Friday August 21, 2020 –
Here are the new and noteworthy stories we have been following this week.
American Express to Acquire Kabbage
American Express announced that it is acquiring online digital lender Kabbage for an undisclosed sum; the acquisition includes the Kabbage technology and team but not Kabbage’s pre-existing loan portfolio.
Robinhood raises $200M more at $11.2B valuation as its revenue scales
Robinhood has announced a new $200 million raise at an $11.2 billion valuation; this is the third round that Robinhood has raised this year and its valuation has increased $2.9 billion from the first to this latest round indicating continued rapid growth.
Brazilian microlending fintech SuperSim secures $5.6m funding
SuperSim, a Brazilian microlending startup, has secured $5.6 million in Series B funding through debt financing; SuperSim focuses on the lower socioeconomic classes and provides short to medium-term microloans typically collateralized by personal possessions.
Puerto Rico Payments Company Evertec to Explore Sale
Evertec, a Puerto Rico-based payments processor is reportedly exploring strategic options including a possible sale; Evertec offers a comprehensive set of payment processing services (including card, merchant, and ATM) and operates in the Caribbean and Latin America.
Nordic challenger bank Lunar launches business bank accounts for SMEs and freelancers
Lunar, a Danish challenger bank is adding a business account catering to SME’s and freelancers to its product suite; Lunar was established in 2015 and received a banking license in 2019, and recently raised €20 million in Series B funding.
Marcus to offer buy now, pay later option for jetBlue flights
JetBlue and Goldman Sachs are extending MarcusPay™ for JetBlue flights in addition to vacation packages; customers will be able to apply for this POS installment financing from the payment page at jetblue.com or jetbluevacations.com and soon via the JetBlue mobile app.
NIFT signs MOU with Checkout.com for international payment methods
NIFT and Checkout.com have signed a Memorandum of Understanding (MoU) for collaboration between both organizations to improve and expand digital payments in Pakistan; the agreement enables both organisations to provide payment services through each other’s infrastructure and pursue commercial opportunities as a partnership.
NPCI launches international arm to take UPI, RuPay to other countries
The National Payments Corporation of India (NPCI) has launched its international subsidiary NPCI International to take its instant payment service Unified Payments Interface (UPI) and card network RuPay to international markets; according to NPCI, there is interest from several countries in Asia, Africa, and Middle East.
JPMorgan to challenge UK banks with digital launch in early 2021
Chase is reportedly prepping for the launch of a digital bank in the UK; according to industry sources, Chase has signed up suppliers including Amazon Web Services and 10x Future Technologies to provide it with cloud and digital banking infrastructure.
Wirecard break-up begins as it sells off UK and Brazil businesses
Wirecard’s UK business has been sold to Railsbank and its Brazilian business to PagSeguro Digital; according to Wirecard’s administrators, the sales process for Wirecard North America, is “well advanced” and final offers are expected soon.