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Elon Musk wants X to manage users' "entire financial life" so that they "won't need a bank account" by the end of next year. 
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Digital remittance outfit Remitly has hired investment banks to lay the ground for an initial public offering at a $5 billion valuation, according to Reuters.
Vineet Anand's insight:
Remitly making IPO moves with $5B valuation!
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Payments infrastructure provider PPRO has topped up its latest $180 million funding round with an additional $90 million investment from JPMorgan Chase and Eldridge.
Vineet Anand's insight:
JPM takes good stake in PPRO
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Web payments firm Stripe plans to hire 1000 new staff in Dublin over the next five years on the back of a fresh $600 million funding round.
Vineet Anand's insight:
12months on Stripe value increases 2.5X - 50 companies that process > $1bn per annum!
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Facebook and Google are teaming up with Indian firms Infibeam and Reliance Industries on an application to set up a national digital payment network in the South Asian country, according to the Economic Times.
Vineet Anand's insight:
India's central bank invited companies as alternative to NPCI - Google, FB, Amazon among the players partnering with established companies locally.
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On the heels of filing for an IPO, Marqeta has added credit cards to its open API issuing and processing platform.
Vineet Anand's insight:
Marqeta from IPO yesterday to open API for credit card issuing and processing.
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Vineet Anand's insight:
Airwallex closes a $100 million Series C funding taking its total pool to $200 million!
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The world of digital payments continues to power ahead — fuelled by the continuing growth of e-commerce and fintech — and now one of the bigger startups making waves in the sector is raising a huge round of funding. TechCrunch has learned that Marqeta — a payment processing compan…
Vineet Anand's insight:
Marqueta valuation rises close to $2 billion per recent Series E finding to raise $250 million!
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Middle Eastern payments processor Network International is contemplating a listing on the London Stock Exchange.
Vineet Anand's insight:
Network International planning a listing in London at a valuation of PS2.2 billion!
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First Data is to acquire Brazilian eftpos manufacturer and software application developer Software Express.
Vineet Anand's insight:
FirstData acquires Software Express in Brazil!
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Indian-headquartered Financial Software and Systems (FSS) has acquired a 46% stake in Standard Bank's South African payment processing subsidiar
Vineet Anand's insight:
Ecentric has a new 46% stakeholder from FSS.
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Visa appears to have won the bidding war for cross-border payments firm Earthport after rival Mastercard dropped its bid and instead struck a deal to buy another money transfer network, Transfast, for an undisclosed amount.
Vineet Anand's insight:
MasterCard to acquire Transfast and drops bid for Earthport. The bidding war resulted in Visa to bid nearly PS50 million more than the original PS198 million offer.
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EquensWordline has rolled out a pan-European system for the interoperability of domestic P2P mobile payment schemes across borders, using the Sepa Proxy Lookup (SPL) protocol.
Vineet Anand's insight:
P2P routing service using SPL protocol rolled out by EquensWorldline!
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German financial regulator BaFin has taken the extraordinary step of banning short positions in troubled payment processor Wirecard in an attempt to shore up market confidence.
Vineet Anand's insight:
Wirecard shares banned from short selling by German regulator. Stocks have taken a bit hit since FT report and investigation continues!
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Mitsubishi UFJ has formed a joint venture with Akamai for the roll out of a new blockchain-based online payment network.
Vineet Anand's insight:
GO-NET blockchain based payments network using MFUG coin being tested for launch in 2020!
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ACI Worldwide has bought technology assets from RevChip and TranSend to boost its UP Merchant Payments offering with new cloud-based, omni-channel in-store capabilities.
Vineet Anand's insight:
ACI adds RevChip and TranSend assets to its arsenal to offer omni-channel and cloud based solutions!
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First Data Corporation (NYSE: FDC) reported better-than-expected Q4 results helped by solid performance from its Global Business Solutions division. The company's stock has increased marginally in the pre-market hours after the earnings announcement.
