Finance

The financial-technology firm Plaid is close to a new round of funding at a valuation of about $13 billion, almost three months after scrapping its sale to Visa, according to people familiar with the matter.

Starting Thursday, firms should stop issuing new loans, bonds and securitizations tied to the discredited benchmark, according to the Bank of England.

Organizers of the Florida de novo will need to raise $17 million in capital before opening.

The Michigan company recently paid $70 million to close the books on a matter dating to the last financial crisis.

Large U.S. banks are directing their venture capital dollars to fintechs in capital markets, wealth management and "future-proofing."

The economy is poised to rebound, meaning loan demand and hiring will pick up, some observers say. Others argue that banks have plenty of reasons to cut jobs given industry consolidation, the growth of digital banking and expectations that low interest rates will persist.

The Texas-based institution is the third credit union to be taken over by regulators this year.

Fresh off the heels of a $180 million fundraiser in January, Citi Ventures-backed PPRO raised an additional $90 million in new investments in its latest equity round.

The Dunedin, Fla.-based institution reported an 18.8% surge in assets last year, along with substantial growth in commercial lending, thanks in part to the Paycheck Protection Program.

Truist Financial's venture capital division led the Series A funding round for Greenwood, a platform aimed at Black and Latino customers. Other investors include Bank of America, Citigroup, Mastercard and Visa.

Treasury Secretary Janet Yellen said she prefers to have the Financial Stability Oversight Council flag hazardous activities by nonbanks rather than subject specific firms to heightened supervision.

The tennis legend will also serve as a strategic adviser on gender equality issues and First Women's Bank, which will be mostly owned and run by women.

Capital One Financial led a $170 million investment in the startup Hopper as the financial giant seeks to make a deeper push into travel.

The Arlington-based institution made gains across several metrics in 2020, including loan growth of 22%, driven in part by the mortgage refi boom.

In a continuation of its Series D round to fuel its global expansion for cross-border payment solutions, Airwallex has raised $100 million in capital, valuing the fintech at $2.6 billion.

MissionOG spots opportunities among firms that provide pandemic-era automation and a route for legacy financial institutions to compete with challenger banks and fintechs.

Legacy contracts using the London interbank offered rate — which is set to be phased out at the end of this year — were granted a reprieve to mid-2023. However, there is no wiggle room on when the rate will expire for new deals, said Federal Reserve Vice Chairman Randal Quarles.

The depositor-owned banks are discouraged from participating in the Emergency Capital Investment Program because they can't issue preferred stock to back loans for underserved communities. It's another reason to overhaul their capital rules, mutuals argue.

Fees from forgiven Paycheck Protection Program loans are providing a short-term lift, but balance sheets are shrinking and it isn't clear what will drive future growth.

The de novo, which raised $33 million in initial capital, will become the state's third new bank since the 2008 financial crisis.