In today’s top news, venture capitalists are swarming to back tech startups, and SoFi bought a San Francisco-based community bank for $22.3 million. Plus, J.P. Morgan is bringing on former HSBC exec Jeremy Balkin to lead FinTech and innovation for wholesale payments.
There is increasing competition to back hot new tech companies as venture capitalists rush to back Silicon Valley startups, despite fears of overvaluation. Based on deals made in February, investors could pour over $460 billion into private startups this year.
FinTech startup Social Finance (SoFi) is acquiring Golden Pacific Bancorp (GPB), a community bank in Sacramento, California, for $22.3 million, speeding up SoFi’s development of a “national bank subsidiary.”
J.P. Morgan Chase has hired ex-HSBC executive, Jeremy Balkin, as the head of FinTech and innovation for wholesale payments. In his new role, Balkin will also be involved in the bank’s decisions to invest in or partner with companies.
Google has made it free for hotels and travel companies to list their offers in hotel booking links. The change gives these companies a greater opportunity to reach new customers, while also providing users with a broader range of options as they research their trips and pick destinations.
Ninety-seven percent of banking customers want control over their mobile banking apps’ authentication processes, but only 37 percent of U.S. consumers say their financial institutions (FIs) give them that ability. In the second installment of the Mobile Banking App Playbook, PYMNTS surveyed 2,581 U.S. consumers to learn more about the five mobile banking app authentication features they want from their FIs.
More than 40 percent of B2B payments are still done via dead trees – and it’s hard for senders’ and receivers’ systems to “talk” to one another. As Deluxe CEO Barry McCarthy told PYMNTS’ Karen Webster, a shift to digital does not require a rip-and replace-project – it needs a bridge.
SpaceX CEO Elon Musk revealed that his company is now working on antennas that can be installed on planes, ships, large trucks and RVs to pull down Starlink’s internet service, no matter where on Earth they are.