After weeks of delay, Senate Republicans joined a group of Democrats on Tuesday (June 18) to pass a landmark cryptocurrency bill that would create the first regulatory framework for stablecoin issuers. As reported by NBC News, the vote on the GENIUS Act was 68 to 30, with 18 Democrats aligning with most Republicans to support the measure. Only two Republicans, Rand Paul of Kentucky and Josh Hawley of Missouri, opposed it. It marks the first time the Senate has approved major legislation aimed at regulating digital assets. “With this bill, the United States is one step closer to becoming the…

Payabli, a payments infrastructure platform for software companies based in Miami, Florida, has closed a US$28 million Series B funding round. This follows its Series A round completed nine months earlier, bringing total capital raised to US$60 million. The latest round was led by Fika Ventures and QED Investors, with continued participation from existing investors TTV Capital and Bling Capital. The funding reflects Payabli’s recent growth, including several billion in live processing volume and a sevenfold year-on-year revenue increase. The company now supports over 50,000 merchants and has introduced embedded payments with several large enterprises in sectors with essential payment…

JPMorgan Chase is expanding its involvement in digital assets with the planned launch of a stablecoin-like deposit token called JPMD. The US banking giant told CNBC on Tuesday (June 17) that it plans to issue the token on Coinbase’s public blockchain Base, which operates on the Ethereum network. Each JPMD token will represent a digital version of a commercial bank deposit. Unlike public stablecoins such as USDT and USDC, JPMD will be a permissioned token, available only to JPMorgan’s institutional clients. The token is designed to support round the clock settlement and allow for interest payments to holders. “We see…

Ramp, a New York-based financial operations platform for businesses, has raised US$200 million in a Series E funding round, bringing its valuation to US$16 billion. Founders Fund, Ramp’s first and largest investor, led the round for the fifth time. Other participating investors included Thrive Capital, D1 Capital Partners, General Catalyst, GIC, ICONIQ Growth, Khosla Ventures, Sands Capital, 8VC, Lux Capital, Stripes, 137 Ventures, Avenir Growth, and Definition Capital. The company has now raised a total of US$1.4 billion in equity financing. Ramp says it has helped clients save approximately US$10 billion and 27.5 million hours through its platform. Ramp reports…

Tipalti, a California-headquartered provider of global finance automation solutions for mid-market companies, has acquired Statement, a New York-based AI-native treasury automation company. The acquisition enhances Tipalti’s platform with expanded treasury capabilities, including real-time cash visibility, reconciliation, and forecasting across multiple bank accounts, currencies, and entities. Tipalti, founded in 2010, supports businesses in streamlining complex financial operations such as accounts payable, global payouts, procurement, employee expenses, corporate cards, supplier management, and tax compliance. The company serves mid-sized businesses that are often underserved by legacy enterprise software and face growing pressure to scale efficiently. Statement has developed a treasury management solution that…

The US Federal Trade Commission (FTC) has announced that UK-based payment processor Paddle.com Market Limited and its US subsidiary, Paddle.com, Inc., will pay US$5 million and are permanently banned from processing payments for tech-support telemarketers. The settlement resolves allegations that the companies enabled deceptive foreign operations to exploit the US credit card system, resulting in significant consumer harm. In its complaint, the FTC alleged that Paddle knowingly facilitated payments for fraudulent tech-support schemes targeting US consumers, including older adults. “Paddle provided foreign-based tech-support schemes with access to the US payment system, allowing these companies to harm consumers,” said Christopher Mufarrige,…

Nubank has launched Automated Pix, a new functionality that enables customers to pay recurring bills with increased ease and security. The feature became available on June 16 and is designed to support payments for services such as utilities, internet, rent, gym memberships, school fees, and streaming platforms via Brazil’s instant payment system, Pix. The bank is also rolling out a companion feature called Search Upcoming Bills, which will gradually become available over the coming week. This tool notifies users of upcoming recurring bills, offering them the option to either approve or decline payment directly in the app. Customers can choose…

MoneyGram has agreed to pay a US$250,000 fine to resolve a lawsuit brought by New York state concerning its handling of remittance transfers. The settlement comes two months after the US Consumer Financial Protection Bureau (CFPB) withdrew from the civil case. According to Reuters, New York Attorney General Letitia James announced the agreement on June 16, stating it resolves claims that MoneyGram repeatedly violated a 2013 federal regulation intended to make it easier for individuals to send money abroad. Remittance transfers allow individuals in the United States to send funds electronically to recipients in other countries. In a lawsuit filed…

Some of the world’s largest retailers are exploring the use or issuance of stablecoins, aiming to shift a significant portion of their cash and card transactions outside the traditional financial system and reduce the billions they currently pay in processing fees. According to The Wall Street Journal, Walmart, Amazon, and other multinational firms have recently examined the potential to issue their own stablecoins in the US. Expedia Group, along with major airlines and other large companies, has also reportedly discussed launching stablecoins. A move by Walmart or Amazon to enable crypto-based payments that bypass banks and card networks would pose…

Marqeta, a card issuing platform headquartered in California, has announced its continued collaboration with Klarna to support the launch of the Klarna Card in the US. The debit card, powered by Visa Flexible Credential (VFC), enables users to choose between paying immediately or deferring payments, using a single card. In July 2024, Marqeta became the first issuer processor in the US to be certified for Visa Flexible Credential. This certification allows Klarna to provide consumers with increased payment flexibility on the same card. The Klarna Card is currently in its pilot phase in the US, with broader availability planned later…

