Daily news

Cedar Money Raises $9.9 Million for Cross-Border Stablecoin Payments

Cedar Money Raises $9.9 Million for Cross-Border Stablecoin Payments
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Cedar Money has raised $9.9 million in Seed funding.
  • The round was led by QED Investors, with participation from North Island Ventures, Wischoff Ventures, Lattice, and Stellar.
  • Cedar Money leverages stablecoins instead of SWIFT to offer faster, more reliable, and cost-effective international money transfers, particularly in regions where traditional systems are inefficient or inaccessible.

Cross-border stablecoin payments company Cedar Money announced this week that it has raised $9.9 million in Seed funding. This initial investment round was led by QED Investors. North Island Ventures, Wischoff Ventures, Lattice, and Stellar also participated.

The Israel-based company was founded in 2022 to enable efficient business-to-business money transfers across geographies. Because it leverages stablecoins, the company does not rely on outdated SWIFT and correspondent banking rails and is able to deliver faster, more reliable, and cost-effective cross-border payments between developed and emerging markets.

Cedar Money will use today’s funds to accelerate its mission of transforming international money flows through blockchain payments. “The funding underscores the urgency for innovative payment solutions in a world where businesses face significant barriers in moving money across borders,” said Cedar Money CEO Benjy Feinberg. “We’re proud to partner with forward-thinking investors like QED who share our vision of creating a truly global and inclusive financial ecosystem.”

By integrating blockchain technology with a user-friendly, fiat-based interface, Cedar Money is able to offer a compliant payment solution that works for businesses across the globe. The company’s technology has had a notable impact in regions where traditional payment systems are cumbersome, costly, or inaccessible.

If you’ve been paying attention to fintech news in the past three months, you’re likely aware that Cedar Money’s announcement comes amid a boom for cryptocurrencies, and especially stablecoins. Stripe’s acquisition of stablecoin-focused fintech Bridge set off an avalanche of stablecoin excitement, bringing to light the possibilities of using stablecoins, especially in cross-border transactions. The recent administration change in the U.S. has also increased the stablecoin excitement by promising a crypto-positive regulatory environment.

“Cedar Money’s approach aligns perfectly with the positive momentum in the digital asset ecosystem, as businesses and governments alike recognize the transformative potential of stablecoins in enhancing cross-border money flows,” added Feinberg.

Photo by ROMAN ODINTSOV

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Wise Says, “Hola” to Mexico

Wise Says, “Hola” to Mexico
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, TransferWise, Wise
  • Cross-border payments fintech Wise has launched services in Mexico.
  • The launch allows Mexican nationals to send money abroad in over 40 currencies across 160 countries, leveraging Wise’s network of six local payment systems and 90+ bank providers.
  • Wise stated that the US dollar to Mexican Peso money transfer corridor is one of its largest, and has seen transfer volumes between the two double in the last two years.

Cross-border payments fintech Wise (formerly TransferWise) announced today it has launched into the Mexican market. The new service in Mexico will enable Mexican nationals to send money abroad, offering them direct access to Wise’s growing global payment network.

The new market entry is part of the company’s broader goal to enhance cross-border payments and support consumers with financial services. With Wise’s services now available in Mexico, the country’s citizens can send money from Mexico to over 40 currencies and 160 countries using Wise’s app or website. Wise has direct connections to six local payment systems and over 90 local bank providers, which ensure fast and efficient transfers. The company said that sending funds from Mexican Peso (MXN) to US Dollar (USD) will “hugely benefit” Mexican nationals who have connections to the US. 

“Launching our services in Mexico is a continuation of our strong, consistent growth in North and Latin America,” said Wise CTO Harsh Sinha. “Mexico, a region where consumers are loaded with unjust hidden fees, presents a strategic opportunity for Wise as it helps further our mission and opens a key currency route to bolster our business. Offering our services will have a positive impact on Mexican nationals by offering a transparent, cost effective, and fast option to send money internationally. Importantly, this takes us one step closer in solving the problems of opaque, slow, and expensive international money movement.”

