Friday September 25, 2020 –
Here are the new and noteworthy stories we have been following this week.
Mox, Standard Chartered-backed virtual bank, enters fray with cash rebates plan, shuns deposit gimmicks
Standard Chartered unveils its digital bank Mox in Hong Kong; Mox offers cash rebates on spending and has signed up 14,000 customers during its three-month trial period.
Ally Lending Announces Relationship With Sezzle
Ally Lending will work with Sezzle to finance POS installment credit starting Q1, 2021; according to Ally, it will support loans up to $40,000 and 60-month terms.
PNC fintech incubator buys Sentral
PNC’s fintech incubator, numo, has acquired Sentral, a Pittsburgh-based debit gateway technology and business that helps large publishers track debit network transactions in the card-linked offer (CLO) space.
Russia’s Yandex Agrees $5.5Bln Deal For Tinkoff Bank
Yandex, Russia’s largest technology company is acquiring challenger bank Tinkoff in a $5.5 billion deal; Tinkoff is Russia’s largest online challenger bank.
Mastercard Expands its Digital First Card Program Amid Growing Demand for Digitally Driven Money Management Solutions
Mastercard has announced the expansion of its Digital First Card Program in North America to support instant digital card issuance and management; Mastercard is working with a group of processors that will enable issuers to digitize the card issuance and management process.
PayPal and Capital One vets launch One banking app
One, a new digital bank targeting middle class Americans is the latest new digital bank; One offers a transaction account with a 1% interest rate, a debit card, and a credit line.
Wells Fargo signs data exchange agreement with Envestnet Yodlee
Wells Fargo and Envestnet Yodlee have signed a data exchange agreement that will enable the bank’s customers to share their account information with fintech apps connected to Envestnet Yodlee; according to Wells, this is a significant step to move away from third party app screenscraping.
Square, Inc. to Invest $100 Million in Minority and Underserved Communities
Square announced that it intends to invest $100 million in support of minority and underserved communities; the money will be allocated to deposits in CDFIs and MDI’s, as well as to various social impact and development initiatives.
Petal Raises $55M in Series C Funding
Petal, one of the new non-bank credit card issuers has raised $55 million in Series C funding led by Valar Ventures bringing its total money raised to $100 million; Petal will use the funds to continue its business expansion.
Greenlight raises $215m for kids’ debit card
Atlanta-based Greenlight has raised $215 million in a Series C funding round led by Canapi Ventures and TTV Capital; Greenlight serves more than two million parents and kids, who have collectively saved more than $50 million.