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-105/
BharatPe raises $75M to help Indian merchants accept digital payments and secure working capital
BharatPe has raised $75 million at a $400 million valuation in a Series C round led by Coatue Management and Ribbit Capital; BharatPe is a digital payments processor and merchant lender with a portfolio of about 3 million merchants.
Venmo prototypes a debit card for teenagers
Venmo is reportedly prototyping a new feature that would allow adult users to create a debit card for their children and connect it to their account; as with other teen focused debit cards, the Venmo card would have parental controls related to spending limits and notifications.
Fast-growing digital bank Revolut triples valuation to $5.5 billion
Revolut has raised $500 million in a funding round led by TCV; the company will use the funds to extend its offerings in current markets, expand into the lending business, and enter the US market.
Intuit to Acquire Credit Karma
Intuit is acquiring Credit Karma for $7.1 billion; the companies hope to improve people’s financial lives through a consumer finance platform that will operate like a personalized financial assistant helping people find the right financial products, save money, and get advice on financial matters.
Santander buys Elavon México for global merchant acquiring push
Santander is buying out Elavon Mexico for EUR79 million as it seeks to build a global merchant acquiring business; according to Elavon it will focus on its North American and European business as it exits Mexico.
Mastercard CEO Ajay Banga to step down, insider Miebach tapped
Mastercard announced that its CEO, Ajay Banga, will step down at the start of the next year and be replaced by Chief Product Officer Michael Miebach; Mr. Banga will assume the role of Executive Chairman while Mr. Miebach will become the company’s president on March 1.
eBay Will Begin Managing Payments in the United Kingdom
As part of its marketplace modernization plan, eBay is expanding its management of payments to the UK (the third market after the US and Germany); according to the company, it has processed more than $2 billion in GMV for almost 25,000 sellers as of the end of Q4 2019.
Bank of Canada lays groundwork for digital currency
According to the Deputy Governor of the Bank of Canada, the central bank currently does not see a compelling case for the introduction of a digital currency, but at the same time it wants to be ready for the issuance of a digital currency if conditions warrant and accordingly is developing a prototype digital currency.
Klarna, the $5.5 billion payments unicorn backed by Snoop Dogg, just reported its first annual loss
Klarna has reported an annual loss for the first time, following years of profitability; the company lost $113 million in part driven by an investment into establishing an engineering hub in Berlin and a focus on growth in the US market.
QED Investors Closes $350 Million Fund VI
QED Investors, a fintech focused venture capital firm has announced that it closed a significantly oversubscribed sixth fund (“Fund VI”), with capital commitments of $350 million; the fund will allow QED to continue to invest in early and growth-stage fintech companies primarily in North America, South America, and the UK.
South African fintech startup Jumo raises second $50M+ VC round
Jumo has closed a $55 million funding round from new and existing investors and will use the funds to continue its growth in Asia and Africa; according to the company it has disbursed over $1 billion in loans and served over 15 million consumers and businesses.
Platform Banking Provider Agora Services is Securing $2 Million in Funding and Opens Headquarters in Atlanta
Agora Services, a provider of digital platform banking solutions has selected Atlanta as the location for the company’s new headquarters; in addition, Agora is in the process of securing $2 million of funding to fuel its growth and sales and deploy its first clients.