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. Please send tips to Rachel.Stone@spglobal.com. For more fintech news, click here.
Banking and lending
Wells Fargo & Co. is expected to roll out an internal settlement service, called Wells Fargo Digital Cash. The service will run on the bank's first distributed ledger technology platform and will help Wells Fargo complete internal book transfers of cross-border payments in its global network by utilizing digitized cash. The pilot, which will initially complete U.S. dollar transfers, will begin in 2020.
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Atlanta-based Greenlight Financial Technology Inc., which provides debit card services for kids, receieved $54 million in a series B funding, led by Drive Capital LLC. The round also saw participation from JPMorgan Chase & Co. and Wells Fargo.
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Mastercard Inc. and Douugh Pty. Ltd. teamed up to provide the consumer financial technology company's "Freemium" subscription product to the U.S. market. The smart bank account is linked to a Mastercard debit card and helps customers visualize and monitor their savings goals.
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Cross River Bank will join The Clearing House's real-time payments network. The move is expected to enhance Cross River's real-time payments abilities for its partners and will provide a seamless, clear and compliant method of settling payments.
Payments
U.K.-based payment service provider GoCardless Ltd. is expected to make its debut in the U.S. markets, Finextra reported. The company is connected to the Automated Clearing House clearing network, which will enable merchants to receive direct payments from their customers' bank accounts at costs lower than credit cards and without the overhead costs of cash and checks.
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Canadian payments fraud manager Trulioo Inc. received C$60 million in a series C round, which was led by its new investor Goldman Sachs Growth Equity. The round also saw participation from new investors Citi Ventures Inc. and Santander Innoventures.
Data and information management
Wells Fargo and data platform Plaid Inc. entered into an exchange agreement, which will enable Wells Fargo customers to share their financial data with Plaid's digital tools and services utilizing an application-programming interface. The latest development is expected to be available to select Plaid customers within the next year.
