Hello all!
I decided not to list any SVB news updates in this weekly newsletter
because this would simply be too much.
If you want to stay up to date with the latest SVB, and other FinTech news, please sign up for my daily newsletter here.
Enjoy this week’s other FinTech news!
Cheers,
Marcel
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REPORT
Open finance is kickstarting an ecosystem of digital innovation. There is an opportunity for open finance to become globally ubiquitous and democratize access to financial services.
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👀 NEWS HIGHLIGHT
Cross River Bank, a leading technology infrastructure provider that offers embedded financial solutions announced a new partnership with U.K. based Pay.com.
This partnership will enhance and expand Pay.com's automated payment platform into the U.S. and drive additional growth opportunities.
💬 INTERVIEW
MoneyLion is a New York-based leader in financial technology powering cutting-edge personalized products and content.
In an interview with The Financial Revolutionist, Dee Choubey, MoneyLion’s Co-Founder and CEO, outlines his company’s response to the current banking crisis, discusses the super-app giant’s public-market performance, and predicts MoneyLion’s path forward in the coming year.
💡 INSIGHTS
The U.S. Federal Reserve unveiled details about its ‘FedNow’ instant payments system. The central bank announced that the service will start operating in July.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ FinGoal announced the closing of an investment round led by Naples Technology Ventures.
⭐️ Rain secured a $250 million valuation through a $116 million funding round made up of $66 million in equity and $50 million in debt to speed up hourly workers pay cycles.
⭐️ eToro secured $250 million in funding at a $3.5 billion valuation, the fund is not a typical equity round, it comes by way of an Advanced Investment Agreement.
⭐️Alloy partnered with Kyckr which gives Alloy's 350+ clients including Carta, Ramp, and Brex a powerful tool in performing KYB for companies outside of the US.
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PAYMENTS
Parker emerged from stealth Thursday with $157 million in equity and debt funding, much of which closed in 2022.
Finastra teamed up with Aspire Systems to enable financial institutions worldwide to transform their payment operations and accelerate instant payment offerings.
Silverflow is expanding into the US market bringing its cloud native acquiring processing platform to acquirers, PSPs, payment facilitators, and marketplaces.
Payabli closed an $8,000,000 extension round after raising an initial $4,000,000 Seed round in May 2022, from TTV Capital, Fika Ventures and Bling Capital.
Tilia LLC announced additional financing of $22m as well as the appointments of Brad Oberwager as CEO and Catherine Porter as the company’s first Chief Business Officer.
Wingspan closed a funding round a $14 million Series A, led by Andreessen Horowitz with participation from existing investors, which brings the company’s total raised to $23.5 million.
Qolo partnered with PayQuicker, financial technology leader in the global payouts market, to provide unified disbursement services to PayQuicker and its clients.
Brex expanded into travel and is also taking on startups such as Navan and also Ramp which expanded into travel last year with a tool that gives employees the ability to book with third parties.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.