Valon Announces Series C Capital Raise
Marcel van Oost - FinTech News USA
Connecting the dots in FinTech...
?? NEWS HIGHLIGHT
Valon has raised $100M in a Series C round, led by WestCap with support from both new and returning investors.
This significant milestone marks our transition from a budding startup to a recognized leader in the industry, paving the way for us to truly revolutionize the mortgage industry with our technology.
This achievement wouldn’t have been possible without the relentless dedication, passion, and hard work of the entire Valon team. We are building something special here—and today’s announcement represents just the beginning.
NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS
???? NATIONAL HIGHLIGHTS
?? Green Dot Launches Brand Focused on Embedded Finance Capabilities.
?? Dwolla Partners with Plaid to Future-Proof Pay by Bank Payments.
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FINTECH
Robinhood unveiled its new desktop trading platform, ?????????????????? ????????????, at its HOOD Summit 2024. The app, which became synonymous with mom-and-pop investors in 2021, is now seeking to mature into a full-fledged financial services provider and compete with established brokerages that serve institutional investors.
Atomic partners with MX to streamline deposit and bill pay switching. This partnership is designed to deliver a simplified account switching experience for financial providers and consumers alike. Read more
MoneyLion launches MoneyLion Checkout, bringing e-Commerce simplicity to financial services. This new solution will let consumers complete financial transactions across hundreds of providers in real time without leaving the MoneyLion platform.
Uprise wants to help small businesses make better financial decisions. The startup looks to serve as a financial advisor to small businesses. It embeds itself into financial service products SMBs are already using, and gives companies recommendations of what they should do.?
PAYMENTS
Ingo Payments and Sardine announced a new partnership to offer instant, risk-managed account funding via card and ACH, backed by an optional zero-liability fraud guarantee. Combined with Ingo’s leading check funding solution, this offers issuers a fast, secure solution for funding via check, card, and ACH.
PayQuicker debuts Common Bank application to expedite onboarding and streamline client experience. The new solution simplifies the approval process by providing a unified platform that integrates all necessary bank approvals into a seamless experience, significantly enhancing client interactions.
Master Cross-Border Payouts: Top Strategies for Global Success, by Payquicker. Cross-border payouts are essential for the global economy, allowing businesses to transfer funds efficiently. As international markets expand, seamless cross-border payouts are crucial for competitiveness. Explore the full article for further insights
Visa is transforming its B2B2X offering ???????? ????????????, bringing its full suite of Money Movement brands into a single portfolio for the first time. This updated Visa Direct will enable organisations including businesses, financial institutions, governments and FinTechs to access a broad range of capabilities.?
Klarna is now officially a part of Apple Pay. This new integration makes the world of flexible payment options even more accessible as consumers can make purchases using Klarna directly on an iPhone or iPad, in app and online with Apple Pay.
Zelle says money transfers jumped 27% in first half of year, with payments totaling almost $500 billion. Consumers and businesses conducted 1.7 billion transactions across 143 million accounts during the first six months of 2024, according to a statement Thursday.?
Bank drama for PayPal, Square after Wells Fargo bows out. For over 20 years, Wells Fargo was a key player in supporting major payments companies, but its recent exit has left a gap. JPMorgan is now the only major U.S. bank still active in this space, working with PayPal, Venmo, and Square, though it's unclear how much of Wells Fargo's business JPMorgan has taken over. Discover more
GoodRx and Partner Pharmacies to offer Affirm BNPL option. With this new offering, approved consumers will be able to choose an Affirm payment option for select medications at participating retailers on the GoodRx platform, the company said in a press release last week.?
PayPal and Global Payments join forces to simplify checkout with Fastlane. This partnership allows Global Payments to provide U.S. merchants with enhanced PayPal and Venmo checkout solutions, along with Fastlane by PayPal for quicker guest checkouts, improving the shopping experience and increasing conversion rates.
REGTECH
CFPB Orders Apple and Goldman Sachs to Pay Over $???? ?????????????? for Apple Card Failures. The Consumer Financial Protection Bureau (CFPB) took action against Apple and Goldman Sachs for customer service breakdowns and misrepresentations that impacted hundreds of thousands of Apple Card users.
DIGITAL BANKING
SoFi Technologies will adopt Galileo’s Cyberbank Core to power a range of payment services to commercial clients, including debit, prepaid, ACH and wire transactions, and associated banking services. Cyberbank Core became an integral part of Galileo’s offering after SoFi’s acquisition of Technisys in 2022.
Evolve Bank & Trust said Saturday (Oct. 19) that it is preparing to return funds held at Evolve to Synapse Brokerage end users impacted by the Synapse bankruptcy. To provide information on the reconciliation process and the anticipated timeline for returning funds, Evolve will launch an online resource center on Wednesday (Oct. 23), the financial services organization said in a Saturday press release.
Santander launches US digital bank to cut cost of auto lending. Spain's Santander launched its U.S. digital bank on Monday, which could help fund up to $30 billion in loans for vehicle purchases and broaden its retail business in the country, the bank's U.S. CEO Tim Wennes told Reuters.?
BNY and Mizuho Bank announce landmark agreement to collaborate for trade services. Through this agreement, both banks are able to enhance their services to clients through frictionless access to each other’s expansive trade network. Keep reading
Goldman Sachs faces $???? ?????????????? in fines over Apple Card issues Goldman Sachs will be ordered to pay tens of millions of dollars in penalties by the Consumer Financial Protection Bureau over its handling of its credit-card business, according to people familiar with the matter to The Wall Street Journal. Learn more
CRYPTO
Stripe in talks to acquire Bridge, a stablecoin payment platform founded by Coinbase alumnus Sean Yu. Sources familiar with the matter indicate that discussions are in advanced stages, though no agreement has been finalized. Both parties might still withdraw from the negotiations.
Stripe has acquired stablecoin platform Bridge in a $??.?? ?????????????? transaction, marking the largest acquisition in the crypto industry to date. Techcrunch founder Michael Arrington confirmed the news through a post on X, emphasizing the significance of this milestone deal. The acquisition of Bridge reflects Stripe’s growing commitment to cryptocurrency.
DONEDEAL
One Zero, the AI FinTech started by the founder of Mobileye, is raising $100M, say sources. The company, which specializes in utilizing AI for retail banking services, is raising at least $100 million and has already secured approximately $242 million in funding.
M&As
American Express completes acquisition of Tock. The acquisition strengthens American Express’ offerings in dining, travel, and entertainment, expanding its digital tools for restaurants and merchants to enhance customer service. Read on
MOVERS & SHAKERS
Ingo Payments has appointed Joseph Akintolayo as Chief Innovation Officer. Joseph joined Ingo Payments a few weeks ago and has begun contributing his visionary leadership and entrepreneurial expertise to the company's innovation strategy. ?