Payments News

On The Web

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Deals

Revolut Confirms a Fresh $800M in Funding at a $33B Valuation to Supercharge Its Financial Services Superapp

“The fintech funding continues to roll in at a rapid pace, a result of the huge shift underway in how consumers spend and manage their money. In the latest development, Revolut — the London-based financial “superapp” that provides banking, investing, currency transfer and other money management services to some 16 million users globally — this […]
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Providers

The Chime Banking App Has Been Closing Accounts, Not Returning Money

“Chime is a banking application which serves millions of users—but it’s not actually a bank. And it racked up an unusually large number of consumer protection cases over the last year—920 complaints at the Consumer Financial Protection Bureau and thousands at the Better Business Bureau. The majority of the CFPB complaints regard forced account closure—accounts […]
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Deals

Tiger Global Leads $42M Series B in Nigerian Credit-led Neobank FairMoney

“Neobanks have led the charge as regards venture capital funding for consumer fintech startups. But while they have collectively dominated the fintech space, they don’t operate a monolithic model. There are five distinct models, and the one adopted by Nubank, the $30 billion behemoth , is the credit-led model. Neobanks operating this model start by offering credit via cards […]
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Deals

FamPay, a Fintech Aimed at Teens in India, Raises $38 Million

“How big is the market in India for a neobank aimed at teenagers? Scores of high-profile investors are backing a startup to find out. Bangalore-based FamPay said on Wednesday it has raised $38 million in its Series A round led by Elevation Capital. General Catalyst, Rocketship VC, Greenoaks Capital and existing investors Sequoia Capital India, […]
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Deals

Novo, a Neobank for SMBs, Banks $41M

“Small businesses have traditionally been underserved when it comes to IT — they are too big and have too many requirements that can’t be met by consumer products, yet are much too small to afford, implement or thoroughly need apps and other IT build for larger enterprises. But when it comes to neobanks, it feels […]
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Deals

Mark Cuban-backed Banking App Dave to Go Public in $4 Bln SPAC Merger

“Billionaire Mark Cuban-backed Dave said on Monday it would go public through a merger with a blank-check firm sponsored by investment firm Victory Park Capital, valuing the banking app at $4 billion. Launched in 2017, Dave is an app used to help Americans avoid billions of dollars in overdraft fees charged by traditional banks. It […]
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Providers

Neobank Lance Targets Gig Economy’s Income Volatility

“Lance, a new challenger bank for freelancers, is hoping to grab a significant share of the approximately 60 million gig workers in the U.S . The fintech closed a $2.8 million seed round Tuesday, with investors including Barclays, BDMI, Great Oaks Capital, Imagination Capital, Techstars and DFJ Frontier, among other angel investors. Lance, whose Federal […]
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Providers

Varo ‘On Track’ to Be Profitable by 2023 Even As Losses Pile up

“Colin Walsh always planned to do things differently than most fintech startups. The Varo Money CEO had a strategy to outcompete incumbent banks for customers who live paycheck to paycheck, and it involved becoming a bank rather than challenging the system from the outside. The approval process took more than three years, and it required […]

On The Wires

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Providers

NorthOne Partners With The Bancorp Bank and Galileo to Offer Banking Platform for Small Businesses

“NorthOne , the FinTech that built one of the country’s leading banking apps for small businesses, today announced that it has partnered with The Bancorp Bank, Member FDIC, to provide banking services to NorthOne’s fast growing customer base, and Galileo Technologies to deliver more processing services to new and existing NorthOne customers. What The Bancorp […]
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Providers

Zolve Partners With i2c to Enable Banking and Payments for Global Citizens

“i2c Inc. , a global leader in digital payments and banking technology, today announced a new partnership with fintech, Zolve which provides immigrants moving to or visiting the United States with the financial services tools they need for their journey. Zolve allows users to establish a bank account from their home country for use in […]