Gen Extends its Financial Wellness Offerings with the Acquisition of MoneyLion
Weekly news up to Thursday, 12th of December 2024.
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👀 NEWS HIGHLIGHT
Lithic, a leading financial technology platform known for powering growth businesses with bespoke card solutions and seamless money movement, today announced the launch of its Commercial Revolving Credit API, expanding its suite of credit solutions for businesses.
The new offering enables card programs to quickly launch and scale commercial credit card programs with unmatched flexibility and control.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ Curql Fund II Makes History, Surpasses $200 Million in Investment Commitments—The Window to Join Is Still Open.
⭐️ Amazon is bringing Intuit QuickBooks software to its millions of third-party sellers.
⭐️ BofA’s CashPro App Milestone Spotlights Treasury’s Digital Evolution
⭐️ Gen Extends its Financial Wellness Offerings with the Acquisition of MoneyLion
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FINTECH
FinTech unicorn Stash laid off 40% of its workforce after CEO left. Stash was also restructuring, and 40% of its approximately 220-person workforce, including at least three of its executives, were out of a job, according to three people familiar with the matter and confirmed by Stash. It was the second major layoff at Stash this year.
nCino sees vendor fatigue as Tailwind for multi-solution growth. “Vendor consolidation is a key consideration for many institutions we speak with,” said the company’s chairman and CEO. The risks associated with vendor supply chain failure are particularly significant for security-critical businesses like financial institutions (FIs).
Trump taps Fiserv CEO Frank Bisignano for Social Security Chief. If confirmed, Bisignano would lead the agency managing Social Security, a retirement trust fund facing a budget shortfall and political risk due to its importance to older American voters. Find out more
PAYMENTS
Is “Data Is King” the New “Content Is King”? Content has been the cornerstone of SEO, marketing, and consumer engagement strategies. But as we stand on the brink of an AI-powered future, it’s time to ask: has content been dethroned? Is data the new king? Uncover the details in PayQuicker's full article.
Google sues Consumer Financial Protection Bureau. The company challenged CFPB decision to place Google’s payment division under federal supervision. Google called the move burdensome and based on a “small number of unsubstantiated user complaints.” The CFPB cited consumer risk concerns.
Paze Checkout Solution makes online shopping fast and streamlined for BofA clients this holiday season. Just in time for the holidays, all eligible Bank of America cards now support PazeSM, which is a secure, streamlined online checkout solution that uses card tokenization to protect cardholder information.
US judge won't revive rule capping credit card late fees at $8. U.S. District Judge Mark Pittman in Fort Worth declined to lift an order that has blocked a new U.S. regulation capping credit card late fees at $8, a policy challenged by business and banking groups.
Circle and Pockyt join forces to simplify global payments with USDC. The integration will enable thousands of Pockyt merchants and over a million users to transition effortlessly between traditional and digital payment methods.
REGTECH
Trump's top SEC Chair pick Paul Atkins reluctant to take job. President-elect Donald Trump has interviewed former SEC Commissioner Paul Atkins to lead the U.S. Securities and Exchange Commission. Atkins, however, is hesitant to leave his consulting firm to manage what he perceives as a bloated agency.
DIGITAL BANKING
Wells Fargo to sell longtime San Francisco Financial District headquarters. The expected move will be a part of the company’s multiyear strategy to streamline operations. Despite the move, the bank emphasized its commitment to maintaining a presence in San Francisco, according to spokesperson Edith Robles.
CRYPTO
Nuvei launches comprehensive blockchain payment solution. In partnership with Rain, BitGo, and Visa, Nuvei offers LATAM merchants a secure blockchain payment solution that empowers them to use their physical or virtual card to make payments using stablecoins from a digital asset wallet anywhere Visa is accepted.
Coinbase One just hit 600,000 members across 42 countries, offering benefits like zero trading fees, boosted rewards, and free gas on Base. A new premium tier introduces unlimited fee-free trading and enhanced perks to cater to diverse trader needs.
Bitcoin crosses $100K threshold on news of Trump’s SEC pick. The popular cryptocurrency was at a little over $103,000 Thursday (Dec. 5) morning, one day after President-elect Donald Trump said he would nominate a crypto advocate to lead the Securities and Exchange Commission (SEC).
Stablecoin issuer Circle Internet Financial makes some job cuts. The job losses represent less than 6% of Circle’s workforce, a spokesperson said in a statement adding the firm continues to invest in geographical growth, efficiency and productivity powered by artificial intelligence. Back in June, Circle said the company had 882 employees.
MicroStrategy buys more Bitcoin as funding draws scrutiny. The firm bought another $2.1 billion in Bitcoin while its combination of equity and fixed-income securities sales to finance the rapidly increasing acquisitions draws increased scrutiny.
Coinbase: FDIC put brakes on crypto banking at US lenders. Coinbase is reportedly accusing a U.S. financial regulator of hindering cryptocurrency banking activity, according to a Dec. 6 Coindesk report citing court documents uncovered by History Associates, a research firm aiding Coinbase in its June lawsuit against the FDIC and SEC.
Firms ride Bitcoin wave to raise billions from convertible debt. Investors have been piling into companies with ties to the industry, opening the floodgates for fundraising. Read full article for further insights
DONEDEAL
Trading platform eToro taps Goldman Sachs as it plans US IPO. The trading and investment platform may go public as early as Q2, though plans could shift. It aims for a valuation exceeding the $3.5 billion achieved in its last private funding round, according to sources.
M&As
EQT is working with investment bank Financial Technology Partners / FT Partners to find buyers for payments-services provider Banking Circle, which could fetch $𝟯 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 𝘁𝗼 $𝟰 𝗯𝗶𝗹𝗹𝗶𝗼𝗻. A sales process for the Luxembourg-based company is slated to kick off in the first quarter of 2025, according to a source who spoke to Bloomberg on condition of anonymity, the details are not public.