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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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Digital Assets: Robinhood Debuts Crypto Trading On Its App In The EU

December 7, 2023

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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More Stories on FinTech

FinTech: FinMason Brings Muni Bond Analytics to Wealth Managers

June 26, 2020

FinMason, which is committed to building the largest analytics engines for financial services platforms, announced Thursday its launch of municipal bond analytics. Previously, the firm launched coverage of the entire global government and the corporate bond universe.

FinTech: Facebook’s WhatsApp Payments Service Hits Regulatory Wall in Brazil

June 25, 2020

Banco Central Do Brasil (BCB), the Brazilian central bank, has ordered Visa (NYSE: V) and MasterCard (NYSE: MA) to suspend payments transactions through the payments service newly introduced by Facebook’s (NASDAQ: FB) WhatsApp message application. Brazil’s anti-trust regulator, Cade, also blocked Cielo S.A, the payments processor partnering the WhatsApp events service, from continuing the arrangement.

FinTech: Mastercard Acquires Finicity for $825M

June 24, 2020

Global payments processor and cards provider Mastercard (NYSE: MA) will pay $825 million to acquire Finicity, a fintech startup specializing in real-time data aggregation and provider of insights. If certain targets are met, Mastercard will pay an additional amount of $160 million. The purchase gives Mastercard technology that will help banks take faster credit decisions and improve account verification processes using Finicity’s platform. It allows access to financial data for businesses and individuals.

FinTech: Global, White-Label, SaaS-on-Cloud Banking Platform Mambu Now on Google Cloud

June 23, 2020

Mambu, which calls itself the only true Software-as-a-Service (SaaS) banking platform, and the industry leader in cloud banking, has teamed up with Google (NASDAQ: GOOGL) Cloud. Mambu’s cloud-agnostic banking platform will now be available end-to-end, and around the world, to customers in 50 countries. Expansion into new locations now becomes very easy for Mambu customers.

Digital Assets: Paypal and Subsidiary Venmo May Allow Users To Transact Cryptos

June 23, 2020

According to a report by Coin Telegraph, PayPal (NASDAQ: PYPL) is looking to recruit digital experts such as a Crypto Engineer and a blockchain research engineer. Significantly, the first posting describes the role to include “designing, developing and maintaining key crypto products/features targeted towards availability, performance, and scalability of PayPal services.” These job ads have popped up simultaneously with rumors in the crypto world that payments giant PayPal and digital wallet subsidiary Venmo are about to make a splash in cryptocurrencies.

FinTech: UK-based Checkout.com Lands $150M at a $5.5B Valuation

June 22, 2020

Checkout.com has done it again. Last year it made waves with its Series A round worth $230 million, gatecrashing the unicorn party with a valuation tag of $2 billion. Today, it followed that up with an announcement of a Series B round, picking up $150 million at a stunning $5.5 billion valuation.

FinTech: The Newly-Launched PayId Global Alliance Will Disrupt Cosy Payments ‘Silos’

June 19, 2020

Industry leaders across finance, technology and the non-profit sectors have come together to launch PayId, a simplified payment ID process for global remittances. The Open Payments Coalition, an alliance of leading companies such as GoPay, Ripple, Blockchain.com, BitPay, Brave, Flutterwave, Mercy Corps and others, will develop PayId.

FinTech: Investors Beat a $102M Path to Pagaya’s AI-Driven Asset Management

June 18, 2020

Global fintech Pagaya, which uses artificial intelligence in asset management and institutional investment, notched up $102 million in a Series D round led by GIC, Singapore’s sovereign wealth fund. With the latest funding, Pagaya has raised $147 million since its launch in 2016.

FinTech: Credit Sesame Acquires Canadian Neo Bank STACK After Resounding Success of Sesame Cash

June 17, 2020

In late 2019, Credit Sesame and Canadian challenger bank STACK joined hands to offer Sesame Cash, a checking account service that put users in control of their banking and credit in one place. Since mid-May, when Sesame Cash became available to the general public, more than 200,000 customers signed up in less than a month. Over 62% of Credit Sesame’s 15 million members are interested in the Sesame Cash service. Credit Sesame announced Tuesday its acquisition of STACK.

FinTech: Facebook’s WhatsApp Kicks Off Mobile Payments in Brazil; India to Follow?

June 16, 2020

WhatsApp, the messaging app owned by Facebook (NASDAQ: FB) has launched a facility to make digital payments for users in Brazil. The announcement came Monday on the WhatsApp blog. Users can now send money to other users, or local businesses, from inside a chat.

FinTech: Digital Islamic Investment Platform Wahed Invest Lands $25M

June 15, 2020

Wahed Invest, a digital Islamic investment platform aimed at Muslim investors with a sharia-compliant offering, has raised $ 25 million. Saudi Aramco Entrepreneurship Ventures (also known as Wa’ed Ventures) led the round. Existing investors such as BECO, CueBall Capital, Dubai Cultiv8, and Rasameel also participated.

