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Marcel van Oost - FinTech News USA
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Financial Technology Partners / FT Partners released the latest FinTech Deal Activity Insights from the month of May.
REPORT
?When it comes to money in the metaverse, there were three overarching observations that apply across all 10 surveyed markets in PayPal's latest report:
? There is a significant amount of money that is currently spent and held in the metaverse;
? There is a need for interoperability for money in the metaverse;
? There is a need for greater security around money in the metaverse.
Marqeta's survey respondents (75%) shared that they have used a peer-to-peer payment app in the last 12 months, approximately the same number of consumers who stated they had in 2022 (76%).
?? NEWS HIGHLIGHT
The?US Securities and Exchange Commission?accused?Binance Holdings Ltd.?and its Chief Executive Officer?Changpeng Zhao?of mishandling customer funds, misleading investors and regulators, and breaking securities rules.
The U.S. arm of Binance lost $181 million last year, according to filings by the SEC.
?? INFOGRAPHIC
?Online banks have managed to pull off what has become a tall order in 2023: They brought in more deposits than they lost.
?? ARTICLE
Venmo-ing crypto is already here — the latest development in PayPal's nearly one-year-old service enabling on-chain transfers.
It's an incremental advance in the payment giant's vision of a more cashless future, one that includes solving what it sees as some of the roadblocks keeping crypto from playing a more significant role in payments.
"We want to cement the position of PayPal as this conduit between the fiat and web3 world in an integrated way," Jose Fernandez da Ponte, head of PayPal's blockchain team, told Axios.
The valuations that many retail investing platforms earned in 2021 and 2022 don’t reflect the challenges that they and their biggest competitor, Robinhood, face in today’s market.
Read all about this in an interesting CB INSIGHTS article here.
That's up from 45% in 2021, and the market could get a boost from Zelle's companion digital wallet Paze, which is set to pilot this month.
?? INTERVIEW
Brex Co-CEO: "AI Will Completely Transform Fintech"
Check out the Bloomberg video??
领英推荐
??INSIGHTS
Global FinTech deal activity dropped 42% in May 2023 YoY.
? FinTech deal activity reached 452 transactions in May 2023, a 42% drop from May 2022
? FinTech companies raised a combined $3.2bn in May 2023, a 65% reduction YoY
? The USA was the most active FinTech country in May with a 42% share of total deals.
NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS
???? NATIONAL HIGHLIGHTS
??Cross River Bank enters consent order with FDIC over fair lending compliance practices.
??A sneak preview of the INNOPAY Open Banking Monitor Q1 2023: The old guard is embracing new opportunities.
??Google fattens its wallet to counter Apple Pay.
??Stripe announced a new charge card program from Stripe Issuing, its commercial card issuing the product.
?? Evolution of US Acquiring Processing by Flagship advisor.
?? 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?
VC FUNDS
Magic raised $52 million in a strategic funding round led by PayPal Ventures, with participation from Cherubic, Synchrony, KX, Northzone, and Volt Capital.
Vartana raised $20M in Series B funding led by commerce & fintech growth firm Activant Capital, with participation from Mayfield and Audacious Ventures.
Revolut alums raise $3.7 million in seed funding for Vault, a startup offering banking services to Canadian SMBs.
PAYMENTS
Affirm announced a multi-year partnership that will make Affirm’s Adaptive Checkout? available to all eligible Worldpay merchants.
Cross River Bank forged a strategic partnership with paymints.io, a Software-as-a-Service platform for real estate payment transactions.
Aliaswire announced that Onboard Partners, LLC acquired its Payvus small business credit card issuing and capital management business.
RIBBIT, Inc. announces its acquisition of ValidiFI, a leading provider of fraud, compliance, and risk mitigation solutions.
Don’t store cash in Venmo and PayPal, US regulator warns.
Keeta raised $17 million in funding from a group of investors led by former Google CEO Eric Schmidt.
Momnt announced the launch of a partnership with Cross River Bank (“Cross River”).
ForwardAI announced the launch of Forwardly, a real-time payment (RTP) enabled cash flow management tool for small and medium-sized businesses in North America.
BNPL
Amazon Pay taps Affirm to be its first buy now, pay later player in the US.
INVESTMENT
Wealthfront is offering an automatic portfolio just for bonds in response to surging interest in fixed income.
MOVERS & SHAKERS
Dwolla appointed a new chief financial officer (CFO), Lawrence Herman, and two board members, Alka Gupta and Millicent Tracey.