Friday May 24, 2019 –
Here are the new and noteworthy stories we have been following this week.
TransferMate to handle all Wells Fargo’s inbound payments into the US
TransferMate has entered into a deal with Wells Fargo to handle all incoming overseas payments for Wells’ US business clients that have international dealings and receive payments from their global customers.
https://businessandfinance.com/transfermate-wells-fargos/
Wagestream closes $51M Series A to plug the payday gap without putting workers in debt
Wagestream, a UK based company that lets employees draw down earned income before payday has raised $51 million in debt and equity to continues its growth and expansion.
ACI Worldwide Transforms Payments and Security for Chile’s Largest Acquirer
Transbank, the major Chilean acquirer has selected ACI’s UP Retail Payments solution to modernize and upgrade its systems and enhance its competitive edge as the Chilean government pushes for the opening up of the payments sector.
https://finance.yahoo.com/news/aci-worldwide-transforms-payments-security-120000200.html
TransferWise is now Europe’s most valuable fintech start-up, with a $3.5 billion valuation
TransferWise conducted a $292 million secondary sale deal in which employees and early investors sold shares to Vitruvian Partners, Lone Pine, and Lead Edge.
Plaid gives digital banks and fintech a new tool to bypass traditional finance
Plaid has launched a new product that lets financial applications link between themselves, as well as to digital and challenger banks, instead of routing back to the underlying bank.
HSBC opens London and Toronto data and innovation labs
HSBC has opened data and innovation labs in London and Toronto focusing on analytics and robotics working on products and services for the bank’s global banking and markets unit.
https://www.finextra.com/newsarticle/33871/hsbc-opens-london-and-toronto-data-and-innovation-labs
For Next Act, Synchrony Turns to Credit for Pet Care, Body Waxes
Synchrony is looking for growth outside traditional retail and expanding to new verticals including airlines and automotive companies as well as bulking up its CareCredit business.
Millions of Americans are only $400 away from financial hardship. Here’s why
According to the Fed’s recently released “Report on the Economic Well-being of U.S. Households for 2018”, 27% of adults would have challenges in managing an unexpected $400 expense.
https://www.cnbc.com/2019/05/23/millions-of-americans-are-only-400-away-from-financial-hardship.html
Zero raises $20 million from NEA and others for a credit card that works like debit
New card issuer and checking count provider Zero, has raised $20 million from New Enterprise Associates and a number of other investors to grow the company and move past its public beta.
Facebook plans to launch ‘GlobalCoin’ currency in 2020
Facebook is finalizing plans to launch its cryptocurrency based payment system to provide a secure and low-cost alternative with a special focus on facilitating payment transactions for unbanked consumers.
https://www.bbc.com/news/business-48383460
Visa’s chief economist: Banks disintermediated by ‘massive increase in alternative lending’
According to Wayne Best, chief economist at Visa who presented the keynote at Card Forum, fintech firms have increased their share of installment loans from 1% in 2010 to 40% today.
Global Payments is nearing an agreement to acquire Total System Services for roughly $20 billion in latest fintech deal
According to multiple news outlets, Global Payments is in talks with TSYS and a deal could be announced shortly.
