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.
USA
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.
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.
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”.
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.
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.
Payroll and benefits start-up Catch shutting down
Accounts will be closed on 6 April 2023, with customers instructed to withdraw all funds before that deadline.
US credit union Golden 1 taps AML RightSource to strengthen transaction monitoring
AML RightSource’s tech will automate Golden 1’s transaction monitoring investigations and reporting.
US student debt fintech Candidly raises $20.5m in Series B funding
The funding round was led by Altos Ventures, with existing investor Cercano Management also participating.
Introducing the PayTech Awards USA 2023
Nominations for the awards are open until 2 June 2023.
AIOps transforming service assurance for banking and financial services
A progressive disclosure approach builds trust and instils confidence as allows the user to drill into WHY.
US regtech Droit lands $23m Series B funding
The round was led by Pivot Investment Partners and UBS via its venture arm UBS Next.
Brazilian central bank gives Meta the go-ahead to launch WhatsApp business payments feature
Customers will soon be able to make payments to small businesses directly from WhatsApp.
US challenger Varo Bank reportedly raising funds at reduced valuation
Fintech Business Weekly reports the firm is raising $50m at a $1.8bn valuation, a 28% decline in value.
TrueNorth appoints Doug Woolridge as new chief growth officer
Woolridge joins from EPAM Systems and brings over 25 years of experience to his new role.
Quantifind bags $23m in funding to help firms combat financial crime
Quantifind’s SaaS solutions help banks and financial institutions tackle money laundering and fraud.
Thought Machine plans to boost headcount by 20% in 2023
Thought Machine intends to hire across India, Japan and South Africa for the first time.
Power to the people: How Zenus Bank aims to democratise access to banking
FinTech Futures sits down for a chat with Mushegh Tovmasyan, founder of Zenus Bank.
How fintechs can prepare for Dodd-Frank Section 1071 with compliance automation
Learn how to be ready for any and all consequences once the 1071 regulations hit.
US paytech Pagos lands $34m in Series A funding
With the funds, Pagos plans to expand its engineering team and develop its product suite.
Remitly to wind down digital banking app Passbook
All Passbook accounts will be closed on 1 May 2023.
Trade financing platform Marco lands $200m credit facility, $8m equity
Marco says the combined funding will support its ambition to “close the $2 trillion global trade finance gap”.
US fintech Finch lands $40m in Series B funding
The round was co-led by General Catalyst and Menlo Ventures.
MoonPay names former Coinbase exec Asiff Hirji as new president
According to Bloomberg, Hirji assumed the role earlier this month, joining from Figure Technologies.
