REPORT
Growing numbers of traditional payment companies are entering the metaverse, but what potential does this emerging space present for the industry?
👉 Read the full FXC Intelligence report here.
REPORT
As BNPL has grown from a niche ecommerce payment method to a mainstream form of consumer credit, so has scrutiny from investors, regulators, and the public.
👉 Read all about it in The Paypers "Who’s Who in Payments Report 2022" here.
👀 NEWS HIGHLIGHT
PayPal is introducing another buy now, pay later product to follow the 2020 launch of its “Pay in 4″ installment program.
The new offering, PayPal Pay Monthly,” is designed to give customers a more flexible way to pay, the U.S. payments giant said.
👉 Read the full article here.
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📰 ARTICLE
Why Apple's 'buy now, pay later' doesn't scare Affirm's founder.
Apple's entry into BNPL space isn't keeping Affirm founder Max Levchin up at night.
Max Levchin said: "There is a lot of growth available to everyone. I fully expect Apple will continue promoting the idea of transparent, simple interest, or no interest at all in some cases. But ultimately, there is a lot of room for growth for everyone."
👉Read the full article here.
💬 INTERVIEW
Klarna CEO Sebastian Siemiatkowski speaks to CNBC following Apple’s Pay Later product launch. He defends the company’s “recession-proof” business model despite recent setbacks.
👉 Link to the full video here.
💡INSIGHTS
Today, there are over 150 BNPL providers across the world. Partnering with merchants to offer a variety of BNPL services as a payment option at checkout, these companies represent a significant presence in the payments space, including in some cases for cross-border payments.
👉Download the full FXC Intelligence report by Adeyanju Pinheiro-Aina here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️Kinly officially launched and announced $15 million in Series A funding. Link here.
⭐️The first US crypto rewards credit card on the American Express network through a new partnership with crypto wealth management platform and wallet provider Abra is here. Link here.
⭐️Proper raises $4.3M seed round to help other fintechs wrangle data. Link here.
⭐️Jay-Z and former Twitter CEO Jack Dorsey are teaming up to launch a financial literacy program, titled The Bitcoin Academy, for residents of the Marcy Houses project in Brooklyn, New York. Link here.
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DIGITAL BANKING
Narmi closed $35M$ Series B funding round co-led by Greycroft, NEA and Picus Capital, bringing Narmi’s cash raised to date to ~$60 million. Link here.
OPEN BANKING
Mastercard has launched the Start Path Open Banking global program to engage open banking startups on their path to scale, uncover unique opportunities to co-innovate, and power experiences that enable consumer choice. Link here.
PAYMENTS
Atomic FI and Bond Financial Technologies announced the deepening of their existing partnership with the launch of Atomic’s Paylink product, which allows customers to embed the ability to repay financial obligations over time directly from their paycheck. Link here.
CRYPTO
CoinZoom has unveiled a new tie-up with Visa that will integrate the real-time push payments network Visa Direct and allow real-time disbursements to customers’ eligible cards in 194 countries outside the United States. Link here.
Bitcoin has crashed to its lowest level since December 2020 after one of the crypto-economy's largest lenders, Celsius Network. Link here.
Coinbase CEO Brian Armstrong said that the company will reduce its workforce by 18% — nearly 1,100 people — to “stay healthy during this economic downturn.” Link here.
Bill Gates dismisses crypto and NFTs as a ‘greater fool’ investment. The Microsoft founder doubled down on his criticism of cryptocurrencies as the market endures one of its worst crashes to date. Link here.
$4.5 trillion investment giant Fidelity says Bitcoin is now ‘technically oversold’. Link here.
INVESTMENT
Brandon Krieg, the CEO, and co-founder of the investment app Stash, called out related platforms that rely on payment for order flow (PFOF) and backed a government initiative to regulate the practice. Link here.
Robinhood’s stock is now worth less than its cash on hand. Brokerage’s market capitalization slides to about $6 billion. Link here.
CapIntel caters to three of Canada’s Big Five Banks and some of the country’s largest wealth and asset management firms. Now it wants to tackle the United States (US) market. Link here.
MOVERS & SHAKERS
Santander Bank N.A.has appointed Pierre Habis as the new chief consumer and digital transformation officer. Link here.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.