Documents Show How Elon Musk’s X Plans to Become the Next Venmo
Weekly news up to Thursday, 20th of June 2024.
👀 NEWS HIGHLIGHT
Dejavoo, a global leader in innovative payment technology, announced its acquisition of Z-Credit and Z2C, providers of payment gateway software and hardware development and distribution for the Israeli market.
The acquisition reflects Dejavoo's continued commitment to growth, expansion, and the delivery of innovative payment solutions to its clients.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ Documents Show How Elon Musk’s X Plans to Become the Next Venmo.
⭐️ Stripe Co-Founder Expects Another Employee Stock Tender Offer.
⭐️ The Fed hits Evolve Bank with order over FinTech troubles.
⭐️ Ex-CEO of Failed FinTech Synapse Nabs $10 Million for New Robotics Startup.
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FINTECH
FinTech startup Brex has restructured its leadership team in preparation for a potential IPO. Henrique Dubugras, previously co-CEO, has transitioned to the role of chairman of the board.
Brex announced that companies incorporated with Stripe Atlas can apply for Brex business accounts immediately after incorporation, making it faster for a company to manage their finances and get their businesses off the ground.
Visa relaunches SavingsEdge. For more than a decade, Visa SavingsEdge has provided eligible Small Business cardholders with the savings, tools and resources to help them grow. The latest enhancements introduce a more dynamic platform with new offerings and features designed to support smarter spending and saving.
Prometeo, a leading FinTech infrastructure company connecting global corporations with financial institutions in Latin America, today announced the launch of its Bank Account Validation (BAV) offering for the US Market.
PAYMENTS
Visa, Mastercard $30 billion fee settlement in peril. Visa's , opens new tab and Mastercard's, opens new tab proposed $30 billion antitrust settlement to limit credit and debit card fees for merchants is in peril, after a New York judge signaled she was preparing to reject the accord.
Apple Pay on the Web Interactive Demo. This demo preconfigures the Apple Pay button below with default values. Explore further by modifying values in the code blocks throughout the page to customize payment sheet experiences.
FinTech Elavon to Provide BMO Bank with Payment Solutions Platform. The partnership allows for “the acceptance, enablement and optimization of credit, debit, and digital payment transactions.”
Affirm’s chief financial officer Michael Linford doesn’t expect profits from its Apple tie soon. The company’s finance chief compared the rollout of its partnership with Apple to the launch of its own payment card, saying the company preferred a “very thoughtful and controlled” approach.
OPEN BANKING
Bud, a data intelligence platform, has announced it is connected to Akoya, a FinTech in the growing U.S. open banking ecosystem, to enhance financial services with hyper-personalized digital experiences, cashflow analytics, and new growth opportunities.
Yardi Simplifies Security Deposit Process for Property Managers & Residents. Yardi has partnered with Obligo® to simplify the security deposit process between property managers and residents.
Plaid launched a new sign-up feature called Plaid Layer that promises to increase end-to-end signup rates by 10 - 25% . These instantaneous, simple experiences are the guiding principle behind Layer. Layer was built to meet modern consumer expectations and bring them to financial services.
DIGITAL BANKING
Lumin and Pinwheel partner on digital deposit switching. Pinwheel, a FinTech that helps financial institutions win primacy with frictionless account activation, announces a partnership with Lumin Digital, a leading future-ready and cloud-native digital banking solution.
Brex Launches New Digital Banking Products for Startups in partnership with Column. This launch makes Brex the only spend management platform to marry corporate cards, expense management, bill pay, travel booking, treasury, and banking into one vertically integrated offering.
CRYPTO
Digital assets outfit Paxos has laid off 20% of its staff. A Bloomberg report says the company will have an increased focus on tokenization. Paxos has more than $500 million of corporate assets on its balance sheet, which is different from its customer assets, according to a company spokesperson.
Coinbase CEO Brian Armstrong preaches bipartisanship as Trump touts crypto cred. Near the end of a panel discussion with Cathie Wood, the CEO of Ark Invest, Wood brought up Donald Trump, who reportedly said he would be a “crypto president” during a campaign event in early June.
Transak makes PayPal USD available across Web3. The increased accessibility of PYUSD through Transak's platform seeks to accelerate mainstream adoption of cryptocurrencies and create exciting new use cases.
SEC drops investigation into Ethereum studio Consensys. The US Securities and Exchange Commission has formally dropped its investigation into the blockchain’s ecosystem.
DONEDEAL
Stake, a New York-based FinTech offering cashback and banking services to renters, has purchased rent payments platform Circa for $9.5 million in cash and stock.
Boston’s AI FinTech startup EnFi bags $7.5m from top investors. The newly acquired funds are earmarked for a strategic expansion of operations and ongoing development efforts. With these investments, EnFi aims to refine its technology and broaden its impact across the lending industry.
FinTech Company Stream Innovations, Inc. Secures $400M Warehouse Facility From Goldman Sachs. This facility will be used to expand STREAM’s rapidly growing portfolio of home improvement loans.
MOVERS & SHAKERS
Brex, a Salt Lake City-based FinTech company, is planning to open an office in downtown Seattle. Despite operating as a remote-first company, Brex sees the Seattle office as an opportunity to further its competitiveness.
US-based paytech Payzli has revealed a string of immediate “strategic changes” to its leadership team “to further accelerate revenue growth”. Arash Izadpanah, the firm’s former CEO, will assume the role of chief risk officer (CRO).