Paytech start-up Link lands $20m Series A funding
The money will be used to fuel the company’s growth following the launch of its flagship LinkPay product.
North America
Capital One lays off 1,100 tech staff
Impacted employees have reportedly been invited to apply for other positions at the firm.
US crypto lender Genesis files for Chapter 11 bankruptcy protection
The firm is restructuring its lending business to reach “the best solution for clients and other stakeholders”.
ICYMI fintech funding round-up: Ascendant, Evergreen, Kwara, Pilon & more
Featuring Ascendant, Evergreen, Komunal, Kwara, Pilon, and Sprinque.
FNZ acquires wealthtech start-up YieldX
YieldX’s fixed income portfolio management technology will be integrated into FNZ’s wealth platform.
US fintechs Core10 and Union Credit secure funding
Two fintech companies in the US – Core10 and Union Credit – have reported funding this week.
Oracle Flexcube core banking system gains new takers
The banking tech vendor also signed licence fees of $27.5 million in the latest quarter.
US DoJ charges crypto exchange founder over alleged illicit fund transfers
The DoJ alleges Bitzlato processed more than $700m in illicit funds.
US fintech Arcus Partners appoints new CTO, Saurabh Bhole
Bhole will be tasked with leading the further development of the company’s Finity360 product suite.
SEC charges Genesis, Gemini over alleged sale of unregistered securities
The SEC alleges that the Gemini Earn program “constitutes an offer and sale of securities under applicable law”.
Payoneer names former Webster Bank exec Bea Ordonez as next CFO
Ordonez will assume the role of CFO once current CFO Michael Levine steps down in March.
Abacus Group snaps up cybersecurity firms Gotham Security and GoVanguard
The new business will be a subsidiary of Abacus Group but will continue to operate independently.
LendingClub to cut 225 jobs as interest rate rises impact loan demand
Company execs say the layoffs are a result of “reduced marketplace revenue” due to interest rate increases.
Get recognition at this year’s Banking Tech Awards USA
Nominations for the 2023 awards are now open – apply today!
Clearco lays off 30% of workforce, CEO Michele Romanow resigns
Romanow will reportedly transition to the role of executive co-chair and remain on the company’s board.
Goldman Sachs loses $3bn over three years on platform solutions business
Reuters reports the firm outlined a pre-tax loss of $1.2bn for the first nine months of 2022.
How Drip Capital is simplifying trade financing for SMBs in emerging markets
FinTech Futures chats with Pushkar Mukewar, founder and CEO of Indian fintech Drip Capital.
Pagaya buys Darwin Homes to capitalise on rental market
Post-acquisition, Pagaya and Darwin’s SFR business now operates in more than 30 markets across the US.
Crypto.com to cut 20% of workforce citing “unforeseeable industry events”
CEO Kris Marszalek says several factors have led to the decision to let go of around 800 employees.
American Express buys Israeli B2B payments automation start-up Nipendo
Amex plans to “integrate Nipendo’s team, technology and capabilities” to boost its B2B payments offerings.
ICYMI fintech funding round-up: Butter, Mondu, kompasbank and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
CFPB outlines public registry proposal for nonbank terms and conditions
Firms would need to submit information on terms and conditions that “waive or limit” consumer rights.
Apex Group snaps up Pacific Fund Systems
PFS is a fund administration software company headquartered in the Isle of Man.
JP Morgan sues Frank founder for allegedly inflating user figures
JP Morgan acquired the student loan application fintech for $175 million in 2021.
Wall Street heavyweights BlackRock and Goldman Sachs cut jobs
The cuts amount to around 6.5% of the total staff headcount at Goldman and less than 3% at BlackRock.
PayQuicker appoints Nazuk Jain to lead product development
Jain will build out the firm’s product team and manage its expanding product roadmap.
Healthcare paytech Paytient lands $40.5m Series B
The round consists of $33m in equity and $7.5m in debt from Silicon Valley Bank.
Allied Payment Network appoints Kathi Klawitter as COO
Kathi Klawitter joins Allied Payment Network from banking and payments tech heavyweight Fiserv.
Coinbase to cut 950 jobs and shut down several projects
Coinbase CEO and co-founder Brian Armstrong says he is “still optimistic about our future and the future of crypto”.
Nuvei to acquire Paya for $1.3bn
With Paya’s acquisition, Nuvei expects to capitalise on domestic and global payments opportunities.
L&N Federal Credit Union taps Jack Henry for tech upgrade
With Jack Henry’s tech, L&N FCU plans to continue expanding its services while maintaining its “hyper-local approach”.
Funding Circle appoints Steve Allocca as US managing director
Prior to Funding Circle, Allocca was chief operating officer (COO) at small business banking provider BlueVine.
ACI Worldwide mulls potential sale
The payments software firm is working with financial advisors as it gauges interest levels, sources tell Bloomberg.
Crypto API provider Wyre reportedly shuttering
The news comes after Wyre was set to be acquired by e-commerce checkout fintech Bolt in April last year for $1.5bn.
Silvergate reveals depleted deposits, significant layoffs, and impairment charges
Silvergate Capital’s share value dropped by over 40% in response to the financial results.
Coinbase hit with $50m fine for “significant” compliance failures
Coinbase has also been ordered to invest an additional $50m into its compliance programme over the next two years.
Blockchain compliance firm Securrency appoints Nadine Chakar CEO
Nadine Chakar replaces Sucurrency founder and CEO Dan Doney, who moves to the CTO role.
US agencies outline risks of crypto to banking system
In a year marked by “significant volatility”, the agencies highlight a number of risks banks should consider.
GoLogiq and GammaRey merge to focus on millennial wealth management
The combined firm has plans to focus on the burgeoning market of wealth management aimed at Gen Z and millennials.
The Clearing House appoints David Watson as CEO
Watson joins The Clearing House from Swift, and will take up the new role from 1 February 2023.
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