THIS WEEK’S FUNDING NEWS OVERVIEW
For the past week’s funding news overview, we recommend reading our weekly #DoneDeal newsletter 👇
Are you interested in funding news from the FinTech space?
💡 Read all about it in my weekly overview article and get the latest funding news from the global FinTech space in your inbox every week.
👀 NEWS HIGHLIGHT
Abra Bank aims to become the first regulated bank in the U.S., where customers will be able to deposit and make transactions with cryptocurrencies, while Abra International plans to become the global entity providing these services.
👉 Read the full Beincrypto article by Catherine Ross-Mychka here.
😎 SPONSORED CONTENT
This newsletter is sponsored by our friends Mercuryo – a global payment network. Mercuryo makes business payments easy with crypto-powered products such as on- and off-ramps, virtual accounts with IBAN, and embeddable wallets.
Mercuryo will be exhibiting at Token2049 Singapore - come meet our friends to build the future of payments together.
📰 ARTICLE
JPMorgan Chase has agreed to acquire a payments startup called Renovite to fend off threats from fintech firms including Stripe and Block.
While JPMorgan is often content to partner with fintechs and takes relatively small stakes in them, the bank felt that Renovite's product was too important not to own outright, according to a JPMorgan executive.
👉 Link to the full CNBC article by Hugh Son here.
👨💻 BLOG
iPhone's BNPL Plan: How Apple Pay Later will work on iOS 16.
After the release of iOS 16, Apple updated its page explaining the features of the new operating system and added a footnote to Apple Pay Later: "Coming in a future update for qualifying applicants in the United States for purchases online and in apps on iPhone and iPad. May not be available in all states."
👉 Read the full article here.
💡INSIGHTS
Top 16 upcoming Fintech events taking place in Q4 2022 in the US.
👉 Read the full Fintechnews Switzerland article here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️Fitch Group announced an agreement to acquire a majority stake in dv01. Link here.
⭐️Payhawk — Spend and Scale. Globally. rebranded and officially launches in the US. Link here.
⭐️MAJORITY, a FinTech that offers a variety of banking services to immigrants in the US, has raised $37.5 million in fresh funding. Link here.
⭐️Atomic is announcing today its partnership with Hydrogen, a fintech platform that enables businesses to quickly launch white-label debit cards with no coding and one, all-inclusive platform. Link here.
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PAYMENTS
Zelle hits the five-year milestone with five billion payments. Link here.
Aurora Payments acquired fellow paytech firm One Payment. Link here.
Mercury launches a corporate charge card, entering a crowded Fintech field that includes Brex and Ramp. Link here.
Power raised $316 million in debt and equity funding. Link here.
BNPL
Lease-to-own fintech startup Kafene raises $18M to battle BNPL. Link here.
CRYPTO
Fireblocks hits $100 million in annual revenue despite a crypto downturn. Link here.
Bolt Financial and crypto startup Wyre Payments are remaining business partners but have decided to scrap the $1.5 billion merger plans. Link here.
INVESTMENT
Goldman’s Apple Card business has a surprising subprime problem. Link here. Goldman is to cut several hundred jobs starting this month. Link here.
MOVERS & SHAKERS
Chime welcomes Credit Karma, Capital One leader, Rucha Fulay, as VP of Analytics. Link here.
PayPal names John Kim chief product officer. Link here.
Bankjoy hired Michael Carroll as its new chief technology officer (CTO). Link here.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.