Wise reports that with more than 37 million Hispanics of Mexican origin living in the US, sending USD to MXN is the third-largest money transfer corridor for its US customers. Additionally, the company has seen the volume of transfers on this route double over the past two years. This growth highlights the demand for faster and more affordable alternatives in the remittance market.

As part of its mission to disrupt traditional remittances, Wise focuses on price transparency. The company estimates that banks and other providers in Mexico conceal up to 10.4% of their fees, contributing to a loss of $446 million in hidden fees in 2024 alone, according to a survey by Edgar, Dunn & Company. Wise aims to change this with a transparent pricing strategy. In fact, Wise estimates that from the $147 billion (£118.5 billion) in cross-border transactions it facilitated globally last year, it saved customers over $2.2 billion (£1.8 billion).

Wise was founded in 2011 under the name Transferwise to facilitate cross-border payments while bringing transparency to the fees involved. The company reports that in Mexico, banks and other providers conceal up to 10.4% of their costs in hidden fees. According to a survey from Edgar, Dunn & Company, out of the $168 billion consumers moved in and out of Mexico in 2024, Mexicans lost $446 million in hidden fees that same year.

“Our mission is to make financial services fair, accessible, and transparent for everyone,” said Wise Country Manager in Mexico Efrain Florencia. “Launching in Mexico allows Wise to disrupt a traditional remittance market by introducing radical price transparency, completely redefining how Mexicans send money abroad. We are eager to make a positive impact on the millions of Mexicans who regularly go through this process and are looking for a better, more convenient experience without the burden of excessive fees.”

Wise is listed on the London Stock Exchange (LSE) under the ticker WISE, with a market capitalization of $11.5 billion. The company serves 12.8 million active customers worldwide, facilitating the movement of $37 billion (£30 billion) across borders each quarter. Founded in 2011, Wise offers both personal and business accounts, allowing users to hold and manage funds in 40 currencies, move money between countries, and spend money internationally without hidden fees.

Photo by Alexander Schimmeck on Unsplash


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Trump Media (Yes, That Trump) Launches Fintech Venture, Truth.Fi

Trump Media (Yes, That Trump) Launches Fintech Venture, Truth.Fi
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Trump Media and Technology Group (TMTG) launched Truth.Fi, a new financial services brand.
  • The new brand will focus on crypto investments, ETFs, and separately managed accounts, with up to $250 million custodied by Charles Schwab.
  • The announcement follows the launch of the $TRUMP memecoin on the Solana blockchain which, despite disclaimers, has reached a $5.4 billion market cap.

Did anyone have this on their bingo card for 2025? Donald Trump-owned Trump Media and Technology Group (TMTG) announced today that it has launched a financial services and fintech strategy, confirming the launch a new brand called Truth.Fi.

The Florida-based company is launching the new brand to diversify the company’s cash reserves. TMTG will invest up to $250 million through Charles Schwab in cryptocurrencies and crypto-related securities, exchange-traded funds, and separately managed accounts, which will be developed in partnership with Charles Schwab. The investment vehicles and financial products are expected to focus on investments in American growth, manufacturing, and energy companies. Yorkville Advisors will serve as the company’s Registered Investment Adviser.

For those familiar with TMTG social network, Truth Social, the name of the new fintech company may sound familiar. The company began as a social media platform to serve as a safe harbor for free speech, avoiding censorship of private companies. It also runs Truth+, a TV streaming platform focusing on family-friendly, live TV channels and on-demand content.

TMTG CEO and Chairman Devin Nunes called Truth.Fi a natural expansion of the Truth Social movement. “We began by creating a free-speech social media platform, added an ultra-fast TV streaming service, and now we’re moving into investment products and decentralized finance,” explained Nunes.

The company anticipates that Truth.Fi products and services will roll out later this year.

This move is particularly noteworthy as TMTG is majority owned by U.S. President Donald Trump, who took office just nine days ago. Since then, he has demonstrated a pro-crypto stance by signing the “Strengthening American Leadership in Digital Financial Technology” executive order, a decision that has contributed to a surge in cryptocurrency prices.

