Bank of America announced two strategic hires to further strengthen its Global Payments Solutions (GPS) leadership team in Asia Pacific and Latin America. Phil Carmalt will join Bank of America in late May as Head of Asia Pacific Global Payments Solutions (GPS) Product. Based in Hong Kong, he will report to Greg Kavanaugh, Head of Global Payments Solutions Product, and Winnie Chen, Head of APAC Global Payments Solutions. In his new role, Phil will lead the region’s product management team, driving the execution of GPS’s product strategy and vision across channels, as well as cash and liquidity products. He will…

Major cryptocurrency firms, including stablecoin issuer Circle and crypto custodian BitGo, are reportedly weighing the possibility of applying for bank charters or licenses. According to an April 21 report by The Wall Street Journal, which cited individuals familiar with the matter, Circle, BitGo and several others are considering seeking some form of banking license. Among the other firms mentioned are the publicly traded, US-based crypto exchange Coinbase and stablecoin issuer Paxos. The US Office of the Comptroller of the Currency had previously granted preliminary conditional approval for a US bank charter to Paxos back in 2021. The report surfaces as…

Luma Financial Technologies, a provider of structured products and insurance solutions based in Cincinnati, Ohio, has announced the completion of a US$63 million Series C funding round. The investment was led by Sixth Street Growth, the growth investing division of global investment firm Sixth Street. Existing investors Bank of America, Morgan Stanley, UBS, and TD Bank Group also took part in the round. The additional funding will support Luma’s plans to expand its presence in key markets, invest further in product development, and strengthen its global client service capabilities. The company stated that the new capital will help sustain its…

Bolt, a San Francisco-based payments company, has announced the launch of an all-in-one financial services application, designed to bring together one-click cryptocurrency transactions and everyday payments into a single, centralised platform. The app is now available for download at bolt.com/pay. Upon installation, iOS users will be placed on a waitlist, with access expected to be granted selectively starting early next week. Android users are expected to follow shortly after. Over the past decade, Bolt has built a one-click checkout system that has become a familiar feature for many shoppers and retailers in the US. The new app aims to address…

Toku, a Chile-based accounts receivable software platform, announced today it has raised US$48 million in Series A funding, bringing its total funding to US$55 million. The fundraise marks the largest Series A round raised by a female founder in Latin America, led by Toku’s CEO, Cristina Etcheberry. The round was led by Oak HC/FT, marking the firm’s fourth fintech investment in the region over the past three years. Existing investors, including Gradient Ventures, F-Prime, Clocktower, Y Combinator and Honey Island by 4UM, also took part in the round. Toku’s platform integrates with companies’ enterprise resource planning systems, banks and payment…

Global Payments, an Atlanta-based provider of payment technology and software solutions, has announced agreements to sell its Issuer Solutions business to FIS for US$13.5 billion and to acquire Worldpay, a Cincinnati-based payment processing company, from GTCR and FIS for a net purchase price of US$22.7 billion. The total value of the Worldpay acquisition stands at US$24.25 billion, including US$1.55 billion in anticipated tax assets. The transactions reflect a 12.3x adjusted EBITDA multiple for Issuer Solutions and an 8.5x adjusted EBITDA multiple for Worldpay, based on a net basis inclusive of run-rate synergies. Following the completion of the deal, Global Payments…

Belvo, an Open Finance platform based in Mexico, has secured US$15 million in a new round of funding. The round saw participation from new investor Quona Capital, alongside existing investors Kaszek, Kibo Ventures, Future Positive, Citi Ventures, and Y Combinator. The funds will support product development across data and payments, while also driving the company’s AI strategy to enhance financial services across the region. “This investment will help us accelerate the expansion of our Open Finance product suite and further our mission of democratizing access to financial services in Latin America,” said Belvo’s Co-Founders and Co-CEOs, o. The company’s Open…

Pismo, a cloud-native banking and payments platform headquartered in São Paulo, Brazil, has announced a series of leadership changes aimed at supporting its focus on customer-driven growth and the continued expansion of its global operations. Vishal Dalal, who has served as Pismo’s Chief Executive Officer for North America, Europe and Asia since 2021, has been appointed as the company’s global Chief Executive Officer. Dalal, who will remain based in London, brings over 25 years of experience in core banking and card systems, having previously held roles at McKinsey, Citibank and Barclays. He succeeds co-founder Ricardo Josua, who will step into…

AU10TIX, an Israel and New York-based provider of identity verification and management solutions, has appointed Yair Tal as its new Chief Executive Officer. Tal, who brings more than two decades of leadership experience in payments, financial technology and localisation services, will focus on strengthening the company’s machine learning capabilities and supporting its international expansion through a regional strategy. He succeeds Dan Yerushalmi, who is stepping down to spend more time with his family. Before joining AU10TIX in April 2025, Tal served as Chief Executive of BLEND, an AI-powered localisation firm. He previously held the role of Senior Vice President and…

Tapcheck, a Texas-based on-demand pay provider, has secured US$225 million in combined equity and debt financing. The funding includes a US$25 million Series A extension led by existing investor PeakSpan Capital, along with a US$200 million credit facility from Victory Park Capital. “This infusion of capital will further strengthen our capacity to empower employees nationwide and alleviate financial pressure by granting access to earned wages ahead of traditional pay schedules,” said Ron Gaver, co-founder and CEO of Tapcheck. Founded in 2019 by Ron and Kayling Gaver, Tapcheck provides employees with access to earned wages before payday. The company’s platform integrates…

