US fintech Greenlight launches credit builder tool for teenagers
Greenlight says parents can add their teenagers as authorised users of its credit card to start building credit.
Mobile
PayPal launches US dollar stablecoin PayPal USD
Rolling out in the coming weeks, PayPal USD will be available to purchase for eligible US PayPal customers.
FinTech Futures: Top five stories of the week – 4 August 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Vanquis Banking Group buys UK smart money app Snoop
Snoop leverages AI and open banking technology to provide personalised overviews of spending habits.
South Korea’s Finda bags $37m Series C funding
JB Financial Group took part in the round as a strategic investor, acquiring a 15% stake in the company.
US fintech start-up Croissant launches with $24m funding
Croissant integrates into merchants’ shopping experiences to offer customers guaranteed buyback value at checkout.
Mercury Financial secures $200m debt facility to expand credit card business
The facility has been provided by client funds managed by US investment banking company Neuberger Berman.
Pay.UK reveals big jump in number of current account switches in the UK over last 12 months
Pay.UK’s Current Account Switch Service has seen a 50% increase in switches compared to last year.
GAT Investment Bank taps Currencycloud for new app launch
The app will leverage Currencycloud’s multi-currency virtual accounts for cross-border payment services.
Vietnam’s OCB taps Backbase for personalised digital banking solution
The project implementation will be led by Backbase’s partner SmartOSC.
Vietnamese fintech start-up Gimo secures $17m in Series A funding
Founded in 2019, Gimo provides flexible pay and financial wellbeing solutions for underbanked workers in Vietnam.
Dutch challenger Bunq lands additional €44.5m funding to fuel international expansion
The digital bank says it has now raised around €100m in funding over this year alone.
UK challenger Atom Bank records first ever annual operating profit
The bank has seen its customer count jump from around 123,000 during FY22 to 224,000 at present.
Banking Tech Awards 2023: Nominations deadline extended!
Submit your nominations before 4 August 2023!
Finalists announced for PayTech Awards USA 2023
We are thrilled to share with you the finalists for the first PayTech Awards USA!
UK’s Clockwise Credit Union launches self-built core banking solution
Clockwise’s IT manager says the launch is a “culmination of a huge amount of work over the past six years”.
Virgin Money to shutter 39 bank branches across the UK
The closures, which will take effect in October, will leave Virgin Money with 91 bank branches in the UK.
The US Federal Reserve launches new instant payments system FedNow
FedNow operates in parallel with the Federal Reserve’s existing payment services, Fedwire and FedACH.
Lloyds Banking Group customers can now lease a car via mobile app
Lloyds claims it is the first UK bank to launch such an offering, now available to 11 million customers.
ila Bank taps Arab Financial Services for prepaid card offering
The Bahraini denominated card can be used to pay for transactions in both an in-store and online setting.
Apple rolls out Tap to Pay in the UK with Revolut and NatWest
Tap to Pay allows businesses to accept in-person, contactless payments on an iPhone, without need for hardware.
ICYMI fintech funding round-up: Efficient Capital Labs, CapStack and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Alexander Weber departs as CGO of German challenger N26
Weber is departing the position to pursue his own entrepreneurial journey.
UK fintech Suits Me looks to revive face-to-face banking with new digital service
The service’s arrival is a response to the failings of chatbots.
UnionPay connects with Cambodia’s central bank over QR code interoperability
The agreement was confirmed by the signing of a MoU in Phnom Penh, Cambodia’s capital city, this week.
China imposes hefty fines on Ant Group and Tencent as it looks to normalise supervision
Ant Group and its subsidiaries have received a penalty of $984.3m, and Tenpay has been slapped a fine of $413m.
Apple eyes credit card launch in India as partnership with Goldman may be nearing its end
Apple is reportedly exploring a partnership with HDFC Bank in India to roll out a credit card offering.
Indonesia’s Allo Bank taps Tencent Cloud to enhance digital banking services
Tencent Cloud will deploy its database management system TDSQL, to help the bank manage data efficiently.
Turkish fintech Papara acquires Spanish neobank Rebellion Pay
Papara calls the acquisition a “crucial step” in its European expansion strategy.
UK challenger Tandem Bank secures £20m in funding
Tandem’s CEO says the capital “will put extra momentum behind our green lending proposition”.
Honouring the innovators: PayTech Awards 2023 winners revealed
Celebrating exceptional achievements and talent in payments industry worldwide.
Orange in exclusive negotiations with BNP Paribas as it looks to exit retail banking market
The move follows a strategic review of Orange’s banking business launched several months ago.
State Employees Credit Union taps Apiture for digital banking upgrade
The credit union will utilise Apiture’s Consumer Banking and Business Banking solutions.
Robinhood reportedly laying off 7% of staff in fresh round of job cuts
The news marks Robinhood’s third round of layoffs since April 2022.
Robinhood snaps up credit card platform X1 for $95m
The acquisition is expected to close in Q3 2023, subject to customary closing conditions.
Jordan Ahli Bank launches social payment app Qawn powered by Thought Machine
Qawn runs on Thought Machine’s cloud-native core banking platform, Vault Core.
ClearScore launches in New Zealand
ClearScore says it will be adding new financial partners in New Zealand over the coming months.
ICYMI fintech funding round-up: Kanastra, Majority & Cloudbankin
Our weekly fintech round-up for you to get the latest funding news from around the world.
Mastercard and Bankiom to launch virtual prepaid cards across the GCC
With the partnership, Mastercard aims to drive digitalisation in the GCC payments landscape.
Japanese challenger Habitto launches mobile app
Founded in late 2021, Habitto has so far raised $7.3 million in funding.
