In today’s FinTech news, acquisitions take the spotlight as Pine Labs eyes Setu in India and Northmill buys Moreflo to help merchants deliver a better user experience for shoppers online and off.
Meanwhile, Upgrade wants to help take the bite out of inflation by offering additional cashback rewards from participating merchants and U.K. digital bank Monzo closes its beta test in the U.S. with an official launch.
UK Digital Bank Monzo Officially Lands in US
It was 18 months in the making, but U.K. challenger bank Monzo has completed its U.S. beta test and is wiping out its waiting list with an official American launch. The app-based bank said it can onboard new customers in the U.S. in as little as 10 minutes for eligible applicants. While Monzo hasn’t yet secured a U.S. banking license, its offerings are backed by FDIC member Sutton Bank.
FinTech Unicorn Pine Labs May Acquire Bangalore-based Setu
India’s FinTech unicorn merchant platform Pine Labs is reportedly looking to snap up API infrastructure company Setu for more than $70 million. Setu is among the technology service providers in the account aggregator space that secures the information exchange between personal financial data and banks.
Pine Labs is an Indian merchant platform that pushes through monthly installment payments using one POS terminal.
FinTech Upgrade Launches Product to Help Shoppers Reduce Inflation’s Sting
Upgrade wants to help consumers reduce the financial pain of inflation by offering cashback rewards of up to 10% from participating merchants on top of the rewards its fee-free Upgrade Card users already receive.
The Upgrade Card is intended to promote the responsible handling of credit by offering fixed-rate installment plans. Cardholders are rewarded as balances owed are lowered. Over $12 billion has been loaned in cards and loans over the past five years.
FinTech Northmill Snaps Up Moreflo to Bring Merchants Innovative Tools
Swedish challenger bank Northmill is acquiring electronic funds transfer at point of sale company Moreflo to move into B2B payments and give their customers the same shopping experience online and in-store. The new entity is being rebranded as Northmill Flo AB.
Moreflo has over 2,500 merchants and 400,000 end users in Norway, Sweden, Finland and Denmark, and provides payments capabilities instore and online. Northmill aims to bring merchants a way to offer their customers more shopping options that meets their preferences.
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NEW PYMNTS DATA: 70% OF BNPL USERS WOULD USE BANK INSTALLMENT OPTIONS, IF AVAILABLE
About: Seventy percent of BNPL users say they’d rather use installment plans offered by their banks — if only they were made available. PYMNTS’ Banking On Buy Now, Pay Later: Installment Payments And FIs’ Untapped Opportunity, surveyed more than 2,200 U.S. consumers to better understand how consumers view banks as BNPL providers in a sea of BNPL pure-plays.
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