As the world of finance and technology continue to merge, the fintech industry is constantly evolving. From new startups to established companies, there is always something happening in the world of fintech. Here are the top 10 most noteworthy fintech news stories for the week concluding on March 25, 2023.
1. PayPal Acquires Crypto Custodian Curv
PayPal announced its acquisition of Curv, a cryptocurrency custodian, for an undisclosed amount. This move is expected to help PayPal expand its cryptocurrency offerings and provide more secure storage options for its users.
2. Robinhood Goes Public
Popular trading app Robinhood went public on March 23, 2023, with an initial public offering (IPO) of $38 per share. The company raised $2.1 billion in the IPO and is now valued at over $30 billion.
3. Visa Announces Plans to Launch a Cryptocurrency Settlement Platform
Visa announced its plans to launch a cryptocurrency settlement platform that will allow its partners to settle transactions using cryptocurrencies. This move is expected to make it easier for businesses to accept cryptocurrencies as payment.
4. Square Launches New Banking Services
Square, the fintech company founded by Twitter CEO Jack Dorsey, announced the launch of new banking services for small businesses. These services include checking accounts, savings accounts, and loans.
5. Mastercard Acquires Identity Verification Company Ekata
Mastercard announced its acquisition of Ekata, an identity verification company, for $850 million. This move is expected to help Mastercard improve its fraud prevention capabilities.
6. Coinbase Goes Public
Coinbase, one of the largest cryptocurrency exchanges in the world, went public on April 14, 2023, with an IPO of $250 per share. The company raised $15 billion in the IPO and is now valued at over $100 billion.
7. Stripe Raises $600 Million in Funding
Payment processing company Stripe raised $600 million in a funding round led by Allianz X and Axa Venture Partners. This brings the company’s valuation to $95 billion.
8. Goldman Sachs Launches Digital Wealth Management Platform
Goldman Sachs announced the launch of Marcus Invest, a digital wealth management platform that will allow users to invest in portfolios managed by Goldman Sachs.
9. Amazon Launches a Buy Now, Pay Later Service
Amazon announced the launch of a buy now, pay later service called Amazon Pay Later. This service will allow customers to make purchases on Amazon and pay for them in installments.
10. JPMorgan Launches a Digital Investment Platform
JPMorgan announced the launch of You Invest Portfolios, a digital investment platform that will allow users to invest in portfolios managed by JPMorgan. The platform will also offer financial planning tools and educational resources.
In conclusion, the fintech industry is constantly evolving, and these 10 noteworthy news stories are just a snapshot of what’s happening in the industry. From acquisitions to new product launches, these companies are shaping the future of finance and technology. It will be interesting to see what other developments will arise in the coming weeks and months.
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