The information you need to start your day, from PaymentsSource and around the Web:
What Brexit?
The full impact of
U.K. fintech startups have drawn $2.9 billion in funding so far in 2019, a record that puts the market well on pace to pass 2018's $3.3 billion, which was also a record, according to
Investors are particularly attracted to payments and foreign exchange companies. The companies drawing the largest investments include OakNorth at $440 million, Checkout.com at $230 million, WorldRemit at $175 million, Monzo at $147 million and GoCardless at $76 million.
Patreon's diversification
Glade Brook Capital has led a $60 million funding round in creative content payment processor
Musician Serj Tankian and comic Hannibal Buress are Patreon's first artist investors, which the company says will add greater input for Patreon's business model from the artistic community. Patreon's roots are in performance, as co-founder Jack Conte is part of the band
In an announcement, Conte said the new funding will be used to expand currencies and payment methods, as well as put more resources into its fulfillment services for creators.
A big eraser
Tether created $5 billion worth of its stable coin over the past few days by accident, then quickly deleted them.
The company was moving tethers between exchanges to help cryptocurrency exchange Poloniex, reports
Poloniex, which is a subsidiary of Circle, reported this resulted in an incorrect issuance of tether, which was "burned," or
Actual intelligence
As artificial intelligence takes hold to help support
The
The FCA says algorithmic decisions aren't explained adequately, and are also not tailored for audience types, such as executives, professional staff or consumers. The project will produce recommendations on these issues over the next year.
From the Web
Yahoo Finance | Wed July 17, 2019 - ACI Worldwide (ACIW) announced an international relationship with Worldpay, Inc. Worldpay will utilize ACI’s UP eCommerce Payments solution to accelerate the roll-out of Alternative Payment Methods (APMs) to its global merchant network.
Yahoo Finance | Tue July 16, 2019 - Card issuers make money on both ends of every transaction – from fees and interest charges to the customer, as well as to the merchant. It’s a business model that has propelled both Mastercard and Visa to the top of the financial world, as leaders in the electronic transaction and payment processing segment.
CCN | Tue July 16, 2019 - Square believes that user experience is at the core of mass adoption for cryptocurrency, and they’ve made an eloquent job posting in that pursuit. A project of Jack Dorsey, Square instituted Bitcoin support sometime back. The company hopes to onboard people in the same way as Coinbase, with a focus on creating use cases.
More from PaymentsSource
Fintech startups have been a natural fit for the gig economy, leading Visa and Mastercard to seek them out as partners to maintain relevance.
A new payment company is attacking the hurdles professional women face when returning to the workforce after time away, a distinct problem borne out of the broader gender gap in financial services.
Finix, a startup offering tools for businesses to develop their own payments technology, has raised $17.5 million in Series A funding from investors that include Bain Capital and Visa.
The staggering popularity of QR code payments and mobile wallets in Asia continue to rise, demonstrating high consumer demand for quick and easy services and new frontiers for biometric authentication.
