Friday September 11, 2020 –
Here are the new and noteworthy stories we have been following this week.
Klarna talks to investors on raising funds at over $10 billion valuation
Klarna is reportedly in talks with investors to raise about $500 million as it looks to expand in the US; the new funding could value Klarna at around $10 billion, up from $5.5 billion in August 2019.
PSP Mollie raises €90 million
Dutch payments services provider Mollie has raised €90 million in growth financing in a Series B round led by venture capitalist TCV; Mollie is one of the largest PSPs in Europe serving about 100,000 merchants and is expected to process over €10 billion transaction volume this year,
https://www.finextra.com/newsarticle/36513/psp-mollie-raises-90-million
Retailers Meet Customer Demand to “Buy Now, Pay Later” with Installment Payment Option from Fiserv
Fiserv is working with QuadPay to enable installment payment functionality for its merchant clients; the companies are bringing on Fanatics, a provider of licensed sports merchandise as their first customer.
Consumers increased borrowing in July but are still holding back
According to Fed data, in July, consumer credit increased at a seasonally adjusted annual rate of 3.5% to $4.13 trillion driven primarily by a gain in installment credit; year-to-date total consumer debt is down by about $42 billion.
https://www.axios.com/consumers-borrowing-july-4f0bda17-88b4-4974-b311-4df0f7ff1330.html
Mastercard Launches Central Bank Digital Currencies (CBDCs) Testing Platform, Enabling Central Banks to Assess and Explore National Digital Currencies
Mastercard has launched a proprietary virtual testing environment for central banks to evaluate CBDC use cases; the platform enables the simulation of issuance, distribution and exchange of CBDCs between banks, financial service providers, and consumers.
Deluxe Building FinTech Innovation and Customer Experience Centers in new Metro Atlanta Location
Deluxe has selected Atlanta for its FinTech Innovation Center and Customer Experience Center which are targeted to open next year; the company is investing over $10 million and is expected to bring in over 700 new jobs.
Visa and PayPal extend real-time payments partnership
Visa and PayPal have announced an extension of their global partnership, which will expand real-time access to funds for consumers and small businesses that are sending or receiving money via PayPal, Venmo or Xoom; the collaboration expands PayPal’s Instant Transfer service, which leverages Visa Direct for real-time payment capabilities.
https://www.finextra.com/pressarticle/84005/visa-and-paypal-extend-real-time-payments-partnership
eBay expands management of payments to France, Italy, and Spain
eBay is expanding its management of payments to France, Italy and Spain in Q1 2021 to continue to offer buyers choice in payment methods and to give sellers an easier way to manage their businesses; eBay took control of its payments business and platform in the US in September 2018 and has been expanding to other countries.
Oyster Financial raises $14 million in seed funding led by Monashees and SV Latam Capital to expand fast in Mexico
Oyster Financial, a Mexico City and San Francisco-based neobank that has developed its own core banking technology platform has raised $14 million in seed funding; the new funding will be used to accelerate Oyster’s growth in Mexico as it seeks to help SMB’s gain access to financial services.
Santander spins out fintech VC; doubles allocated funds to $400m
Santander is spinning out its Innoventures fintech venture capital unit and doubling its commitment to $400 million; the new fund will be called Mouro Capital and will manage the existing portfolio of Santander Innoventures.
