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Weekly News Highlights – 21 October 2021

Stay up to date with the latest news from fintech! This week, we bring you updates and developments on payments, banking, commerce solution, blockchain, insurtech and more. Enjoy reading! 

Cybersource and EBANX partner for card payment solutions in Brazil  (The Paypers)
US-based commerce solutions company Cybersource has partnered with Brazil-based fintech EBANX to offer Brazilian customers access to EBANX’s payment solutions. From now on, Cybersource’s clients around the world will be able to access EBANX’s payment solutions for Brazil and offer their customers in the country the ability to pay online for products and services with local payment methods, including domestic debit cards, credit cards, and instalments. Read more.

Mashinsky says USDT is minted for crypto as $1M bounty offered to unpick reserves (CoinTelegraph)
Hindenburg Research is offering a $1-million bounty for information on Tether’s reserves, with the firm stating that Tether is yet to disclose virtually anything “about its counterparties.” A bounty of up to $1 million has been offered to anyone who can cast light on the precise backing of Tether’s reserves. Read more.

High-priced VC tech deals raise overheating fears (Financial Times)
Venture capitalist are increasing the valuations they give to start-ups at the steepest rate in the past decade, stoking fears of overheating in the market for emerging technology companies. Private companies that get venture capital are seeing their valuations double with each round of funding, the biggest median increase since records began, according to PitchBook data. Read more.

Ripple Deepens Partnership With Tranglo Following 40% Stake Acquisition (The Fintech News)
Ripple, the provider of enterprise blockchain and crypto solutions for cross-border payments, announced new milestones in its partnership with cross-border payment firm Tranglo’s Singapore arm. This follows Ripple’s intent to acquire a 40% stake in Tranglo to scale the footprint of its global financial network RippleNet in the region and beyond. Read more.

White-label insurtech forges UK partnership (Financial Times)
White-label insurtech Iptiq, which is backed by Swiss Re, has launched a bundle of health protection benefits with a new UK partner. Iptiq, whose clients span Europe, the US and Australia, has teamed up with Square Health, a London-based healthtech provider which works with several insurers, including Aviva. Read more.

Stripe acquires fintech startup Recko in first Indian acquisition (Money Control)
United States-based payments and API company Stripe said that it has acquired Recko, its first acquisition in India. The Bengaluru-based startup is a provider of payments reconciliation software for internet businesses. The acquisition will help Stripe expand beyond core payments acceptance and will add to their products beyond Stripe Revenue Recognition, Stripe Billing, Stripe Invoicing etc. However, the details of the deal were not revealed by the company. Read more.

Climate change: Household banks have invested billions in firms involved in deforestation, report claims (NewsSky)
Household banks and asset managers have invested tens of billions of pounds financing businesses involved with deforestation, according to a new report. The research, undertaken by Global Witness and shared exclusively with Sky News, reveals the scale of investments being made in controversial and destructive agribusiness and, for the first time, calculates that financial institutions in the UK, Europe, The US and China that are likely to have made $1.84bn (£1.33bn) in income from such deals. Read more.

First Bitcoin ETF Trades this Week (Crowdfund Insider)
After an extended wait for financial services firms attempting to launch an exchange-traded fund (ETF) based on Bitcoin, the very first Bitcoin ETF is expected to trade soon on the New York Stock Exchange (NYSE). It was revealed that ProShares Bitcoin Strategy ETF (BITO) will become the first US Bitcoin-linked ETF providing investors an opportunity to gain exposure to Bitcoin via a regulated exchange. Read more.

UK fintech founded by ex-PayPal workers hits $425M valuation (UKTN)
The 20-month-old London payments technology startup Primer has closed a Series B funding round that values the payments infrastructure startup at $425 million. The fintech disruptor, which was founded in early 2020 by ex-Paypal/Braintree employees and employs more than 70 people across 20 countries, has built the world’s first automation platform for payments. Read more.

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