FinTech: Top-Flight Banks Line-up To Invest in H4

June 12, 2020

A consortium that included JP Morgan (NYSE: JPM), Goldman Sachs (NYSE: GS), Barclays (NYSE: BCS), and Linklaters has invested about $27 million in digital documentation start-up H4.
H4, which is headquartered in London, specializes in the creation of legal and compliant documents used by the capital markets. It has approximately 120 employees, including investment bankers, technologists, corporate lawyers, and product designers. Four leading global banks as well as 14 of the world’s leading law firms have successfully utilized H4’s technology.

FinTech: Amazon Launches Credit Line for Small Businesses In Partnership With Goldman Sachs

June 11, 2020

Amazon (NASDAQ: AMZN) has launched a new digital credit line for U.S.-based SMB merchants that sell on its platform. The eCommerce giant will offer the facility in collaboration with Goldman Sachs’ Marcus brand (NYSE: GS), according to exclusive information obtained by CNBC

FinTech: Citi Tackles Abandoned Shopping Carts With Mastercard’s “Click to Pay”

June 10, 2020

In an Exclusive, PYMNTS.com revealed Tuesday that Citi’s Consumer Bank (NYSE: C) and Mastercard (NYSE: MA) were working together to remove the frustration from the checkout process in e-commerce transactions. Shoppers abandoned the transaction at this ultimate stage simply because it was too cumbersome, time-consuming, or required usually-forgotten passwords.

Fintech: Platform for Muslim Investors Raises $25 Million

June 8, 2020

Wahed, the ethical investment fintech for Muslim investors, announced that it has raised $25 million in venture funding. The proceeds will be used to ensure people can invest their money into a diversified portfolio consisting of stocks, commodities, real estate, and Halal-focused asset ownership certificates known as Sukuk. Wahed Prepares for Mainstream The funding round…

FinTech: Arival Launches Banking Product for “Abnormal” Customers (BETA)

June 5, 2020

Are you one of the following and struggling to get a bank account? Freelancer, tech startup, crypto or blockchain-related business, e-Residency business, a charity organization, blogger, influencer, expat? Well, worry no more. Digital bank Arival will help you (because the bank reads abnormal as above-normal). Digital bank Arival announced its beta launch on Thursday of an online bank account that caters to the above kinds of abnormal customers that are sometimes shunned by the legacy banking system.

FinTech: Varo, Soon-to-be a National Bank, Scores $241M Fundraise

June 4, 2020

Challenger bank Varo, raised a further $ 241 million in a series D funding round co-led by existing investor The Rise Fund, and new investor Gallatin Point Capital. Other investors included movie producer Jeff Skoll, HarbourVest Partners, Progressive Insurance and U2 lead singer Bono.

Venture Capital: Fintech and Healthtech Startups To Get a Leg Up From London Stock Exchange and Global Accelerated Ventures

June 4, 2020

ELITE, the London Stock Exchange Group’s (LON: LSE) international business support platform, and Global Accelerated Ventures have launched a post-Covid-19 fundraising program. It will help fintech and healthtech firms with additional capital needs that may arise after the end of the pandemic.

FinTech: Mastercard Launches Fintech Express for Emerging European Startups

June 3, 2020

Mastercard (NYSE: MA) announced Tuesday the launch of its Fintech Express, a program to facilitate the launch and expansion of emerging European fintechs through tailor-made solutions.

FinTech: Western Union Is Looking to Acquire MoneyGram International

June 2, 2020

A Bloomberg report says Western Union has made a takeover offer for MoneyGram.
If the transaction succeeds, the two biggest players in the money transfer business in the US would combine. However, the matter is not yet officially public, and Bloomberg quoted a person who asked not to be identified.

FinTech: Brex, Which Raised $150M Last Month, Lays Off 14% Of Workers

June 1, 2020

In a blog post on Friday, Brex co-founders Henrique Dubugras and Pedro Franceschi announced the company was laying-off 62 workers. They attributed the decision to a re-orientation of the company’s products required due to the impact of COVID-19 on its customers.

FinTech: PruPay and PayPal Working on Text-based, Contactless Payments

May 29, 2020

PruPay is a specialty fintech company that provides easy payment solutions for merchants and consumers. The U.S.-based company announced Thursday its collaboration with PayPal (NASDAQ: PYPL) for the launch of touchless payments via text messaging. The facility of paying without having to touch another surface, device, or currency is especially useful amidst fears of rampant infection from the coronavirus.

FinTech: Stripe Adds Five More Countries to Its European Market

May 28, 2020

Stripe, the San-Francisco headquartered online payment platform provider, announced its official launch in the European countries of Czech Republic, Romania, Bulgaria, Cyprus, and Malta. The COVID-19 crisis has placed a focus on digital payments and there is a sharp spurt in the growth of Europe’s online economy. Businesses in the new countries will benefit from the $35 billion fintech’s technology-rich platform.

FinTech: Legacy Banks to Compress 5 Years of Digitization Into 12 Months – Wealthfront

May 27, 2020

Dan Carroll, founder and Chief Strategy Officer of legacy fintech Wealthfront is candid that the traditional banking industry stood exposed when the COVID-19 outbreak hit.
Banks had to shut down branches and call centers. But they faced the monumental question of how to service their customers. Their digitization efforts, clunky and low-priority, were suddenly put on full-speed-ahead. However, it’ll be a while before they achieve meaningful traction.