This week’s news article brings you the latest trends from fintech. We look at payments, money apps, banking technology, BNPL, fintech services & lending and fraud prevention. Happy reading!
JPMorgan to buy majority stake in VW’s payments business (Finextra)
JPMorgan has announced plans to purchase a majority stake in Volkswagen‘s payments business, Reuters UK revealed. Subject to regulatory approvals, JPMorgan has agreed to purchase 75% of the business - which it plans to invest in and rebrand - for an undisclosed amount. The deal is expected to close during H1 2022. Read more.
Yolt to close consumer app to focus on open banking tech platform (Finextra)
ING Bank-backed Yolt is shutting down its consumer-facing smart money app in order to focus on its open banking technology platform. ING says that after evaluating the business it has decided to close the app and instead focus its resources on the Yolt Technology Service part of the business, and getting its proprietary open banking technology into the hands of businesses. Read more.
PayPal agrees $2.7bn deal to buy Japanese BNPL firm Paidy (Finextra)
PayPal has struck a deal to buy Japanese buy now, pay later firm Paidy for around $2.7 billion (€2.3b), mainly in cash. The deal strengthens PayPal’s position in the third largest e-commerce market in the world and also boosts its credentials in the fast-growing BNPL sector. Read more.
Baanx Acquires Stake in Major US Fintech Bank (Bitcoin.com)
Baanx, the fast growing B2B2C “Better than a Banking Platform” specializing in fintech services & lending, becomes the third-largest shareholder in the United States regulated Maxwell State Bank in a multi-million-dollar deal to enhance cybersecurity and banking access to communities throughout America. Read more.
Judo Bank open to fintech and cryptocurrency businesses (IT News)
Judo Bank has stated it won’t refuse or decline certain types of businesses from using its banking services but would make decisions on a case-by-case basis. Judo Bank would stand behind its ‘four C’s of banking’ - character, capacity, capital and collateral - when considering providing services to a business in the digital assets space. Read more.
GBG Joins Forces With SEON to Offer Enhanced Fraud Prevention Solutions (Fintech News)
GBG, a global digital identity and fraud solutions provider, has announced a partnership with SEON to enhance fraud prevention solutions for fintechs and digital banks in the Asia Pacific region. The partnership with SEON enables GBG to increase effectiveness in combating modern day fraud by validating the most active consumer touchpoints such as email addresses, IP location, social media, phone and SIM data to detect fraudulent anomalies in account application and loan origination, as well as to onboard new-to-bank population. Read more.
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