US lender PowerPay lands $60m corporate bond led by KeyBank
PowerPay claims to have processed over $8 billion in loans since its inception in 2017.
USA
ICYMI fintech funding round-up: Brightwave, Mala, UnitPlus, Parachute, and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
CFPB fines VyStar Credit Union $1.5m over “botched rollout” of online banking system
The CFPB claims VyStar’s “botched system switch left families in a lurch, unable to manage finances and facing fees”.
iCapital looks to boost data management capabilities with AltExchange acquisition
AltExchange leverages AI to enhance data aggregation and reporting for financial advisors and asset managers.
Osigu raises $25m Series B and partners with Visa to streamline healthcare payments
Osigu has partnered with Visa to address healthcare payment challenges in LatAm and the Caribbean.
MoneyGram appoints former Walmart EVP Anthony Soohoo as new CEO
Soohoo succeeds Alex Holmes, who has served as CEO of MoneyGram for eight years.
PSP Services buys NCR Atleos’ transaction processing and card management business in Canada
PSP Services says it will incorporate the business into its HLX Unified Commerce Platform.
nCino acquires FullCircl in $135m deal
nCino previously partnered with FullCircl in 2023 to integrate its data capabilities.
Citi pens multi-year cloud and AI tech modernisation deal with Google Cloud
Citi says it is migrating multiple workloads and applications to Google Cloud as part of the collaboration.
Array purchases Payitoff to expand private-label portfolio with consumer debt management tools
Array is set to enrich its private-label suite by incorporating Payitoff’s financial guidance tools.
Kapitus snaps up Ten Oaks Commercial Capital, launches equipment financing arm
Kapitus serves as a direct lender and marketplace, providing over $6.5 billion to nearly 55,000 businesses.
AI co-pilot solution Reflexivity raises $30m Series B led by Greycroft and IBKR
The raise builds on a $10.5 million Series A closed by Reflexivity, then known as Toggle AI, in 2021.
Wildfire Systems lands $16m Series B led by Intuit Ventures and Mucker Capital
The new cash injection brings Wildfire’s total funding to date to $36 million.
Interface.ai emerges as “most valuable AI company in banking” with Avataar-led $30m funding round
Interface.ai provides pre-trained agentic AI solutions specifically tailored to community banks and credit unions.
Interview with Seamus Smith, FIS Automated Finance, winner of PayTech Leadership – At the Helm award
With 20+ years of experience, Seamus Smith is EVP group president of Global Automated Finance at FIS.
Nymbus and PeoplesBank partner to launch two employer-focused financial wellness solutions
Nymbus says the collaboration will target “the pressing need for improved financial wellness tools”.
First Carolina Bank snaps up BM Technologies for $67m
Following the deal, BMTX will retain its name and will be led by current president and CTO Jamie Donahue.
Payments processor Finix secures $75m Series C funding
The round was co-led by Acrew Capital, Leap Global and Lightspeed Venture Partners.
Western Union acquires Singtel’s mobile wallet Dash
Dash has accrued 1.4 million customers since launching 10 years ago.
ICYMI fintech funding round-up: Authologic, Klasha, CardFlight, and Salt
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Socure inks $136m deal to acquire AI-powered risk decisioning platform Effectiv
The deal is expected to close next month, with the entire Effectiv team set to join Socure.
EquiLend names former ION head Rich Grossi as new CEO
Grossi has previously served as CEO of Openlink Financial and ION Corporates.
Tompkins Community Bank deploys NCR Atleos’ ATM-as-a-Service
NCR Atleos will now handle all management and processing for Tompkins’ self-service channels.
CFPB orders Apple and Goldman Sachs to pay combined $89m over “Apple Card failures”
Apple first selected Goldman Sachs in 2018 to develop and power its credit card offering.
American Express to acquire UBS’s 50% stake in Swisscard, becoming sole owner
Swisscard was founded in 1998 as a joint venture between Amex and Credit Suisse.
Santander’s Openbank launches in the US
Santander says Openbank will initially offer US customers “a competitive high yield savings product”.
Procurement fintech Zip raises $190m Series D at $2.2bn valuation
Zip’s company value has increased 47% since its $100 million Series C last year.
Bank Rakyat Indonesia taps Nium for international money transfers
Bank Rakyat Indonesia operates over 7,150 branches and reported approximately $4 billion in profit for 2023.
Charles Schwab to phase out Institutional Intelligent Portfolios platform in favour of iRebal solution
Schwab will no longer be opening new accounts on the platform from 15 November 2024.
OCC announces enforcement actions against four US banks
The OCC has released its latest list of enforcement actions taken against US banks in recent weeks.
Zenus Bank launches global BaaS offering following Tuum tech integration
Zenus Bank says it has integrated Tuum’s Accounts and Payments modules into its tech ecosystem.
Stripe reportedly in discussions to buy stablecoin infrastructure start-up Bridge in potential $1bn deal
Stripe confirmed plans to introduce stablecoin payments at the checkout in April.
US fintech start-up CapWay shuts down
Founder Sheena Allen announced on LinkedIn that the start-up “is no longer an active business”.
Nutmeg State Financial Credit Union taps Alkami for digital banking upgrade
The Connecticut-based credit union will deploy Alkami’s Digital Banking Platform.
Philadelphia’s Citadel Federal Credit Union agrees to pay $6.5m to settle allegations of redlining
This settlement is the DOJ’s first redlining resolution with a credit union.
Capital One commercialises AirKey authentication technology for financial institutions
75 million Capital One cards are currently equipped with the technology.
Navigant Credit Union partners Baker Hill to boost commercial loan operations
Baker Hill’s Commercial Lending solution will be integrated directly within Navigant’s Fiserv DNA core.
Barclays signs agreement to become exclusive issuer of GM credit card programme
The bank will replace Goldman Sachs as the issuer of the US automotive giant’s credit card programme.
SoFi secures $2bn deal with Fortress Investment Group to expand loan platform business
The deal will help fuel the company’s personal loan origination activities.
Citi and Mastercard collaborate to enable cross-border payments via debit cards
The partnership will enable cross-border payments to Mastercard debit cards in 14 receiving markets.
