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June 30, 2020
On the wires
Capital on Tap Partners With Marqeta for Expansion to Spain
“Using Marqeta, Capital on Tap allows Spanish SMEs to access funding in a more streamlined and frictionless way. Its online onboarding processes mean customers don’t need to visit their bank and wait weeks for a response; instead, decisions on funding can be made within a day. In addition, Marqeta-powered credit cards provide more suitable lines of credit, while enabling greater customisation, expense tracking, and categorisations to meet the needs of small businesses.”
June 26, 2020
On the wires
SoFi Awards Cardtronics ATM Services Agreement and Joins Allpoint Network for Surcharge-Free Cash Withdrawals
“SoFi, an American fintech leader and personal finance innovator, has joined with Cardtronics to give its members surcharge-free cash access at 55,000 Allpoint ATMs worldwide, including several ATMs at the new SoFi Stadium in Los Angeles.”
Galileo Instant Takes Aim at Growing 1099 Payment Landscape
“Galileo today announced the full launch of Galileo Instant, a frictionless solution for gig-economy, marketplace, ecommerce, fintech and other businesses that want the speed and convenience of creating debit cards through a single point of contact—Galileo. Using Instant, qualified businesses can launch their debit card programs as early as 14 days—start to finish.”
June 25, 2020
On the web
Digital investing platform for women, Ellevest, expands into banking
TechCrunch
“Ellevest, a company whose focus has been on closing the gender investing gap by way of a financial planning service aimed at women, is today expanding into banking. The company this morning announced a new membership plan which encompasses one-on-one financial and career coaching, member-only workshops and guides, personalized investing plans, plus a no-fee debit card and banking service.”
June 24, 2020
On the web
Hong Kong fintech Qupital partners with eBay to provide financing for sellers
TechCrunch
“Qupital, a trade financing platform, announced today that it will partner with eBay as one of its officially recommended Hong Kong financing service providers. In today’s announcement, Qupital said it will provide offshore financing services, including working capital, to eBay sellers in China and Hong Kong through QiaoYiDai, its main product.”
On the wires
Metova Chosen by MyBambu to Develop Industry-First Mobile FinTech Solution for Underbanked Consumers
“Metova, a leading provider of mobile, web, connected home and car, and IoT (Internet of Things) solutions , fueled by emerging technologies including machine learning, mixed reality, and blockchain, today announced the successful completion of MyBambu’s FinTech application – the first mobile FinTech solution for underbanked consumers. MyBambu chose Metova as a strategic technology partner for activities including code assessment, native Android and iOS development, English and Spanish localization, web development, UX design and more.”
June 23, 2020
On the wires
i2c Powers Credit Sesame’s New Digital Banking Service, Sesame Cash
“i2c Inc. , a leading provider of digital payment and open banking technology, today announced it supports all payment processing for Sesame Cash , Credit Sesame’s free digital banking service that helps consumers grow their cash and credit together to improve overall financial wellness.”
June 12, 2020
On the wires
Superintendent Lacewell Announces the Launch of New DFS Program to Drive Innovative Financial Services and Products For New Yorkers In The Covid-19 Era
“Superintendent of Financial Services Linda A. Lacewell today announced the New York State Department of Financial Services (DFS) has launched DFS FastForward , a new program to support innovators seeking to deliver new solutions in financial services, Fintech, InsurTech, and HealthTech for New Yorkers in the COVID-19 era. “As New York begins re-opening, new cutting-edge and innovative solutions will be needed to adapt the New York marketplace to a new normal due to COVID-19,” said Superintendent Lacewell. “DFS FastForward will help to build New York back better by supporting tomorrow’s innovators for the benefit of New York’s economy and consumers.””
