Weekly News Highlights – 31 March 2022

Stay up to date with the latest news from fintech! This week, we bring you updates and developments on partnerships, lending, banking, crypto, NFT and more. Enjoy reading!

Goldman Sachs is buying corporate retirement plan robo-advisor NextCapital (CNBC)
Goldman Sachs has agreed to acquire NextCapital, a Chicago-based fintech firm that provides automated advice to corporate retirement plan participants. The bank said Tuesday in a release that the deal, the terms of which were not disclosed, will be completed in the second half of this year. The acquisition ranks among the top five asset management deals New York-based Goldman has done, according to the Financial Times. Goldman and rivals are jockeying to deepen relationships with key cohorts like corporate employees and diversify revenue by bulking up in money management, which is typically a steadier revenue source than trading and other Wall Street activities. Read more.

Apple’s plan to expand in-house fintech sends current partners tumbling, including Goldman Sachs (Business Insider)
Apple sees enough long-term potential in fintech that it’s working on a multiyear plan to bring much of what it outsources in-house, according to a Bloomberg report. The iPhone giant is looking to insource payment processing, risk assessment for lending, fraud analysis, and credit checks as it continues to build out its fintech offerings, according to the report, which cited people with knowledge of the matter. While Apple’s efforts are focused on future products, financial companies it has already partnered with saw their stocks tumble following the Wednesday report. Green Dot and CoreCard, two of Apple’s current fintech partners, each fell 8% and 18%, respectively. Meanwhile, Goldman Sachs fell more than 1%. Read more.

BNPL Operator Pace Acquires Its Competitor Rely (Fintech News)
Pace Enterprise (Pace), a BNPL operator founded in 2021, announced today that is has signed an agreement to aqcuire the assets of Rely a competing fintech startup offering BNPL services for an undisclosed sum. This news follows Pace’s US$ 40 million Series A fundraising round in November 2021. The Rely team will be working with all existing merchants to transition them to Pace’s merchant platforms. As part of this acquisition, all Rely employees will take on new roles at Pace aligned to their previous capacities. Founded by Hizam Ismail, Chief Executive Officer, Mohamed Abbas, Chief Revenue Officer, and Prakash Raja, Chief Technology Officer in 2017, Rely was one of the earlier operators to offer BNPL payment solutions in Singapore. Read more.

Singapore FinTech Pace Acquires BNPL Firm Rely (PYMNTS)
Singapore FinTech company Pace Enterprises, which operates a BNPL platform, announced that it signed an agreement to buy Rely, a rival Singapore startup offering the same services, a report said Wednesday (March 30). The price was undisclosed. The acquisition lets customers make use of Pace’s alternate payment plans on more brands in Singapore and Malaysia. It will also drive incremental revenue on several merchants, according to Pace. The Rely team will be working with existing merchants to transition them to Pace’s platforms. Read more.

Temenos Partners With Mastercard to Boost the Adoption of Request to Pay (Fintech News)
Cloud banking platform Temenos announced a collaboration with Mastercard that will help banks to accelerate their introduction of Request to Pay services in the UK. This new initiative combines pre-composed solutions on the Temenos Banking Cloud with Mastercard’s services, making it easier, faster and cheaper for financial institutions to introduce Request to Pay services. Request to Pay enables billers to dynamically request and manage the payment for a bill rather than simply sending an invoice. Read more.

i2c Partners with Visa for Fintech Processing in MENA Region (Businesswire)
i2c Inc., a leading provider of digital payment and banking technology, today announced its partnership with Visa, the world’s leader in digital payments, as fintech processor in the MENA (Middle East and North Africa) region. Through this arrangement, fintechs in the region will be able to access Visa’s global network as well as i2c’s agile issuing and processing platform by tapping into the combined companies’ suite of digital-first solutions and advanced payments technologies. Read more.

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