FinTech Futures: Top five stories of the week – 24 March 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
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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.
ICYMI fintech funding round-up: Wingspan, Monite, Fundpath and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
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.
Enfuce and Science Card look to boost scientific research funding with new card offering
Users will be able to fund scientific projects of their choice through their day-to-day payment activities.
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”.
UBS buys Credit Suisse in government-backed deal
The new business entity will be worth more than $5 trillion, with invested assets worth more than $1.5 trillion.
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.
Saudi BNPL firm Tamara lands $150m debt facility from Goldman Sachs
The receivables warehouse facility will help Tamara finance the accelerating demand for its flagship BNPL product.
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.
Video: FinovateEurope 2023 highlights
Take a look at our highlights video from FinovateEurope 2023 in London.
FinTech Futures: Top five stories of the week – 17 March 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
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.
Copper.co announces job cuts amid “strategic realignment”
Copper intends to “realign” its business to focus on its custody and prime services solutions.
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.
Trade finance industry body ITFA sets up fraud prevention working group
The group will be co-chaired by representatives from the banking sector as well as from fintech firm MonetaGo.
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.
Global paytech Ingenico names Laurent Blanchard as CEO
Laurent Blanchard replaces Ingenico’s co-CEOs Gerrard Schmid and Rolf Stangl.
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.
Noda taps ThetaRay for Sonar AML solution
ThetaRay’s Sonar will help Noda stay up to date with shifting compliance regulations.
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.
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.
