Today in FinTech: Revolut is trying BNPL in Ireland
In today’s FinTech news, Revolut is testing the BNPL water in Ireland, while senators are trying again with the Payment Choice Act. In addition, NerdWallet signed an acquisition agreement for the consumer debt robo-advisory platform On the Barrelhead.
Revolut Pilot’s BNPL product in Ireland
Revolut launches a buy now, pay later (BNPL) product and first tests it in Ireland for its 1.9 million customers there. Eligible users receive a credit limit of 499 euros ($ 524). The digital payment company plans to launch the installment credit service in Poland and Romania later this year.
NerdWallet signs a $ 120 million deal for On The Barrelhead
Financial advisory firm NerdWallet buys robo advisory platform for consumer debt On the Barrelhead for approximately $ 70 million in cash and $ 50 million in NerdWallet Class A shares. The acquisition gives NerdWallet a wider range of offers into new financial categories and strengthens the company’s ability for vertical integration.
Embedded FinTech Startup Colendi acquires blockchain company SETL
Multifunctional bank as a service (BaaS) platform Colendi buys blockchain settlement and payment provider SETL for undisclosed terms. Having access to SETL’s intellectual property and expertise can help Colendi work on a new public blockchain infrastructure to host native tokens and smart contracts.
Senators reintroduce bills to preserve freedom of payment
The two-part payment option law will be reintroduced, which will give people broader choices in how they pay for goods and services. The legislation will prohibit merchants from refusing to accept cash or demanding a higher price for cash-paying customers. The bill was introduced by US Senators Bob Menendez (DN.J.) and Kevin Cramer (RN.D.), and aims to protect underprivileged populations who are often dependent on cash.
Five fine technologies from the EU that use artificial intelligence to support consumers, businesses
In Europe, startups use Big Data and machine learning to respond to challenges in the diverse FinTech ecosystem. Five European startups – Fluidly, Cleo, Fraugster, OakNorth and Lucinity – are paving the way for artificial intelligence (AI) in FinTech.
——————————
NEW PYMNTS DATA: HOW TOOLS AND CONSUMER FINANCING COMPANIES CAN IMPROVE THE BILL PAYING EXPERIENCE
About: More than half of energy companies 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.
