MoneyLion Joins American FinTech Council
Marcel van Oost - FinTech News USA
Connecting the dots in FinTech...
?? NEWS HIGHLIGHT
GeoWealth, a US FinTech based in Chicago offering wealth management technology for investment advisors and institutional investors, has secured an $18 million growth investment led by global asset manager BlackRock.
The round saw additional backing from Kayne Anderson Growth Capital, which led GeoWealth’s $19 million Series B funding round in 2021, and fellow existing investor JP Morgan Asset Management.
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??INSIGHTS
Matt Hertzog spends 50 hours a week playing Xbox. That makes the 37-year-old part of a key target market for big financial firms.
Banks are seeking out millennial and Gen Z customers in the $57 billion-a-year videogame industry. Leading the charge is Barclays, a big player in U.S. credit cards, which wants to do with gamers what card companies long ago did with airline passengers: boost loyalty, and spending, by offering customers rewards when they charge their card.
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NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS
???? NATIONAL HIGHLIGHTS
?? MoneyLion joins American FinTech Council.
?? AppBrilliance Brings Real-Time Frictionless Payments to Closed Loop Digital Wallets With RTP & FedNow.
?? Introducing Joint Investing Accounts at Robinhood.
?? Do you want to have access to the best deal flow in FinTech? And/or do you want to invest alongside me and 1000+ other FinTech Angel investors?
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FINTECH
Sage integrates with Stripe to improve cash flow management for SMEs. In partnership with Stripe, Sage intends to expand its payments ecosystem, ensuring that a growing number of its customers have access to services that will help them to manage their cashflow.
Marqeta Becomes First Issuer Processor in the US Certified to Enable Visa Flexible Credential. This will provide consumers with the potential opportunity to benefit from Visa’s acceptance, the simplicity and ease of Marqeta’s platform, and Affirm’s technology and underwriting capabilities in Buy Now, Pay Later.
Affirm says CFPB’s proposed BNPL rules will confuse customers. The BNPL provider Affirm submitted a letter to the CFPB on Friday outlining its opposition to a proposal by the bureau to treat BNPL transactions like credit card loans.
HP announced new, comprehensive U.S. consumer financing options for HP products purchased on HP.com. By leveraging ChargeAfter’s technology and collaborating with three leading financial providers – Bread Financial?, Concora Credit and Koalafi – HP can now offer nearly every U.S.
Brex CEO Pedro Franceschi says the company's monthly cash burn is "way below" $10 million. It's also looking outside SF/NY, and at mid-sized companies, for growth.
PAYMENTS
Thredd signs US processing agreement with Spendbase. This collaboration marks Thredd’s second U.S. client and signals Spendbase’s market expansion into North America.
Kasheesh Introduces Multi Use Card: Split Payments Across Multiple Cards for Flexibility, Convenience, and Credit Optimization. This helps enhance security, while also allowing them to better utilize their credit.
Swivel Announces Unique Apple Pay? Integration Capability To Improve Loan Payment Performance For Community Financial Institutions. This is strategically beneficial for credit unions and banks as it improves the customer experience by streamlining the loan payment process while improving the performance of payment reminders sent to customers through the mobile channel.
Stripe Selects Fifth Third to Power Embedded Financial Services. Fifth Third Bank is pleased to announce a collaborative agreement between Newline? by Fifth Third, a leading embedded payments provider, and Stripe, a financial infrastructure platform that enables businesses to seamlessly incorporate financial services in their products.
Marqeta, Visa and Affirm team on flexible checkout options. The collaboration, announced, makes Marqeta the first U.S. processor to enable Visa Flexible Credential, a card offering that toggles between payment methods: debit, credit, cryptocurrency and pay-over-time options.
DIGITAL BANKING
Current Account Switch Service records 1.4 million switches in past 12 month. The Current Account Switch Service publishes its Q2 2024 Dashboard1 reporting the latest switching figures and trends.
First Global Bank Partners With Profile Software For Its Banking Solution. The solution meets the bank’s need for a modern end-to-end solution, providing front-end, digital onboarding and loan origination facilities.
Monzo, the mobile banking app, announces the launch of interest on Savings Jars, designed to supercharge the savings of customers across the US.
CRYPTO
The biggest takeaways from ETH ETFs’ opening week in the US. Though investors exiting the Grayscale Ethereum Trust (ETHE) hurt the US spot ETH ETF market’s initial net flows figure, four of the funds saw solid traction.
SEC Revises Binance Lawsuit, Excludes Solana as a Security. The decision to exclude Solana from this designation may signal a significant shift in how certain cryptocurrencies are viewed and regulated within the United States.
DONEDEAL
Curql, a collective of credit unions jointly investing in FinTech, has added ModernFi to its investment portfolio. This investment marks a significant milestone in establishing the first deposit network for credit unions and as the first investment for Curql Fund II, further solidifying Curql's mission to bring relevant and competitive solutions to the credit union industry.
Copenhagen-based FinTech startup Female Invest has raised $11.2 million as it looks to expand its education and trading offering. New funding will also go towards expanding the company's offering into the US.
M&As
Payments giant Stripe has acquired a four-year-old competitor, Lemon Squeezy to help build a global merchant of record solution.
MOVERS & SHAKERS
Temenos, the banking software company, announced two key executive appointments to accelerate business growth and capture the market opportunity in SaaS and in the US. Isabelle Guis has joined as Chief Marketing Officer and member of the Executive Committee. In addition, Monty Bhatia is appointed Executive Vice President (EVP) of Global Alliances and Partner Ecosystem.