Happy Friday & Happy July 4th Weekend!!!
Not sure how this happened so fast, but 1H2022 is in the books – welcome to 2H2022.?Wishing everyone a safe and happy Independence Day (and happy Canada Day to our northern neighbors)!?This week is a fairly abbreviated update as I attempt to sneak out early (don’t tell my boss) to jump start a weekend of July 4th shenanigans!!!?Here is the Uncle Sean Update for 7/1/22:
- PayPal continues their expansion into the business credit space by launching the PayPal Business Cashback Mastercard featuring unlimited 2% cash back for U.S. SMB’s.
- A little more detail for you - the PayPal Business Cashback Mastercard? is issued by WebBank and serviced by Austin-based?Concerto Card Company.
- UMB Bank announced an agreement to acquire the HSA business from Old National Bank consisting of 157,000 accounts across more than 3,000 employer groups with assets totaling $500M (of which about $400M is held in deposit accounts).
- UMB Healthcare Services existing HSA business supports 4.9 million healthcare spending account cards, and services more than 1.2 million HSAs, totaling more than $2.7 billion in HSA assets and deposits as of March 31, 2022.
- Finastra launches embedded consumer lending solution making it easier for banks on Finastra core to offer a consumer financing solution at POS to their business clients and third-party distributors.?Using exposed API’s on Finastra’s FusionFabric open platform, LoanStar Technologies is able to provide access to banks on Finastra Core to create POS consumer loans through the LoanStar merchant network.
- Check out the Finastra Embedded Consumer Lending pdf doc for more info.
- This could get interesting….?The FTC has sued Walmart for allegedly “allowing its money transfer services to be used by fraudsters, who fleeced consumers out of hundreds of millions of dollars.”?The complaint goes on to allege that Walmart “turned a blind eye” while pocketing millions in fees.?Walmart responded by publishing a corporate statement to the complaint with the intent to vigorously defend themselves citing:
- Factually flawed and legally baseless
- Refusal of due process of hearing directly from Walmart
- Unprecedented expansion of FTC authority
- Notable FinTech funding for the week:
- April (API driven embedded consumer income tax solution for FI’s and developers) raised $30M in Series A funding round with plans to invest in R&D and “increase its operational capacity in preparation for next tax season.”?Check them out at getapril.com
- Zilch (BNPL) raised an additional $50M extension to their series C bringing the total now to $160M.?Funds will be primarily used to expand growth “with a focus on the US market where Zilch recently opened its Miami office and launched with more than 150,000 pre-registered customers.”
- Stake (rent rewards platform with cash back debit card) raised $12M in Series A funding round.
- OppZo (working capital loans for SMB’s in Opportunity Zones with government contracts) raised $260M in capital consisting of $5M in equity and $255M in debt to support SMB’s in distressed communities.
- Don’t forget – the IRS has increased the standard mileage rate for business from 58.5 cents per mile to 62.5 cents per mile for the remainder of 2022 beginning July 1, 2022.
- OUCH!!!?Big 4 accounting firm Ernst & Young LLP to pay $100M fine to the SEC (the largest penalty ever imposed by the SEC against an audit firm) for cheating by its auditors on ethics exams and for withholding evidence of such.?Cheating on an ethics exam – DANG – C’MON MAN!!!!?LOL ??
- Happy Birthday ‘Merica!?Uncle Sean has fond memories of the 4th of July – in fact, it is still one of my favorite Holidays behind Christmas.?When I was a young’un about 100+ years ago, we would spend the 4th at the beach every year.?It was always in some remote area because our Dad didn’t really like most people (and conversely, most people didn’t like our Dad either – LOL).?We would spend the day building a beach fire with driftwood, eating hot dogs and bologna sandwiches; and I would spend countless hours shooting off bottle rockets, roman candles, and blowing up sand castles with Black Cat fire crackers!?Ahhh, there is nothing quite like a sea breeze with the smell of hot dogs, gunpowder, and burning driftwood in the air!!! ??
- By the way, here is a good quick Dad recipe for the 4th of July:
- Step 1 – cover beer with ice and let sit until cold
- Step 2 – drink and repeat
- Follow me for more exciting summertime recipes!!!
Have a GREAT 4th of July weekend and please stay safe!!!
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at [email protected] | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | [email protected] #FedFisHasTheData FedFis
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC – we all know he’s a little bit different; but that’s why we love him.
Solution solving transportation spend geek for on-time deliverables; Chemicals | Liquid Bulk | Flatbed | Dry Van | Blast Resistant Buildings| Over Dimensional Loads clients. Hunting is my Hobby, Dog lover.
2 年Dave Mayo - the Chickasaw is one of the most wealthiest Indian Tribe. Interesting read.