The Chilean fintech ecosystem has experienced notable growth over the past years, reaching 348 active companies in 2024. According to the 2024 Fintech Radar Chile report, produced by Finnovista in partnership with Mastercard and Galileo Financial Technologies, the figure represents a 16% year-over-year (YoY) increase, carrying on an annual increase that’s been going on since at least 2022. Today, this ecosystem is large and diverse, with strong representation in segments including enterprise financial management, with a 17.8% share, and payments and remittances, at 15.8%. Other notable segments include lending and technological infrastructure for banks and fintechs, both at 12.6%. According…

Brazil has emerged as a fintech powerhouse in Latin America (LatAm), now home to the highest number of fintech startups. In 2023, Brazil accounted for 24% of all fintech companies in Latin America and the Caribbean (LAC) with 722 companies, according to a 2024 report by the Inter-American Development Bank (IDB) and Finnovista. The country also consistently attracts the lion’s share of fintech funding in LatAm. In 2024, Brazilian fintech startups secured a total of US$1 billion in venture capital (VC) funding, representing 42% of all fintech investments in the region. This underscores the country’s leadership in LatAm, data from…

Despite a global downturn in fintech funding in 2024, Canada’s fintech sector continued to defy global trends, attracting record-breaking capital. Last year, a total of US$9.5 billion was invested across 121 fintech deals in Canada, up from US$1.1 billion invested in 2023 across 129 transactions, according to a new KPMG report. Interest from venture capital (VC) and private equity (PE) investors remained strong, especially in larger and more established fintech firms. One of the year’s biggest moves came from Montreal-based Nuvei, which was taken private by PE firm Advent International in a US$6.3 billion all-cash deal. The transaction took Nuvei…

A new income tax survey conducted by ACI Worldwide, in collaboration with YouGov, has revealed that nearly 40% of US taxpayers plan to use their tax refunds to pay off debt, such as credit cards and loans. The findings suggest that the ongoing inflationary pressures are continuing to erode disposable income, with many Americans leaning on their tax refunds to manage financial obligations. In addition to this trend, 44% of respondents indicated they would deposit their tax refunds into a savings account, reflecting a growing sense of financial caution and a shift away from immediate discretionary spending. The results point…

Alinea Invest, a New York based fintech company, has raised US$10.4 million in Series A funding as it continues its mission to build the go-to investing app for Gen Z. Founded in 2021 by Anam Lakhani and Eve Halimi, who met while at university and went on to gain experience at Goldman Sachs and Citi, Alinea has seen rapid growth. The platform now boasts over one million users, 92 percent of whom are women and 70 percent Gen Z. Last year, the company achieved six times revenue growth, reaching a US$6 million run rate with a lean team of just…

Latin America (LatAm)’s cross-border payments space is undergoing a profound transformation, driven by the explosive growth of e-commerce, increasing adoption of digital payments, and digitalization efforts by governments. An in-depth analysis by FXC Intelligence, a financial data company specializing in payments and e-commerce, explores the key trends shaping this evolving space, highlighting the growth drivers of the sector and the dynamic opportunities across industries including remittances, international trade, and online commerce. According to the report, LatAm is seeing significant developments across the cross-border sphere. In particular, Mexico and Brazil, the region’s two biggest economies, are leaders in this industry, driven…

The US Department of Justice is disbanding a team of prosecutors that had been dedicated to pursuing cryptocurrency-related crimes, according to a memo. The move signals a significant shift in enforcement priorities, with less emphasis on complex crypto cases involving banking and securities law. “The Department of Justice is not a digital assets regulator,” wrote Deputy Attorney General Todd Blanche in a memo sent to prosecutors on April 7. This development is the latest in a series of steps by the Trump administration aimed at bolstering the cryptocurrency industry while rolling back initiatives launched under President Joe Biden to crack…

Broadridge Financial Solutions, headquartered in New York, has launched Broadridge Digital Asset Solutions, a set of tools designed to help financial institutions expand their digital asset operations while remaining compliant with evolving global regulations in the crypto and digital asset sector. The new offering builds on Broadridge’s background in data management, governance, and investor communications. “By leveraging our trusted expertise in data, governance solutions, and investor communications we are helping clients provide useful information to investors and participants in the crypto and digital assets space, furthering the democratisation of investing,” said Mike Tae, Co-President of Broadridge’s Investor Communication Solutions Business.…

Ripple has announced its acquisition of Hidden Road for US$1.25 billion, marking one of the largest transactions in the digital assets sector. With this acquisition, Ripple becomes the first cryptocurrency company to own and operate a global, multi-asset prime broker. Hidden Road is a rapidly growing prime broker that provides a comprehensive suite of services to institutional clients, including clearing, prime brokerage, and financing. Its offerings span foreign exchange (FX), digital assets, derivatives, swaps, and fixed income. The company clears approximately US$3 trillion annually and serves over 300 institutional customers. Ripple’s CEO, Brad Garlinghouse, commented on the deal, stating, “We…

London-based Open Banking fintech Yavrio has expanded its operations in the US by connecting with the five largest banks: Wells Fargo, JP Morgan, Citibank, Bank of America, and US Bank. This move is part of the company’s international growth strategy, aiming to tap into the increasing adoption of Open Banking in the US. Yavrio has also introduced embedded payment solutions, including ACH, RTP, FedNow, and Wire payments, which are now available across more than 9,600 banks in the US. This development allows businesses to send funds securely from their payment journals to vendors via their bank accounts. The company’s integration…