Square makes history: The payment giant will acquire buy now, pay later startup Afterpay for $29 billion to make inroads with younger consumers.
The deal for the buy now, pay later provider, worth about $29B, hands Square an opportunity to roll out a consumer-side neobank in the US and to straddle two neobanking segments in Australia.
SMB credit card fintech gets $100M to expand into crowded corporate US market: UK-based issuer Capital on Tap is ramping up in the US after making its plunge in March—we unpack the troubles ahead for small firms like it competing with established players and not much differentiation.
CBA latest Aussie bank to pare down branches: The bank will cut hours at 90 branches so they can be used as contact centers as its customers have moved toward other banking channels—part of a broader trend against branches.
Q2 insurtech funding is the largest on record, but just 15 late-stage deals accounted for two-thirds of the total, putting newcomers at an even steeper disadvantage.
Neobank for startups invites them to become its investors: On the heels of raising $120 million, Mercury is calling on its customers to join its shareholders. This initiative and a matchmaking service it offers for raising funds helps deepen its relationship with users and win over their loyalty.
HSBC users face payday digital-channel outages: Affected customers couldn’t properly access online and mobile banking services on Friday, which included being unable to make payments. The timing of the outages could hurt users’ trust in HSBC.
Monzo’s losses widen while its revenue stays strong: The UK neobank’s annual report reveals a mixed bag of news: Its deposits are soaring, but it’s the subject of a Financial Conduct Authority (FCA) probe. Its results show it’s less volatile than Revolut, but it’s missing Starling’s stability.
Lloyds has closed its first major acquisition since going private in 2017 to benefit from Embark’s tech capabilities and innovate its retirement and retail wealth offerings.
The UK-based neobank now offers app support for people making cross-border transfers between the countries. Its US division CEO spoke to Insider Intelligence about the feature and Revolut’s plans for a US-focused marketing push and expansion into Latin America.