Finance

Members of the Financial Stability Oversight Council are trying to light a fire under banks to adopt an alternative to the foundational reference rate.

There’s a new unicorn in Latin America: Clip, a payments fintech in Mexico targeting small and midsize companies.

Klarna Bank AB is raising fresh funds led by SoftBank Group that value the Swedish fintech startup at $45.6 billion, just months after two separate investment rounds sent the company’s valuation soaring.

Following the sale of its U.S. retail banking unit to PNC Financial Services Group, the Spanish bank is turning its focus in this country to wholesale banking.

The card brand has added a dedicated lane to its startup program to address the venture funding gap for race and gender. Overall, less than 3% of VC funding goes to startups with Black or Latinx founders.

Blockdaemon has seen rapid growth in the past year, and has won customers including JPMorgan Chase and Citigroup.

The move brings state-chartered banks and credit unions in sync with their federal counterparts by enabling them to open checking accounts for consumers who have had accounts closed for writing bad checks.

Unchained Capital, a Bitcoin-based custody-service provider and lender, has raised $25 million in funding, valuing the company at $125 million.

The Curql Fund, an investor in upstart technology companies, is trying to help credit unions build relationships with cutting-edge firms.

The pace of the U.S. recovery picked up somewhat in the past two months, sparking price pressures as businesses contended with worker scarcity and rising costs, the Federal Reserve said.