WestCap. Venture capital firms Apollo Global Management and Temasek also participated in the funding.

FinTech: CFPB Shuts Down Payday Lender LendUp For Unfair Practices

December 23, 2021

The U.S. Consumer Financial Protection Bureau (CFPB) took fintech and payday lender LendUp to task for repeated deceptive marketing and other fair-lending violations. It imposed a $100,000 penalty, and directed the lender to stop issuing new loans and halt collecting on some outstanding ones.

FinTech: Mastercard And Google Pay Team Up To Offer Tokenized Card Payments In India

December 22, 2021

Through a tie-up between Mastercard (NYSE: MA) and Google Pay for tokenized card services, Google Pay users can now pay safely through Mastercard debit and credit cards. G-Pay users can also use tap-to-pay at POS terminals and online, as well as make in-app purchases through the Mastercard cards.