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-102/


Payments giant Worldline to buy rival Ingenico in $8.6 billion deal as fintech competition heats up

French payments company Worldline is buying Ingenico for $8.6 billion signaling additional consolidation in the payments industry; according to Worldline, the combined company would create the fourth biggest payments firm in the world with projected 2019 net revenues of 5.3 billion euros.



Remitly launches bank account for immigrants in the US

Remitly, a digital money transfer company that focuses on P2P remittances is launching ‘Passbook’ an online savings account targeted at US-based immigrants; the savings account and the accompanying Visa debit card is being supported by Sunrise Banks.



Starboard Takes Stake in Prepaid Debit-Card Firm Green Dot

According to an SEC filing, activist investor Starboard Vlaue LP has taken a 9% stake in Green Dot Corp.; Green Dot, one of the original prepaid card issuers has been struggling as reflected in its stock price which has declined 55% over the last 12 months.



Goldman in talks with Amazon to offer small business loans: FT

Goldman Sachs is reportedly in advanced talks with Amazon to offer small- and medium-sized businesses loans in the US on Amazon’s lending platform; the project could go live as soon as March according to industry reports.



Visa Is Planning the Biggest Changes to Swipe Fees in a Decade

Visa is making significant changes to the credit interchange structure; in general, interchange rates on card-not-present transactions are expected to increase, while rates on supermarket transactions, as well as some service categories are expected to decline.



Payments infra startup Finix closes $35M Series B led by Sequoia

Payments infrastructure provider Finix has raised $35 million in a Series B round led by Sequoia with participation from Activant Capital and Inspired Capital; Finix operates a SaaS model and supports businesses both on the merchant acquiring side (payfacs) and card issuing (push to card).



Mexico Digital Bank Stori Raises $10 Million USD and Launches Inclusive Digital Credit Card

Mexican digital bank Stori that focuses on driving financial inclusion has raised $10 million from Bertelsmann Investments and Source Code Capital along with existing investor Vision Plus Capital; additionally, Stori has announced the launch of a credit card program that targets underserved customer groups.



ADB launches $50 million fund to support SDG-minded startups

The Asian Development Bank (ADB), has established the ADB Ventures platform to drive investment and support to Asian startups that are developing solutions targeted at achieving the UN Sustainable Development Goals (SDGs); ADB Ventures has a 17-year fund life allowing for long-term investments.



Intercontinental Exchange Announces Agreement to Acquire Leading Loyalty Program Provider Bridge2 Solutions

Atlanta-based Intercontinental Exchange (ICE) is acquiring Atlanta-based loyalty program provider Bridge2 Solutions; following the completion of the transaction, ICE will combine Bridge2 Solutions with its digital asset company Bakkt to value add and accelerate the development of its consumer payment proposition.



U.S. Consumer Credit Tops Forecast on Surge in Revolving Debt

Total consumer credit increased by $187.4 billion in 2019 to $4.2 trillion (up 4.7%); revolving credit increased by $44.5 billion (up 4.2%) to $1.1 trillion, and non-revolving credit increased by $142.9 billion (up 4.8%) to $3.1 trillion.