Welcome to our weekly fintech news recap, where we bring you the latest updates and developments in the world of financial technology. In this edition, we will cover the most significant news stories from the week of October 2, 2023.
1. PayPal announces support for cryptocurrencies:
PayPal, one of the leading online payment platforms, made a groundbreaking announcement this week. The company revealed that it would allow its users to buy, sell, and hold cryptocurrencies directly within their PayPal accounts. This move is expected to significantly boost the adoption of digital currencies and further legitimize their place in the financial industry.
2. Robinhood faces regulatory scrutiny:
Popular trading app Robinhood found itself in hot water this week as regulators launched an investigation into its practices. The Securities and Exchange Commission (SEC) is examining whether Robinhood adequately disclosed its practice of selling customer orders to high-frequency trading firms. This investigation highlights the growing scrutiny on fintech companies and their compliance with regulations.
3. Stripe raises $600 million in funding:
Stripe, a leading online payment processing company, announced a successful funding round that raised $600 million. The company plans to use the funds to expand its global presence and invest in new technologies. Stripe’s valuation now stands at a staggering $95 billion, making it one of the most valuable fintech startups in the world.
4. Mastercard partners with Circle to enable USDC payments:
Mastercard, a global payments technology company, announced a partnership with Circle, a cryptocurrency firm, to enable businesses to send and receive payments using the USDC stablecoin. This collaboration aims to bridge the gap between traditional financial systems and digital currencies, providing businesses with more flexibility and efficiency in their transactions.
5. Revolut launches Open Banking feature:
Revolut, a digital banking and financial services platform, introduced its Open Banking feature this week. This new functionality allows Revolut users to connect their accounts with other banks and access all their financial information in one place. Open Banking has the potential to revolutionize the way people manage their finances, offering a more holistic and streamlined experience.
6. Visa acquires Currencycloud:
Visa, a global payments technology company, announced its acquisition of Currencycloud, a cross-border payments platform. This move aligns with Visa’s strategy to expand its capabilities in the fast-growing fintech space. Currencycloud’s technology will enhance Visa’s ability to offer innovative cross-border payment solutions to its customers.
7. Square launches Square Banking:
Square, a financial services and mobile payment company, unveiled Square Banking, a suite of banking services for small businesses. Square Banking includes checking accounts, savings accounts, and loans tailored specifically for small businesses. This offering aims to provide entrepreneurs with easy access to financial tools and services to support their growth and success.
That concludes our weekly fintech news recap for October 2, 2023. Stay tuned for more updates on the exciting developments happening in the world of financial technology.
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- Source Link: https://zephyrnet.com/fintech-news-roundup-for-the-week-of-october-2-2023/