USA

Capital One 🤝 Stripe 🤝 Adyen (TWIF 6/14)

Hello to our 110,000+ Fintech Friends,

A shorter newsletter than usual this week, as I'm getting married – have a great weekend everyone!

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

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💼 Fintech Job of the Week

Share your job with 2,000+ fintech people in our Slack #hiring-and-jobs channel.

💬 Quote of the Week

Never ever ever ever

EVER Co mingle funds

Operating cash and customer cash have to be so unbelievably firewalled

I love Fintech. I really do.

But man it's hard to defend using an FBO structure to front operating costs like card production.
— Simon Taylor (@sytaylor) June 11, 2024

🏦 Financial Services & Banking

🚀 Product Launches

Bank and card issuer Capital One partnered with global payment facilitators Adyen and Stripe to launch Direct Data Share, a free open-source solution aimed at combating fraud and enhancing real-time authorisation decisions. If Capital One detects fraud at a Stripe merchant and notices the same IP address attempting a transaction at an Adyen merchant, the system can block that transaction in real-time. By sharing evidence of good customer history, the API helps prevent false declines, ensuring legitimate transactions are not mistakenly blocked.

Global bank Citi launched its Citi Real-Time Funding payment feature, the latest addition to its real-time treasury suite of solutions for corporate clients, in Australia, Hong Kong and the United Kingdom.

📰 Other News

US Bank partnered with teen-focused banking app Greenlight to give customers access to the fintech's debit card and money app, designed to help families teach their children financial skills.

Santander's buy-now-pay-later startup Zinia will provide loans for Apple purchases in Germany.

Mastercard aims to have 100% of card payments tokenized (ie: no physical card numbers) by 2030.

Goldman Sachs has put together a $21 billion warchest for its direct-lending private credit fund.

The CFPB set out a process to design open banking standards in the US to prevent dominant incumbents from dictating industry requirements.

💻 Fintech

🚀 Product Launches

At its WWDC annual feature launch celebration, Apple announced Tap to Cash, which will let users pay each via NFC phone taps, without exchanging information. It's unclear which payment methods (just cards, or also Apple Cash wallet balances) will be enabled. The company also announced that – in partnership with Affirm – it will embed Affirm's buy-now-pay-later loans into its Apple Pay experience later this year.

Payroll solutiosn provider CloudPay launched its new in-app digital payslip functionality.

Global neobank Revolut launched 'Wealth Protection' for stolen phones, which will verify the selfie of the user against the ID that the customer completed when first signing up.

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📰 Other News

Sudan-based Bloom, a product built for African consumers hedge against rising devaluation of users’ home currencies by way of “high-yield” savings accounts, free FX, and adjacent digital banking services based in dollars, launched to the general public, rebranded to Elevate, and raised additional funds.

UK neobank Tandem posted its second consecutive year of profitability.

🤝 Partnership Corner

Saudi expense management platform Xpence partnered with MENA payments provider Neoleap to develop corporate Visa cards for Saudi Arabia.

👎 The Bad News

According to defunct banking-as-a-service platform Synapse's Chapter 11 trustee, former FDIC Chair Jelena McWilliams, end-users of the platform are owed $265 million, but its banks only hold $180 million. 🤯 Synapse's founder has meanwhile reportedly raised $10 million at a $100-200 million valuation, as user funds are still locked in Synapse's client platforms, and claims to have a contract with GM, though GM spokespeople deny having any relationship with the new venture. 🥴