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: Block’s Q1 Numbers, Powered By Cash App, Beat Estimates
Block Inc. (NYSE: SQ), a digital payments company led by Jack Dorsey, has increased its forecast for full-year profit after its Cash App product saw a surge in usage during Q1 2023. Earnings at the company also beat Street estimates.
Uber Expands Its Strategic Payments Partnership With Stripe Across Major Markets
Uber (NYSE: UBER) has signed an expanded global partnership with Stripe, the financial infrastructure platform for businesses, to reduce payments costs and provide more payment options to customers.
FinTech: Stripe And Microsoft Join To Offer Card Payments In Real Time Within Microsoft Teams
Microsoft (NASDAQ: MSFT) has partnered with financial infrastructure platform Stripe to enable businesses on Microsoft Teams to accept payments directly through the platform. Stripe will power Teams Payments, enabling meeting hosts to accept card payments during virtual appointments, classes, events, and more.
FinTech: Amazon Credit Card Holders Get New Benefits Including From Chase On Travel
Chase and Amazon have announced new features and benefits on their Amazon Visa card portfolio, including increased opportunities to earn cash back on purchases and the ability to earn and redeem rewards daily.
FinTech: Sezzle’s Consumer Financing Solution For “Buy Now, Pay Later” Integrates Into Celerant’s Ecommerce Platform
Celerant Technology has partnered with Sezzle Inc. (ASX: SZL) to integrate the “buy now, pay later” consumer financing solution into its eCommerce platform. Retailers can now offer Sezzle Pay with 0% APR on their eCommerce website to attract more customers and increase online sales.
FinTech: Buddy Integrates With Plaid To Enable Budgeting For Gen Z
The Buddy app is a budgeting tool designed for Gen Zers around the world. It has now partnered with Plaid, a provider of open finance services, to allow users to connect their financial accounts securely and track their spending.
FinTech: Top Investor Schroders Chops Revolut’s Valuation By $15B
The revised valuation of Revolut was disclosed in a filing by Schroders Capital Global Innovation Trust. Schroders Capital Global Innovation Trust has written down the value of its stake in UK fintech firm, Revolut Ltd, by 46% in its 2022 results, reflecting investor caution in the sector. The trust, a faithful Revolut investor has cut…
FinTech: Women-Led Vesey Ventures Closes $78M Fund For Fintech Startups
Vesey Ventures, an early-stage venture capital firm, has raised $78 million for its debut fund to invest in fintech and enabling technology companies, primarily in the US and Israel. The fund’s founders are three former managing directors at Amex Ventures, Lindsay Fitzgerald, Dana Eli-Lorch, and Julia Huang.
FinTech: Santander Bank And DailyPay Tie-Up To Offer Access To Earned Wage
Santander Bank, N.A. (BME: SAN) has partnered with DailyPay, Inc., a global financial technology company, to offer an on-demand pay benefit to its Commercial Banking clients in the United States. Through this collaboration, Santander’s Commercial Banking clients can allow their employees to access their earned pay instantly using DailyPay.
FinTech: Mercari Introduces Merchat AI, A New Shopping Assistant Driven By ChatGPT
The Merchat AI conversational shopping assistant is now available in beta nationwide to shoppers of “previously loved” items. Mercari, the popular online marketplace in the U.S., has announced the beta launch of Merchat AI, a conversational shopping assistant powered by ChatGPT. This new artificial intelligence tool allows customers to engage in real-time conversations with Merchat…
FinTech: Wise Clocks 45% YoY Growth In Q4 Revenue; Total Income Jumps 83% YoY To £279.5M
Wise (LON: WISE), previously known as Transferwise, has reported a jump of 45% (year-on-year) in revenue to £223.5 million in its fourth quarter of fiscal year 2023. The company earned a net interest income of £56m. The London-listed company ended the quarter with a total income of £279.5m, up 83% from the previous year and 4% from the previous quarter.
FinTech: Affirm Adds Adaptive Checkout To Canadian Stripe Users’ Payment Options
Payment network Affirm (NASDAQ: AFRM) has extended its partnership with Stripe to Canada, enabling merchants and platforms in the country to offer its Adaptive Checkout pay-over-time option to their customers.
