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Pick five of this week’s top news stories from the world of finance and technology.
Nexi Selects Microsoft for Azure Cloud Services
Italy’s paytech Nexi partners with Microsoft to develop cloud and digital payment solutions for European software vendors, financial institutions, small businesses and other public sector organizations.
Nexi tapped the tech giant for Azure cloud services as Paytech looks to consolidate its data centers across Europe and further digitize its platform and solutions.
Through this strategic partnership, the two companies will work together to “digitize the European payments space”, offering integrated digital upgrade packages for SMEs, scalable cloud infrastructure for public sector institutions and optimized payments for businesses. develop a solution.
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Texas-based fintech company Rv Worldwide will partner with funds advised by Searchlight Capital to acquire Netspend consumer business from Global Payments in an all-cash transaction worth $1 billion.
Founded in 1999 by Rv founders Roy and Bertrand Sosa, Netspend is a provider of payments and financial solutions for consumers and businesses.
The company operates in the prepaid and debit card space, serving millions of customers across the United States and processing hundreds of billions of dollars worth of cardholder purchases.
The Sosa brothers intend to combine the strengths of both companies to achieve “strengthening financial strength and product innovation.”
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Robinhood cuts 23% of staff, crypto sector fined $30 million
Stock-trading app Robinhood plans to cut almost a quarter of its staff, and its cryptocurrency unit has been sued for “serious violations of anti-money laundering, cybersecurity and consumer protection” in a New York financial institution. Fined $30 million by the Department of Services (DFS).
The decision to cut 23% of its workforce follows a “broader reorganization of the company into a general manager structure,” said Robinhood CEO Vlad Tenev.
The news follows previous layoffs in April, when the company cut 9% of its full-time workforce. These cuts “weren’t enough,” Tenev now says.
Another headache for Robinhood is that its cryptocurrency division was fined $30 million by the New York State Department of Financial Services.
The Department alleges that Robinhood failed to maintain an effective and compliant Bank Secrecy Act (BSA), AML, and cybersecurity program and violated consumer and reporting requirements.
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American Express launches a new digital solution called Global Pay. It allows US businesses to make domestic and international B2B payments.
The Global Pay platform allows businesses to send payments in multiple currencies from their bank accounts to suppliers in more than 40 countries, according to the company. Customers can also earn Membership Rewards points on FX payments.
Dean Henry, executive vice president of global commercial services at American Express, said Global Pay was built to help businesses “manage their B2B payments around the world easily and effectively on a secure platform.”
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Tabby raises $150 million in debt financing
Dubai-based paytech Tabby has secured $150 million in debt financing from Atalaya Capital Management and existing investor Partners for Growth.
The new debt commitments follow Tabby’s $54 million Series B extension in March of this year.
Tabby said the investment will “strengthen” the company’s balance sheet and support continued growth in trading volume and product expansion.
It added that it will continue to provide consumers in the Middle East and North Africa (MENA) with access to otherwise unavailable credit without charging interest or other fees.
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