Monday, April 20, 2020
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-99/
Visa has acquired Plaid for $5.3 billion as it extends its reach beyond card payments to take control of the underlying data and infrastructure supporting fintech apps and their connectivity into the banking space.
The new banking entity formed by the merger of SunTrust and BB&T unveiled its new logo and corporate identity; the purple color is a combination of SunTrust’s blue and BB&T’s burgundy, and the logo, made from two T letters lying on their side, reflects the two Ts in the Truist name.
Chase generated stellar Q4 financial results with profits of $8.52 billion up 21% on revenues of $29.2 billion up 9%; retail bank revenues increased by 3% to $14 billion, helped by strong credit card and auto loan performance.
https://www.cnbc.com/2020/01/14/jp-morgan-chase-jpm-earnings-q4-2019.html
London-based Felix Capital has raised a $300 million fund to continue investing in creative and consumer startups and platform plays, and to also enter the fintech sector; historically Felix Capital has focused on early-stage deals but will now also look at later-stage growth investing.
Brazilian payments startup EBANX is testing a digital wallet expanding its product portfolio beyond services to e-commerce platforms; 10,000 consumers have been issued the digital wallet allowing them to make digital payments.
German fintech Raisin is acquiring Choice Financial Solutions as it prepares for a US launch; initially Raisin plans to offer Choices’ software to US FI’s to enable them to offer flexible deposit accounts and then later Raisin will provide accounts directly to consumers via its US platform.
According to senior officials from the People’s Bank of China, testing of the central bank’s “digital currency and electronic payment” (DC/EP) has largely been completed; open areas include application scenarios, scaling, and improvements to functionality.
https://global.chinadaily.com.cn/a/202001/16/WS5e1fc531a3101282172715b0.html
J. Christopher Giancarlo, the former chairman of the Commodity Futures Trading Commission is creating the nonprofit Digital Dollar Foundation to study converting the dollar into a fully electronic currency based on blockchain technology.
Citi announced the launch of the Citi Impact Fund, a $150 million investment vehicle aimed at investing in “double bottom line” businesses – companies which generate financial returns and a positive social impact; Citi will fund the investment vehicle with its own capital.
POS lender Sezzle has been granted a lending license in California by the State of California Department of Business Oversight (DBO); the DBO lending license approval allows for Sezzle to directly originate POS loans vs. the retailer.
