Friday December 14, 2018 –
Here are the new and noteworthy stories we have been following this week.
Fintech startup Plaid raises $250M at a $2.65B valuation
Plaid raises $250 million in a Series C investment led by Mary Meeker.
https://techcrunch.com/2018/12/11/fintech-startup-plaid-raises-250m-at-a-2-65b-valuation/
Equifax breach was ‘entirely preventable’ had it used basic security measures, says House report
A House Oversight Committee report has concluded that Equifax’s security practices and policies were sub-par and its systems were old and out-of-date.
https://techcrunch.com/2018/12/10/equifax-breach-preventable-house-oversight-report/
Wells Fargo and other banks charged college students $27 million in fees, buried CFPB report reveals
According to a year old (recently released) CFPB report, college students paid $27 million in banking fees and banks paid colleges $17 million to market financial products.
Peruvian payments system to go real-time with Vocalink
Vocalink will be working with Peru’s automated clearing house, Cámara de Compensación Electrónica (CCE) to implement real-time processing of all electronic payments.
https://www.finextra.com/newsarticle/33107/peruvian-payments-system-to-go-real-time-with-vocalink
U.S. Consumer Credit Market Poised for More Growth in 2019
According to Trans Union, strong macro economic fundamentals will continue to provide tailwinds for the consumer credit sector.
UK fintech unicorn Revolut granted European banking license
Revolut has received a European banking license through the Bank of Lithuania allowing it to offer a full range of banking services across continental Europe.
https://www.cnbc.com/amp/2018/12/13/revolut-secures-european-banking-license.html
Trading startup Robinhood branches out into U.S. checking and savings accounts
Robinhood launches checking and savings accounts that pay 3% interest rate, significantly higher than the market average.
Alibaba brings face-scan payments to tablet for shopkeepers
Alibaba has developed a facial recognition tablet solution for stores that lets shoppers pay with their face instead of scanning a QR code.
Porsche arranges acquisition finance loan on BBVA blockchain
BBVA has negotiated and closed a EUR150 million term loan for Porsche Holdings using blockchain technology.