June 11, 2020
On the wires
Klarna and Raisin Launch Cooperation on Deposits
“Klarna, a global leader in payments and online shopping, has launched a cooperation in Germany with the deposits marketplace Raisin. By partnering with the Berlin-based fintech Klarna is further expanding into the German savings market. In a first for Klarna, and available exclusively to Raisin’s customers in Germany ( https://www.WeltSparen.de ), the new products include an overnight money account with a competitive interest rate of 0.35%. The Klarna deposit products from overnight to terms of up to 48 months are accessible through a completely online process via WeltSparen.”
June 2, 2020
On the wires
Rapyd Launches All-In-One Integrated Payment Solution in the United Kingdom
“Rapyd, a global Fintech as a Service company, today announced the launch of a single, “full-stack,” payment solution in the United Kingdom allowing businesses locally and globally to access every major local payment method — such as cash, bank transfers, ewallets, and cards — through one easy to integrate connection. In partnership with several major payment partners including Visa, Mastercard, Payzone, and ClearBank, Rapyd’s all-in-one payment solution facilitates payments locally, and across borders for companies of any size, through one single API, reconciliation process, and contract.”
May 28, 2020
On the wires
Modern Card Issuing Leader Marqeta Valued at $4.3B in Latest Round
“Marqeta, the global modern card issuing platform, announced today that it has raised an additional $150 million in new capital from a leading institutional investor, valuing the company at $4.3 billion. This latest financing comes on the heels of Marqeta’s previously announced $260 million equity financing in May 2019, which was led by Coatue and included participation from Vitruvian Partners and several others. Marqeta is also backed by Visa, Goldman Sachs, 83North, Granite Ventures, and ICONIQ Capital.”
May 27, 2020
On the wires
Introducing Samsung Money by SoFi: Do More With Your Money
“Samsung Electronics America, Inc., today unveiled Samsung Money by SoFi, a new mobile-first money management experience that brings a cash management account and accompanying Mastercard debit card along with exclusive benefits to Samsung Pay, in partnership with innovative fintech company SoFi. The account is secure, with no account fees and rewards users for saving—earning higher interest relative to the national average of transactional accounts. At a time when people are turning to their technology to take care of essential tasks without leaving home, Samsung Money by SoFi makes it easier for them to manage more of their financial life in the Samsung Pay app.”
Q2 to Rebrand Comprehensive Banking-as-a-Service Offering Underneath Q2 BaaS
“Q2 (NYSE: QTWO), a leading provider of digital transformation solutions for banking and lending, announced today it is bringing its Banking-as-a-Service (“BaaS”) offering under the Q2 brand banner – as Q2 BaaS. As part of this transition, Q2 and StoneCastle dissolved their partnership, known in the market as Cambr.”
May 19, 2020
On the web
Brex brings on $150M in new cash in case of an ‘extended recession’
TechCrunch
“Fast-growing fintech behemoth Brex is raising big money as its customer base itself — high-growth and spendy startups — is struggling. The company, which sells a credit card tailored for startups, today announced that it has raised $150 million in a Series C extension from a group of existing investors, including DST Global and Lone Pine Capital.“
On the wires
Introducing Plaid Exchange
“Today, Plaid is launching Plaid Exchange to accelerate consumer-permissioned data access strategies for financial institutions. As fintech adoption has grown, so have the needs of financial institutions that must now manage unprecedented customer connections across thousands of fintech apps. Plaid Exchange gives financial institutions, from banks to wealth management firms, an open finance platform that includes critical tools required to manage the secure and reliable data connectivity their customers’ financial lives demand, today and for years to come. At the heart of this platform is the ability for consumers to maintain control and transparency into where and how their financial information is permissioned and shared, increasingly important as more people rely on a variety of digital financial tools to manage their financial lives.”
May 14, 2020
On the wires
Oxygen Launches Digital Banking Platform for Freelancers and Small Businesses, Joins Visa’s Fast Track Program
“Oxygen today announced the launch of a new digital banking solution specifically designed to meet the unique needs of freelancers and digital natives. Oxygen has built a platform from the ground up to provide flexible banking solutions to the millions of U.S. professionals who thrive on multiple income streams, contract work and freelance gigs. In addition, Oxygen announced that it has joined Visa’s Fast Track program, enabling the company to draw on the reach, capabilities and security of Visa’s network. Oxygen will also be leveraging Visa Direct, Visa’s real-time push payment solution, to ensure its freelancer customers can be paid fast.”
