Chime IPO boosts digital banking

In today’s FinTech news, Chime’s move toward an initial public offering (IPO) has shone a spotlight on the acceleration of digital banking into the financial services mainstream, and Latin America is seeing FinTech unicorns to be funded. Additionally, credit unions (CUs) are seeking new customers, armed with data while accelerating digital transformation, and virtual cards are triggering changes in the B2B space by increasing Accounts Payable (AP) efficiency.

Chime’s possible IPO highlights the rise of digital banking

As Chime continues its road to an estimated $40 billion IPO, the process has shone a spotlight on the acceleration of digital banking. Chime is not called a bank. Its approach is to “partner with regional banks to design financial products first for members”.

VC funding, FinTech unicorns break records in Latam

Last year was on fire for startups in Latin America, with record $15.3 billion in venture capital backing 650 companies, tripling funding in 2020. The FinTech sector produced 16 new unicorns in 2021 FinTech captured 39% of VC funding in the region last year. The biggest FinTech deal in 2021 was Brazilian neobank Nubank, which raised $1.15 billion and began trading on the New York Stock Exchange in December at a valuation exceeding $40 billion.

Credit Unions Turn to Data to Compete Directly with FinTechs

UC strives to exceed consumers’ digital expectations by accelerating the implementation of digital tools while accommodating the personalization that draws people to its services. To ensure that all CUs have the latest mobile and online banking technology tools they need, PSCU has partnered with FinTech enabling company ENACOMM to develop white label solutions for online prepaid banking tools and mobile apps.

Lockstep on Harnessing the Power of Virtual Cards to Improve Access Point Efficiency

The pandemic has exposed the shortcomings of manual payment processes as the world shifts to all things digital. A major change that continues to increase the efficiency of access points in space (B2B) is the use of virtual cards. Virtual cards work like credit or debit cards with randomly generated numbers that don’t physically exist. The global value of virtual cards is estimated at 6.8 trillion by 2026, some $4.9 trillion more than in 2021. B2B payments account for most payments processed by virtual cards.

Bank of Montreal on Customizing Features with Open Banking

Founded in 1817, Bank of Montreal (BMO) is Canada’s oldest bank and is also one of the five largest financial institutions in the country and the eighth largest in North America. With more than 12 million commercial bank customers, it has embraced open banking while staying focused on maintaining depositor confidence.

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NEW PYMNTS DATA: AUTHENTICATION OF IDENTITIES IN THE DIGITAL ECONOMY – DECEMBER 2021

On:More than half of US consumers believe biometric authentication methods are faster, more convenient and more reliable than passwords or PINs. So why do less than 10% use them? PYMNTS, in collaboration with Mitek, surveyed more than 2,200 consumers to better define this perception in relation to the usage gap and identify ways companies can increase usage.