The announcement also comes after Donald Trump launched a Trump memecoin called $TRUMP on the Solana blockchain a few days prior to his presidential inauguration. Despite the fact that, according to the coin’s website, $TRUMP are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type,” the coin currently has a market capitalization of $5.4 billion, making it the third most valuable memecoin available today.

Photo by Polina Zimmerman

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Musk’s X Partners with Visa for In-App Payments

Musk’s X Partners with Visa for In-App Payments
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, VISA
  • X (formerly Twitter) has selected Visa as its first payments partner to launch the XMoney Account.
  • X’s new payments feature will be powered by Visa Direct, which will enable instant P2P payments, transfers to bank accounts, and creator monetization within the social media app.
  • X CEO Linda Yaccarino expects that X’s in-app payments will debut later this year.

Visa and X (formerly Twitter) have partnered to facilitate payments on X, or what the company owner Elon Musk refers to as the “everything app.” According to a tweet from X CEO Linda Yaccarino, the XMoney Account, which will facilitate in-app payments, will debut later this year.

X will leverage Visa Direct, Visa’s real-time payment platform that enables businesses and individuals to instantly send and receive money directly to an eligible debit card or X Wallet. Once users connect their debit card to allow for P2P payments, they will have the option to transfer the funds to their bank account.

A payment partnership has been in the works for a long time. Musk purchased X (which was then called Twitter) in 2022 for $44 million. That same year, the company filed with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and began obtaining necessary state licenses, as well. The move was one of the first steps Musk took to create an “everything app” that he envisions will help users manage their entire financial lives. Today, X Payments is licensed in 41 states.

According to CNBC, which spoke to someone familiar with the matter, “The X Money service is expected to launch in the first quarter, and deals with more financial partners are likely. One of the first use cases for X Money is to allow creators on the site to accept payments and store funds without external institutions.”

Once launched, XMoney will compete with formidable players such as Venmo, Cash App, PayPal, Apple Pay, Google Pay, and Zelle. XMoney may be able to differentiate itself in this competitive space by integrating social media, content creation, and financial tools. This would position it as more than just a payments platform, but rather as a central hub for digital interactions, creator monetization, and financial management. Its success, however, will depend on its ability to gain user trust, ensure security, and offer functionality that rivals established players.

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Clutch Raises $65 Million to Turn Credit Unions into Fintechs

Clutch Raises $65 Million to Turn Credit Unions into Fintechs
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding
  • Clutch raised $65 million Series B funding, bringing its total raised to over $106 million.
  • The investment, which will offer Clutch 200 months of cash runway, comes from Alkeon Capital, Andreessen Horowitz, TruStage Ventures, and Peterson Partners.
  • Clutch was founded in 2020 to provide digital account and loan opening tools that enable over 135 credit unions to compete with big tech by enhancing user experiences without overhauling existing systems.

California-based Clutch recently announced it raised $65 million in Series B funds. The round, which boosts Clutch’s total raised to more than $106 million, was led by Alkeon Capital Management with participation from Andreessen Horowitz, TruStage Ventures, and Peterson Partners.

Clutch was founded in 2020, the year that started financial services’ digital transformation wave. With its digital account opening and digital loan opening tools, the company helps credit unions create a modern experience to help them compete with big tech companies while improving the user experience. Clutch is partnered with 31 out of the 33 credit union leagues and has over 135 credit union clients that leverage its digital origination platform to offer their users a better loan and deposit experience.

Clutch CEO and Co-founder Nicholas Hinrichsen attributes the company’s success to its involvement in the credit union space. “Deeply understanding the nuances of the credit union’s business and technology helps us solve the right problems, the right way. We are all-in on credit unions because generic technologies that serve banks and Fintechs alike fail to promote the unique way that credit unions do business — it’s the uniqueness of credit unions and their mission that helps deliver exceptional value to members.”

According to Hinrichsen, today’s investment brings Clutch more than 200 months of cash runway. Clutch will use the funds to support its growth plans and product innovation. The company is investing in AI and expanded platform capabilities to help credit unions compete in an increasingly digital world.

