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Pick five of this week’s top news stories from the world of finance and technology.
The Federal Trade Commission (FTC) has ordered Credit Karma, a credit services company, to pay $3 million for misrepresenting consumers to offering “pre-approved” credit cards.
Credit Karma claimed that from February 2018 to April 2021, consumers were pre-approved and had 90% odds, often making them apply for ineligible offers, As a result, their credit score.
Susannah Wright, Chief Legal Officer of Credit Karma, says that even if the company’s gas comes to an agreement with regulators, it “fundamentally disagrees with the FTC’s allegations.”
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JP Morgan has signed an agreement to acquire cloud-based payment technology company Renovite Technologies for an undisclosed amount. Upon completion of the acquisition, Renovite will become part of JP Morgan Payments, a provider of corporate treasury services, trade finance, cards and merchant services.
Founded in 2015 and based in Fremont, Calif., Renovite offers cloud-native software products for payment systems, helping clients with infrastructure such as switching, reconciliation, security, issuance, ATM and testing. .
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Financial app Revolut has launched Revolut Pay, an online checkout feature. This allows UK and European merchants to offer Revolut as a payment method. The challenger says the new product will make online shopping “even easier as it facilitates direct payments.” This is verified by Face ID or fingerprint unlock, and no account number is shared.
Revolut Pay is available to Revolut members through the app. Non-Revolut users can also make purchases using his saved Mastercard or Visa cards issued by other providers.
It’s already in use at Shopify, WH Smith, and more, and will be rolled out to more merchants in the coming months.
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Wio Bank, which describes itself as “the region’s first platform bank”, has officially launched operations in the UAE with its headquarters in Abu Dhabi. The start-up aims to provide financial solutions via digital banking apps, embedded finance, and banking as a service (BaaS).
Wio is jointly owned by Abu Dhabi Holding Company (ADQ), Alpha Dhabi, Etisalat and First Abu Dhabi Bank (FAB) with an initial capital of AED 2.3 billion ($630 million).
It aims to partner with other fintech startups to provide customers with a “complete digital banking experience” through a mobile app.
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Majority, a digital bank for immigrants in the United States, has raised $37.5 million in Series B funding led by Valar Ventures.
The funding round consists of $30 million in equity from Valar and participating insider Heartcore Capital, and $7.5 million in debt from a US-based commercial bank.
Majority says it will deploy new funding to bolster its suite of essential services as the company targets about 50 million immigrants in the United States.
The new round follows Majority’s Series A round nine months later, with a total investment of $83.5 million.
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