Vineet Anand's insight:
First data reports Q4 results with 8% growth in Global Business Services YOY boosted by LATAM market growth for Clover POS. Recent purchase by Fiserv for $22 million will drive further growth in the US market which accounts for 77% of the business. Overall FD improved on its debt reducing it by ~8%!
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US federal prosecutors investigating donations to Donald Trump's inauguration committee are taking a special interest in payments processed through Stripe, which may have provided the technology used for credit card donations related to the campaign.
Vineet Anand's insight:
Stripe receives a subpoena related to Trump inauguration.. seems BAU as prosecutor looking at tracking funds. Interestingly Jared Kushner's brother is an investor.
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A few quarters ago, PayPal Holdings Inc.’s disclosures of its rapid Venmo volume growth came as somewhat of a mixed blessing, since the popular peer-to-peer payment service was a hefty source of losses for the company overall. Venmo still isn’t profitable, but the narrative around the service is starting to change.
Vineet Anand's insight:
PayPal reported 242 million consumer accounts; usage 37 times per year on average, up 9 percent; 21 million merchants - added 13.8 million new accounts in Q4, a 58 percent year-on-year increase. Goal for 2019 is to have 300 million active accounts. eBay represents 10% of business since moving to Ayden Venmo with $68 billion is losing ground to Zelle, however monetization will be key to move from expense to revenue generation with Venmo.
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UK financial institutions and payment processors should collaborate on the creation of a national digital identity scheme to face down the threat posed by money laundering and payments-related financial crime, according to a new report published by the Emerging Payments Association (EPA).
Vineet Anand's insight:
EPA calls for national digital id to plug increase in financial crime.
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Private equity giant Advent International is buying a 51% stake in Argentinian payments firm Prisma Medios de Pago from a consortium of local banks and Visa International in a deal valuing the company at $1.42 billion.
Vineet Anand's insight:
Prisma Medios de Pago has a 51% stake owner in Advent!
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Alipay, the mobile payment arm of Chinese behemoth Alibaba, has been granted an e-money licence in Luxembourg.
Vineet Anand's insight:
Alipay hedges for Brexit with e-Money license in Luxembourg; already holds license with UK regulator thus allowing to operate in Europe and UK with no impact to business.
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FORT LEE, N.J., Jan. 9, 2019 /PRNewswire/ -- Cross River Bank, a fast-growing provider of banking services for financial technology companies, toda
Vineet Anand's insight:
Stripe partners with Cross River to deliver debit push payments API for gig economy workers. Push to card payments will lead to addressing the largest concerns from workers in freelance jobs, ride sharing, food delivery to have immediate access to funds rather than the week long delay across half of the gig economy workers.
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Payments processor Adyen is chasing a $9 billion valuation after confirming its intent to sell 15% of its shares in an IPO on Euronext Amsterdam.
Vineet Anand's insight:
Heading for IPO with a $9 billion valuation, this will be a sought after offering with backing of both revenue and profitability in its corner!
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Stripe, the payments startup is now valued at $9 billion, is today taking the wraps off its latest effort to help its customers -- which now number in the..
Vineet Anand's insight:
Checkout toolkit from Stripe called Elements; quite a journey for Stripe adding Radar and Atlas offerings to bring greater value to it customers while acquiring new business.
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Curated by Vineet Anand
Payment Industry leader passionate about Fintech, Innovation in Banking, Product Management & Strategy, driving revenue growth through client management, business development and P&L focus.
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Leadership & Communication
Payments Ecosystem
The Payments ecosystem is evolving at an unprecedented pace driven by mobile, cloud computing, start-up's challenging the behemoths, and new technologies. My personal collection of curated stories and blogs.
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X bold moves to engage users for banking and investing by end-2024; likely retail and SMB focus whilst X is securing MT licenses across states! A potential bank acquisition for licensing purposes??