Venture capital

Valuations for payment technology companies skyrocketed over the past year, pushed by a wave of public listings and record venture capital investments. Some potential acquirers are waiting for prices to cool.

The funding is tied for the second-largest crypto- or blockchain-related venture capital deal of the year with FTX Trading’s $1 billion round in July, after Robinhood Markets' $3.4 billion raise in January, according to PitchBook data.

These venture capital firms are investing in young companies that could help small financial institutions meet their growing technology needs.

Maxwell, a startup that operates an online platform catering to mortgage loan officers and smaller lenders, raised $28.5 million in equity funding from investors led by the venture firm Fin VC and Wells Fargo Strategic Capital.

Companies like Ally are mimicking the approach of fintechs by curbing overdraft charges and instituting other changes. It is a sign that startups’ efforts to improve customer experience were successful and that competition in digital-first banking will intensify.

Bilt Rewards, which offers a loyalty program and credit card that converts rent into reward points, raised $60 million from investors including Mastercard and Wells Fargo, giving the startup a $350 million valuation.

Canapi Ventures — created by former comptroller of the currency Gene Ludwig and banker Chip Mahan — and other venture capital firms say Peach Finance stood out because, unlike so many other startups, it's not focused on loan originations.

Industry experts weigh in on the future of wealth management.

The company, which started in personal financial management, has grown quickly by helping consumers avoid overdraft fees and, more recently, adding a no-fee bank account. It's counting on a merger deal with a special-purpose acquisition company to fuel further growth.

Rapyd's new venture capital arm seeks companies that can develop or benefit from an international identity verification system.