- Mastercard Inc. has abandoned its pursuit of cross-border specialist Earthport PLC and instead has agreed to acquire New York City-based Transfast Remittance LLC, a cross-border account-to-account money-transfer network. Terms of the deal, which is expected to close in 2019’s second half, were not disclosed. Visa Inc. last month made an offer valued at $320.4 million for Earthport, topping a prior offer from Mastercard by 12%. Transfast is licensed by state banking departments in 35 states and the District of Columbia and the Virgin Islands. It says its network covers more than 125 countries.
- Montreal-based point-of-sale system developer Lightspeed POS Inc. priced its initial public offering of 15 million subordinate voting shares at C$16 ($11.92) per share to raise C$240 million ($178.8 million) in gross proceeds before underwriting expenses. The shares are listed on the Toronto Stock Exchange under the ticker symbol LSPD. They were trading at C$19.85 late Friday morning, up 10% from their opening price of C$18.10.
- WEX Inc., a specialist in processing fleet-fueling and other corporate payments, celebrated the opening of a new four-story headquarters building in Portland, Maine.
- Source Technologies launched a software-development platform called CoreConnect Foundation to help run payments and other financial services on self-service kiosks.
- Blackboard Inc., a provider of teaching and learning tools for the education market, agreed to sell its Blackboard Transact business to Reverence Capital Partners LP. Transact provides campus-access and payments services. Terms were not announced for the deal, which is expected to close in the second quarter.
The Federal Reserve announced the 22 members of its new Fraud Definitions Work Group, another …