Fintech: Coupa And Goldman Sachs Transaction Banking Collaborate To Create A Streamlined Process For B2B Payments
Coupa, a global leader in Business Spend Management, and Goldman Sachs Transaction Banking (TxB) have announced a collaboration to simplify payment processes between businesses and their global supply chains. The collaboration aims to offer customers fast integration, quick and convenient payments, and enhanced cross-border payments.
FinTech: Twitter Embarks On Plan To Morph Into A Financial SuperApp, Ties With eToro
Twitter has partnered with eToro, an online brokerage, to offer users the ability to buy and sell stocks, cryptocurrencies, and other assets through the platform. This move is part of Elon Musk’s vision of turning Twitter into a “super app” that offers users financial services on top of social media.
Venture Capital: Prime Brokerage Clear Street Scores $270M Series B Investment
New York-based independent prime broker, Clear Street, has announced a $270m investment from Prysm Capital, which is the second tranche of a $435m Series B funding round. The investment values the company at $2.0 billion.
FinTech: Visa+ Enables Person-to-Person Payments Across Digital Platforms
Visa (NYSE: V) has partnered with PayPal (NASDAQ: PYPL) and Venmo to launch a new service called Visa+, aimed at enabling people to transfer money quickly and securely between different person-to-person digital payment apps. Users will be able to send and receive payments between PayPal and Venmo by setting up a personalized payment address linked to their accounts, without requiring a Visa card.
FinTech: UK Digital Bank Tandem Acquires Money Sharing App Loop
Tandem Bank is working towards becoming the UK’s leading digital and sustainable bank with the acquisition of Loop, a fast-growing money sharing app. Loop offers a platform for borrowing and lending money among friends and family, allowing users to avoid expensive bank overdraft charges. With approximately £12.5 billion being shared informally each year in the UK, and £10 billion of overdrafts outstanding, Loop’s platform has the potential to revolutionize the way people manage their finances.
FinTech: ANZ And Grollo Carbon Ventures Test Trading In Tokenized Australian Carbon Credit Units (ACCUs) On The Blockchain
ANZ (ASX: ANZ), one of Australia’s largest banks, has partnered with Grollo Carbon Ventures to successfully trade Australian Carbon Credit Units (ACCUs) using digital tokens. ANZ issued its stablecoin, A$DC, to tokenise existing ACCUs, enabling Grollo to purchase them using smart contracts on a public, permissionless blockchain with settlement occurring in near real-time.
FinTech: SoFi Acquires Wyndham Mortgage In All-Cash Transaction
SoFi Technologies, a digital financial services company, has announced its acquisition of Wyndham Capital Mortgage, a fintech mortgage lender, in an all-cash deal. Although the deal is not expected to significantly impact SoFi’s 2023 results, it is expected to be accretive within six months.
FinTech: Aeropay And Onfleet Tie Up To Smoothen Online Transactions For Cannabis Consumers And Retailers
Onfleet, a delivery management software company, and Aeropay, a digital payments provider for the cannabis industry, have joined forces to integrate Aeropay’s payment solutions with Onfleet’s delivery management software.
FinTech: In Tech Overhaul, Liberty Bank Picks Alkami’s Digital Banking Platform
Connecticut-based Liberty Bank has adopted Alkami’s digital banking platform for its business, retail, and mobile banking. Liberty Bank aims to provide an innovative user experience to its customers and position itself for future growth.
FinTech: Cogo And Eliq Partner To Help Banking Customers Enhance The Energy Efficiency Of Their Homes
Cogo, a fintech which collaborates with banks to assist customers in decreasing their carbon footprint as a carbon footprint management firm, is partnering with Eliq, a company that specializes in making sense of energy data. The partnership aims to provide information and support for banking customers as they deal with the challenges posed by climate change and energy crises.
FinTech: Revolut’s Response To Audit Report Irks Both Its Board And Accounting Fraternity
Revolut, a UK-based fintech company, has been criticized by its own board for portraying a critical audit report as a clean bill of health. The company issued a public statement insisting that the audit by BDO confirmed that the financial statements gave a true and fair view of the company’s affairs.
FinTech: Apple Launches Apple Pay Later, Its Own BNPL Product
Apple (NASDAQ: AAPL) has introduced a new feature called Apple Pay Later in the US, allowing users to split their purchases into four payments without any interest or fees. Users can apply for loans ranging from $50 to $1,000 for online and in-app purchases made on iPhones and iPads with merchants that accept Apple Pay.