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Hello Fintech Friends,

🎧 Don't have time to read all the news? Get the easy summary with Helen's weekly news briefing:

🙋 Who else will we see next week at Fintech Meetup? Join us for our Monday evening happy hour and Tuesday morning coffee.

Please enjoy another week of fintech and banking news below. (👍👎 Have feedback for us? Let us know!)

Raising debt capital is a crucial requirement for card, lending, and neobank startups, but most fintech operators don’t come from a capital markets background. That’s why Finley and Cross River Bank put together this comprehensive guide to raising debt capital. It outlines the people, processes, and partners you need to assemble to execute a debt capital raise. Download your free copy here.

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💼 Fintech Job of the Week

Fleet financial services provider OutGo is hiring a new Sales Account Executive.

Sales Account Executive I @ Outgo | This Week In Fintech

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This Week In Fintech

Looking for your next adventure in fintech? Come check out our job board, join our Talent Collective, or share your job with 2,000+ fintech people in our Slack #hiring-and-jobs channel.

💬 Quote of the Week

🏦 Financial Services & Banking

🚀 Product Launches

Mastercard launched a new open banking-based account opening solution for banks to improve their digital account opening process by verifying account ownership, lowering account abandonment, reducing non-sufficient fund returns, and minimizing manual entry of payment credentials.

American Express launched ‘Plan It’ in the UK to allow credit card holders to pay off purchases on their statement, or a portion of their monthly bill, in installments.

📰 Other News

Mastercard is working with emerging markets-focused mobile payments app Swoo Pay to offer loyalty rewards in cryptocurrency.

The OCC called for a new federal money transmitter license to (hopefully) end the patchwork state-by-state licensing system that payments firms currently contend with.

The European Council adopted a regulation to make instant payments in euros fully available to all consumers and businesses in the region.

The German Bundesbank has burnt through the entire €19 billion of provisions it built up to cover financial risks as well as most of its €3 billion reserves to absorb the huge losses it made last year due to higher interest costs.

💻 Fintech

🚀 Product Launches

Orum* launched Deliver, a new 24/7 direct-to-Fed account to account payment solution.

The Linux Foundation partnered with the Bill & Melinda Gates Foundation to launch Tazama, an open source software solution for real-time fraud prevention.

Dwolla launched new open banking account-to-account payment solutions in the US.

Treasury Prime launched a new Bank-Direct product, that enhance support for banks and credit unions and empower them to directly sell, manage and service fintechs and other corporate customers.

Alloy launched a new suite of risk management solutions for embedded finance providers.

Oanda launched a crypto-native platform for private investors and traders in the United Kingdom.

Saldo launched a new neobank in Sweden offering 5% APY on savings.

Wedge launched a programmable white-label debit card payment solution for banks and credit unions.

B2B payments provider Paystand launched new features to incentivize payers to change their financial behavior, including earlier more profitable payments.

Affinipay launched a spend management solution to help firms effortlessly pay, track, and manage both firm and client expenses.

Grifin launched a new adaptive investing platform that allows users to invest in the businesses they shop at by investing $1 per purchase:

Raising debt capital is a crucial requirement for card, lending, and neobank startups, but most fintech operators don’t come from a capital markets background. That’s why Finley and Cross River Bank put together this comprehensive guide to raising debt capital. It outlines the people, processes, and partners you need to assemble to execute a debt capital raise. Download your free copy here.

Want to sponsor a newsletter? See our sponsorship information here.

📰 Other News

Crypto exchange FTX may now sell off its shares in AI startup Anthropic.

Nubank swung from a net loss in 2022 to a $1 billion net profit in 2023 on revenues of $8 billion.

Cross River is opening up a new fintech-focused investment bank.

Finnish payments firm Enfuce received an e-money license in the UK.

The years-long clampdown of Germany's Bafin regulator following the Wirecard scandal will ease up, as many fintechs have improved their controls.

Klarna's new AI assistant, built on ChatGPT, reportedly handled 2.3 million conversations in its first month – 2/3 of Klarna's customer service chats – doing the work of 700 full-time agents.

🤝 Partnership Corner

Nium and Ebury partnered to enable cross-border payments for small businesses in Brazil.

Biz2Credit partnered wtih First Abu Dhabi Bank's Magnati to feed real-time payments data into artificial intelligence models on its small business lending platform.

Bud Financial partnered with Fintech Galaxy to bring AI-enabled open banking to the MENA.

Amdocs, a provider of software to financial services companies, and software provider BMC announced an alliance in which Amdocs will act as a system integrator to create the banking experiences of tomorrow.

Chime partnered with financial education platform Zogo (below) to offer bite-sized, gamified lessons where users can complete lessons to earn real rewards like gift cards.

👎 The Bad News

Fintech partner bank Lineage Bank – which works with Synctera and Synapse – is the latest bank to be hit with an FDIC consent order following its fast brokered deposit growth.

Google is shutting down its mobile payment services in the US (again), killing off Google Pay, in favor of Google Wallet, which was previously Google Pay. The standalone app will disappear on June 4th and users will no longer be able to send P2P transactions.

Banking-as-a-service platform Treasury Prime laid off about 50 employees, roughly half its staff, reportedly due in-part to customer churn.

The CEO of CAB Payments is stepping down less than a year after its lackluster IPO.

Shares in French payment processor Worldline fell after the company reported a €1.15 billion net loss due to impairment charges in merchant services and a deteriorating outlook.

Ransomware hackers stole the data of 17 million customers from mortgage platform loanDepot.

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