In today’s FinTech news, Pine Labs in Noida, India, is acquiring Setu in Bengaluru, India, to grow Pine Labs’ offering of digital payments and lending products. Plus, Singapore is rolling up the welcome mat for crypto firms, and Klarna takes issue with Barclays research.
Pine Labs Acquires Setu in Reported $70M to $75M Deal
Pine Labs, based in Noida, India, is acquiring application programming interface (API) infrastructure startup Setu, headquartered in Bengaluru, India, to bolster its suite of digital payments and lending products. Setu offers services across bill payments, savings, credit and payments, while Pine Labs provides a merchant commerce omnichannel platform. Pine Labs became a unicorn in 2020.
SumUp Raises €590M at Reduced Valuation of €8B
Mobile point-of-sale (mPOS) startup SumUp is raising funds at a significantly reduced valuation to give investors confidence that it can still raise money. Headquartered in London, SumUp offers physical card readers and manages payments in online stores. This is the startup’s first funding round since 2017.
Singapore’s Chief FinTech Officer Questions Value of Private Crypto
Sopnendu Mohanty, chief FinTech officer at the Monetary Authority of Singapore (MAS), is questioning what value private cryptocurrencies have. The regulator also said Singapore is “brutal and unrelentingly hard” when it comes to rule breakers. Regulators are in the midst of stepping up the development of a central bank digital currency (CBDC).
Klarna Calls Barclays BNPL Research ‘Mind-Boggling’
Klarna is disputing new research into the buy now, pay later (BNPL) industry published by Barclays and debt charity StepChange. While Barclays warns that people could face financial peril due to unregulated financial products, Klarna counters that the U.K. bank is just endorsing its own installment credit product.
Raisin Bank Expands Into Payments Space With Bankhaus August Lenz Acquisition
Frankfurt-based Raisin Bank AG is acquiring the payment services division of Bankhaus August Lenz & Co AG. The move expands Raisin Bank’s product suite to include payment services and cash solutions. Under the deal, the payment services division of Bankhaus August Lenz & Co will operate as the Raisin Bank payment unit.
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