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- Fintiv Inc., a digital-wallet developer, has sued Apple Inc., alleging the iPhone maker stole mobile-wallet technology from Fintiv to further its development of Apple Pay. The case was filed in the Northern District of Georgia, Atlanta Division. Apple Pay debuted in October 2014. Fintiv at the time was known as Corfire.
- The U.S.-based processor Payroc World Access LLC announced it has closed on its acquisition of Agilisa Technologies, a payment gateway based in the Dominican Republic. Terms were not announced. The deal follows on the heels of Payroc’s agreement to acquire card-not-present payment processor BlueSnap Inc.
- Capital One posted on its Web site a notification to cardholders that they can now expect a new debit card following Cap One’s switch from Mastercard to the Discover network. Cap One closed in May on its $35-billion acquisition of Discover.
- Credit and debit card manufacturer CPI Card Group Inc. reported net sales increased 9% year-over-year in the second quarter, to $129.3 million. Net income fell 91% to $500,000, affected by integration costs related to the company’s $45.55-million acquisition of Arroweye Solutions Inc., an on-demand producer of payment cards. The deal closed May 6.
- MoonPay, a facilitator for buying and selling cryptocurrency, said it will work with the gateway Mercury to allow Mercury users to convert fiat money to cryptocurrency directly in the Mercury app.
- he buy now, pay later platform Sezzle Inc. reported second-quarter gross merchandise volume of $927 million, a 74.2% increase year-over-year, driven by new app enhancements and features, according to the company. Monthly on-demand subscribers totaled 748,000, up from 658,000 in the prior quarter, while revenue climbed 76% to $98.7 million, though a 59% increase in operating expenses drove net income down 7% to $27.6 million.
- The U.S.-based finance platform Brex announced it has received a Payment Institution license to operate in the European Union, allowing the company to offer its commercial credit cards and direct debits throughout the region. The company says it is looking into getting a separate license for the United Kingdom “in the coming months.”
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