Friday August 28, 2020 –
Here are the new and noteworthy stories we have been following this week.
S. Korea’s leading fintech startup Toss raises $173 mln in new funding
Viva Republica, the operator of Toss, a fintech startup in South Korea, has raised $173 million in new funding; Toss is targeting to become a one-stop app for all financial needs by consolidating various financial products from different financial institutions and offering customized recommendations leveraging user engagement data.
PayPal joins the ‘buy now, pay later’ race with new ‘Pay in 4’ installment program
PayPal has introduced a new installment credit option for PayPal users called “Pay in 4″, the ability for customers to pay for purchases, interest-free, over four separate payments; the installment payment option is being made available without any change to merchant pricing which makes the service more competitive vs. other buy now pay later programs.
Trust Stamp Closes $6.5M Regulation A Offering on SeedInvest
Trust Stamp, an Atlanta and UK-based ID authentication company has completed a $6.5 million equity crowdfunding offering through SeedInvest; Trust Stamp will use the proceeds for ongoing R&D.
Singapore’s Atlantis launches neo bank in India
Singaporean fintech firm Atlantis is entering the Indian market with Neo-Bank, an app-based banking platform targeting millennials and Gen-z; Neo-Bank will offer a range of personal financial management tools, investment options, a savings account, and bank card.
Neon Receives $300 Million From General Atlantic, Vulcan Capital, Funds and Accounts Managed by BlackRock, BBVA, and PayPal Ventures in Series C Funding Round
Neon Pagamentos, a Brazilian fintech focused on consumer and small business financial services has secured a Series C investment of $300 million led by General Atlantic with participation from a host of existing and new investors; according to Neon, the funds will be used to support hiring; user base expansion, platform enhancement, and product development.
Cash App’s Surge During Covid-19 Pandemic Fuels Square Stock
The popularity of Cash App (Q2 revenue more than doubled to $325 million, excluding sales of bitcoin) is driving the price of Square stock which is up 166% year to date; on a stand-alone basis, the value of Cash App is estimated at around $40 billion which is higher than Capital One.
Start-up co-founded by ex-Goldman trader is first fintech to complete takeover of a national bank
Jiko, a fintech startup, has closed a deal to purchase Mid Central National Bank, a small Minnesota-based bank; Jiko’s value proposition is a bank account and debit card where the deposits are held in Treasury Bills and can generate higher returns vs. typical deposit accounts.
Vipps to reach beyond Norway with Visa distribution deal
Norwegian payments app Vipps is working with Visa to expand beyond its home market; under the arrangement, Visa’s clients and partners will be able to take advantage of the Vipps platform to create their own digital wallets and offer customers new ways to to send, pay, and receive money via their mobile phone.
Mastercard expands installments offering
Mastercard is partnering with TSYS, a Global Payments company, to enable consumers to use their Mastercard to split transactions into installments before, during, or after checkout; under the arrangement, TSYS will provide the installment capability to its card issuing clients.
China’s ByteDance buys UIPay to leverage e-payment capabilities at home
ByteDance, the owner TikTok, has acquired a Chinese third-party payment service UIPay to leverage its domestic payment capability; according to ByteDance, “The acquisition is to supplement the existing major payment options, and to ultimately enhance user experience on our multiple platforms in China.”