Week's Most Interesting
JPMorgan Gets Pantsed by Frank
JPMorgan Gets Pantsed by Frank In a perverse development this week, the cohort of high profile venture investors whose gross negligence in due-diligencing their respective investments in FTX resulted in embarrassing write-downs, received some dubious validation as they added the good company of Wall Street giant JPMorgan to their “we got pantsed in the 2021 bubble” club. The story hitting the newscycle came from a lawsuit filed in December at a Delaware federal court – JPMorgan Chase Bank v. Javice, 22-cv-01621, US District Court, District of Delaware (Wilmington) – where JPMorgan alleges it was defrauded by the CEO of its 2021 acquisition target Frank
Crypto
Fed Rejects Crypto Bank’s Application to Join U.S. Payment System
Custodia Bank, formerly Avanti, makes use of a unique license from the State of Wyoming to issue cryptographic assets on decentralized networks. The Federal
E-commerce
China’s E-commerce Market Sees at Least 89 Platforms Close in 2022 Amid Covid-19 Controls
At least 89 online e-commerce shopping platforms were shut down in China last year due to China’s very strict Covid-19 control measures, competitive landscape,
Embedded Finance
Treasury Prime Announces $40 Million in Series C Funding
Treasury Prime, a leading embedded banking software platform, announced it has secured $40 million in Series C funding. BAM Elevate led the round, which
Fintech
Moov Financial Secures $45M in Series B To Continue Building and Growing the Utilization of Modern, User-Friendly Payments Infrastructure
Moov Financial, a B2B fintech specializing in payment flows, announced a $45 million Series B. The round was led by Commerce Ventures with participation from
Fraud / Risk Management
Saviynt Raises $205M; Founder Rejoins as CEO, Appoints Seasoned President to Accelerate its Leadership in Identity Management
Saviynt, a top supplier of intelligent identification and access governance solutions, announced it has closed a $205 million round from the Tech Capital Solutions group
Investment / Acquisition
Marqeta Announces Plans to Acquire Power Finance, Inc.
Marqeta, one of the newest and most innovative card issuing platforms, has agreed to acquire Power Finance, a financial services company, for $275 million. The
Open Banking
Small Banks Urge CFPB to Phase in Open Banking Tech Requirements
As the Consumer Financial Protection Bureau drafts a new “open banking” rule to facilitate the sharing of consumer financial information, smaller banks are pushing the CFPB
Payments
Elon Musk Pushes Forward with Twitter Payments Vision
As Elon Musk continues to look for new revenue streams to reconstitute Twitter, he is actively seeking regulatory licenses throughout the US to implement payments processing
Saas
Portside, the leading SaaS Platform for the Global Business Aviation Industry, Raises $50M in a Series B Investment Led by Insight Partners
Portside, the premier SaaS platform for the business aviation sector, revealed that it has secured a $50 million Series B investment led by global software
Specialty Finance / LendTech
Egyptian Financial Services Provider MNT-Halan Valued at $1B in $400M Funding
MNT Halan, the all encompassing fintech, payments, and e-commerce platform servicing the underbanked and unbanked in North Africa announced it has secured $400 million
Week's Most Interesting
JPMorgan Gets Pantsed by Frank
JPMorgan Gets Pantsed by Frank In a perverse development this week, the cohort of high profile venture investors whose gross negligence in due-diligencing their
A.I.
Upstart Earnings Spark Questions About Company’s ‘Fintech’ Narrative
Upstart, an artificial intelligence based lending platform that partners with banks and credit unions to provide consumer loans saw its shares sink more than
Investments - M&A
Marqeta Announces Plans to Acquire Power Finance, Inc.
Marqeta, one of the newest and most innovative card issuing platforms, has agreed to acquire Power Finance, a financial services company, for $275 million.
Fintech
Moov Financial Secures $45M in Series B To Continue Building and Growing the Utilization of Modern, User-Friendly Payments Infrastructure
Moov Financial, a B2B fintech specializing in payment flows, announced a $45 million Series B. The round was led by Commerce Ventures with participation
Payments
Elon Musk Pushes Forward with Twitter Payments Vision
As Elon Musk continues to look for new revenue streams to reconstitute Twitter, he is actively seeking regulatory licenses throughout the US to implement payments
Saas
Portside, the leading SaaS Platform for the Global Business Aviation Industry, Raises $50M in a Series B Investment Led by Insight Partners
Portside, the premier SaaS platform for the business aviation sector, revealed that it has secured a $50 million Series B investment led by global software
E-commerce
China’s E-commerce Market Sees at Least 89 Platforms Close in 2022 Amid Covid-19 Controls
At least 89 online e-commerce shopping platforms were shut down in China last year due to China’s very strict Covid-19 control measures, competitive landscape, and
Open Banking
Small Banks Urge CFPB to Phase in Open Banking Tech Requirements
As the Consumer Financial Protection Bureau drafts a new “open banking” rule to facilitate the sharing of consumer financial information, smaller banks are pushing the CFPB
Crypto
Fed Rejects Crypto Bank’s Application to Join U.S. Payment System
Custodia Bank, formerly Avanti, makes use of a unique license from the State of Wyoming to issue cryptographic assets on decentralized networks. The Federal Reserve
Specialty Finance / LendTech
Egyptian Financial Services Provider MNT-Halan Valued at $1B in $400M Funding
MNT Halan, the all encompassing fintech, payments, and e-commerce platform servicing the underbanked and unbanked in North Africa announced it has secured $400 million in
Embedded Finance
Egyptian Financial Services Provider MNT-Halan Valued at $1B in $400M Funding
MNT Halan, the all encompassing fintech, payments, and e-commerce platform servicing the underbanked and unbanked in North Africa announced it has secured $400 million in