Today in FinTech: GetVantage raises $ 36 million

In today’s FinTech news, GetVantage secures $ 36 million to increase its footprint in Southeast Asia, while Apple must take a reduced commission in South Korea. In addition, debt collectors can charge people with illegal fees.

GetVantage raises $ 36 million to increase revenue-based Biz financing

Alternative revenue-based financing platform GetVantage raised $ 36 million in equity and debt that it will use to expand its product suite and technology infrastructure. The start-up also plans to increase its presence in Southeast Asia. GetAdvantage aims to fill the financing gap for small and medium-sized enterprises (SMEs).

Apple enables third-party payments in South Korea in response to new law

Apple now allows third-party payments in South Korea in response to a new law that requires large app stores to allow alternative payment methods. Apple’s commission will be reduced to 26% from the 30% they reaped from direct payments. The move is a response to South Korea’s Telecommunications Business Act passed last year, which bans large platform companies from forcing developers to use in-app payment systems.

Trade department: People spend more on petrol, less on cars

Total consumption expenditure fell in May, mainly driven by peaks in fuel and housing costs. A report by the US Commerce Department’s Bureau of Economic Activity showed that personal spending (PCE) increased 0.2% last month, but fell 0.4% when adjusted for inflation. The PCE price index rose 6.3% from May 2021, energy prices rose 35.8% and food prices rose 11%.

CFPB warns debt collectors of fees

The Consumer Financial Protection Bureau (CFPB) issued an advisory statement warning debt collectors that the surcharges they charge for “pay-to-pay” fees – often called “convenience fees” – violate federal law. “Federal law generally prohibits debt collectors from imposing additional fees that are not approved by the original loan,” said CFPB Director Rohit Chopra.

Car lenders support higher interest rates, recession

JP Morgan Chase reported that car loans and leasing were $ 8.4 billion in the first quarter, compared to $ 11.2 billion the year before. CarMax said net lending was $ 2.44 billion, down from $ 2.48 billion last year. Data from the Federal Reserve in the first quarter showed that car loans increased by $ 11 billion.