👀 NEWS HIGHLIGHT
Coinbase submitted its application for a license under the EU’s new Markets in Crypto-Assets (MiCA) regulation, which is set to come into force by December 2024, with the Central Bank of Ireland.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ Revolut is expanding its footprint and moving into new offices off Wall Street.
⭐️ Goldman Sachs wants out of consumer lending.
⭐️ SEC head warns AI could cause financial crisis.
⭐️ Square introduces ten new generative AI features.
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DIGITAL BANKING
PoetrYY Finance has officially launched, with a mission to transform the banking landscape for startups, small businesses, collegiate athletes, individuals, and underserved communities.
The Federal Reserve is preparing a proposal that would lower the fees merchants pay to many banks when consumers shop with debit cards.
PAYMENTS
GoDaddy has partnered with Paze, an online payment solution developed by Early Warning Services, to integrate Paze into GoDaddy’s Online Store and GoDaddy Payments.
Intuit announced a new solution fully integrated within Intuit QuickBooks that transforms bill pay for businesses and delivers accounts payable (AP) automation - QuickBooks Bill Pay.
Pay Theory is excited to announce a new phase in its growing partnership with Fiserv. With this partnership, Pay Theory will provide software platforms with a single point of access to an industry-leading range of money-movement solutions.
Apple now allows its wallet users to schedule regular payments directly on the phone. The service has been expected for some time now and represents another step in its financial services goal of providing convenience for its users.
OPEN BANKING
Mastercard is stepping up its open banking activity through partnerships with merchant solutions business Worldpay and BNPL firm Zip.
CRYPTO
Ferrari has announced its decision to accept cryptocurrency as a form of payment for its vehicles in the United States, with plans to extend this payment option to Europe in the near future.
FTX made political donations in employee names using stolen customer funds, former executive Nishad Singh said during the trial of FTX founder Sam Bankman-Fried.
Binance US users are no longer able to make USD withdrawals. The new terms no longer make the claim that users who hold fiat at Binance US are eligible for passthrough insurance from the FDIC.
New York Attorney General Letitia James has filed a lawsuit against crypto firm Gemini and Digital Currency Group for allegedly defrauding nearly quarter of a million investors of more than $1 billion.
INVESTMENT
Galileo launched the Galileo Corporate Credit solution to help businesses modernize expense management.
BankTech Ventures announced its continued commitment to community banks’ more vibrant futures with a total investment of $13.5 million in six fintech companies in the second half of 2023.
Skipify has secured a strategic investment from Samsung.
DONE DEAL
Stash is taking advantage of a tool that’s been around for some time – a convertible note. The company just raised $40 million through one of these mechanisms, led by early and existing backer T. Rowe Price.
Nova Credit has raised $45 million in Series C funding to build new products for lenders using alternative credit data.
Basis raises 3.6m with an AI platform for accounting firms.
Darwinium announced it has raised $18 million in Series A financing led by U.S. Venture Partners (USVP), with participation from seed investors: Blackbird, Airtree Ventures and Accomplice.
Finzly closes $10 million funding round. The funding will be used to accelerate Finzly’s expansion as it continues to meet the growing needs of financial institutions for digital transformation.
Hiive raised $4.2 million in fresh cash for its marketplace that allows investors and employees to buy and sell shares of privately held venture-backed companies in the secondary market.
M&A’s
Goldman Sachs green up pointing triangle is facing from its agreement to sell specialty lender GreenSky could have been smaller.
Block has acquired Hifi, a music-focused fintech startup. The company declined to share deal terms.
FRAUD PREVENTION
Jack Henry announced that it is redefining fraud prevention with the initial roll out of Jack Henry Financial Crimes Defender, a cloud-native fraud and anti-money laundering (AML) solution designed with real-time capabilities at the forefront.
MOVERS & SHAKERS
Ally Financial’s longtime CEO, Jeffrey Brown, is leaving the bank in January to lead Charlotte, North Carolina-based used car company Hendrick Automotive Group.
FinanceHQ has launched out of stealth mode and named Alex Choi as CEO.
Plaid hires first chief financial officer on road to potential IPO.
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