Welcome to our recap of the top 5 fintech news from this last week of September 2024.
We’ll cover the most exciting developments in financial technology, from groundbreaking innovations and major partnerships to regulatory updates and market trends. Stay tuned to catch up on the latest advancements shaping the future of finance with Financial Technology Insights.
Brands Covered:
News Headlines:
- Credlix Expands Internationally with Launches in the United States and Mexico
- MoneyGram Collaborates with dLocal to Enhance Cross-Border Payment Solutions in APAC and EMEA Regions
- JPMorgan Engages in Discussions with Apple Regarding Potential Collaboration on Goldman Credit Card Partnership
- FTC Initiates PayPal Refund Process for FloatMe Settlement Recipients
- Affirm Expands Buy Now Pay Later Services to Enhance Apple Pay User Experience
Credlix Expands Internationally with Launches in the United States and Mexico
Credlix, a prominent global provider of supply chain financing, has announced its expansion into the United States and Mexico. This expansion is supported by $50 million in funding from Moglix, Asia’s largest B2B e-commerce platform.By addressing critical working capital challenges, fostering business growth, and providing fast, collateral-free financing solutions, this initiative seeks to empower SMEs. This expansion is consistent with Credlix’s overarching objective of enabling small and medium-sized enterprises (SMEs) in emerging markets to engage in global trade opportunities. This correlates with India’s emphasis on fostering global trade partnerships and increasing exports. SMEs in Mexico and India encounter comparable obstacles, including extended payment cycles, operational inefficiencies, and restricted access to affordable financing. Credlix’s expansion into the United States and Mexico is designed to address these challenges by providing rapid, collateral-free financing solutions that enhance cash flow, alleviate financial burdens, and facilitate the expansion of small and medium-sized enterprises (SMEs).
MoneyGram Collaborates with dLocal to Enhance Cross-Border Payment Solutions in APAC and EMEA Regions
dLocal, a cross-border payment platform that concentrates on emergent markets, has announced a new partnership with MoneyGram, a global financial technology company. The partnership’s objective is to assist MoneyGram in the expansion of its services throughout the Asia-Pacific (APAC) and Europe, the Middle East, and Africa (EMEA) regions. Latin America (LATAM) is the intended region for future expansion. MoneyGram’s digital payment capabilities in these regions will be improved through the collaboration.
JPMorgan Engages in Discussions with Apple Regarding Potential Collaboration on Goldman Credit Card Partnership
Goldman Sachs is facing a costly exit from the Apple partnership, which is perceived as hazardous. After experiencing losses in consumer banking, Goldman Sachs has redirected its attention to investment banking and trading. A source familiar with the matter stated on Tuesday that JPMorgan Chase (JPM.N) is in discussions with Apple (AAPL.O) about replacing Goldman Sachs (GS.N) as the tech giant’s credit-card partner. The source, who requested anonymity due to the confidentiality of the discussions, stated that the discussions have progressed in recent weeks, but any potential agreement could still be months away.
FTC Initiates PayPal Refund Process for FloatMe Settlement Recipients
In the case of FloatMe, the refunds are the result of an action taken by the FTC in January. The regulator alleged that FloatMe promised quick and free cash advances to consumers who joined its service, but failed to deliver the promised advance amounts. The company also charged fees to obtain the cash quickly, made it difficult to cancel subscriptions, and discriminated against those who received public assistance, according to the release.The FTC’s complaint also alleged that FloatMe made “baseless” claims that an algorithm or other automated system would increase the cash advance limits offered to consumers, according to the release.According to the release, the Federal Trade Commission (FTC) intends to issue refunds totaling over $2.6 million to 449,344 consumers who were FloatMe members and purchased immediate cash advances.
Affirm Expands Buy Now Pay Later Services to Enhance Apple Pay User Experience
Buy-now, pay-later (BNPL) network Apple Pay customers can now access Affirm. The integration, which was disclosed on Monday (Sept. 16), enables Apple Pay users in the United States to pay for purchases via iPhone and iPad over time using Affirm. The payments are divided into biweekly or monthly installments. In order to utilize the service, consumers with iOS 18 and iPadOS 18 or later can select “Other Cards & Pay Later Options” during the checkout process on their Apple device. This selection will precede an eligibility inquiry that will not impact their credit score. The report also discovered that nearly 60% of consumers utilize pay-later plans to aid in the improved management of their spending on large-ticket purchases, and 63% of BNPL users cited cash flow management as a significant factor in their decision to use the payment method.Users who are approved will be presented with personalized payment plans and will be able to choose the one that is most suitable for them. Affirm reported earnings last month that demonstrated a 31% year-over-year increase in gross merchandise volume (GMV), which amounted to $7.2 billion, and a 48% increase in revenue, which amounted to $659 million.
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Thank you for joining us for this recap of the top 5 fintech news from this week. We hope you found these updates insightful and exciting. Stay tuned for more news and developments in the fintech world. Keep innovating and exploring the future of finance with us. Until next time, stay informed and stay ahead in the fintech space. We will be covering more such updates on Financial Technology Insights.
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