Payments News

On The Web

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Providers

With Loyalty App, Walgreens Has the Look of a Neobank

“Walgreens’ latest banking services take pages from the playbooks of digitally savvy retailers like Starbucks and Amazon — as well as neobanks. At the heart of Walgreens’ new bank offerings is its myWalgreens reward app. This approach has echoes of Starbucks and Amazon. The coffee chain became one of the few early success stories in […]
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Providers

Revolut Plans 2021 Credit Card Launch in Bid to Crack US Market

“Revolut intends to launch a credit card for its US users as soon as the end of this year, as part of its strategy to make a big impression in the overseas market. It will mark the first time the digital bank has launched a credit card outside select European countries, where it is able […]
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Global

RappiPay Colombia obtained a license to become a neobank

“RappiPay received authorization from the SuperFinanciera to become a neobank. RappiPay, a 50/50 “Joint Venture” of the Davivienda bank and the Colombian unicorn Rappi, received authorization from the Financial Superintendency of Colombia to establish itself as a banking entity, thus it has the way paved to be the next neobank in that country.”
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Deals

Fintech Firm Chime Valued at $25 Bln After $750 Mln Funding

“Chime Financial said on Friday it had raised $750 million in its latest funding round led by Sequoia Capital Global Equities, valuing the financial services startup at $25 billion. Chime’s latest fundraise is likely to be a precursor to its stock market listing in the United States early next year. The company had held preliminary […]
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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 […]