November 2024: Top five payments stories of the month
The payments sector has experienced several significant developments in November, including new licenses, hires and partnerships.
Here, we run through five of the top payment stories from November, featuring Klarna, Navro, Cardstream and more.
Klarna picks New York for upcoming IPO
Klarna picks New York for IPO
Swedish buy now, pay later (BNPL) giant Klarna has chosen the US for its much-awaited initial public offering (IPO).
The fintech revealed this month that it has submitted an application to the US Securities and Exchange Commission (SEC) for the “proposed initial public offering of its ordinary shares”.
Speculation over whether Klarna would choose New York or the London Stock Exchange for its highly anticipated stock market debut has been circling for the past year after Klarna established a UK holding company last November. However, in a statement made to FinTech Futures at the time, a Klarna spokesperson clarified that no final decision had been made regarding the timing or location of the IPO.
The company has yet to disclose the number of shares or the expected price range for its offering.
Mexico’s Albo partners Paymentology to expand digital payment services
Albo, a neobank headquartered in Mexico City, has teamed up with issuer-processor Paymentology to expand its digital payment solutions and strengthen its market position in Mexico.
By incorporating Paymentology’s digital platform, Albo is expected to broaden its offering for small businesses, enabling them to “handle payroll and other essential transactions”.
Additionally, Albo has “increased access to its retail clients” by introducing 400 free top-up points across Mexico, allowing users to load cash onto their cards, while leveraging Paymentology’s technology to ensure immediate activation of cards upon receipt.
UK paytech Cardstream names Gurinder Sumra as new CFO
Cardstream’s new CFO Gurinder Sumra (Image: LinkedIn)
UK-based paytech Cardstream has appointed former FIS exec Gurinder Sumra as its new chief financial officer (CFO).
In his new role, Cardstream says that Sumra will look to drive the company’s growth with a focus on new partnerships and potential mergers and acquisitions.
Sumra brings over 30 years of experience in financial services to the role, having previously held leadership positions such as commercial finance director at VocaLink, CFO at OneVu, and CFO for FIS’s banking and payments division across the EMEA region. He also previously served for over six years as the CFO of Elavon’s European payment-acquiring division.
Speaking on his decision to join Cardstream, Sumra says that there is a “clear opportunity in the payments sector”, with “participation in the value chain” moving “further away from traditional operators to merchants and their facilitators – and this is where Cardstream will win”.
Navro secures FMSB registration to provide money transfer services to businesses in Canada
Navro, a UK-based digital payments company formerly known as Paytrix, has been granted a Foreign Money Services Business (FMSB) registration in Canada issued by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Navro’s registration permits the company to offer money transfer services to businesses in the country.
Navro’s Canadian registration marks its third regulatory approval this year after it also secured an EU Electronic Money Institution (EMI) licence from the Central Bank of Ireland and a UK EMI licence from the Financial Conduct Authority (FCA).
Moving forward, the paytech states it has also applied to The Bank of Canada’s Retail Payments Activity Act to attain a “more comprehensive licensing footprint in Canada”.
Visa rolls out flexible payment solution in US and UAE with Affirm and Liv
Visa’s Flexible Credential solution will be rolled out with Affirm and Liv
Payments giant Visa has announced the expansion of its Flexible Credential solution to the US and the UAE through partnerships with buy now, pay later (BNPL) fintech Affirm and digital bank Liv.
Launched in May this year, the solution enables users to pay from different account funding sources with a single card.
The offering has been available in Asia for over a year, and since the launch of the Olive Card in Japan with Sumitomo Mitsui Card Company (SMCC), Visa claims that more than 3 million users have benefited from the new solution.
Affirm will utilise Visa Flexible Credential for its Affirm Card, enabling its 1.4 million US customers to either pay for purchases upfront or choose to pay over time.
