Tuesday , January 19, 2021

Visa Ends Plaid Deal and other Digital Transactions News briefs from 1/13/21

  • Visa Inc. has dropped its year-old, $5.3-billion bid for the data network Plaid Inc. in the wake of an antitrust lawsuit filed by the U.S. Department of Justice. The DoJ feared Visa could use Plaid’s links to financial institutions to stifle competition in the debit market, a contention Visa denied.
  • The big drugstore chain Walgreen Co. said that “in the coming months” it will introduce credit cards issued by Synchrony Financial and will also launch a prepaid card. Both products will work on the Mastercard network.
  • Rapyd Financial Services Ltd., whose platform seeks to reduce the complexity of offering local payment methods, announced a $300-million Series D funding round led by the hedge fund Coatue. The round doubles the company’s valuation to $2.5 billion.
  • Relay Payments Inc., a business-to-business payments specialist, said it has raised $43 million in funding over the past six months. It is processing 150,000 transactions monthly, with annual volume totaling more than $300 million.
  • Billtrust, a provider of accounts-receivable software for businesses, completed its merger with South Mountain Merger Corp., a special purpose acquisition company, and will become a publicly traded company under the BTRS symbol on the Nasdaq market.
  • E-commerce transactions worldwide grew 24% in December compared to the same month in 2019, according to data from ACI Worldwide Inc.
  • Buy now, pay later provider Affirm Inc. priced its initial public offering at $49 per share for its Class A common stock.
  • The Electronic Transactions Association announced its 2021 board of directors. Guy Harris, head of merchant services for Bank of America Corp. is the ETA president.

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