Stripe lays off 14% of staff amid challenging economic climate
The cuts to its workforce will return Stripe to its February 2022 headcount of almost 7,000 people.
News
Zest AI lands more than $50m in growth funding round
With the new cash, Zest AI plans on increasing access to its AI-automated credit underwriting service.
US lender Upstart cuts 140 jobs as loan demand drops
Upstart says it is “making this difficult decision for the long-term health of the company”.
MoneyGram expands Coinme partnership, launches in-app crypto service
Users across nearly all US states can now trade and store BTC, ETH and LTC in the MoneyGram app.
Credit Karma pauses “almost all new hiring” citing revenue challenges
The firm has made the decision “due to the uncertainty of the macroeconomic environment”.
New fintech start-up in the US for homeowners – Saivy
Saivy’s mobile app is in development and the start-up is currently accepting subscribers to its waitlist.
Canada’s TouchBistro bags $110m in growth funding
TouchBistro offers a tablet-based point of sale (POS) system and payments solution for restaurants.
Blockchain.com partners Visa and Marqeta to launch crypto debit card
The card is available to US residents and will be rolled out to customers in additional countries starting in 2023.
Cartoon: Slow cooking
This new cartoon illustrates how start-ups shifting to venture debt as a model to raise cash are storing up trouble.
Cover Genius lands $70m in Series D funding to boost growth
Funds will be put towards business growth and expanding its global insurance distribution platform, XCover.
Paytech Form3 lands €23m venture debt facility from Atempo Growth
The funding will enable Form3 to explore potential M&A opportunities and launch in new markets.
Swift appoints Max Mamondez as chief financial officer
Mamondez, who joins from the London Stock Exchange Group, will serve on Swift’s executive committee.
The Maries County Bank taps Jack Henry for digital transformation
Through the partnership, the bank aims to automate processes and boost efficiency and customer service.
Banking Technology Magazine November 2022 issue out now
Cover story: TAKING THE LEAD – Women are inspiring fintech teams.
Coremont names Balaji Krishnamurthy as new CTO
Krishnamurthy most recently served as a managing director at JP Morgan Chase.
Ashman selects nCino to power its real estate lending solution
The UK challenger will deploy nCino’s cloud-based Bank Operating System.
eToro snaps up portfolio management platform Bullsheet
Bullsheet helps eToro users keep track of stocks and analyse the risk and diversification of their portfolio.
InComm Payments buys Australian gift card provider TCN
The firm says the acquisition will boost its ability “to create personable gift card products that consumers seek”.
Infographic: Banks look to risk orchestration technology to combat rising threat of fraud
Brought to you by LexisNexis Risk Solutions.
FinTech Futures: Top five stories of the week – 28 October 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Credit Suisse to cut 9,000 jobs, raise $4bn in capital as part of new transformation plan
CEO Ulrich Körner says the restructuring is a “historic moment for Credit Suisse”.
Report: Customer journey analytics and management in financial services
The key to delivering seamless, differentiated customer experience.
ICYMI fintech funding round-up: Paytrix and Vixtra
This week’s round-up includes two start-ups – London-based Paytrix and Brazil’s Vixtra.
North America fintech funding round-up: Cinchy, Lama AI, Kudos and more
Our weekly fintech round-up for you to get the latest funding news from North America.
CloudPay secures $50m to support development of payroll offering
The firm boasts “high double-digit growth” year-on-year and is projecting revenue growth of around 40% for 2022.
Financial super-app Curve partners Salt Edge for open banking compliance
The partnership will enable the app’s 4m users across Europe to continue to make the most of open banking.
US challenger Zenus picks Finxact to power its “global banking platform”
Finxact will join Microsoft and HSO, a business network and cloud consultancy, in delivering the platform.
Bilt Rewards bags $150m funding at $1.5bn valuation
The start-up is aiming to expand its loyalty programme and credit card offering for US renters.
ConnexPay secures $110m growth equity investment led by FTV Capital
The firm says the funding will be used to support its international expansion.
Danish investment bank Saxo taps Baffle for global data encryption solution
The bank will integrate Baffle’s Data Protection Services platform.
Africa’s Cellulant partners Mastercard for online e-commerce payments
Cellulant’s customers can now pay online wherever Mastercard is accepted via the Tingg wallet.
B2B paytech Finexio secures $35m Series B at $100m valuation
The oversubscribed round was co-led by Mendon Venture Partners and National Bank Holdings Corporation.
SMB lender Kapitus taps Mambu for its cloud banking platform
The firm will leverage Mambu’s low-code lending engine to power new financing products.
WeTravel raises $27m in Series B funding to boost fintech product development
WeTravel plans to accelerate the development of its travel-specific fintech solutions.
Cartoon: Fear gauge
A new cartoon illustrating how uncertainty in the stock market is making companies hesitant about going public.
BNY Mellon launches new aggregated payments platform Vaia
The bank says Vaia will cut the time needed for businesses to connect with any available payment rails.
HSBC names Georges Elhedery as new group CFO
Elhedery will take on his new role from 1 January 2023, replacing Ewen Stevenson.
Diebold Nixdorf partners Featurespace for real-time fraud prevention tech
Diebold Nixdorf will integrate Featurespace’s ARIC Risk Hub into its Vynamic Payments platform.
Wells Fargo partners Google Cloud for AI virtual assistant, Fargo
Fargo will leverage Google Cloud’s conversational AI platform Dialogflow to offer personalised banking tips.
Delta National Bank & Trust taps Finastra for digital banking infrastructure upgrade
The firm will utilise Finastra’s Fusion Essence and Fusion Payments To Go solutions.
