S&P Global Market Intelligence rounds up financial technology companies' recent product launches, partnership announcements and fundraising activity, as well as regulatory developments in the financial technology sector. Explore more fintech news.
Top news
Iowa-based Bank Midwest launched OnePlace.bank, a digital bank powered by Finastra and designed for healthcare professionals. OnePlace.bank utilizes Phoenix and Digital Banking, which are Finastra's solutions. The company is connecting with fintech companies through Finastra's open finance ecosystem to expand its offerings.
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Blockchain-enabled payment provider Tassat Group Inc. has surpassed $2 trillion in transactions since its inception in 2019, after reaching the $1 trillion milestone in February 2023. A key growth driver has been payment processing for treasury management, which is built on top of Tassat's private, permissioned blockchain, Tassat Chief Product Officer Glendy Kam said.
Tassat is a blockchain payment vendor for financial institutions and has been expanding into other industries including maritime finance, mortgage warehousing, shipping and logistics, healthcare, private equity capital calls and commercial construction, Kam said.
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BlackRock Inc. will provide custom models through fintech firm GeoWealth Management LLC's platform, allowing advisers to meet client demand for private markets, direct indexing and fixed income separately managed accounts, together with traditionally offered exchange-traded funds and mutual funds, in a single account. The team-up will expand BlackRock's custom models business, the company's fastest-growing models segment.
Banking and lending
Synchrony Financial and Atlanticus Holdings Corp. improved their partnership to provide Synchrony merchants and partners with a preferred second look financing solution that will offer more customers access to credit. Atlanticus' managed program will be the preferred second look financing solution for private label credit cards and installment loan products across Synchrony's businesses.
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Fintech company Atmos Financial PBC revealed that it will offer banking services through a direct partnership with Warsaw, NY-based Five Star Bank. The partnership was established in 2023.
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TD Bank Group became the preferred bank of fintech company MPOWER Financing PBC for students at one of the universities that MPOWER supports through its international student loan program in Canada. TD's offering, the TD International Student Banking Package, provides access to banking products and services for international students who are transitioning to post-secondary education in Canada.
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Hudson, Mass.-based Avidia Bank picked Q2 Holdings Inc. solutions — including the Q2 Digital Banking Platform, Q2 Innovation Studio and Q2 Marketplace — to modernize the digital banking experience for its customers. The bank will also utilize Personetics' AI-powered personalized engagement platform through Q2 Innovation Studio.
Payments
Banking platform Bluevine Inc. disclosed the general availability of the Bluevine Business Cashback Mastercard, a card that gives small business owners access to working capital, business tools, merchant discounts and services. The card features unlimited 1.5% cash back on all business purchases without an annual fee.
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Visa Inc. introduced Digital Emergency Card Replacement, a service that quickly delivers a digital card substitute on behalf of card issuers through text or email. Users can authenticate and add the new card to their digital wallet.
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Clair, a fintech company offering free earned wage advances originated by Pathward NA, became the first earned wage access partner of payroll infrastructure company Check Technologies Inc. Platforms using Check to build and launch their payroll businesses can offer Clair's on-demand pay solution without the need for any software.
Trading and investing
Intercontinental Exchange Inc. will debut a clearing service for all US Treasury securities and repurchasing agreements. The service will leverage the company's existing clearing house, ICE Clear Credit, and will be established as a distinct offering from the current credit default swap clearing service.
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Recently launched digital wealth adviser Evergreen Money unveiled Liquid Treasuries, a tax-advantaged account earning a 5.31% yield while providing the benefits of traditional checking accounts, including a debit card, ATM access, automated clearing house payments, direct deposits and wire transfers.
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Hamilton Lane Inc. partnered with and invested in Daphne Technologies LLC, a platform that facilitates the distribution of alternative assets and increased efficiency of the fundraising process. Under the partnership, Daphne integrated with Cobalt, Hamilton Lane's proprietary private markets data, analytics, forecasting and diligence platform.
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State Street Global Advisors Inc., the asset management business of State Street Corp., and Galaxy Asset Management, an affiliate of Galaxy Digital Holdings Ltd., are collaborating to provide investors with access to companies involved in the digital asset space.
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Stripe Inc. and Coinbase Inc. will launch a partnership with three key integrations, according to Coinbase's website. Stripe is adding USDC on Base to their crypto-payouts product and fiat-to-crypto onramp, and Coinbase is adding Stripe's fiat-to-crypto onramp to Coinbase Wallet.
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