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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More Stories on FinTech
FinTech: U.S. Bank Teams With Rollick To Offer A Digital Marketplace For RVs And Boats
U.S. Bank has teamed up with customer engagement technology provider Rollick to revolutionize the process of purchasing recreational vehicles (RVs) and boats. Through their joint effort, they have introduced the U.S. Bank RV and Boat Marketplace, which offers a convenient and efficient buying experience for U.S. Bank customers and dealerships.
Venture Capital: Silo Technologies, An ERP System For Produce, Lands $132M
Silo Technologies, a leading provider of technology solutions for the food supply chain, has announced $132 million in new capital. The $32 million Series C funding round was led by Koch Disruptive Technologies, a subsidiary of Koch Industries known for investing in disruptive technologies. Existing investors Andreessen Horowitz, Haystack Capital, Tribe Capital, Collate Capital, and Moore Capital also participated in the round.
FinTech: Google Calendar Integrates With Stripe To Enable Paid Appointment Scheduling
Google (NASDAQ: GOOGL) announced in a blog post that it was integrating its Google Calendar with Stripe to enable the scheduling of paid appointments. Users may either connect their existing Stripe account to Google Calendar, or open a new Stripe account through Calendar.
FinTech: Criminal Groups Exploit System Flaw To Defraud Revolut US Of $20M
A flaw in Revolut’s payment system in the US allowed criminals to steal over $20 million of the company’s funds last year, according to undisclosed sources. The incident, which has not been publicly disclosed, adds to the challenges faced by the fintech firm, including senior departures and a qualified audit.
Fintech: Clair Scores $175 Million In Funding To Launch The First Free On-Demand Pay Solution
Fintech company Clair has secured $175 million in funding to launch a free, on-demand pay solution backed by an FDIC-insured bank. The program, called Pathward, allows front-line workers to take wage advances and provides access to Clair Spending and Savings Accounts.
Fintech: FIS Inks Deal To Sell Worldpay To GTCR At A Valuation Of $18.5 Billion
Financial services technology leader FIS has pushed ahead with its separation plan to create two distinct global companies for increased strategic flexibility and a reduction in debt. The company has entered into a definitive agreement to sell a majority stake in its Worldpay Merchant Solutions business to private equity funds managed by GTCR. The transaction values Worldpay at $18.5 billion, including $1 billion contingent on certain returns achieved by GTCR.
FinTech: Klarna Partners With Stellar Global For Virtual Shopping Solution
Klarna, a Swedish fintech company, and Stellar Global, a retail experience consultancy, have collaborated to unveil a virtual shopping solution for e-commerce firms. This innovative tool combines Stellar’s product demonstration teams and studio space with Klarna’s online tech connections, aiming to provide unique purchasing experiences and support brands in boosting conversions.
FinTech: Goldman Sachs May Sell Its Apple Card And Other Consumer-Facing Businesses To Amex
Goldman Sachs Group (NYSE: GS) is reportedly in discussions with American Express (NYSE: AXP) to end its partnership with Apple (NASDAQ: AAPL). Goldman had previously announced plans to scale back its consumer business but appeared committed to its relationship with Apple.
FinTech: Revolut Offers “Hands-Off” Investing With Launch Of Robo-Advisor In The US
Revolut has introduced Automated Investing in the United States, providing customers with a convenient solution to automate their investment portfolios. By offering a Robo-advisor, Revolut aims to simplify the investment process for users and minimize associated costs compared to traditional financial institutions. Revolut is a global financial super-app with over 30 million customers worldwide.
Digital Assets: Mastercard Unveils Multi Token Network (MTN) To Boost Adoption Of Blockchain Technology For Digital Assets
Mastercard (NYSE: MA) has announced the launch of the Multi Token Network (MTN), a set of capabilities aimed at enhancing security, scalability, and interoperability in digital asset and blockchain ecosystems.
FinTech: Visa Pays $1B To Acquire Brazilian Payments Fintech Pismo
Visa (NYSE: V) has announced its definitive agreement to purchase Pismo, a cloud-native issuer processing and core banking platform, for $1 billion in cash. This acquisition will enable Visa to enhance its services for financial institutions and fintech clients by offering more innovative core banking and issuer solutions to its customers.
FinTech: Square Launches Credit Card And Other Tools To Help Its US Sellers Manage Finances
Square has introduced new financial products and services to support businesses in managing their cash flow. As the adoption of banking services grows, Square has unveiled its Square Credit Card and various cash flow management tools in beta. These offerings aim to simplify finances for U.S. sellers by providing credit options and features that consolidate their finances.
