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September 20, 2021
On the web
Bookkeeping App FloBiz Raises $31 Mn Led by Sequoia, Think Investments
Entrackr
“The company said it will use the fresh funds for team expansion, product development and scaling distribution to serve more businesses. FloBiz will also focus on building additional technical capabilities within the organisation, as it prepares to venture into financial services soon.”
On the wires
Trustly Launches Instant Payouts in the US
“Trustly has been offering Instant Payouts to businesses in Europe for more than a decade, and now the company is thrilled to be extending its offering into the US, made possible by its relationship with Cross River, an early participant in the RTP® network, a new real-time payments rail built by The Clearing House. Cross River’s API-based platform connects directly to the network and provides backend technology to support advanced capabilities and enhancements for its partners. Businesses using Trustly’s Instant Payouts can fund payments directly with Cross River and the bank will send RTP payments on behalf of these businesses to their customer’s bank accounts at other RTP participants.”
September 15, 2021
On the wires
Zelis to Acquire Healthcare Transparency Leader Sapphire Digital
“Zelis, a leading payments company in healthcare, announced today it entered into a definitive agreement to acquire Sapphire Digital (“Sapphire”), the healthcare industry’s leading platform for provider selection, patient access, price transparency, and digital consumer navigation. More than 100 million people rely on Sapphire to help them price, select and access care with confidence. As part of the transaction, the Sapphire leadership team will join Zelis to help lead the combined company’s healthcare consumer solutions business.”
September 13, 2021
On the web
Billogram, Provider of a Payments Platform Specifically for Recurring Billing, Raises $45M
TechCrunch
“While there has been a lot of attention around how companies like Apple and Google are handling subscriptions and payments in apps, what Billogram focuses on is a different beast, and much more complex: it’s more integrated into the business providing services, and it may involve different services, and the fees can vary over every billing period. It’s for this reason that, in fact, even big companies in the realm of digital payments, like Stripe, which might even already have products that can help manage subscriptions on their platforms, partner with companies like Billogram to build the experiences to manage their more involved kinds of payment services.”
September 8, 2021
On the web
JPMorgan to Buy Majority Stake in Volkswagen’s Payments Business
Reuters
“JPMorgan (JPM.N) has struck a deal to buy a majority stake in German car giant Volkswagen’s (VOWG_p.DE) payments business ahead of a planned rollout of in-car technology that allows drivers to automatically pay for fuel or tolls. The U.S. bank has agreed to buy close to 75% of Volkswagen Payments S.A. for an undisclosed sum, subject to regulatory approvals…JPMorgan said it plans to invest in and rebrand the payments business and expand its mobility-focused payments to other industries.”
On the wires
Wells Fargo Launches Integrated Receivables, an AI-Powered Offering, to Help Simplify Accounts Receivables
“Wells Fargo & Company (NYSE: WFC) today announced the availability of Integrated Receivables, a new Accounts Receivable (AR) service that uses artificial intelligence, machine learning, and robotic processing to help simplify payment and remittance data capture, re-association, and invoice matching…Artificial intelligence and machine learning technology enables Integrated Receivables to correct errors and improve matching logic over time, which can help companies devote less time and resources to manually applying payments.”
September 3, 2021
On the web
Amazon.com.au Encourages Customers to Stop Using Their Visa Card | ZDNet
ZDNet
“Amazon has begun informing Australian customers that it would prefer they do not use a Visa card when buying things through its platform. From November 1, Amazon will apply a 0.5% surcharge to purchases made using Visa credit cards on Amazon.com.au. According to Amazon, costs for transactions should be going down, not up.”
August 30, 2021
On the wires
VPay Survey Reveals That Vast Majority of Property and Casualty Insurers Still Process 50% of Claim Payments Via Paper
“Key findings reveal that nearly all P&C insurers have adopted some form of digital payment, although 50% of B2C and B2B payments are still processed on paper…P&C insurers overwhelmingly agreed that speed of payment was important to customer satisfaction, with 87% reporting that real-time claim payment is critical or very important.”
