US-based paytech Modern Treasury raises $38m in Series B
In 2020, Modern Treasury customers reconciled $1 billion using its platform.
Business-to-Business/B2B
Rapyd raises $300m in Series D, plans more acquisitions
It will double the engineering and product teams and expand the “self-service” element of the platform.
Plaid launches incubator FinRise for fintech founders of colour
The incubator is looking to accept just three-to-five start-ups.
Capital One’s “wilful” AML failures land the bank a $290m penalty
Some $16 billion in reportable transactions passed through the bank’s platform.
Visa and Plaid call off $5.3bn merger after US regulatory pressure
The two had initially intended to close the deal by June 2020.
PAYMYNT Financial buys crypto e-wallet LettucePay
LettucePay operates on top of Stellar Network, an open source blockchain platform.
SoFi set to go public via merger with Palihapitiya’s fourth Spac
The IPO will value SoFi at $8.65 billion.
How FIs can reduce friction and drive value in the payments system
FIs can help clients proactively identify and respond to potential problems.
PayPal investment lands SME fintech Divvy with unicorn status
The start-up announced a $165 million Series D funding round.
2020 review: A year which saw fintechs cut jobs, pay & business arms
A number of fintechs have still been tested during COVID-19, some to the brink of collapse.
2020 review: Top 10 fintech and bank M&A deals
Despite COVID-19, the financial sector has still enjoyed some notable M&A deals.
Swift calls for collaboration to help build the future of global transactions
Swift’s ambitious new strategy to reinvent global financial transactions.
The time is now to update your finance operations
Modernising the finance department should be a priority.
The Fintech Review: 2020
We cover embedded finance, competition, open banking, and CBDCs.
Wolters Kluwer snaps up cloud-based lender eOrignal for €231m
eOriginal claims “double-digit” revenue growth over the last three years.
Thoma Bravo investment takes identity start-up Venafi to unicorn status
Thoma Bravo are investing right at time, says Venafi CEO.
Former Uber Money head bags $12.4m for new venture Synctera
The start-up hopes to speed up go-to-market times.
Paysafe to list via Bill Foley-backed Spac at $9bn valuation
Blackstone and CVC acquired Paysafe back in 2017 for £3 billion.
JPMorgan snaps up tax automation fintech 55ip
“Advisors are increasingly seeking intelligent, automated tools,” says bank.
Stripe launches BaaS-type service for merchants with top US banks
“[The] banking experience should be as easy as spinning up a virtual server.”
Web Summit 2020: A fintech summary
Stripe is looking at products around digital identity.
Libra and Facebook exec joins rental insurtech LeaseLock
The fintech removes the need for renters to pay a deposit for a rental property.
Stripe chases $100bn valuation with no sign of IPO
Stripe could see its valuation quadruple in just two years.
S&P Global could buy IHS Markit for $44bn
S&P Global’s shares have risen 25% in New York this year alone.
Banking Tech Awards 2020 hosted online by Tom Ward
Join comedian Tom Ward for the 2020 Banking Tech Awards. Broadcast online on 10 Dec, 3:30pm GMT and is free to attend.
Credit Karma secures $7.1bn Intuit acquisition, sells tax ops to Square
Square enjoyed a 4% jump in stock market value following the announcement.
US crypto exchange Gemini banks on ClearBank for UK operations
Gemini launched in the UK two months ago.
App for US landlords NestEgg lands $7m Series A
Alongside its fresh capital injection, the start-up has also launched NestEgg Pay.
How real are real-time payments?
Incumbents and fintechs face the same challenges when scaling real-time payments.
MSU Federal Credit Union built its own app in 2009 – where is it now?
MSU holds around $5.5 billion in assets and is America’s 48th largest credit union.
Mastercard to help Canada build its new real-time payments rails
RTR marks a big step in modernising Canada’s payments system.
UK BaaS Railsbank lands $37m for US credit expansion
“Railsbank [is] set out on a mission to be a truly global platform.”
US fintech lender Upstart Holdings files for IPO
To date, the fintech has raised some $165 million in funding.
Credit Suisse’s Canadian arm goes live with London fintech Torstone
“The opportunity to reduce our total cost of ownership was a key driver,” says bank.
NerdWallet makes second acquisition in 2020 with Fundera
The deal with Fundera sees NerdWallet continue to diversify its business.
Fast is speeding to a $1bn valuation just one year after seed
The start-up’s speedy route to what could be unicorn status is unusual.
Visa to acquire LatAm API-based payments fintech YellowPepper
The value of Visa’s acquisition is also undisclosed.
US holding firm Syncapay buys Wirecard’s North America business
Wirecard put the market value of its North American business at €824m.
Enveil CEO: Fragmented AML regulation creates “Russian doll effect”
Williams likens it to the “Russian doll effect”.
Ex-Revolut execs form start-up investment firm Expansion Capital
Of its 15 investments, three were founded by Revolut alumni.
