Financial Platform News

News and analysis coverage of financial platforms, ranging from payment processing and credit through to retail banking and investment services.

Twitter, Elliott in deal for Dorsey to stay CEO and add directors

Dorsey pledges $1 billion of his Square Inc shareholding for relief efforts

Twitter Inc and Square Inc CEO Jack Dorsey on Tuesday pledged a cool $1 billion of his shareholding in Square, the payments processor that he co-founded and heads up, in order to h...

Students

SoFi to acquire Galileo Financial Technologies for $1.2 billion

The online student lender Social Finance has agreed to acquire payments technology provider Galileo Financial Technologies for $1.2 billion in cash and stock, the companies said on...

Mastercard

Mastercard’s Scandinavian e-pay deal in EU antitrust crosshairs

Antitrust regulators from the European Union have said Mastercard Inc’s plan to buy part of Scandinavian payments group Nets is a significant threat to the competitive landsc...

UK

UK-based fintech Revolut launches banking app in US

British fintech firm Revolut Ltd on Tuesday launched its banking app and debit cards for customers in the United States as it seeks to expand beyond its base in the UK and Europe. 

Crypto

Crypto-market infrastructure creaks amid volatility test

As worries over the economic hit from the coronavirus outbreak spread from stocks, oil and bonds to cryptocurrencies late last week, bitcoin crashed to its worst day in seven years...

SoftBank

SoftBank’s founder ends Twitter absence over coronavirus worries

SoftBank founder Masayoshi Son may not be the most prolific Twitter user, but he has ended a three-year absence on the platform to express concern about the coronavirus outbreak, t...

Indonesia, FinTech

Startups race to tap Indonesian growth by aligning with Islam

JAKARTA (Reuters) – Like millions of other Indonesians, Gandi Iswara had for years carried a wad of currency notes for dropping into donation boxes after prayers at mosques i...

Singapore

Update: Razer and Ant Financial apply for a digital banking licenses in Singapore

California-based gaming business Razer Inc has stated that it is leading a consortium of companies that has applied for a online bank license in Singapore, thus joining the race to...

Wall Street

Accenture beats quarterly estimates

Reuters – Accenture Plc beat Wall Street estimates for first-quarter earnings on Thursday, as investments in its fast-growing digital and cloud services businesses continue t...

London

Finance’s final frontier? British watchdog probes data sharing

LONDON (Reuters) – Britain’s Financial Conduct Authority (FCA) is investigating whether sharing data with outside competitors could be extended beyond banks to savings,...

e-commerce

Swedish FinTech company Klarna to enter Australia and other markets next year

BERLIN (Reuters) – Swedish financial technology company Klarna plans to launch in Australia and other markets in 2020 after a strong start for its ‘buy now, pay later&#...

PAyPal

PayPal to buy rewards platform Honey Science for $4 billion

Reuters – Payment processor PayPal said on Wednesday it would buy privately held shopping and rewards platform Honey Science Corp for about $4 billion (£3.10 billion).

Japan e-Money

Nearly 20% of Japan households using e-money but cash still king

TOKYO (Reuters) – Almost a fifth of Japanese households use electronic money for small purchases, a survey by a central bank-affilated research institute showed, up from a ye...

Revolut

Revolut plans to raise $500 million next year to fund global expansion

SINGAPORE (Reuters) – British-based digital banking app Revolut is in talks with investors to raise at least $500 million next year to fund a global hiring spree as it expand...