Tracking Payments - Issue #7
No Credit Score...no problem: More entrepreneurs or another financial crisis?
At the request of regulators, big banks will start sharing account activity data to issue credit cards to US consumers without credit scores. This win for open banking will bring good-but-under-served payers into the financial system and may enable some aspiring entrepreneurs to start a business. Or, could this behavior, also supported by regulators, lead us to another financial crisis?
+ Wall Street Journal: JPMorgan, Others Plan to Issue Credit Cards to People With No Credit Scores
SMBs will get their “one stop shopping” finance needs met.
New funding poured into fintechs and challenger banks designed from the ground up to automate business management tasks for SMBs and independent contractors.
Established marketplace platforms have already figured out how to offer a full suites of integrated financial services to SMBs.
With the help of new vendor offerings, incumbent banks can finally compete with marketplaces and fintechs to profitably deliver next-gen SMB services.
Funding, Acquisitions, and IPOs
+ Businesswire: CloudWalk Announces US$190M Series B Financing Round Led by Coatue to accelerate its blockchain based global payment network.
+ PRNewswire: Treasury Prime Raises $20 Million in Insider Round to accelerate go-to-market of their Banking-as-a-Service APIs.
+ Payment Facilitator: B2B payment facilitator BOOST raises $22M Series C Round to attack new verticals.
+ Business Wire: FinLync Secures $16M to Support Global Expansion of their embedded treasury management solution.
+ Reuters: Google Pay launches international money transfers with Wise and Western Union and sets up the waiting list for bank accounts by Google.
+ Banking Dive: Bankers' main CFO gripe: lack of transparency we’ve talked a lot about how banks don’t serve CFOs...here’s what banks think of CFOs…
+ ETF Trends: Fintech + Social Media: A Match Made in Investment Heaven “Organic viral growth could separate the winners from the losers” for payments providers, challenger banks, and investment applications.