Square acquires Stitch Labs to help grow its merchant toolkit
/Payments company Square last week acquired commerce operations firm Stitch Labs, whose tools let businesses oversee inventory, orders, channel management, and fulfillment.
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Root Insurance to eliminate credit scores from consideration by 2025
/Root Insurance, a 5-year-old auto insurance startup that uses smartphone technology to understand its clientele’s driving habits, has pledged to eliminate credit scores as a factor in its car insurance pricing model by 2025.
Read MoreCustomers Bancorp sells BankMobile to Megalith Financial Acquisition
/Customers Bancorp has agreed to sell subsidiary platform BankMobile to Megalith Financial Acquisition. The company would then merge with Megalith, change its name to BM Technologies, and go public.
Read MoreCash App drives transaction growth for Square
/Square’s peer-to-peer Cash App, drove the company’s performance in the second quarter. Square reported $1.92 billion in net revenue for the second quarter – a 64% year-over-year jump – despite an $11 million loss.
Read MoreEnvestnent-owned Yodlee rolls out ‘hyper-personalization’ feature
/Data aggregator Yodlee, owned by Envestnet, launched a new offering called Insights Solutions, which allows companies to gain personalized views of clients’ finances.
Read MoreAmazon Pay, WhatsApp to enter Indian insurance market
/This week, Facebook-owned WhatsApp announced plans to pilot credit, micro-insurance and micro-pension products among lower-income populations in rural India.
Read MoreRide-hailing company Grab adds direct-to-consumer financial products
/Grab, a Singapore-based ride-hailing company that operates in several markets across southeastern Asia, began offering financial products for retail consumers through its financial unit. The new products include a micro-investment service, loans, and “buy now, pay later” capabilities.
Read MoreApple buys startup whose tech can ‘transform iPhones into payment terminals’
/Apple has acquired Canada-based payments company Mobeewave for $100 million. After launching a credit card with Goldman Sachs, this is the tech giant’s latest move into financial services.
Read MoreMixed fortunes for challenger banks
/The past week has been a mixed bag for challenger banks globally. U.S.-based Varo earned a national bank charter, clearing three years of regulatory hurdles and hefty investments; Australia’s DayTek Capital was granted a banking license, joining the likes of Xinja, Judo Bank and Volt; and U.K.-based Monzo posted $149M (£113.8M) loss for the year.
Read MoreTrue Link, fintech for older adults, scores $35M Series B for expansion
/True Link, a financial platform for older adults, confirmed a $35 million Series B fund raise, resources the company says will help it move into new product categories.
Read MoreSmall business 401(k) provider Guideline raises $80M
/Low-cost 401(k)s for small businesses continue to be in demand despite tough economic circumstances. This week, Guideline, a San Mateo, Calif.-based 401(k) provider for small businesses, raised $80 million in funding at a valuation of $500M.
Read MorePayment volume surges for PayPal as lockdowns boost online shopping
/In its best quarter ever, payment provider PayPal reported total payment volume was $222 billion in the second quarter, a 29% jump year-over-year. Quarterly profits grew 86%.
Read MoreConsumer lender Enova to acquire OnDeck for $90M
/Chicago-based lender for credit-challenged consumers Enova plans to acquire small business lender OnDeck, in a cash and stock deal worth around $90M.
Read MoreBank of China advises banks to move away from SWIFT payment network
/A report from the investment banking unit of Bank of China urged Chinese institutions to increase the use of a Chinese financial messaging network in lieu of SWIFT, for cross-border transactions in the mainland, Hong Kong, and Macau.
Read MoreNetherlands-based challenger bank Bunq enters mortgage market
/Bunq, a Netherlands-based digital banking startup, is entering the mortgage market through a partnership with Venn Hypotheken, a subsidiary of insurance giant Nationale-Nederlanden.
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