Wealthbox, a New York-based CRM software provider for financial advisers, has announced a definitive agreement for a majority investment of US$200 million from Sixth Street Growth, the growth investing arm of Sixth Street. The investment will support Wealthbox’s plans to expand operations, accelerate product development, and broaden its presence in the wealth management sector. Sixth Street Growth cited confidence in Wealthbox’s leadership, its platform, and its roadmap, which includes the introduction of AI-driven features aimed at improving adviser productivity and firm-wide efficiency. “This partnership with Sixth Street is a defining moment for Wealthbox,” said John Rourke, Chief Executive and Co-founder…

BTG Pactual, a Brazilian investment bank, has acquired Justa, a Brazilian fintech focused on payment and acquiring solutions for small and medium-sized retailers. The value of the deal was not disclosed. According to Gabriel Motomura, partner and Associate Partner at BTG Pactual Empresas, “The acquisition of Justa accelerates our strategy in the segment of payment solutions for retail. The goal of this operation is to be able to offer, in the future, a complete acquiring solution integrated into our cash management platform.” Justa was founded in 2018 by Eduardo Vils and Thiago Teixeira to simplify access to financial services for…

The US Securities and Exchange Commission (SEC) has formally withdrawn several proposed rules introduced under former Chair Gary Gensler, including measures that aimed to impose greater restrictions on crypto-related activities. The withdrawals were detailed in official notices published on Thursday. Among the rescinded proposals was an amendment to Exchange Act Rule 3b-16, issued in April 2023, which sought to broaden the definition of an exchange to include decentralised finance (DeFi) platforms under the oversight of national securities exchanges. The proposal attracted criticism from multiple industry participants. According to The Block, policy experts at Paradigm had stated, “The only way for…

Stripe has announced an expansion of its partnership with Shopify that will enable millions of Shopify merchants to accept payments in the stablecoin USDC. The new functionality is expected to be available in the coming weeks for merchants in 34 countries. Customers will be able to pay in USDC on Base, using their preferred cryptocurrency wallet. By default, Stripe will convert USDC into the merchant’s local currency and transfer the funds to their bank account. Merchants will also have the option to receive USDC directly in an external wallet. “Stripe has long handled the hard parts of payments so our…

Paynt, a Lithuania-based payment technology company, has announced the acquisition of Canadian firm E-xact Transactions, marking a significant step in its strategic expansion across North America. Paynt currently operates across the European Economic Area and the United Kingdom, with regional offices in the UK, Ireland, the Baltic States and the US. The acquisition of E-xact, which processes more than CAD 3.5 billion annually across over 50 million transactions, will establish a new operational base in Vancouver, Canada. To support this expansion, Paynt has appointed payments industry veteran JohnPaul Golino to its board of directors. Golino will oversee the integration of…

PNC Bank, headquartered in Pittsburgh, has introduced PNC Mobile Accept, a payment feature integrated into the PNC Mobile app, aimed at enabling micro business clients to accept in-person credit and debit card payments directly from a mobile device. Targeted at businesses with annual card transactions below US$300,000, the self-service solution allows users to process payments through manual card entry or via a compact reader that supports tap, dip, and swipe transactions. There is no monthly fee, and funds from transactions are typically available within two business days. “Micro businesses are often left behind by traditional card payment solutions due to…

ACI Worldwide, a Florida-based provider of global payments software and solutions, has named Robert Leibrock as its new Chief Financial Officer, effective 1 July. He will take over from Scott Behrens, who is retiring after nearly 20 years with the company. Leibrock joins ACI from Red Hat, where he currently serves as Senior Vice President, Chief Operating Officer and CFO. At Red Hat, a company focused on open hybrid cloud technologies, he oversaw financial operations during a period of significant growth and organisational transformation, including initiatives related to artificial intelligence. Prior to this, he held several senior finance roles at…

Worldpay, a global payments technology company based in the UK, has expanded its collaboration with Visa to enhance its 3D Secure (3DS) solution, aiming to help merchants in the US reduce fraud without compromising the customer experience. Through the use of Worldpay’s 3DS Flex, merchants can pass authentication data to card issuers, improving payment security and authorisation rates while minimising unnecessary friction at checkout. “Fraud mitigation isn’t just an on or off switch; rather, it’s a balance that requires merchants to understand how security, authentication, authorisation, fraud detection and the impact on the shopping experience work in harmony with one…

In a 68–30 vote, the US Senate has agreed to advance the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, more than a month after the legislation was first introduced. Speaking on the Senate floor on June 11, Majority Leader John Thune urged members of Congress to support the bill, echoing many of former US President Donald Trump’s key talking points on digital assets. As reported by Cointelegraph, Thune claimed the legislation would help position the United States as the “crypto capital of the world.” A majority of senators, including several Democrats, voted to invoke cloture on…

Abacum, a New York-based startup offering AI-powered financial planning software for businesses, has secured US$60 million in a Series B funding round led by Scale Venture Partners. The company, co-founded and led by CEO Julio Martínez, develops tools to support finance teams in forecasting and planning through the use of artificial intelligence and machine learning. The funding round also saw participation from Cathay Innovation, Y Combinator, Creandum, Kfund, and Atomico. According to Martínez, the round was closed in less than two weeks, bringing Abacum’s total funding to approximately US$100 million to date. Abacum’s platform enables finance teams to collect and…