Weekly news highlights 23 October 2020

Modulr, a fintech specialized in automated payments flows, announced that it has gained an EMI licence from Ireland’s central bank. Modulr technology is being used for the payments infrastructure by fintechs such as Revolut, Iwoca, Sage and Mode. With the new obtained status, Modulr plans on going fully digital, and creating frictionless payments infrastructure for software platform partners, with the goal of reaching more than 500 million users. Read more

A new partnership between PayPal and cryptocurrency company Paxos is in store, with the aim of allowing US users to to buy, hold and sell cryptocurrencies. Bitcoin, Ethereum, Bitcoin Cash and Litecoin will be the first cryptocurrencies supported by PayPal. With the new collaboration, PayPal will provide the users the platform for buying and selling cryptocurrencies, while Paxos will focus on trading and custody. Read more

Visa has made a strategic investment in UK payments issuer processor Global Processing Services (GPS), for an undisclosed amount. With the new investment, Visa plans on contributing to GPS’ global expansion, shortly after its launch of fintechs and digital banks in Europe and South-East Asia, including Revolut and Starling Bank. With GPS, Visa will be able to improve their offerings and services in the payments processing sector. Read more

A new public-private partnership program initiative was set between the city of Los Angeles, Mastercard and economic-development nonprofit Accelerator for America in order to provide relief funds to the residents in need during Covid-19. The program will run on private donations, sent partly via text, and distributed funds to qualified residents on prepaid “Angeleno” debit cards. Read more

Mastercard and Monese, an UK company that offers current accounts and money transfer services as an alternative to traditional banks, have announced a strategic partnership. Based on the collaboration, Monese will become a primary Mastercard issuer. With the new collaboration, Monese will be able to provide its users more localized offerings and services across the European markets and also strengthen its current product strategy and capabilities. Read more

Billtrust, an AR solutions provider, announced its IPO through a merger with blank-check firm/ special purpose acquisition company (SPAC) South Mountain Merger Corp SMMC.O, in a deal valued at $1.3 billion. With the SPAC model being a rising trend for companies to go public rather than taking the traditional IPO route, firms can benefit greatly and experience lower associated costs and fewer regulatory requirements. Read more

Google Cloud launched earlier this week Lending DocAI, a tool designed for solutions in the mortgage industry. With the new tool, currently in a preview mode, mortgage companies will be able to have a faster and more efficient process when evaluating a borrower’s income and asset documents. The software uses at its core machine learning models to automate routine document reviews. Read more

Yolt, an open banking provider, has launched a new account and a contactless card option. As part of the new functions, users will be able to have a better understanding of their money spendings and be able to save on every single purchase with round ups and cashback on selected retailers. In this sense, customers can save on household bills, combine their pensions, invest their money and grow their savings. Read more

Scalable Capital, an investment management provider, recently experienced a breach in the company’s data. Scalable Capital reported the data breach to the authorities and took additional security measures. As part of the information which was hacked, documents involving personal and contact details, data relating to the investment account and tax data were affected. Read more

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