Each week TAG FinTech Steering Committee member Ali Raza compiles a list of newsworthy events impacting the payments ecosystem. He has graciously agreed to allow us to report his thoughts going forward. Enjoy!
This article is courtesy of Blue Leviathan. The original can be seen at https://www.blueleviathan.com/the-week-in-review-94/
Goldman plans to bring wealth management to the masses
Goldman Sachs plans to offer a digital wealth management service next year to individuals with a minimum investment of $5,000; customers would have access to a robo adviser being developed by United Capital, a wealth management firm that Goldman acquired.
AmEx Says Rewards War for Premium Card Customers Is Leveling Off
According to Amex CEO Steve Squeri, rationality is returning to the premium credit card segment; speaking at an investor conference he said, “What we have seen is a leveling off in terms of rewards, a leveling off of bonuses and things like that, and even interest-rate offers.”
Robinhood starts up cash management service, a year after a botched launch
Robinhood has launched a Cash Management product that will sweep idle funds in to a separate account that pays 1.8% interest and also offer a debit card; as with many other digital-only banking providers, interchange will be a key revenue component.
Wayv launches Payments, the first all-digital payment solution for the cannabis market
Wayv, a California-based company has launched a digital payments platform underpinned by a line of credit for cannabis growers that seeks to streamline payments across the supply chain (currently cash); Wayv is working with Hypur on this project.
Nuvei raises US$270 million at US$2 billion valuation
Nuvei, a Canada-based global payments technology provider and merchant services company has raised $270 million at a $2 billion valuation primarily from existing investors Novacap and Caisse de dépôt et placement du Québec; Nuvei plans to use the funding to further its organic and inorganic growth.
Visa partners with MFS Africa to expand digital payments across the continent
Visa and MFS Africa (Africa’s largest digital payments hub) have announced a partnership whereby MFS Africa will distribute Visa payments credentials to over 180 million wallets in Africa; this will allow users to generate a virtual Visa card for international e-commerce transactions and remittances.
Brex Raises $200M in Debt Capital
Brex, a startup that issues corporate cards to early-stage companies has raised a $200 million warehouse line from Credit Suisse to continue to grow and scale the business; this is Brex’s second warehouse line.
Fintech startup Qwil raises $24.4 million in equity and $200 million in debt
Qwil, a startup that provides financing to freelancers and small businesses, has raised $24.4 million in equity and $200 million in debt funding; Qwil works with on-demand and freelancer marketplaces to enable them to offer their workers early access to their payments.
FSS and AFS partner to promote digital payments in the Middle East
FSS, a global paytech and Arab Financial Services (AFS), a leading regional Middle East payments processor have entered into an agreement to bring omni-channel payment acceptance solutions to banks in the region; FSS will be providing AFS its merchant acquiring tech stack.
Fintech company Bill.com surges more than 60% in market debut
Shares of Bill.com, a fintech company that sells software services to SMB’s to help with payment processes gained 60% in its IPO; Bill.com has 81,000 clients and generated revenues of $108 million in fiscal 2019.