Weekly News Highlights – 21 September 2023

Stay up to date with the latest news from fintech! This week, we bring you updates on tech launches, cybersecurity, new entries, acquisitions, and more. Enjoy reading!

Fintech super-app Rauva to acquire Portuguese bank for €30m (Fintech Magazine)

Portugal’s fintech super-app Rauva is to acquire the bank Banco Empresas Montepio for around €30m, advancing its business solutions. Portuguese fintech super-app Rauva has agreed to acquire Banco Empresas Montepio for a value of around €30m, which it says will “position the company for lasting growth”.. Read more

SEC predicts further crypto charges as enforcement battle continues (Finextra)

The US Securities and Exchange Commission (SEC) has warned that more charges are coming to exchanges and DeFi. The SEC this week declared that it will continue pursuing potential violations by crypto exchanges and DeFi projects. This statement comes after the agency sued Coinbase and Binance earlier this summer on the grounds of operating unlawfully. Read more

PayPal’s PYUSD stablecoin is now available on Venmo (Tech Crunch)

PayPal announced today that PYUSD, its stablecoin for payments and transfers, is now available on Venmo. PYUSD is available to select users starting today and will be rolling out fully in the coming weeks. Venmo users can purchase PYUSD and send it to others on PayPal, Venmo and compatible external wallets. Users using compatible external wallets, and merchants accepting payments in PYUSD, will also be able to receive transfers from Venmo users. PayPal notes that blockchain network fees apply. Read more

Goldman Sachs is looking to sell GreenSky for $500 million (The Paypers)

GreenSky is an online lender that works with homeowners looking to make home improvements. According to the Financial Times, selling the company is in line with Goldman’s plans to cut down on its ambitions in consumer banking. The same source reveals that the consortium of investment firms currently interested in purchasing GreenSky include Sixth Street, Pacific Investment Management, KKR, and two smaller investors. Read more

Tipalti expands services in Europe with localised solution and EMI license (The Paypers)

Tipalti’s licence from De Nederlandsche Bank (DNB) and a fully localised solution enable it to facilitate the transformation of global payables workflows for European businesses. This localised offering and EMI license extension broaden its payment solutions throughout Europe, effectively tackling inefficiencies and augmenting payment processes for underserved businesses. Read more

Amsterdam’s Bynder acquires EMRAYS to enhance AI search solutions for Digital Asset Management (Silicon Canals)

Amsterdam-based Bynder, a Digital Asset Management (DAM) platform, announced on Tuesday, September 19, that it has acquired EMRAYS, a provider of AI search solutions for DAM based out of Amsterdam. Cliff Crosbie, CEO and co-founder of EMRAYS says, “AI within DAM has become a strategic ally for marketers seeking to streamline content operations and improve customer experiences.” “The interest and demand we’ve had from customers to implement our AI technology within the Bynder platform has fueled this partnership and subsequent acquisition.” Read more

Exclusive: Nigerian fintech PayDay is looking to sell the company six months after $3m raise

Six months after raising $3 million in a seed round led by Moniepoint, the Nigerian fintech startup Payday is actively speaking to buyers. Favour Ori, the startup’s CEO, confirmed that PayDay is entertaining conversations with potential acquirers. “Active conversations are being had with people who reached out and expressed interest in buying,” Favour told TechCabal. Read more

Prominent Crypto and Fintech Alumni Launch $60M Oak Grove Ventures Fund (cryptonews)

On September 19th, Oak Grove Ventures made a significant foray into venture capital by launching a substantial $60 million fund. The fund strategically focuses on cutting-edge technology, with a keen interest in artificial intelligence (AI), Web3, and biotech. Oak Grove Ventures boasts a team of accomplished professionals, many of whom hail from renowned crypto and fintech firms, each with extensive industry experience. Read more

Swift and Wise join forces to expand cross-border payment options globally (Fintech Finance News)

Swift and Wise today announced an innovative collaboration to increase cross-border payment options for financial institutions and their customers, enabling payments sent securely via Swift to complete seamlessly over Wise with end-to-end transparency. Financial institutions seeking to innovate their offerings will be able to route Swift payment messages directly to Wise Platform – Wise’s infrastructure solution for banks and major enterprises — through its latest Correspondent Services solution. Read more

Bank ABC launches ABC Trade, a first-of-its-kind digital documentary trade platform (Fintech Finance News)

Bank ABC has announced the launch of ABC Trade, a unique cloud-based, digital platform powered by Swiss market-leading technology provider, Komgo SA, offering clients an enriched product suite for Documentary Trade. The platform delivers end-to-end life-cycle functionality across all trade instruments (imports, exports, and collections) from digital exchange of trade documents, instructions, and free format communication with seamless integration with the Bank’s downstream Trade Finance systems. Read more

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