May 11, 2020
On the web
As Recession Looms, Brex Stockpiles Cash, Cuts Credit
The Information (paywall)
“Today co-founders Henrique Dubugras and Pedro Franceschi are bracing for a harsher reality. Reeling from the coronavirus shutdowns, Brex customers including Airbnb, Outdoor Voices and ClassPass are slashing costs and cutting thousands of jobs. A replay of the 2001 dot-com crash, which wiped out a generation of promising upstarts, could be Brex’s death knell.”
May 8, 2020
On the wires
The Next Innovation for Samsung Pay
“In 2020, Samsung Pay will be expanding our service from being a rewarding way to shop and pay, to also being a rewarding way to manage money. Over the past year we have been busy developing a mobile-first money management platform. Our vision is to help consumers better manage their money so that they can achieve their dreams and goals. Now more than ever, mobile financial services and money management tools will play an even bigger role in our daily lives while also opening up new possibilities. As a first step to this broader vision, this summer Samsung in partnership with SoFi will introduce a new Samsung Pay experience with an innovative debit card backed by a cash management account. We are excited to share more details in the coming weeks.”
May 7, 2020
On the wires
Visa’s Fast Track Program Propels Growth of the Fintech Industry Worldwide
“Fintechs are a central part of the global payments ecosystem, and amidst COVID-19 have launched further into the spotlight, reporting sizable upticks in the usage of their apps, as more people manage their money from their personal devices. Visa (NYSE: V), today, is proud to announce its continued support of the global Fintech community, having grown the Fast Track program to over 140 Fintechs. Since expanding globally in mid-2019, the Fast Track program has grown 280%, highlighting the surge in demand for digital payments worldwide.”
May 6, 2020
On the web
Banked picks up £2.35M seed to use open banking for account-to-account payments
TechCrunch
“Founded in January 2018 and exiting beta last month, Banked has built account-to-account payment software that lets consumers, businesses and banks process payments significantly cheaper than older payment methods, such as card payments. By using open banking/PSD2 to initiate payments taken directly from a payee’s bank account, the fintech is able to charge just 0.1% to process payments — “a fraction of the 1-4% charge typically seen across the market,” the company says — and money is transferred in near real-time, rather than in some instances having to wait days.”
Treasury Prime raises $9M to bring its banking APIs to market
TechCrunch
“Treasury Prime, a startup that built software tooling to help banks automate and accelerate routine tasks, announced today that it has closed a $9 million Series A. The new capital was sourced from Amias Gerety of QED, Jason Lemkin of SaaStr, and Hans Morris of NYCA Partners . TechCrunch caught up with Treasury Prime CEO Chris Dean in advance of its announcement to better understand what his company does. Condensing sharply, the startup helps banks move some of their business processes out of Victorian-era, while also allowing fintech shops to more easily plug into banks than before.”
May 4, 2020
On the web
Cash Management Platform Flagstone Raises $15M
Mobile Payments Today
“Flagstone, a London-based fintech that operates as a cash deposit marketplace, has raised $15 million in funding led by Omers Ventures, a fund backed by one of Canada’s largest defined pension plans. Flagstone, founded in 2013, allows individuals, businesses, charities and others to choose among hundreds of cash deposit accounts at 44 different banks and financial institutions, including HSBC, Nationwide and numerous challenger banks. Flagstone offers its cash deposit platform to customers of challenger bank Revolut.”
