Last year, Facebook announced the Libra Association, an ambitious plan to reshape the global cross-border payments space. Since then, Libra has been beset by regulatory challenges, failed partnerships, and, most recently, a complete re-working of the Libra token. So this week we’re taking a closer look and asking ourselves, what’s the big idea with Libra?
Leading Off Kabbage said it’s processed $3.5B in PPP loans, a significant comeback after suspending its small business lending amid the early days of the coronavirus crisis; Samsung and SoFi jointly launched a cash management account and debit card; Google is piloting voice confirmations for payments; payments startup Marqueta raised $150M; and Square’s Cash App […]
Dear readers, The Fintech Update will be off next week for Memorial Day in the U.S. and the Spring bank holiday in the UK. We wish you and your families the best for a safe and relaxing long weekend and a great week ahead. Thanks and take care, The Fintech Update team Leading Off OCC […]
Leading Off The FDIC issued a statement addressing the use of cloud computing services in the financial services sector; Libra hired Stuart Levey, HSBC’s Chief Legal Officer as its CEO; Samsung partnered with SoFi to launch a debit card; Zoom acquired encryption firm Keybase to bolster the security of its product; Robinhood raised $280M in […]
Leading Off WhatsApp is exploring offering credit products in India; Stash raised $112M despite the market turndown; Telegram postponed the launch of its TON blockchain for a second time due to regulatory pressure; the FCA delayed implementation of the EU’s enhanced identity rules for payments by six months; and FIS announced a $150M fintech venture […]
Leading Off LendingClub laid off 30% of its workforce; Facebook acquired a $5.7B minority stake in Indian conglomerate Reliance Industries’ technology and telecoms arm; American multinationals are pilot testing China’s central bank digital currency; Monzo applied for a U.S. banking license; and Alibaba announced a major investment in cloud infrastructure. In the News LendingClub […]