REPORT
Here is a look at Stripe’s latest valuation after Adyen’s rough quarter:
After Stripe peer Adyen's disappointing H1 earnings release, PitchBook compared the company's multiples to Stripe's valuation. Some investors expect Stripe will be negatively affected by the competitive pressures that are squeezing Adyen in North America.
👀 NEWS HIGHLIGHT
𝗦𝗵𝗼𝗽𝗽𝗶𝗻𝗴 𝗹𝗲𝗻𝘀, the flagship new feature, allows shoppers to take a picture of things and styles in their surroundings, instantly find out where to buy them and get the best deal in the Klarna app, using the search and compare tool.
📰 ARTICLE
🤔 Is FedNow A Game Changer for U.S. Consumer Payments?
FedNow, officially live in July of this year, is the latest A2A (bank account to bank account) clearing network built on modern, real-time infrastructure.
Read the full article here
Last month, Apple’s Wallet gained the ability to show debit/credit card balances and full transaction history in the UK. Now the feature has arrived in the US with iOS 17.1 beta 3. Here’s how to see your Discover balance in Apple Wallet along with all your transactions.
Read the full article here
💡INSIGHTS
Since 2017, more than half of the FinTechs that applied to the OCC for de novo national bank charter applications later withdrew their applications.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ PayPal faces new antitrust lawsuit claiming it unfairly stifles competition with Stripe, Shopify and more.
⭐️ Fidelity has blocked access to Plaid.
⭐️ Braid has shut down.
⭐️ $26bn fintech reportedly lays off half of one vital team.
⭐️ SumUp’s valuation falls as low as $4.1B, as Groupon and others sell off their stakes.
⭐️ Apple Wallet app integrates balances and transaction history for Discover US credit cards,
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PAYMENTS
Nibble Health announced the launch of a new medical bill intelligence product called "Simple Bill."
Modern Treasury has joined J.P. Morgan’s Payments Partner Network. This ecosystem of end-to-end payment solutions is designed to meet business needs at any scale.
GoDaddy and PazeSM are partnering to help small businesses provide more convenient online checkout experiences for consumers. GoDaddy is the first website builder to integrate Paze into small business' customer checkout experience.
Orum announced the launch of Verify, the first ever product built on top of FedNow, the Federal Reserve’s new instant payment rail.
BNPL
Galileo Financial Technologies announced that its Galileo Buy Now, Pay Later (BNPL) offering is now available for lenders to offer it as a service for their small business clients (SMBs).
DONE DEAL
Lendbuzz has raised US$345m in funding of its own. The fintech’s latest capital raise includes US$45m in equity funding and a US$300m forward flow facility.
Carefull announced that it raised $16.5 million in a Series A round led by Fin Capital with participation from TTV Capital, Bessemer Venture Partners, Commerce Ventures, Montage Ventures and Alloy Labs.
Account Labs raises $7.7M as FTX’s demise leads to crypto self-custody growth.
INVESTMENT
Solid’s Series B lead investor, FTV, is suing the company and its cofounders personally in attempt to recoup its $61 million investment.
Silverbird has announced its expansion strategy, targeting new markets that include Singapore, Hong Kong, Dubai, the USA, China, and India.
Zolve has secured a warehouse debt facility of $100 Mn from US-based impact investor Community Investment Management (CIM).
Bank of Hawaii recently announced it has partnered with Greenlight Financial Technology. BOH customers will soon have access to Greenlight's finance app, according to the announcement.
Goldman Sachs has agreed to sell specialty lender GreenSky to a group of investors, a major step in what has become a costly retreat from the Wall Street bank’s grand ambitions to serve the masses.
Discover Global Network has launched a new cloud-based network tokenization platform giving companies a scalable and flexible token solution they can offer to their downstream customers and merchants.
M&A’s
ieDigital has acquired US counterpart Connect FSS for an undisclosed fee. By acquiring digital banking SaaS Connect FSS outfit , the firm strengthens its international reach, particularly in the US credit union market.
FRAUD PREVENTION
American Express is to pilot the use of facial and fingerprint recognition for authenticating users at online checkouts.
Fiserv and Plaid announced an agreement to enable secure and reliable data sharing through application programming interfaces (APIs), addressing growing consumer demand to access their financial information when, where and how they want.
MOVERS & SHAKERS
Rob Brown joins Oxygen as the company’s new Chief Marketing Officer. Brown will play a critical role in “positioning Oxygen as a frontrunner in the fintech space.”
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.