FinTech today: Wells Fargo, Zelle suit dropped
In today’s FinTech news, the Aussie FinTech Airwallex moves into New Zealand with its digital wallets in several currencies, while the Aussie Bank Volt returns the license. In addition, Seattle resident Luke Hartsock dropped his class action lawsuit against banking giant Wells Fargo and the digital payment network Zelle.
Airwallex Intros Global Payment Services in New Zealand
Start-up of financial services Airwallex is launched in New Zealand to offer companies a transparent, faster and more cost-effective alternative to older financial institutions. Headquartered in Melbourne, Australia, Airwallex offers multi-currency wallets in over 11 currencies and local payments in over 30 currencies.
Volt leaves the banking sector; Will return the license, funds
Australian challenger bank Volt is leaving the banking industry and returning more than $ 100 million to its estimated 6,000 customers. The Australian Prudential Regulation Authority (APRA) is monitoring the process, which is expected to be completed by 5 July. Volt is the second Australian challenger bank to fail after Xinja, which was licensed in 2019.
Class action against Wells Fargo, Zelle
Seattle resident Luke Hartsock dropped his class action lawsuit against banking giant Wells Fargo and the digital payment network Zelle for allegedly failing to protect customers. Zelle is a product of Early Warning Services, LLC, a FinTech owned by Wells Fargo and six of the other largest US banks – Bank of America, BB&T (now Truist), Capital One, JPMorgan Chase, PNC Bank and US Bank.
Singapore’s financial associations buy CardUp
Debt Investment Platform for Small Businesses Funding Societies acquires the Singapore-based digital financing platform CardUp and will take over payment options, acceptance of electronic payments, tools for automating invoices and licenses and integrations with third-party business software. Funding Societies said that CardUp’s payment services will complement the loan offer.
EU Neobanks Lean on Innovation, Consolidation to Bolster Growth
Consolidation and innovation are two distinct trends that are emerging in Europe’s neobank space as saturation hangs in the distance. Rapid growth is now giving way to consolidation, as was the case when Norges Lunar announced that they are acquiring Finnish Instabank. Bunq’s acquisition of the expenditure management app Tricount enabled the Dutch neo – bank to add the Belgian start – up’s 5.4 million users to its existing base.
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NEW PYMNTS DATA: HOW TOOLS AND CONSUMER FINANCING COMPANIES CAN IMPROVE THE BILL PAYING EXPERIENCE
About: More than half of energy and consumer finance companies have the ability to process all monthly bill payments digitally. The kicker? Only 12% of them do. Digital Payments Edge, a PYMNTS and ACI Worldwide partnership, examined 207 billing and debt collection experts at these companies to find out why it is still elusive to go completely digital.