August 25, 2021
On the web
Banking on cannabis: the new network of lenders for a semi-legal industry
FT
“Cannabis companies such as Dreamfields are caught in a gap between state and federal law. Despite California making weed legal for recreational use in 2016, the federal government still classifies marijuana as an illegal substance. With top US banks such as JPMorgan Chase and Wells Fargo and payments companies including Visa and Mastercard adhering to federal law, they have opted out of serving cannabis companies. But now three years later, Garrambone says Dreamfields is doing almost all of its transactions electronically, taking out loans and making deposits.”
Linktree Partners With PayPal to Allow Users Globally to Accept Direct Payments
TechCrunch
“Linktree, the popular “link in bio” service with more than 16 million users, is partnering with PayPal to expand its recently launched “Commerce Links” tools for direct payment on Linktree globally. The Melbourne-based startup says creators in over 200 countries where PayPal operates can now accept payments through the transaction tools. Launched in March, Commerce Links allow users to take payments directly on their Linktree profile without opening a new browser or tab. The new integration lets Linktree customers connect their PayPal account and receive payments from their followers or customers via PayPal, a debit card or a credit card.”
August 23, 2021
On the wires
Just Eat Takeaway.com and Adyen Partner to Issue Cards for Corporate Expense Programs
“Adyen (AMS:ADYEN), the payments platform of choice for many of the world’s leading companies, today announced Just Eat Takeaway.com, a leading global online food delivery marketplace, will implement its card issuing solution in the form of Takeaway Pay Card. Adyen’s solution enables Just Eat Takeaway.com to issue pre-funded cards to employees for meal expenses.”
August 20, 2021
On the web
Eaze to Become America’s Largest Cannabis Delivery Service After Buying Green Dragon
TechCrunch
“Eaze this week announced significant plans to expand into one of the U.S.’s largest cannabis delivery services. One of the original on-demand cannabis delivery services, the Bay Area-based company is set to acquire cannabis retailer and cultivator Green Dragon, which operates in the hot markets of Colorado and Florida. Combined with existing operations in California and Michigan, the deal would find Eaze operating in America’s four largest cannabis markets.”
August 19, 2021
On the wires
GoCardless and Piano Partner to Help Publishers and Brands Drive Recurring Revenue
“GoCardless , a global leader in account-to-account payments, today announced a partnership with Piano , a global analytics and activation platform, to deliver new bank debit capabilities. This new integration is designed to help publishers and brands market, sell and fulfill premium content offerings. Piano’s commerce engine will be integrated with the GoCardless bank debit network, enabling subscription-based businesses to offer end users a convenient new payment method. This helps avoid card failures, reduces involuntary customer churn and increases lifetime subscriber value, a key objective for business growth following 2020’s pandemic-driven “subscription boom.”“
August 13, 2021
On the wires
BlackBerry IVY to Provide Secure Vehicle-Based Payments
“BlackBerry Limited (NYSE: BB ; TSX: BB), today announced a new solution to deliver highly-secure vehicle-based payment capability to unlock a connected car payments market that is projected to reach over €530 billion by 2030. This vehicle-based payment solution will create new opportunities for automakers to offer a vast array of payment services and develop previously untapped revenue streams. The solution will create a “digital fingerprint” for the vehicle, allowing it to securely connect to a bank’s payment network, validate, and autonomously pay for a wide range of frequently used services, including fuel, tolls, parking, insurance, maintenance, and other “wallet” capabilities.”
August 11, 2021
On the web
Gusto Secures A $10 Billion Valuation Tailwind As Its HR Software Sails Toward IPO
Forbes
“Now Gusto is aiming to leverage its growth to prepare for an initial public offering. Reeves tells Forbes that Gusto closed on a $175 million funding round in recent weeks, minting the company with a new $9.5 billion valuation and making it one of the most valuable private companies in the HR and payroll software space. Led by T. Rowe Price, Gusto’s existing investors also joined the round, including Fidelity, Franklin Templeton, Generation and General Catalyst.”
