👀 NEWS HIGHLIGHT
Community banks and credit unions might drop out of partnerships with instant-payment apps like Zelle if required to reimburse customers who fall victim to scams.
Facing pressure from lawmakers and regulators to do more to protect customers from fraud, the seven large banks that own Zelle, are working on a plan to standardize refunds for customers duped into sending money.
👉 Read The Wall Street Jurnal article by Imani Moise here
REPORT
North America has continued to experience significant activity in payments, driven by strong consumer demand, funding support from investors, and innovation in the industry.
Boston Consulting Group expects payments revenues to grow at a CAGR of 7.3% through 2026 after a strong 10% year-on-year rebound in 2021–2022.
Credit card spending, in particular, recovered significantly in the second quarter of 2022, up 19.8% year-on-year with absolute values well above pre-pandemic levels.
👉Download the full Global Payments Report 2022 by BCG here
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NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ The Block CEO resigns after failure to disclose loans from Bankman-Fried’s Alameda. Link here
⭐️ TripActions secured $400 million in credit facilities from Goldman Sachs and Silicon Valley Bank. Link here
⭐️ Carputty announced the closing of a $12.3 million Series A funding round. Link here
⭐️ Trovata partnered with JPMorgan Asset Management. Link here
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DIGITAL BANKING
First Fidelity Bank launches digital wealth management services with Unifimoney - enabling customers to bank and invest. First Fidelity Bank customers can choose to self direct invest in traditional or alternative assets. Link here
Extend partnered with HSBC. HSBC will offer to Extend solutions to its commercial card clients in the U.S. to help companies manage spending with the flexibility and control of virtual cards. Link here
Ibanera partnered with Cross River to power Ibanera’s digital banking platform and payments capabilities with its API driven platform and proprietary banking core. Link here
Galileo launches direct deposit switch powered by Atomic. New financial feature boosts customer lifetime value for banks and fintech firms while expanding financial access and control for consumers. Link here
PAYMENTS
PayPal launches integration with MetaMask Web3 wallet for Ethereum transactions. Link here
Currencycloud will be supporting South Korean fintech SentBe in its goal to simplify international payments. The deal will allow SentBe to offer competitive FX rates through Currencycloud’s API. Link here
Sion raised $3.2 million in a seed found. The funding will go towards product development including the creation of an automated commission. Link here
Matera announced its move into the U.S. with new headquarters in San Francisco. The expansion comes amid the tremendous adoption of Pix. Link here
Nilus landed $8.5M led by Bessemer to help companies automate their financial operations. Link here
BNPL
Walmart plans to offer BNPL loans through its FinTech venture. That could put the world’s largest retailer in competition with FinTech lenders like Affirm and Klarna. Link here
CRYPTO
Binance.US finally rolled out its Binance Pay service, 22 months after the feature was launched by the global exchange to its customers outside the U.S. Link here
INVESTMENT
Apex Fintech Solutions and Unifimoney partnered to provide America’s credit unions and community banks with digital investment solutions. Link here
Xare set up regional HQ in Silicon Valley in bid for global expansion. Link here
Nikkl raised $5M in funding. The company intends to use the funds to build its technology platform and launch its investment fund in early 2023. Link here
OPPORTUNITIES
Wise is doubling down on its North American expansion ambitions, setting out plans to add 250 new employees in the US next year. Link here
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