Wells Fargo fined $3.7bn for loan, mortgage and deposit mismanagement
Wells Fargo must pay more than $2bn in redress to 16 million affected consumers and a $1.7bn civil penalty.
North America
Mechanics Cooperative Bank selects Finastra’s Payments To Go solution
The bank is expanding its partnership with Finastra to introduce new business payments services.
Workday appoints Sequoia Capital’s Carl Eschenbach as co-CEO
After January 2024, it is expected that Eschenbach will take up sole CEO responsibilities.
Crypto exchange Binance.US to acquire Voyager assets in $1bn deal
Voyager says the bid “sets a clear path forward” for customer funds to be unlocked “as soon as possible”.
LSEG looks to boost post trade offering with Acadia acquisition
The deal is the latest in a string of acquisitions for LSEG this year.
Canada’s Plooto secures $20m Series B funding to fuel growth
The start-up offers accounts payable and accounts receivable automation software for SMBs.
CWB expands Brim Financial partnership with new business credit card offering
Customers will have access to Brim’s full suite of product capabilities powered by the fintech’s tech platform.
ConnexPay hires payments “titan” Blair Jeffery as COO
Jeffery will lead the company’s core strategic and operational teams.
Visa to invest $1bn in Africa to boost digital transformation
Visa says the move will enable “greater access” to digital payments in the region.
Dataiku bags $200m Series F funding at $3.7bn valuation
The new investment brings Dataiku’s total capital raised to date to approximately $600 million.
MICT completes acquisition of African agri-fintech firm Tingo
MICT owns “100% of the operating business and assets” of Tingo after snapping up Tingo Mobile.
Trovata partners JP Morgan for corporate liquidity solution
Trovata will host JP Morgan Asset Management’s Morgan Money investing application.
Circle scraps proposed SPAC deal with Concord
Termination of the merger was approved by the board of directors of both Concord and Circle.
Canadian fintech Koho taps Duco for data reconciliation platform
Duco’s platform will allow Koho to cut costs, improve data quality and lower its operational and audit risk.
Accounting automation platform Vic.ai bags $52m Series C funding
With the new funding, Vic.ai plans to introduce a host of new features on its platform.
Thoma Bravo to acquire Coupa Software for $8bn
Coupa says the deal is expected to close in the first half of 2023.
Microsoft buys 4% stake in LSEG, pair to develop data analytics solutions
LSEG has also committed to a $2.8bn cloud-related spend with Microsoft over the life of the 10-year agreement.
US paytech Cantaloupe buys Three Square Market for $41m
The acquisition was funded with 90% cash and 10% stock.
TreviPay to acquire fellow US paytech Apruve for undisclosed sum
With the acquisition, TreviPay plans to expand its B2B payments network.
Banking Tech Awards USA will be returning for a second year
Nominations for the 2023 awards are now open.
The Independent BankersBank in tech overhaul with Jack Henry
Texas-based TIB is moving from a proprietary 20-year-old core to a fully outsourced tech model.
TripActions bags $400m in credit facilities to boost expansion
The new credit facilities have been provided by Goldman Sachs Bank USA and Silicon Valley Bank.
Getting banked: financial services and the US cannabis industry
We chat with Michael Beird of Infused Banking about how banking is changing for US cannabis businesses.
North America fintech funding round-up: Syncfy, Totem and more
Our weekly fintech round-up for you to get the latest funding news from across North America.
US proptech Setpoint lands $43m Series A
The round, led by Andreessen Horowitz, saw participation from Stonecroft, 75andSunny and Fifth Wall, among others.
Avant secures $250m in debt and equity from Ares Management
Avant CEO Matt Bochenek says the funds from Ares will “further fuel our credit portfolio and next-gen platform”.
Broadridge names Martin Koopman as new chief product officer
In his new role, Koopman will head up the product management team across all of Broadridge’s business units.
Open banking fintech Plaid to cut 260 jobs
Plaid CEO Zach Perret told employees “our pace of cost growth outstripped our pace of revenue growth”.
Drata doubles valuation to $2bn following $200m Series C
The round was led by ICONIQ Growth and GGV Capital with institutional and individual investors participating.
Sunbit lands $250m debt facility to expand access to credit
The revolving debt facility is being provided by Credit Suisse and Waterfall Asset Management.
Investec taps Surecomp for its digital trade finance tech
Surecomp’s tech will support Investec’s newly formed trade finance business.
Financial super-app Curve lands $1bn credit facility from Credit Suisse
The firm plans to scale its lending business Curve Flex across the UK, EU and US.
Wells Fargo launches digital business banking platform Vantage
Vantage leverages AI and machine learning to deliver personalised financial services for businesses.
Intuit snaps up credit building start-up SeedFi
The deal will see SeedFi become part of Intuit’s Credit Karma business.
Veritex Community Bank taps Finzly to transform payments
The Texas-based bank will utilise Finzly’s Payments Hub solution.
Broadridge’s LTX appoints Jim Kwiatkowski as CEO
Jim Toffey, CEO and co-founder of LTX, will transition to the role of chairman of the board.
US fintech Teampay secures $47m in Series B funding
The fresh funding brings Teampay’s total capital raised to $65 million.
ICYMI fintech funding round-up: Buckzy, FrankieOne and Ejara
A handy round-up of the recent funding endeavours of fintech companies across the globe.
HSBC to sell its Canada business to Royal Bank of Canada for $10bn
The transaction is expected to complete in late 2023.
US challenger bank Greenwood secures $45m funding
The latest round brings the total capital raised by the challenger to $88 million to date.
