Friday August 9, 2019 –
Here are the new and noteworthy stories we have been following this week.
Murdoch’s Fox Corp to buy fintech Credible Labs in $397 million deal
Fox Corp has agreed to buy Australia listed online lending marketplace Credible Labs Inc. in a deal valuing the company at $397 million and positioning Fox to operate within consumer digital financial services.
Egyptian digital payments company Fawry IPO oversubscribed 30 times
Egyptian digital payments company ‘Fawry’ listed on the country’s stock exchange in a $97 million IPO receiving strong market demand..
Fed to Create Payments System to Speed Money Transfers
The Federal Reserve announced that it will build and operate a faster payments system as an alternative to the one currently in place run by The Clearing House and supported by the large banks.
https://www.wsj.com/articles/fed-to-create-payments-system-to-speed-money-transfers-11565026200
Apple, Goldman Sachs start issuing Apple Cards to consumers
The much anticipated Apple-Goldman credit card was launched digitally via an invitation-only offer to a select group of customers that had previously expressed interest in the card.
GreenSky Is Latest Online Lender to Tumble
GreenSky is reportedly exploring strategic options including a sale or merger given its recent profit miss, slowing growth, increasing delinquencies, and possible funding pressures.
https://www.wsj.com/articles/fintech-firm-greensky-explores-possible-sale-11565106584
Consumer credit posts tepid growth in June
Consumer credit growth slowed in June increasing by $14.6 billion or 4.25% to $4.1 trillion with gains driven principally by nonrevolving credit, while revolving credit growth was flat after a big run up in May.
https://www.reuters.com/article/us-usa-economy-credit-idUSBRE87615G20120807
Visa’s Market Value Surpasses All the Banks That Used to Own It
Visa’s market cap rose to $348 billion mid week surpassing that of many of the banks that used to own Visa under the old association model.
InComm and LA Metro Partner to Expand Access to TAP card Sales Throughout LA County
InComm is partnering with the Los Angeles County Metropolitan Transportation Authority (Metro) to expand the network of retail locations at which customers can purchase and reload TAP cards from 450 stores to more than 2,000 stores in 2020.
https://finance.yahoo.com/news/incomm-la-metro-partner-expand-131700693.html
UK Finance recommends 18-month delay for new authentication rules
UK Finance is recommending a minimum 18-month delay to the introduction of Secure Customer Authentication (SCA) rules in the UK given that most businesses are not ready for the implementation of a two-step verification process for online purchases.
Green Dot Tumbles on Stiffer Competition From Startups
Green Dot is facing considerable competitive pressure from newer well funded banking startups as well as a host of prepaid issuers and has lowered revenue / profit expectations for the year leading to a significant selloff in the company’s stock.
https://www.wsj.com/articles/green-dot-tumbles-on-stiffer-competition-from-startups-11565352002
