FTC files complaint against paytech First American over alleged “harmful practices”
Under a proposed federal court order, First American will have to return $4.9m to affected businesses.
USA
Tax automation fintech Avalara snapped up by Vista for $8.4bn
Vista Equity Partners will acquire all outstanding shares of Avalara for $93.50 per share.
Payments veteran Steve Ledford retires, leaves The Clearing House
The self-described “payments nerd” says he is leaving the payments industry after 41 years.
Embedded finance start-up Parafin raises $60m Series B
The funding round was led by GIC, Singapore’s sovereign wealth fund.
B2B paytech Plastiq to list publicly following SPAC merger
The new entity, set to be worth $480 million, will continue to be headed up by CEO Eliot Buchanan.
US fintech funding round-up: Leapfin, Compliance.ai, Revolv3 and more
Our handy weekly fintech funding round-up covering news from US start-ups.
Paystand buys Yaydoo to expand B2B payments network across Americas
Paystand says the combined company “will redefine the boundaries of B2B fintech” across the Americas.
American Express launches cross-border payments solution for US SMBs
The Global Pay platform is currently available to US American Express small business card members.
Arvest Bank hires Ninish Ukkan as new CTO
At Arvest, Ukkan will support its digital transformation by leading the new core banking technology initiative.
Robinhood to cut 23% of staff, crypto unit fined $30m
Robinhood CEO Vlad Tenev says previous staff cuts announced in April “did not go far enough”.
Global Payments snaps up EVO Payments for $4bn
Global Payments will acquire EVO in an all-cash transaction for $34 per share, or $4 billion in enterprise value.
Financial software vendor Savana closes $45m Series A round
The funds will be used to support the growth of the company’s Digital Delivery Platform.
Rêv acquires Global Payments’ card business Netspend in $1bn deal
The new combined entity intends to deliver “financial empowerment and product innovation”.
Ohio’s KeyBank taps Quavo for dispute management platform
KeyBank will deploy Quavo’s QFD solution to automate its fraud and dispute processes.
Digital business bank Grasshopper lands $30.4m funding
The fresh capital takes the bank’s total funding to date up to $160 million.
Open finance firm MX hires former PayPal exec Jim Magats as CEO
Magats will start his new role on 17 August and will also join the firm’s board of directors.
Q&A: How IBM aims to support innovation in the fintech sector
FinTech Futures speaks with IBM’s Prakash Pattni to discuss the role IBM plays in the fintech ecosystem.
US fintech GloriFi to trade publicly following $1.7bn SPAC merger with DHC
The new combined business will be worth approximately $1.7bn with the deal expected to close in Q1 2023.
Treasure Financial and Grasshopper Bank team up to improve financial visibility for businesses
The new platform will allow businesses to optimise the rate they’re generating on their cash balances.
Movement Bank signs for NuPoint core banking tech from CSI
“The process of searching for a new core was rigorous,” says Movement Bank’s president.
MVB Bank live with real-time payments functionality
MVB Bank has become the first live user of the RTP Send functionality offered by Victor Technologies.
Veritas Capital in talks with NCR Corporation over potential acquisition
According to The Wall Street Journal, a deal is far from certain and could be weeks in the making.
Low-code development platform Genesis lands $20m funding from BofA, BNY Mellon and Citi
The company secured $200 million in a Series C round led by Tiger Global earlier this year.
Equifax acquires chargeback fraud prevention firm Midigator
Midigator automates the chargeback dispute response process and provides real-time data to businesses.
Mastercard appoints former HP exec Ellen Jackowski as new chief sustainability officer
Jackowski will work to “further integrate” Mastercard’s ESG strategy into the organisation.
Banking Tech Awards USA 2022 Winner: FINOS – Tech Leadership
How can fintechs leverage open source in finance to accelerate innovation and efficiency?
B2B e-commerce paytech Balance raises $56m in Series B round
The fresh capital takes the company’s total funding to $87 million.
Apple sued over alleged “anti-competitive” Apple Pay practices
The lawsuit alleges Apple “coerces” consumers who use its devices into using Apple Pay for contactless payments.
Banking Tech Awards USA 2022 Winner: Citizens Pay – Best Innovation
What retailers need to know about buy now, pay later (BNPL).
Rabobank selects US fintech InvestCloud for financial planning tools
Goal-based financial planning features will be made available to Rabobank’s customers.
Arvest Bank teams up with Google Cloud to boost digital transformation
Arvest says it plans on overhauling its current IT systems, including migrating its data centres to Google Cloud.
TomoCredit bags $122m funding to expand product offerings
Investors include Morgan Stanley’s Next Level Fund and Mastercard.
Digital challenger Varo Bank lays off 75 employees in effort to cut costs
CEO Colin Walsh says the firm is “not immune to the impacts of our current environment”.
Privacy, regulations and cross-border data sharing in finance
Discussing the value and inherent risks associated with data sharing on a global scale.
US regulators fine Bank of America $225m for “botched disbursement” of unemployment benefits
The CFPB has fined the bank $100 million, while the OCC has separately issued a $125 million fine.
Credit union tech provider Mahalo Banking raises $20m
Mahalo Banking provides online and mobile banking solutions for credit unions.
EXL, Corridor Platforms and Oliver Wyman partner up for new risk decisioning product
The solution leverages analytics, AI and cloud to deliver “instant” credit decisions to support digital lending.
Credit card start-up X1 raises $25m Series B, readies for full US launch
The Series B round was led by Google Analytics co-founder Wesley Chan’s new fund FPV Ventures.
Banking tech start-up Zeta hires Karla Booe as chief compliance officer
Booe previously spent over 27 years at FIS as the firm’s deputy chief compliance officer.
Flywire acquires Aussie education paytech Cohort Go
The acquisition will help build out Flywire’s existing education business.
