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REPORT
Fyle, an expense management platform that works with customers’ existing credit cards, today announced a new integration with American Express to offer U.S. Business and Corporate Card Members the ability to issue on-demand virtual Cards via the Fyle platform, with built-in controls, and enhanced security.
The terms KYC (Know Your Customer) and AML (Anti-Money Laundering) are often used by regulators and compliance officers, sometimes interchangeably, which may cause confusion.
👀 NEWS HIGHLIGHT
ChargeAfter, the embedded lending platform for point-of-sale financing announced that Citi Retail Services, one of North America’s largest and most experienced retail payments and credit solution providers, selected ChargeAfter as a technology provider for its Citi Pay® products, including Citi Pay® Credit and Citi Pay® Installment Loan.
Citi Retail Services’ collaboration with ChargeAfter gives participating online merchants the ability to seamlessly integrate Citi Pay products, which include a digital-only credit card and monthly installment loan, into their point-of-sale experience. Citi Pay products give customers flexibility in their budgets and puts them in control of how they want to finance their purchases.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ MetaMask and Robinhood Connect Integrate to Make it Easier to Access Web3.
⭐️ Chase Makes Multi-Billion Dollar Investment in its Branch Network.
⭐️ PSCU/Co-op Solutions Unveils New BNPL Option for Credit Unions.
⭐️ Has Apple Card Been a Success?
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FINTECH
Upstart Expands AI-Powered Vehicle Financing Nationwide. The leading AI lending marketplace, announced it will expand its auto retail financing capability nationwide to reach 90% of consumers in the U.S.
PayPal’s AI project: Inside the First Look strategy. Days after promising to “shock” the industry with a series of AI-based announcements, PayPal released a prerecorded First Look keynote that saw CEO Alex Chriss unveil a six-point strategy for the brand.
Adyen Partners With BILL to Provide Advanced Card Issuing Capabilities. Adyen provides BILL with technology to drive further innovation and opportunities to help SMBs thrive through seamless payment experiences.
Green Check Catapults Into The New Year, Building on Unprecedented Growth in 2023. Green Check experienced significant growth with more than 8,800 cannabis businesses now on its industry-leading platform (131% increase).
Balance Unveils Suite of Products Covering B2B Transaction Lifecycle. These artificial intelligence (AI) powered tools encompass net terms assessment and financing, payment cost optimization and accounts.
Atlantic Money receives green light for expansion across US, Canada and Australia. UK fintech, Atlantic Money is set to offer its fixed international transfers of its fixed-fee money transfers across additional major markets.
PAYMENTS
Nuvei partners with Cash App Pay. Nuvei's agile, customizable platform enables businesses to effortlessly tailor their online checkouts with all the relevant APMs in each market they operate.
Mastercard Shares Touch All-Time High After Strong 4Q. Mastercard's fourth-quarter profit jumped to $2.79 billion from $2.53 billion last year.
DIGITAL BANKING
Cross River’s lending team achieves strong growth across diverse asset classes in 2023. Cross River Bank on Tuesday said it finished 2023 with impressive year-over-year origination growth across multiple asset classes.
LendingClub Completes Standard Operating Agreement for New Bank. The company now has more autonomy and flexibility in how it runs the business and deploys capital, while it continues to work closely with regulators.
NYC $53 million pilot program to make pre-paid credit cards accessible for migrant families.As per reports by The Post, the NYC pre-paid credit card pilot program is being run by New Jersey company Mobility Capital Finance.
EY announces alliance with MoneyLion to help banks accelerate their digital transformation and extend financial services. The Alliance leverages MoneyLion's embedded finance platform to help enhance the technological capabilities of banking institutions.
CRYPTO
Ripple to expand US payments after ‘being relatively quiet’. Oliver Segovia revealed on social media that the firm intends to grow its payment services across the U.S.
Adyen, Marqeta, And Plaid To Explore Using Ripple Xrp In Us . Ripple, a leading blockchain company, is set to expand its payments business in the United States, moving beyond its current focus where 90% of its business is outside the U.S.
DONEDEAL
BNPL lender Sunbit secures $310m.The facility builds upon a previous $250 million debt facility the fintech landed with Credit Suisse and Waterfall Asset Management in December 2022.
Metronome’s usage-based billing software finds hit in AI as the startup raises $43M in fresh capital. The startup declined to reveal its valuation, saying only that “it was a very healthy multiple above” its Series A valuation.
M&As
Worldpay Begins Operating as Independent Company. The Company, a global industry leader in payments technology and solutions, announced that it has closed upon its previously announced sale.
MOVERS & SHAKERS
Fintech unicorn Brex set to close Israel R&D center as part of global layoffs. Brex announced last week that it was cutting 20% of its global staff, or 282 employees.
Monzo alum leaving London to found an AI fintech. Monzo's ex-CEO Tom Blomfeld made his move to California permanent last April to work on AI with another startup incubator, Y Combinator.
Mike Clayville, a former Amazon Web Services executive who became a marquee Stripe. Recently, he has been helping recruit AWS executives to work at Omniva, a startup that plans to build artificial intelligence data centers in the Middle East, according to a person who spoke with recruits.