The Week in Review

The Week in Review

Friday May 31, 2019 –

Here are the new and noteworthy stories we have been following this week.

Global Payments, Total System Services to Combine in $21.5 Billion Deal

Global Payments and TSYS have agreed to combine in a “merger of equals” all-stock transaction valued at roughly $21.5 billion.

Splitit Raises $30M AUD to Scale for Existing Demand and Accelerate Growth in Merchant and User Acquisitions

Splitit has announced that it has raised $30 million AUD in new equity via a fully committed placement to institutional, sophisticated, professional, and experienced investors.

U.S. banking sector reports $60.7 billion in profits for first quarter of 2019

The US banking sector reported $60.7 billion in Q1 2019 profits, up 8.7% from the the first quarter last year.

Lending start-up SoFi closes $500 million funding round, led by Qatar

SoFi has closed a $500 million funding round led by Qatar Investment Authority at a $4.3 billion valuation.

Startup Brex Is Raising Money at a Valuation Above $2 Billion

Brex is reportedly raising a new round of funding led by Kleiner Perkins at $2+ billion valuation.

Grasshopper Bancorp, Inc. Completes $116 Million Private Placement Offering And Grasshopper Bank, N.A. Opens For Business

Grasshopper Bank, a newly chartered national bank, announced the completion of its private placement offering and the receipt of all regulatory approvals for the Bank to open for business.

Bank supervision in America is unfit for the digital age

The complexity of the US banking regulatory system is hindering the development of startup digital banks and indirectly protecting incumbent financial institutions.

CIBC, NAB and Bank Leumi open portal for fintechs to make pitches

Canada’s CIBC, Israel’s Bank Leumi, and National Australia Bank have launched a joint global online portal from where fintech firms can submit them proposals.