The Week in Review

The Week in Review

Friday December 11, 2020 –

Here are the new and noteworthy stories we have been following this week. Becomes China’s First Online Mall to Test Digital Yuan will become China’s first online retailer to use digital yuan as part of the ongoing tests the central bank is conducting with its digital currency; to enable usage, the central bank is distributing about 20 million yuan ($3 million) in digital form that can be used on

Paysafe to go public in Bill Foley-backed $9 billion deal

Paysafe, a UK-based integrated payments platform and provider is merging with special purpose acquisition company (SPAC) Foley Trasimene Acquisition Corp II and going public in a deal valuing Paysafe at $9 billion; Paysafe handles about $100 billion in annual volume and has significant presence in e-commerce and gaming.

Consumer credit growth slows in October

According to Fed data, in October, total consumer credit increased at a seasonally adjusted annual rate of 2% to $4.16 trillion; revolving credit decreased at an annual rate of 6.75% to $979.6 billion, and nonrevolving credit increased at an annual rate of 4.75% to $3.18 trillion.

Mexican challenger bank albo raises $45 million to expand

Mexican startup digital bank albo has raised $45 million to continue its expansion including moving into lending and insurance; albo is targeting the low-income and emerging middle class segments and has signed up about 500,000 customers.

Unit raises $18.6M to offer banking features as a service

Unit, a startup that enables banking-as-a-service has announced a $18.6 million fund raise as it comes out of stealth mode; Unit has built a platform that lets third parties integrate banking and payment services into their own businesses via an API.

Banking On Fintechs: Synctera Raises $12.4M Seed For Financial Services Matching Platform

Synctera, a startup working on connecting community banks and fintech firms with a focus on supporting / managing technical complexity and compliance, has raised $12.4 million in seed funding; Synctera has also announced its first set of clients, Coastal Community Bank and digital bank, One.

Paxos and BitPay Want to Become US National Banks

Two cryptocurrency firms Paxos and BitPay have filed an application with the OCC for a national bank charter; NY-based Paxos issues stablecoins and offers several other crypto-related services, including custody and brokerage, while Atlanta-based BitPay facilitates merchant acceptance of cryptocurrency payments.

Aeldra launches its premium global banking mobile app; set to add 300,000 accounts

Aeldra, a new US-based digital bank targeting the globally affluent segment has launched in invitation mode (initially to the Indian market); Aeldra’s value proposition is an FDIC insured US checking account and a Mastercard debit card for people outside the US.

Sweden’s Tink raises $103M as its open banking platform grows to 3,400 banks and 250M customers

Tink, a Swedish startup that enables open banking via its platform and API’s has raised $103 million at a post-money valuation of about $825 million; Tink currently links about 3,400 banks and plans to use the new capital to accelerate its expansion across Europe.

UK Supreme Court enables $18.5 billion class action against Mastercard

The UK Supreme Court has allowed an $18.5 billion class action to proceed against Mastercard for allegedly overcharging more than 46 million people in Britain over a 15-year period; the genesis of the case has to do with “anti-competitive” fees and interchange.