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Welcome to another episode of our Daily Fintech Podcast.
This podcast episode is sponsored by MoneyLion. MoneyLion provides an all-in-one mobile banking experience. You choose the tools you need when you need them — and they complement the financial accounts you already have. They’ll help you decide what’s right for you, but the choice is always yours.
THE NEWS HIGHLIGHT OF THE DAY IS
Meta is officially closing all accounts on its digital wallet, Novi. Both the Novi app and Novi on WhatsApp will no longer be available, and all accounts will be closed on the 1st of September 2022, with the firm advising all users to withdraw their funds “as soon as possible”. From the 21st of July 2022, customers will not be able to add money to their accounts.
JUST IN:
Stripe, a financial infrastructure platform for businesses, today announced that Revolut will use Stripe to support payments in the UK and Europe and accelerate its expansion into new markets.
ALSO:
A lawsuit that was filed against one-click checkout startup Bolt by one of its biggest customers will be dismissed as the two parties have agreed on a settlement, the companies announced jointly. And interestingly, that same customer — Authentic Brands Group (ABG) — is now a shareholder of the company.
FURTHERMORE,
The Commonwealth Bank is facing a $2 billion hit on its investment in buy now pay later operator Klarna, with the Swedish group’s valuation set to be slashed by up to 85 per cent in its latest capital raising.
LET’S HEAR ALL ABOUT MERGERS AND ACQUISITIONS:
Payment processor Worldline has completed a €256 million deal to acquire an 80% stake in Eurobank’s Merchant Acquiring business in Greece
AS FOR PARTNERSHIPS
Nu announced a partnership with Shopee that offers cashback of up to BRL 50 per purchase
Mambu, a leading cloud banking platform, announced a global partnership with Visa in order to utilise Visa DPS – one of the largest processors of Visa debit transactions globally.