Fintech

Expense management provider Bento for Business has launched its Bento Pay B2B payment app with partner Dwolla, which has specialized in B2B payments the past few years after initially operating mobile wallet and financial institution faster payment services.

VCs have been devoting more attention — and funding — to U.K.-based digital remittance providers such as TransferWise, Revolut, WorldRemit and their smaller rival Paysend.

The Michigan company will pay $68 million to expand in a high-priority market.

CIT Group will gain nearly $7 billion in low-cost deposits, mostly tied to homeowners associations, as part of the acquisition.

E-commerce's dramatic expansion gives any merchant the opportunity to sell in any market. That leaves payment providers scrambling for an angle in a crowded market.

As the competition mounts to increase adoption rates for person-to-person payment apps, PayPal's Venmo is adding a way for users to quickly move money from the app to their bank account.

The companies said the merger will provide scale and help them update technology more efficiently.

Margin expansion may grind to a halt if the Fed holds rates steady or cuts them further. The problem is regionals tend to lack the side businesses that the big banks possess to offset lending slumps. Check out our annual ranking of banks with $10 billion to $50 billion of assets.

The London-based retail foreign exchange firm ChangeGroup has acquired the retail branch arm of the Swedish finance group SVEA Ekonomi to serve consumers who continue to demand cash payments.

Mexico is considering a ban on the use of cash for purchasing gasoline and to pay for tolls as a way to fight tax evasion and money laundering, according to people with direct knowledge of the discussions.