On The Web

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Deals

Stori Raises $32.5M in a Lightspeed-led Series B to Build Mexico’s Credit Card for the Masses

February 26 2021

• in
• Cards
• Mexico

“While credit cards are commonplace in the United States, they are far less ubiquitous in many other countries, particularly those in Latin America. In Mexico in particular, cash remains the dominant method of payment, with an estimated 86% of all payments being in the form of cash. But card usage is growing as more people are […]

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Systems

Petal Takes In $126.6M Debt Facility To Provide Access To Credit

February 24 2021

• in
• Cards

“Credit card company Petal closed on more than $126.6 million in debt facility backed by Silicon Valley Bank and Trinity Capital that will enable it to expand its credit card programs. Founded in 2016, New York-based Petal aims to make financial services more accessible, allowing people to build credit and spend responsibly. The company uses […]

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Systems

Fintech Marqeta Expands Into Credit Card Space Days After Filing for an IPO

February 18 2021

• in
• Cards

“Marqeta is expanding into the consumer credit card space to help other brands launch credit card programs.  The move comes just days after the payment card issuing company reportedly filed confidentially for an initial public offering, making it the latest fintech to make a move to the public markets.”

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Systems

Wells Fargo Decides to Keep Its Private-Label Credit Card Unit

February 10 2021

• in
• Cards

“Wells Fargo & Co. is opting to keep its private-label credit card unit after reaching out to potential buyers last year, according to a person with knowledge of the matter. The unit strikes agreements with retailers so that shoppers can buy merchandise such as jewelry, appliances and furniture on credit. Even after San Francisco-based Wells […]

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Systems

Covid-19 Pandemic Cuts Demand for Plastic Cards

February 10 2021

• in
• Cards

“The total value of the global plastic cards market has fallen by US$3bn over the course of the Covid-19 pandemic, with the number manufactured worldwide falling by 19.7% from 37.1bn in 2019 to 29.8bn in 2020, according to the International Card Manufacturers Association (ICMA).”

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Deals

X1 Card Raises $12 Million for Its Credit Card With Limits Based on Your Income

January 15 2021

• in
• Cards

“X1 Card is raising a $12 million funding round. The company is building a credit card that sets limits based on your current and future income, not your credit score. Spark Capital is leading the round with Jared Leto, Aaron Levie, Jeremy Stoppelman, Max Levchin and Ali Rowghani also participating. American Express veteran Ash Gupta […]

On The Wires

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Domains

Plastiq and Ramp Partner to Enable Businesses to Pay for Virtually Anything With a Credit Card

February 26 2021

• in
• B2B
• Cards

“Plastiq , an intelligent payments platform, and Ramp , America’s fastest growing corporate card, are announcing a new partnership that helps businesses pay for virtually any expense with the Ramp card. With this partnership, customers can now track, manage, and control every dollar of their company’s spend in a single place, including larger expenses that […]

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Systems

Jiko Processes a $4.7M Debit Card Transaction, Generating $47,000 in Cash Back to Customer

February 11 2021

• in
• Cards

“Jiko today announced that it has processed a massive $4.7 million debit card transaction as part of its newly launched Debit Cards Cashback Rewards Program. A tax payment to the IRS made with a Jiko Debit Card, this single transaction resulted in $47,000 cash back to the customer, deposited directly into the customer’s account for immediate spending.”

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Systems

Uphold to Launch Crypto-enabled Cards Across Europe Following Acquisition of Optimus Cards UK

February 3 2021

• in
• Cards
• Cryptocurrencies

“Uphold, the leading digital money platform, today announces its acquisition of Optimus Cards UK Limited, a leading debit and credit card issuer across the UK and Europe. An Electronic Money Institution (EMI) regulated by the Financial Conduct Authority, Optimus acts as a primary card issuer (including FX multi-currency) and payments facilitator. Today, the firm serves customers […]

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Systems

Gemini to Offer Credit Card With Crypto Rewards

January 14 2021

• in
• Cards
• Cryptocurrencies

“Gemini, a crypto exchange and custodian, today announced that it will launch the Gemini Credit Card, a credit card with cryptocurrency rewards. This effort has been accelerated by the acquisition of Blockrize, a fintech startup that has been building a credit card with cryptocurrency rewards. In preparation for launch later this year, Gemini has opened […]