FinTech: Investors Cheer Solid Growth From UK Fintech Wise
UK payments group Wise (LON: WISE) experienced a surge in its shares of more than 20% due to the expectation that rising interest rates will boost profits, compensating for a decline in customer transfers. Wise has benefited from increased interest income, with a significant rise in customers’ cash balances.
FinTech: Robinhood Snaps Up X1, Eyeing An Entry Into The Credit Card Business
Robinhood Markets, Inc. (NASDAQ: HOOD) has announced its acquisition of X1 Inc., a San Francisco-based platform that offers a no-fee credit card with rewards on purchases. The acquisition is a significant step towards expanding Robinhood’s product offerings and strengthening its relationship with existing customers.
FinTech: Molten Ventures Prunes The Value Of Its Investment In Revolut By 40%
Revolut, the London-based challenger bank, has suffered another blow to its valuation as Molten Ventures, a tech-focused investment firm, has chopped the valuation of its stake in the company by 40%. This comes after Schroeder, a global asset manager, devalued Revolut by 46% in April, and TriplePoint Venture Growth cut its valuation by 15% a month earlier.
FinTech: Private Equity In The Fray To Acquire Goldman’s Greensky
Goldman Sachs (NYSE: GS) is facing a significant loss as it unwinds its acquisition of specialty lender GreenSky, signaling its retreat from its Main Street ambitions. Investment firms including Apollo, Sixth Street, and Warburg Pincus have submitted initial bids valuing GreenSky at a mid-nine-figure amount.
FinTech: Middle-Eastern Payments Provider NymCard Acquires BNPL Fintech Spotii
NymCard, a payments infrastructure provider in the MENA region, has acquired Spotii, a prominent Buy Now Pay Later (BNPL) fintech operating in key markets. This acquisition allows NymCard to offer its clients a customizable BNPL product tailored to their specific needs and local markets, democratizing BNPL services in the region.
Fintech: BNY Mellon And MoCaFi Join Hands To Extend Digital Payments To Underserved Communities In The United States
BNY Mellon (NYSE: BK) and MoCaFi, a Black-founded fintech platform, have formed a strategic alliance to bring digital payment options to unbanked and underbanked communities in the U.S. BNY Mellon’s Treasury Services business will provide federal, state, and local governments, as well as corporate clients, with a digital disbursement payment service through MoCaFi’s offering.
Fintech: American Express And Plaid Announce API-Based Integration
American Express (NYSE: AXP) has announced a data sharing agreement with Plaid, a data network that powers the digital financial ecosystem, to offer customers enhanced digital finance options while ensuring their account security. Through an API-based integration, American Express customers will gain secure connections to over 8,000 financial apps and services within Plaid’s network, without having to share their American Express password with third parties.
Digital Assets: Bitcoin Denominated, AI-Powered Life Insurance Provider Meanwhile Raises $19M
Meanwhile, a digital asset-denominated life insurance provider, has secured approximately $19 million in funding from investors including Sam Altman, the CEO of OpenAI, and Gradient Ventures, backed by Google (NASDAQ: GOOGL).
FinTech: Ualá Turns Up The Heat On Mexican Fintech Rivals
Ualá, a fintech company based in Buenos Aires, has introduced a high-yield savings account in Mexico shortly after obtaining a banking license in the country. The savings account offers an annual yield of 9%, and the banking license enhances the safety guarantee, making it ten times greater than what fintechs with a “sofipo” license can provide.
FinTech: Global Trade Financing Platform Mitigram Secures $11M To Drive Growth
Stockholm-based digital platform Mitigram has raised an additional $11 million in its latest funding round, bringing the total amount raised to $38 million. The funds will be used to scale up the organization and enhance its product capabilities.
FinTech: Payments Platform Thunes Lands $60M Series C
Thunes, a global B2B payment infrastructure platform, has achieved significant growth milestones and secured a successful Series C funding round, surpassing $60 million. Led by Marshall Wace, a London-based hedge fund, with support from Bessemer Venture Partners and Southeast Asian private equity firm 01Fintech, the funding will support Thunes’ vision of creating a next-generation payment system that enables instant, quick, and secure cross-border transactions.
Artificial Intelligence: Broadridge Brings AI To Bond Trading Via BondGPT
Broadridge Financial Solutions has introduced an AI-powered application called BondGPT on its LTX platform, aiming to revolutionize bond selection and portfolio construction processes. BondGPT utilizes OpenAI GPT-4 technology to provide a conversational interface that helps traders identify corporate bonds based on specific criteria.