General Motors, Goldman Sachs and Mastercard have agreed a multi-year relationship for co-branded rewards-based credit cards. Goldman Sachs beat out competition from Barclays late last year to buy GM’s credit card business in a deal worth around $2.5 billion. Mastercard will continue to act as the network of choice when Goldman starts acting as issuingContinue reading “#BankTech / GM, Goldman and Mastercard agree credit card partnership”
Tag Archives: BankTech
#BankTech / MX ties up $300m in Series C funding
MX provides account aggregation services to banks, credit unions, and fintechs. It claims its systems enhance financial data to reduce fraud, approve loans faster, and help clients invest. The firm claims more than 2,000 customers, and 30 million end customers. “The financial industry is at an inflection point as organisations look to become not onlyContinue reading “#BankTech / MX ties up $300m in Series C funding”
#BankTech / Goldman picks Marqeta to power Marcus current account rollout
Goldman Sachs has signed a deal with card issuing firm, Marqeta, which sees the latter underpin the bank’s Marcus current accounts. Marcus, Goldman Sachs’ digital banking offshoot, is planning to launch current accounts in 2021. The bank says they are a “cornerstone of the company’s growing consumer portfolio”. Marqeta is providing its open APIs andContinue reading “#BankTech / Goldman picks Marqeta to power Marcus current account rollout”
#DigitalBanking / Goldman Sachs is mulling acquisitions to bulk up its UK-based digital savings and lending service Marcus
… the bank believes online activity will be central to future growth. This is why its executives are ruling out any deals that involve acquiring branches… the bank has set an “extremely high” bar for deals. They need to be both large and transformational. Marcus as a key for Goldman… The CEO wants to moveContinue reading “#DigitalBanking / Goldman Sachs is mulling acquisitions to bulk up its UK-based digital savings and lending service Marcus”
#BankTech / The 5 Hottest Technologies In Banking For 2021
… The truly “hot” technologies in banking are the ones that financial institutions invest in—not necessarily the ones the pundits talk about… In Cornerstone’s What’s Going On in Banking 2021 study, the top five technologies for 2021 are: 1) Digital account opening; 2) Application programming interfaces (APIs); 3) Video collaboration; 4) P2P payments; and 5)Continue reading “#BankTech / The 5 Hottest Technologies In Banking For 2021”
#BankTech / Irish banks plan payments rival to take on fintech entrants
A group of major Irish banks are banding together to create a payments app rivalling fintechs like Revolut. According to The Irish Times, the system allows bank customers to transfer their funds quickly and easily between accounts. The group of banks are open to others in the industry joining them in the new joint venture.Continue reading “#BankTech / Irish banks plan payments rival to take on fintech entrants”
#BankTech / London-based Curve raises $95 million, plans U.S. expansion
Curve, which combines multiple cards and accounts into one smart card and app, will use the funds in part to deepen its reach in Europe and “drive product innovation.” The fundraise brings the startup’s total funding to nearly $175 million since its 2015 inception. Curve’s banking platform has a smart card that allows customers toContinue reading “#BankTech / London-based Curve raises $95 million, plans U.S. expansion”
#BankTech / Visa, Plaid terminate $5.3 billion merger agreement
Almost exactly a year after announcing their $5.3 billion merger, Visa and Plaid have called off the proposed marriage, and the U.S. Department of Justice has agreed to drop its antitrust lawsuit challenging the deal. “We are confident we would have prevailed in court as Plaid’s capabilities are complementary to Visa’s, not competitive,” said AlContinue reading “#BankTech / Visa, Plaid terminate $5.3 billion merger agreement”
#BankTech #SaaS / Mambu Raises €110 Million in Funding Round
Mambu’s SaaS banking platform sets it apart from traditional core banking players as it drastically accelerates and simplifies the way financial products are built and serviced by any financial institution. [Founder and CEO of Mambu:] “When Mambu launched in 2011, we knew the future of banking would have to be built on agile and flexibleContinue reading “#BankTech #SaaS / Mambu Raises €110 Million in Funding Round”
#WealthTech / Wealthtechs lead the way with automated cash management
The marriage of day-to-day spending and long-term financial planning has been consummated in the wealthtech industry… existing relationships between short-term and long-term monetary matters are maturing… Wealthtech apps Betterment, Wealthfront and M1 Finance have rolled out features that automatically manage users’ cash beyond robo-advisor functionality, which invests money in stocks, bonds, mutual funds and ETFs.Continue reading “#WealthTech / Wealthtechs lead the way with automated cash management”
