Payments News

On The Web

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Providers

JPMorgan’s Jamie Dimon Tells Analysts Reserve Releases Could Come

“While uncertainty continues to loom over the economy , JPMorgan has seen some encouraging data when it comes to credit. Consumers who asked for deferrals on their credit cards continued to pay overall, writes Brian Kleinhanzl, managing director at KBW. On the mortgage side, many borrowers continue to make payments despite being granted a deferral.”
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Providers

Two Black-Led Banks Merge to Form a $1 Billion Lender

“A merger announced Wednesday will create the nation’s largest Black-controlled bank and the first with assets of more than $1 billion. Broadway Federal Bank, a Los Angeles-based commercial lender founded in 1946, will combine with City First Bank in Washington, which opened in 1998.”
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Companies

Consumer Groups Take PayPal to Task Over Student Loan Credit Line

“Students at some for-profit career schools could find themselves paying hefty interest charges when using a credit line offered by PayPal, a group of consumer watchdog groups warned this week. More than 150 small career schools and technical programs, most of which aren’t accredited and are loosely regulated, offer students the option to pay tuition […]
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Companies

AmEx in Advanced Talks to Buy SoftBank-Backed Kabbage

“American Express Co. is in advanced talks to buy the online small-business lender Kabbage Inc., which is backed by investors including SoftBank Group Corp. ’s Vision Fund and Reverence Capital Partners, according to a person familiar with the matter. The all-cash deal could value the closely held lender at as much as $850 million, including […]
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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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On The Wires

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Providers

Lightspeed Capital Launches for U.S. Retail Customers

“As the retail industry continues to adopt innovative solutions amidst the global pandemic, Lightspeed announces the initial availability of Lightspeed Capital , powered by Stripe . Through financing offers, this new product will help U.S.-based merchants with overall business growth, more specifically to buy inventory, invest in marketing, or manage cash flows. It is available […]
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