This week’s trending fintech news

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PayPal gets Chinese payments license

PayPal has become the first foreign firm to get an online payments license in China through acquisition of a 70% equity state in GoPay.  PayPal CEO Dan Schulman announced “The People’s Bank of China has approved PayPal Information Technologies Co., Ltd.’s acquisition of a 70% equity interest in Guofubao Information Technology Co. (GoPay), Ltd., a holder of a payment business license in China. We are honored to become the first foreign payment platform to be licensed to provide online payment services in China. We look forward to partnering with China’s financial institutions and technology platforms, providing a more comprehensive set of payment solutions to businesses and consumers, both in China and globally. The transaction is expected to close in the fourth quarter of 2019 and is subject to customary closing conditions.” Read more

Ripple launches XRP developer platform

The new Xpring Developer Platform has been designed to make it easier for developers build on the XRP Ledger to send and receive payments bridging any currency, fiat or cryptocurrency. Ripple announced “Payments today are broken,” adding “they can take days to arrive and operate in a maze of silo’d networks. This is because traditional payment rails were not built to meet today’s business and consumer demands for reliable, fast, convenient and low-cost payments. The time for change is now. In the same way the Internet unlocked economic growth through democratisation of information, the Internet of Value will unlock economic value through global access and digitisation of money.” Read now

Sibos 2019: How to bank sustainably for a better world

The last day of Sibos in London focused on climate risk and sustainability with Sir Roger Gifford, chair of the Green Finance Institute leading the talks on the Spotlight stage saying that banks must integrate climate risk analysis into processes. “New technology is superior to the old and drives costs down. Investors buy into technologies that have better advantages long-term and we will see this same curve with renewable technologies. However, renewable growth is not fast enough, and we must halt climate change before it’s too late.” “The goal is clear: climate risk must be identified and then it can be measured. We are in the middle of an unstoppable climate revolution, yet we are told we are running out of time. I think we are winning, but we still need to make changes.” Read more

FinTech Rapyd Raises $100M In Series C Led By Oak HC/FT, Stripe

London based ‘fintech as a service’ provider will be using the funds to expand it’s API platform. This latest round is being led by Oak HC/FT with participation from Tiger Global, Entrée Capital, Coatue, General Catalyst, Target Global and Stripe. Arik Shtilman, co-founder and CEO of Rapyd said “We are excited to work with Oak HC/FT, Tiger Global, Coatue and our other long-term investors to continue building and rolling out our Fintech-as-a-service platform globally,” adding “Global commerce is at a critical inflection point as businesses are pressed to launch new applications, process and accept local payment methods, disburse funds, and manage risk and compliance so they can offer highly localized customer experiences without having to build their own infrastructure,” The FaaS model has the ability to build fast turn-around solutions and products for existing platforms. Tricia Kemp, co-founder and managing partner at Oak HC/FT said “As financial services become increasingly digitized and global, Rapyd’s FinTech-as-a-service approach has tremendous growth potential,” Read more.

Revolut customers put almost £1bn on fintech’s cards

While revenue grew last year 354% to £58.2 million losses also increased rising 121% to £32.8 million in 2018. CEO and founder Storonsky said “The end of 2018 feels like a long time ago, but these figures are an important stepping stone in our sustained growth as a business” adding “The leap forward in revenue, and customer numbers, since the beginning of 2019, shows that the reason we started this business continues to be vindicated: to meet major untapped need to solve the problems so many of us have with money management. We are very proud of the uptake so far and it’s great to see so many of our customers using us for their everyday banking needs.” Read more

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