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 space. For more fintech news, click here.
Top News
JPMorgan Chase & Co. partnered with German industrial group Siemens to create a blockchain-based payments system for the latter, London's Financial Times reported, citing Heiko Nix, head of cash management and payments at Siemens. The system is utilized in automatically transferring money in U.S. dollars between Siemens' own accounts, according to the report.
The infrastructure was developed with Siemens by JPMorgan's blockchain unit, Onyx.
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New Jersey-based Manasquan Bank will participate in the early adopter program of digital asset platform Bakkt Holdings Inc. to let its retail clients buy, sell and hold cryptocurrency through its mobile banking app. The program is expected to launch in the second quarter.
Banking and lending
Laurentian Bank of Canada partnered with fintech company Brim Financial Inc. to improve its end-to-end customer journey for its suite of VISA products. Through the partnership, the bank will integrate Brim Financial's platform-as-a-service technology and leverage the latter's infrastructure and end-to-end modular solution.
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Oakland, Calif.-based Community Bank of the Bay implemented the Payments Exchange: RTP solution from Fiserv Inc. and is now able to quickly onboard new customers while offering existing customers an expanded suite of payment options.
Payments
Credit Karma Inc. launched a new tax experience to help members in the U.S. file taxes through Intuit Inc.'s TurboTax and get faster access to refunds in-season through early deposit and refund advance programs. Credit Karma will also launch a new feature that will give members who previously filed taxes with TurboTax insights regarding their finances, income and taxes on an ongoing basis.
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MoneyGram International Inc. revealed a new partnership with India-based Paytm Payments Bank Ltd., enabling MoneyGram customers globally to send money in near real-time directly to Paytm Wallet users in India.
Trading and investing
Blockchain infrastructure and services provider Figment announced a $110 million series C funding round, which was led by Thoma Bravo LP, at a $1.4 billion post-money valuation. The new capital will expand the company's ability to aid the adoption, growth and success of the Web 3 ecosystem and significantly increase its headcount.
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Global fintech platform iCapital Network closed on a $50 million funding round led by WestCap. The company will use the proceeds from the capital raised to improve its platform technology, expand strategies and product types on its alternative investment menu, and pursue strategic acquisitions.
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