August 6, 2021
On the wires
Fiskl and GoCardless Partner to Help Small Businesses Take Direct Debit Payments Globally
“Fiskl , the global mobile-first financial management and accounting solution, today announced a partnership with GoCardless , a leader in account-to-account payments, and the launch of recurring direct debit payments for Fiskl customers. The partnership between Fiskl and GoCardless delivers to small business customers the most reliable payment method for automated invoices. GoCardless will significantly reduce failed transactions as it eliminates common pitfalls associated with card payments, such as card changes or expiry issues, by leveraging the bank transfer system. For international payments, Fiskl small business customers benefit from favourable and transparent exchange rates, supported by the GoCardless-Wise partnership.”
August 5, 2021
On the web
JPMorgan Takes Stake in Healthcare Start-up, Will Begin Offering Service to Employees in Fall
CNBC
“JPMorgan Chase ’s new healthcare unit has made its first investment, CNBC has learned exclusively. The bank has agreed to invest $50 million in Vera Whole Health , a Seattle-based start-up that is pioneering a new, subscription-type model for employee healthcare.”
On the wires
CredEvolv Launches Platform To Bridge Gaps In Credit Equity
“Launching today, fin-tech platform CredEvolv revolutionizes the path to achieving and maintaining good credit, offering millions of consumers a path to financial stability. CredEvolv’s mission is to turn “no” in to “not yet” by breaking down the barriers to credit equity and guiding consumers seeking improved credit on a journey to sustainable, lifelong credit well-being.”
August 2, 2021
On the wires
Blaze & Spence Labs Announce Partnership With Fully Integrated Cannabis Payment System for Online Ordering and Delivery
“Spence Labs, a bank-backed, compliant digital payment system for the cannabis industry, today announced a full POS integration with BLAZE®, the industry-leading enterprise resource planning and point of sale (POS) platform for legal cannabis. This partnership is a game changer for both dispensaries and customers, who have for far too long relied on cash transactions. Now consumers who order online or in the store can pay in a compliant digital way.”
July 29, 2021
On the wires
PayU Partners With Visa to Enable Push Payments for Businesses in Europe | PayU Global
“PayU, an online payment service provider for emerging markets operating on four continents, announced that it will enable push payments in partnership with Visa, a global leader in digital payments. PayU is launching the Card Push service to provide businesses with quick, simple and efficient payments to end points. Thanks to Visa Direct, a real-time push payments platform*, businesses using PayU Card Push will be able to instantly transfer money to a bank account linked to a Visa card.”
Marqeta To Power Virtual Google Pay Balance Card
“Marqeta , the global modern card issuing platform, announced today that its modern card issuing platform will power the new virtual Google Pay balance card. The new virtual Google Pay balance card, powered by Marqeta, allows users to easily spend their Google Pay balance through a virtual card tokenized into a mobile wallet and used at accepting merchants.”
Chargebee to Support Complex Selling Processes of Large Businesses With Summer 2021 Product Release
“Chargebee , the industry-leading Subscription Billing and Revenue Management platform, today announced the general availability of its Summer 2021 Product Release. With this release, Chargebee aims to enable large businesses to further support the complex buying processes of their customers. With over 3000 customers across the globe clocking an average of 150% YoY revenue growth, Chargebee’s Summer 2021 update looks to help businesses sustain their incredible growth.”
CFPB Finds Credit Applications Have Mostly Recovered to Pre-Pandemic Levels | Consumer Financial Protection Bureau
“The Consumer Financial Protection Bureau (CFPB) today published an issue brief showing that consumer applications for auto loans, new mortgages and revolving credit cards had mostly returned to pre-pandemic levels by May 2021. Prime and near-prime consumers are driving this recovery as applications remain down from borrowers with subprime and deep subprime for all types of credit and, for borrowers with superprime credit scores, applications are down for all types of credit but mortgages.”
