Payments News

On The Web

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Systems

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

“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

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

“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

“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

“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

“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

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

“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

“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 […]