REPORT
In times of high prices, high interest rates and high economic uncertainty, the “Buy Now, Pay Later” model has emerged as a popular alternative to credit cards or other digital payment methods. According to FIS’ Global Payments Report 2023, BNPL accounted for 5 percent of global e-commerce transaction volume last year and is expected to grow at a CAGR of 16 percent between 2022 and 2026.
👀 NEWS HIGHLIGHT
Flutterwave, Africa's leading payments technology company, has announced its acquisition of money transfer licenses for 13 U.S. states to enable faster, more affordable, and secure transfer of money from the United States to Africa and back.
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📰 ARTICLE
Altman, at 38, has spent the last decade making angel investments, building a network of promising startups. His early bets on around 400 companies, including Reddit, Stripe, and Asana, are noteworthy. Let’s dive into his FinTech portfolio
Apple Card's transition to a new partner won't be easy. Here's a look at the technology, which banks may step up, and the different acquisition scenarios.
👨💻 BLOG
Introducing the next generation of Automated Direct Deposit Switching: Reimagined UX expected to increase conversion by >2x
Pinwheel was founded with a simple but powerful vision. By connecting the vast world of payroll providers to the more than 10,000 banks in the US, we could build a new ecosystem where real-time income data flows freely and enables new product innovation. These new products would better serve consumers’ financial needs (especially those who have been underserved) and ultimately help them achieve better outcomes.
Coinbase Wallet is introducing new ways to make sending money easier, cheaper, and faster. Users can now send money on any platform that they can share a link — including messaging apps like WhatsApp, iMessage, Telegram, and via popular social media apps, email, and more.
🎤 PODCAST
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️Robinhood makes second foray into Europe with UK 🇬🇧 launch.
⭐️Apple may Partner with Brazilian FinTech Pismo.
⭐️Brim Financial announces a strategic partnership with Mastercard.
⭐️Spade digs into credit card fraud detection intelligence following new capital raise.
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FINTECH
Retail investors on Public’s brokerage will be able to buy slices of corporate bonds (powered by Moment) just like they do with stocks.
Necto unveils premium API multi bank platform delivering real time cash management and payments to clients globally.
San Francisco-based FinTech firm Brex has publicly launched a fully localized cross-border corporate card aimed at servicing the Canadian employees of United States (US)-based companies.
Rapid Finance and Ramp partner to provide small businesses on Ramp’s platform with preferred access to Rapid Finance’s financing options.
J.Crew forms credit card partnerships with Mastercard and Synchrony. The collaboration will see J. Crew and Synchrony team to launch a private label credit card program.
OPEN BANKING
Banked builds a US presence: The FinTech, founded in the U.K. and now building up operations in the U.S., expects its pay-by-bank services for bank clients will eventually lure retailers.
REGTECH
Treasury Prime announces partnership with Effectiv to bring fraud detection to enterprises and banks.
Cable releases Transaction Assurance, pioneering a new wave of financial crime compliance and transaction testing.
DIGITAL BANKING
SoFi expands ETF business with options-driven income fund. The brand-new active fund is designed to provide investors with a high level of monthly income.
Greenwood adds retail investing, eyes profitable 2024. The neobank launched Greenwood Invest, an app that allows customers to invest in stocks and exchange-traded funds.
DONEDEAL
January closes a $12 million series B to help Americans get out of debt. The current round follows January’s $10 million Series A fundraise in 2022.
Tacora, a Peter Thiel-backed venture-focused debt fund founded by a Third Point alumna, will put up to $30 million into Exectras, an SMB-focused fintech.
M&As
Yieldstreet to acquire real estate tech startup Cadre, a real estate investment platform with a mission to democratize access to investing, particularly in commercial real estate.
MOVERS & SHAKERS
PayPal names Suzan Kereere as President of Global Markets. She will oversee PayPal's global operations, ensuring smooth execution and driving profitable growth.
Valley Bank CIO Stuart Cook leaves to join start-up True Digital Network as CEO. As his first move as CEO, Cook announced the launch of the start-up’s new app open to all bankers and credit union staff.
PayQuicker appoints Gabriel Grisham as Senior VP of Global Sales for Payouts OS. Grisham will scale the reach of Payouts OS into untapped industries and broaden its reach in global markets.
Sequoia partner Luciana Lixandru joins Stripe board. Lixandru, who started at Sequoia Capital three years ago, replaced longtime partner Michael Moritz on Stripe's board after his exit from the firm.