April 30, 2020
On the wires
Galileo Financial Technologies Pioneers Expansion Into Mexico With Mastercard Certification and Major Strategic Partnership With Klar
“Galileo, the trusted technology partner that powers world-leading fintech businesses, announced its Mastercard certification in Mexico and new partnership with a major fintech company in the Mexican market. These two events further strengthen Galileo’s expansion into the region. Galileo is the first API software innovator to secure Mastercard certification and to launch as part of Mastercard’s Fintech Accelerate program in Mexico, which makes it a pioneer in the market. Galileo is certified with the Mastercard Mexico Domestic Switch (MxDS) for Signature, PIN and ATM transactions, as well as settlement and chargeback processing.”
April 24, 2020
On the web
Digits launches a free expense monitoring dashboard for small businesses, closes on $22M Series B
TechCrunch
“Digits, a fintech startup hailing from the same team that built and sold Crashlytics to Twitter, is officially launching today after two years of development. It’s also announcing a $22 million Series B round of funding led by GV, as it makes its public debut. The dashboard, called Digits for Expenses, helps business owners track how their company is spending money, by showing things like spend by category, by identifying vendors and recurring expenses and by offering real-time alerts, among other features.”
April 21, 2020
On the web
Betterment adds checking and savings products
TechCrunch
“Betterment , the New York-based automated advisory service for wealth management, is adding FDIC-insured checking and savings account services through partnerships with several banks. “It’s the culmination of something we’ve been working on for a long time.,” says Betterment chief executive and founder, Jon Stein. While the money management services company has long been one of the dominant forces in fintech — alongside its competitor Wealthfront — one key piece of its offering had been missing. That was its ability to operate as a bank and have an even better window into the finances of its customers.”
April 20, 2020
On the wires
Wirecard and Visa Collaborate on Visa Fintech Fast Track Program in the Middle East
“Wirecard, the global innovation leader for digital financial technology, today announced they have signed an agreement to be the preferred payment processor for Visa to bolster the Visa Fintech Fast Track Program in the Middle East region. The Visa Fintech Fast Track Program enables fintech partners to develop new commerce experiences leveraging the reach, capabilities, and security that VisaNet, the company’s global payment network, offers. As a strategic partner of Visa, Wirecard will provide its financial technology and payment solutions, as well as its in-depth market expertise aimed at accelerating growth and innovation within the thriving payment and fintech community in the region.”
April 16, 2020
On the web
Fintech Lending to Small Businesses Faces Coronavirus Obstacles
Wall Street Journal (pay wall)
“The lending machines of Silicon Valley are running at half-speed. Financial-technology companies including PayPal Holdings Inc. and Square Inc. were eager to participate in the government’s $350 billion lending program designed to keep small businesses afloat during the coronavirus pandemic . But some aspects of the government programs render much of the industry less effective. The stakes are high for small businesses desperate for cash, especially since the program is close to running out of money .”
April 7, 2020
On the web
Kabbage Finds a Way to Support Emergency Loan Program
American Banker (paywall)
“Kabbage, an online lender that recently stopped lending after being routed by economic fallout from the coronavirus pandemic, has started accepting applications for the Paycheck Protection Program. The company’s leaders hope that by helping to distribute the program’s funds they will help small businesses bounce back and rehire workers who were furloughed.”
SoFi to Acquire Payment Software Company Galileo for $1.2 Billion
CNBC
“Personal finance start-up SoFi has agreed to buy payments software company Galileo for $1.2 billion. The cash-and-stock deal will help the companies launch new products, expand internationally and capitalize on consumers’ shift to digital finance, according to the CEOs of both companies.”
March 30, 2020
On the web
Microsoft Announces Money in Excel Powered by Plaid
Plaid - Blog
“One of the earliest forms of “fintech” is a budgeting spreadsheet. For years, people have relied on Microsoft Excel to budget and track expenses for their personal finances or businesses, typically copying data over from multiple sources. Money in Excel features a Plaid integration and the new capabilities essentially turn the spreadsheet software into a fintech app. It allows users to securely connect their financial accounts, import the data within them, sync balances and transactions over time, and, ultimately, gain greater insights into their financial health.”
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