Racing Stripe: The latest round of private funding for Stripe, a start-up that offers software and services that process payments for businesses, has boosted the value of the company to just under $9.2 billion, nearly double what it was worth less than two years ago and making it the most valuable U.S. fintech company, according to the Wall Street Journal. "Stripe's investors think the company can capitalize on the fast growth of online payments as consumers transfer more of their offline spending to internet retailers and as Stripe continues to expand internationally," the paper said. Stripe plans to use the new funds for acquisitions international expansion.
But not all "tech-based financial innovations have come from venture capitalists or young hotshots," the New York Times reports, "but rather from professionals who have toiled away in their industry for decades." For example, a financial planning firm in San Diego was one of the first to come up with a software package to help advisors rebalance their clients' portfolios, previously a tedious and complex process. The company's own employees created Total Rebalance Expert, or TRX, which automates the rebalancing process for advisory firms.