The Week in Review

The Week in Review

Friday July 12, 2019 –

Here are the new and noteworthy stories we have been following this week.

U.S. Consumer Borrowing Climbs on Bigger Credit Card Balances

In May, consumer credit increased by an annualized rate of 5% to $4.088 trillion driven by strong gains in revolving credit which grew by $7.2 billion to $1.072 trillion.

U.S. Banks Rush In as European Banks Stumble

US banks are capitalizing on challenges faced by European banks and currently hold the top 5 spots by investment-banking revenue.

Dutch banks told to stop using payments data for personalised marketing

The Dutch Data Protection Authority has written to the Dutch Banking Authority advising that banks are “not allowed” to use payments data for customer marketing.

Cambridge Global Payments to Offer Invoice Automation Solution

Cambridge Global Payments has launched a fully integrated Invoice Automation Solution to simplify foreign vendor payments directly from the original invoice eliminating the need for manual entry.

OPay raises $50 million from investors including IDG Capital, Sequoia China, Source Code Capital and Opera

OPay, a Nigeria based mobile payments company has raised $50 million to expand across Africa as well as into new business verticals including motorbike ridesharing and food delivery services.

RBC buys accounts payable specialist WayPay

Royal Bank of Canada (RBC) has acquired WayPay, a Canadian startup that provides businesses with cloud-based accounts payable automation technology.

Visa funds $40M for no-password crypto vault Anchorage

Visa has joined Blockchain Capital and Andreessen Horowitz in a $40 million Series B round for crypto security company Anchorage.

Carlos Slim’s bank to acquire stake in Brazil unit of Global Payments

Mexican bank Inbursa  is taking a 33% stake in the Brazilian unit of Global Payments with the goal of establishing a payments processing business in Brasil.

SoftBank leads $231m funding round for Brazilian fintech lender

Softbank has led a $231 million funding round for Brazilian online lender Creditas that provides secured loans collateralized by real estate and automobiles.

Samsung Pay integrates loan and credit card applications in India

Samsung has teamed up with Indian online financial products marketplace to enable consumers to apply for credit through Samsung Pay.

German digital banking startup N26 makes U.S. foray

N26 is launching in the US through a partnership with Axos Bank and offering a no fee app-based checking account and a Visa debit card.