👀 NEWS HIGHLIGHT
The report explained that some customers experienced weekslong delays while attempting to shift funds from their Apple savings account to another bank.
Some even recounted receiving varying instructions on how to carry out transfers, differing by the external bank involved.
📰 ARTICLE
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency — the top regulating agencies in the United States — have issued final guidelines to help banks manage risks associated with their third-party relationships.
In recent guidance, US regulators noted they will be keeping an eye on the relationships between banks and financial technology (fintech) firms.
Ryan Wilson, the CEO and co-founder of The Gathering Spot (TGS), has sued Judge, Greenwood co-founder Ryan Glover and the fintech itself, alleging Greenwood and its founders did not pay Wilson and former TGS shareholders the earn-outs promised in their purchase agreement, that the fintech refused to pay bonuses to TGS employees, and more. Wilson is claiming he and his fellow TGS shareholders are owed a $5 million earn-out payment and other considerations.
💡INSIGHTS
In the U.S., total BNPL app downloads for the second quarter fell 19%, compared to the year-ago period. Average daily BNPL app downloads globally for that quarter declined 22.8% year-over-year, to about 104,000, Bank of America Securities analysts said.
🧐 ANALYSIS
In the competitive restaurant payments arena, Toast’s move to add a fee to restaurant customers’ tabs for online orders isn’t likely to be replicated by rivals, analysts said.
Toast said it was adding a 99-cent customer-paid fee to online orders of $10 or more placed through the company’s online ordering channels.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ Adyen celebrates FedNow qualification.
⭐️ Ripple scored a partial victory in its fight with the SEC.
⭐️ Temenos achieves certification for FedNow.
⭐️ Visa and Mastercard have been accused by Block of conspiring to inflate fees and increase retail prices paid.
⭐️ Brex connects with Airwallex.
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DIGITAL BANKING
The Federal Reserve’s top banking regulator expressed caution about the impact that artificial intelligence can have on efforts to make sure underserved communities have fair access to housing.
OPEN BANKING
Sezzle CEO sees banks ramping up FinTech acquisitions in 2024 and beyond. The year 2023 has been a bit of a speed bump, as the cost of capital has increased, and new FinTech formation has lagged amid headwinds in the VC and private equity space.
DONE DEAL
MerQube has raised $22 million in Series B funding. With the new funding, MerQube plans to expand its engineering capabilities and platform infrastructure, hire talent, and continue expansion into its key markets.
Trunk Tools announced its launch out of stealth with $9.9 million in seed funding. The infusion of capital will fuel the company’s growth by expanding its talented team, and driving market adoption.
RightRev raised $12M in funding. The company intends to use the funds to accelerate its growth and expand its revenue accounting offerings. RightRev plans to invest in product innovation, including integrating with Billing solutions and ERPs.
Anduin announced they have raised $15.6 million in Series B funding. 8VC led the round with participation from existing investors and GC1 Ventures.
Portrait Analytics has brought its total capital raised to $10 million with an investment led by Unusual Ventures.
Karat Financial has announced a $70 million Series B, which includes $30 million in debt financing from TriplePoint Capital and a $40 million equity round led by SignalFire.
FRAUD PREVENTION
VikingCloud has announced a new client partnership for its Web Risk Monitoring solution with PAYSTRAX, a European payment processor and principal member of Visa and Mastercard.
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