Mergers & Acquisitions, Oh My!
Those who predicted further consolidation in the financial services realm for 2024 have so far been validated. Among smaller M&A news, including xalts buying out Contour Network and Manifest acquiring Nerve, this week we saw news of Capital One's plans to acquire Discover splashing across headlines.
There are two differences between Capital One's planned acquisition and the others we've seen so far this year:
1) It's bigger than any deal we've seen so far this year. Here are some stats:
2) It may not be approved by regulators. The Biden administration is in the midst of reviewing bank merger review guidelines and, with bank failures on the rise, any activity in this area is sure to raise eyebrows and invite scrutiny. That said, funneling some of Capital One's transaction volume to Discover's network may increase competition and potentially lower credit card swipe fees-- something Congress has been considering since proposing the Credit Card Competition Act in late 2023.
The deal is slated to be finalized in late 2024 or early 2025. Whether it is approved or not, there will be no lack of fintech nerds saying, "I told you so."
I'm Julie Muhn, bringing you this week's news as the rest of the financial services community is holding its breath waiting to see whether the Capital One-Discover deal goes through.
5 Lessons We Can Learn from India's Unified Payment Scheme (UPI)
India's Unified Payments Interface (UPI) has seen record growth. Last December, the payments scheme peaked, with more than 12 billion transactions worth $220 billion (Rs 18.23 trillion).
With the U.S. having launched FedNow, its own real-time payment scheme, last year, what lessons can be learned from UPI's success? Take a look at how the payment scheme excels in security, simplicity, interoperability, and more.
Weekly News
The Conversation Continues: SoLo Funds Co-Founder Rodney Williams on Serving the Underserved
Since founding the company in 2018, Williams and his team have helped funded more than 1 million loans and has distributed more than $300 million in capital to underserved communities.
领英推荐
In this episode, Williams talks with Finovate VP and host of the Finovate Podcast Greg Palmer about how fintech can better meet the needs of underserved communities.
Pause Button: Selflessness and the art of public speaking
When attending conferences, I always try to empathize with the speaker on stage. Having been on stage a number of times myself, I know what it's like to stand in front of 1,000+ people who are all looking at you.
While I generally know my content, sometimes my mind slips-- Does my hair look weird? Did I remember to remove the price tag from the bottom of my shoe? Did I just use the word "meat" twice in one sentence?"
In reading up on public speaking tips this week, however, I've discovered that I may be more successful if I shift my mind from myself to my audience. Read the Harvard Business Review's piece titled, To Overcome Your Fear of Public Speaking, Stop Thinking about Yourself for more details on how to minimize stress, anxiety, and fight-or-flight on stage.
FinovateEurope 2024
Are you ready for FinovateEurope next week? Taking place 27-28 February 2024 at the Intercontinental O2 in London, FinovateEurope will help you start the year armed with the newest trends and relationships. There's still time to book your ticket.
Take a look at the agenda to get an idea of what companies are demoing and which thought leaders will be sharing their expertise on stage.
If you're already registered, download the ConnectMe app to start networking before the event even begins.
Header photo by Ekaterina Sazonova on Unsplash
India Rupee photo by rupixen.com on Unsplash
Pause button photo by Miguel Henriques on Unsplash