CFPB proposes new rule to include payday advances under Truth in Lending Act
The fees associated with payday advances must be accompanied by the appropriate consumer disclosures.
Lending
First Global Bank in Jamaica partners Profile Software for digital Finuevo Suite
The partnership is set to equip the bank with new digital onboarding and loan origination facilities.
US fintech Aven’s valuation tops $1bn with latest $142m Series D capital raise
The San Francisco-based fintech plans to expand to all 50 US states by next year.
HSBC-backed UK fintech Divido enters administration
Josh Dwyer and Richard Heis of Interpath Advisory have been appointed as joint administrators.
India’s Auxilo Finserve raises $33m to further support student community
LeapFrog Investments has invested $30 million in Auxilo’s latest round.
Mexican fintech start-up OCN lands $86m Series A funding round to drive international expansion
OCN provides gig workers in Latin America and the US access to capital for car rentals.
Islamic finance start-up Ethos taps Thought Machine for core banking tech
The start-up will leverage the partnership to launch deposit accounts and home purchase plan mortgage services.
Andrews Federal Credit Union taps Blend for deposit account opening solution
The solution includes counteroffer and funding capabilities, automated IDV, and banker-to-member engagement tools.
Kompasbank secures €175m guarantee from EIF to “take on riskier lending segments” in Denmark
The three guarantees contained in the deal are supported by the EU’s InvestEU programme.
Germany’s Mitgo Group to inject $20m into its new fintech division Capy
The $20 million “investment package” is to be spread over the “coming 3 years”.
Barclays sells German consumer finance business to Austria’s BAWAG to refocus on “key businesses”
The sale is expected to release around €4 billion in RWAs for Barclays as it seeks business simplification.
Thailand’s Ascend Money lands $195m investment led by MUFG
Ascend Money became Thailand’s first fintech unicorn back in 2021.
Dutch payments firm MultiSafepay acquired by Ant International
Ant International will integrate the company with its payments and digitisation solutions unit Antom.
Leadership change at Phoebus Software as long-standing exec Paul Hunt steps down
Chief revenue officer Adam Oldfield has been promoted to the managing director role.
Greek neobank Snappi lands banking licence from the ECB
Snappi is a joint venture between Piraeus Bank and core banking software vendor Natech.
TeamSystem acquires 61% majority stake in Italian SME credit mediator Change Capital
The acquisition will expand TeamSystem’s remit with over 200 financial solutions for credit and subsidised finance.
June 2024: Top five M&A deals of the month
FinTech Futures takes a look back at five of the top M&A deals in June.
ICYMI fintech funding round-up: Ximple, Hero, Curve, Chift and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
June 2024: Top five payments stories of the month
FinTech Futures takes a look back at five of the top payments stories during June.
June 2024: Top five fintech funding rounds of the month
FinTech Futures takes a look back at five of the top funding rounds to take place over June.
June 2024: Top five core banking stories of the month
FinTech Futures takes a look back at five of the top core banking stories of the month.
Virgin Money taps Experian to streamline digital customer experience
Virgin Money says it plans to use Experian’s “full breadth of services” to enhance “all product lines”.
iBusiness Funding snaps up Funding Circle’s US business for £33m
Funding Circle first announced the planned sale in March and expects to close the transaction this month.
Klarna sells checkout business to investor consortium
The deal is reportedly valued at around $515 million.
Commerzbank to launch digital credit cards for businesses with Pliant
The offering is expected to launch in Q3 2024.
ICYMI fintech funding round-up: Ramify, Hawk, Cadana, Prosper and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Reserve Bank of Australia set to conduct “holistic review” of retail payments regulation
The review will begin after the Australian government evaluates the Payment Systems Regulation Act 1998.
Zilch lands £100m in securitised debt financing ahead of planned IPO
Zilch is preparing to launch its IPO in the next one to two years.
Fintech start-up ZORRZ selects Clowd9 to process payments for new AI-powered BlueAccess credit card
ZORRZ is preparing to launch a financially inclusive credit card.
Dineo Crédito migrates from in-house tech to Mambu’s core banking system
The microlender will use the core to launch “more traditional lending products”.
Atom Bank’s operating profit climbs 600% after “best year yet”
The UK challenger recorded an operating profit of £27 million last year.
Apple to discontinue pay later service in the US
Apple Pay Later first launched in the US 15 months ago.
BNPL firm Laybuy’s search for new buyer results in Deloitte receivership
Gary Rohloff, managing director of Laybuy, describes the appointment of receivers as “gut wrenching”.
US fintech Momnt names Chris Bracken as new CEO
Bracken succeeds co-founder Barclay Keith, who is stepping down after over five years.
Pipe secures new $100m credit facility from Victory Park Capital
Pipe says the facility “has the potential to upsize up to $200 million in the future”.
Earl Shilton Building Society hires Natalie Balderson as transformation change manager
Balderson will work to “strengthen digital options” for the building society’s 14,000-plus members.
Dutch lender BridgeFund taps Mambu for core banking upgrade
BridgeFund will leverage the platform to “expand its account volumes and product offerings”.
Apple partners Santander’s Zinia for BNPL financing services in Germany
Enabling Apple’s customers in Germany to split or defer payments when purchasing goods at physical or online stores.
FinTech Futures: Top five news stories of the week – 7 June 2024
Our pick of the top fintech news stories this week includes Visa, Monzo, JP Morgan Payments, Funding Circle and more.
Student lending start-up Scolaris Finance taps Sopra Banking Software for core platform
Scolaris Finance board chair Dr Simon Aziati cites the adoption of the core platform as “a crucial step”.
