First Citizens Bank strikes deal with FDIC to buy Silicon Valley Bank assets
The deal includes the purchase of assets of $110bn, deposits of $56bn and $72bn of SVB’s loans.
North America
State Street to acquire CF Global Trading for undisclosed sum
The acquisition is expected to be completed by the end of this year subject to customary closing conditions.
JP Morgan to pilot biometric payments in the US
If the pilot is successful, JP Morgan intends for a wider rollout to US merchants in 2024.
Utah’s Mountain America Credit Union taps Corelation for KeyStone core
Corelation says the deal is “significant” for the company due to the size of Mountain America Credit Union.
Fintech vendor CSI names Linda Fischer as chief operating officer
Fischer brings more than 35 years of enterprise technology experience to the role.
Spanish fintech ID Finance lands €30m equity funding
ID Finance claims its fundraise is the biggest received by a Spanish fintech in 2023.
JP Morgan snaps up VC investment analytics software firm Aumni
The financial details of the acquisition, expected to close in H1 2023, have not been disclosed.
Pay.com partners Cross River to drive US expansion
Cross River’s compliance, payments and tech infrastructure will allow Pay.com to “scale and reach new markets”.
Employee financial wellness start-up Rain lands $116m in equity and debt
The total funding is made up of a $66 million Series A equity round and a $50 million debt facility.
Crypto exchange OKX set to pull out of Canada citing “new regulations”
OKX says the move is “temporary and we are working with regulators to solve this issue”.
FDIC offloads non-crypto Signature Bank deposits to Flagstar Bank
The FDIC will continue to provide crypto-related deposits directly to customers.
Eastnets migrates Swift and sanctions screening infrastructure to Microsoft Azure
Eastnets is one of the first Swift bureaus to migrate its full infrastructure for the Americas to the cloud.
Mastercard snaps up Swedish AI cybersecurity start-up Baffin Bay Networks
Mastercard intends to fold Baffin Bay’s automated Threat Protection tech into a global “cyber service”.
Rippling raises $500m following collapse of banking partner SVB
The Series E values the firm at $11.25 billion, the same as the company’s Series D in May last year.
SVB Financial Group files for bankruptcy protection in the US
Subsidiaries SVB Securities and SVB Capital are not included in the filing and continue to operate.
US corporate card start-up Parker secures $157m in equity and debt funding
Parker will invest in its product offering as it aims to expand across the US in 2023.
US, European agencies seize €44m worth of BTC in crypto mixer raid
The law enforcement agencies seized seven terabytes worth of data, consisting of 1909.4 BTC.
ICYMI fintech funding round-up: Synctera, Natech, Basiq, Payabli
Our weekly fintech round-up for you to get the latest funding news from around the world.
Dominican Republic’s first neobank launches on Temenos Banking Cloud
Qik’s CEO says they chose Temenos owing to its “successful track record” across Latin America.
Stripe raises $6.5bn in funding at reduced valuation of $50bn
In March 2021, the fintech landed $600 million in funding, confirming a valuation of $95 billion.
Mexican fintech Clara secures up to $90m in debt financing
The fresh financing follows a $150 million debt facility from Goldman Sachs in August last year.
Digital economy paytech Tilia lands $22m, makes executive hires
The firm has appointed Brad Oberwager as CEO and Catherine Porter as chief business officer.
Anchorage Digital to cut 20% of staff as part of “strategic realignment”
Despite a “robust and growing” business, Anchorage says the cuts are a necessary part of a “strategic realignment”.
Paymentology partners Fondeadora to expand Mexican payment services
Thanks to Paymentology, the Fondeadora app will enjoy faster transaction processing and advanced security.
Bloomberg to acquire fintech solutions provider Broadway
Bloomberg says Broadway’s solutions “will fill a gap” in its product portfolio.
US regulators shutter New York’s Signature Bank following SVB collapse
Signature Bank is a large lender in the cryptosphere.
Apexx Global bags $25m in Series B funding round
With the new funds, Apexx Global plans to expand further across North America.
HSBC snaps up beleaguered Silicon Valley Bank UK for £1
The Bank of England facilitated the deal over the weekend, in consultation with the Treasury.
Toby Mason joins Bermuda Monetary Authority as COO
Mason is the former COO of SME-focused Allica Bank, a role he held for more than three years.
Banking Tech Awards 2022 Winner: Car IQ – enabling secure, seamless vehicle payments
Targeting the $650bn market: Car IQ enables vehicles to transact securely with merchants and service providers.
US Federal Reserve sets up new specialist team to supervise crypto sector
The team will monitor the cryptosphere as regulators look to manage risk and promote innovation.
US fintech Credit Karma launches new Net Worth product
Credit Karma’s users will be given a full picture of their financial status to help them plan their future.
LSEG’s Giact to use Mastercard’s open banking tech for account verification
Through the partnership, Giact says it will be able to deploy Nacha-compliant account verification solutions.
Orion Innovation snaps up Banktech Software for undisclosed sum
The acquisition will help Orion bring in open banking solutions and expand its digital and core banking capabilities.
Kennebec Savings Bank taps Alkami for digital banking platform
The Alkami platform will provide a “consistent” user experience for Kennebec business customers.
US neobank HMBradley picks Thought Machine for core banking tech
HMBradley will utilise the vendor’s cloud-native core banking platform Vault Core to power its services.
Silvergate Capital to wind down operations and liquidate bank
The bank plans to repay all deposits it holds and is also hoping to preserve the residual value of its assets.
Socure lands $95m credit facility from JP Morgan, SVB and KeyBanc
CEO Johnny Ayers says the firm plans to invest in “new solutions, verticals, and strategic acquisitions”.
US fintech lender Fynn nabs $36m in seed and debt funding
With the new funding, Fynn plans to expand across the US and offer its services to more students.
Trading Technologies acquires fixed income trading platform AxeTrading
The acquisition, for an undisclosed sum, will broaden TT’s multi-asset capabilities.
