Payments News

On The Web

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Providers

Kabbage Considers a Sale. It’s Expected to Seek Up to $1 Billion.

“Kabbage, the fintech startup that outperformed many large lenders during the Paycheck Protection Program, is weighing a sale, two people familiar with the situation said. The Atlanta company has hired FT Partners after receiving expressions of interest, the people said. Kabbage could sell for $750 million to $1 billion, one person said.”
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Deals

Fintech Powerhouse Nubank Buys U.S. Software Firm Cognitect

“Nu Pagamentos SA , a seven-year-old company that’s grown into the world’s biggest standalone digital bank, purchased a U.S. software consulting firm in its first acquisition outside of Brazil. Chief Executive Officer David Velez said his company, known as Nubank and backed by Tencent Holdings Ltd. , bought Durham, North Carolina-based Cognitect Inc. He didn’t […]
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Providers

Robinhood Has Lured Young Traders, Sometimes With Devastating Results

“Millions of young Americans have begun investing in recent years through Robinhood, which was founded in 2013 with a sales pitch of no trading fees or account minimums. The ease of trading has turned it into a cultural phenomenon and a Silicon Valley darling, with the start-up climbing to an $8.3 billion valuation. It has […]
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Companies

TransferWise to offer investment products but has ‘no plans’ to become a bank

“TransferWise, the London-headquartered international money transfer service recently valued at $3.5 billion , has secured an additional license with U.K. regulators to enable it to offer investment products in the future. This will mean that U.K. customers who have money deposited in a TransferWise multi-currency or so-called “borderless” account will be given the option to […]

On The Wires

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Providers

Galileo Integrates With Plaid to Simplify ACH Transfer Setup

“Galileo announced its integration with Plaid today, giving Galileo clients a streamlined experience in the bank authentication process for its customers. With this integration, joint clients of Galileo and Plaid may offer their customers an easy way to connect their bank accounts and initiate ACH transfers.”
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Providers

Brex Bolsters Cash Offering With FDIC Insurance, Adds Chief Legal Officer

“Brex, the company reimagining financial systems for growing businesses, today announced enhanced features and FDIC insurance on its zero-fee cash management account, Brex Cash. These emerge after many months of regulatory and technological investment that enable a robust, lightning fast experience for customers looking to access business banking services in today’s virtual environment.”
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Global

Rapyd Launches All-In-One Payment Integrated Solution in Mexico

“Rapyd, a global Fintech as a Service company, announced today the launch of a single “full-stack” integrated local payment solution in Mexico, allowing local and global companies access to every local payment method through one convenient API, contract, and reconciliation service. In partnership with several major Mexican payment providers including Banregio, RedEfectiva, Cacao Paycard, among others, […]