July 28, 2021
On the wires
Citi Drives Liquidity Innovation With the Launch of Real-Time Liquidity Sharing
“Citi is pleased to announce the launch and roll out of a new global Real-Time Liquidity Sharing solution, addressing a pressing need for companies to secure improved efficiencies in liquidity and working capital. Part of Citi’s Liquidity Optimization product suite, the new globally consistent platform is launching across six countries and jurisdictions in Asia Pacific – Australia, China, Hong Kong, New Zealand, Singapore and Taiwan – with other regions and additional markets to follow in line with client demand.”
July 26, 2021
On the wires
RocketFuel Introduces Crypto Payment Solution for Cannabis Dispensaries and Merchants
“RocketFuel (OTC: RKFL) (“RocketFuel” or the “Company”), a global provider of one-click online payment options using Bitcoin and 50+ other cryptocurrencies, today announced that it will be making its payment solution available to be used by licensed cannabis dispensaries and merchants. Integrating RocketFuel into the merchant’s payment checkout will ensure that, unlike the typical cash transactions which come with security and logistical problems, merchants can accept crypto payments from users who have cryptocurrencies in a private wallet or in certain crypto exchange accounts. This service will even cover online delivery orders if they fall under permissible local regulations. RocketFuel will be compliant with FinCEN guidance on providing financial services to the cannabis industry.”
Appsuite and TableSafe Partner to Equip Restaurants With the Ultimate End-to-End Dining Experience
“Through a seamless integration to Oracle MICROS RES 3700 and Simphony platforms, Appsuite and TableSafe offer gift cards, loyalty and CRM together with pay-at-the-table in a premium end-to-end solution for dine-in restaurants. The integrated experience allows restaurants equipped with Oracle MICROS to maximize their existing POS and deliver next-generation hospitality features to strengthen their bottom line.”
July 21, 2021
On the wires
Cincinnati Family Tech Pay Theory Announces Launch of Its Cash Acceptance Tool
“Pay Theory , a Cincinnati-based startup that provides payment solutions for school districts, childcare, and families, is excited to announce the launch of its cash payments tool to simplify the burden of making school-related payments for the roughly 30 percent of K–12 families in the US who are un- or underbanked. The Pay Theory in-person cash payments function allows users to complete digital payment transactions in the analog world without having to have a credit card. When making a school-related payment online, users can select the “pay cash” option. They will then be issued a barcode that can be scanned by a cashier just like any other coupon. The bill can be paid in cash right along with groceries or a prescription pickup.”
July 19, 2021
On the web
Serena Williams Invests in Rent-reporting Fintech Esusu
CNBC
“Serena Williams is investing an undisclosed amount in Esusu , a fintech start-up that allows renters to build and improve credit by reporting their rent payments to credit bureaus. The tennis superstar provided the backing through her venture capital firm, Serena Ventures , as part of the start-up’s first funding round… “Esusu is an excellent example of an innovative fintech company leveraging technology to deliver scalable and much-needed financial solutions for underserved populations,” Motley Fool Ventures managing director Ollen Douglass said in a release. “Their inclusive credit building offerings can unlock access to credit for low-to-medium income households across the country.” Esusu was founded in 2018 by Abbey Wemimo and Samir Goel, who saw their immigrant families struggle to pay for rent and build credit after moving to the United States.”
Why Online-travel Giant Booking Is Getting Into the Fintech Game
MarketWatch
“Add Booking Holdings Inc. to the list of e-commerce companies betting that a tighter control over the payments process will create a better experience for consumers—and a new revenue stream. The online-travel company announced earlier this month that it was launching a financial technology unit that would aim to simplify some of the monetary hurdles of international travel, from booking a room at a hotel where there’s a different local currency to making a purchase commitment for a trip that won’t take place for a few months.”
July 16, 2021
On the web
Giant Food Accepts Online Federal Benefit Payments
Chain Store Age
“A regional grocer is now accepting federal EBT SNAP payments for eligible items for online in-store pickup and curbside pickup orders. Consumers using federal SNAP benefits (popularly known as food stamps) now have the option to pay with an EBT (Electronic Benefits Transfer) card when placing online orders for in-store pickup and delivery at 147 stores located throughout Washington, D.C., Maryland, Virginia, and Delaware.”
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