“We strongly believe that we can best serve the credit union movement by partnering with the existing technology providers and thereby leveraging the investments our credit union clients have already made,” said Clutch Chief Product Officer and Co-founder Chris Coleman. “No credit union leader wakes up in the morning, wanting to kick off a two-year long LOS conversion. Replacing your LOS will cost you two years — two lost years with no real progress. Real progress happens when you work with companies like Clutch that enable you to serve your members like a Fintech while getting the most out of your existing systems,” added Clutch Head of Product Tamanna Kottwani.

As consumer expectations for seamless, digital-first experiences continue to rise, it is critical for financial institutions to stay ahead of the curve. This is especially challenging for credit unions, which often face constraints in funding and technical talent. This gap presents an opportunity for third-party fintechs like Clutch, which can help empower credit unions to level the playing field.

Photo by Porapak Apichodilok

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Neonomics Acquires Ordo to Expand Open Banking Expertise in the UK

Neonomics Acquires Ordo to Expand Open Banking Expertise in the UK
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Mergers & Acquisitions, Neonomics
  • Neonomics has acquired UK-based payments and data provider Ordo to expand its services in the UK and beyond.
  • Specifically, Neonomics will leverage Ordo’s expertise in Variable Recurring Payments (VRP) and pay-by-bank tools.
  • The acquisition has been approved by the UK Financial Conduct Authority and Financial Supervisory Authority of Norway.

Norway-based open banking innovator Neonomics has offered its payments and financial data solutions since 2017. This week, the company purchased Ordo, a UK-based open banking payments and data service provider.

Financial terms of the agreement, which was approved by both the UK Financial Conduct Authority and the Financial Supervisory Authority of Norway, were not disclosed.

Ordo was founded by former members of the UK Faster Payments scheme in 2014, becoming an FCA authorized open banking payments provider. The company’s payments and data services include variable recurring payments as well as pay-by-bank tools.

“We are proud to join forces with one of the most well positioned independent open banking providers in Europe, to jointly scale our offering to both existing and new customers across the UK and Europe,” said Ordo CoFounder and Managing Director Fliss Berridge. “The two teams bring a wealth of experience in developing tailored solutions in a complex and highly regulated environment at what we believe will be among the industry’s most competitive commercial terms.”

Neonomics delivers payment initiation and account information services to a wide range of businesses, as well as a pay-by-bank app directed at consumers. The company also offers a newly launched AI tool, Nello AI, to serve as a personal finance manager app to motivate consumers with a monthly financial review, daily spending meter, a chatbot, and more.

“The team at Ordo represents some of the most experienced payments experts in the UK, having a leading voice across many of the most important forums that span the UK and EU in shaping how open banking will evolve,” said Neonomics Founder and CEO Christoffer Andvig. “This acquisition strengthens our commercialization strategy and time to market while expanding our product offering.”

Neonomics will leverage Ordo to help it accelerate its growth by offering services in the UK and other regions. With Ordo’s UK-centric payment tools, including its Variable Recurring Payments (VRP) capability, Neonomics plans to build a more open and connected economy.

The agreement comes as new payments regulations, including the Payments Services Regulation (PSR) and the third Payment Services Directive (PSD3), sit on the horizon. These regulations are expected to standardize open banking practices, enhance consumer protection, and drive further adoption of open banking solutions across Europe.

Acquiring Ordo positions Neonomics to benefit from these changes. The company’s payment suite and data tools are suited to offer more connected and seamless payments that are tailored to the continuously evolving regulatory landscape.

Photo by sl wong

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Method Financial Raises $41.5 Million to Compete with Plaid, MX, and Finicity

Method Financial Raises $41.5 Million to Compete with Plaid, MX, and Finicity
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Funding, Method Financial
  • Method Financial has raised $41.5 million in Series B funding.
  • The funding round, led by Emergence Capital and joined by investors like avra and Samsung Next, brings Method’s total funding to $60 million.
  • The company plans to use the funds to enhance loan refinance automation, expand card network integrations, and deepen banking relationships.

Financial connectivity API provider Method Financial has raised $41.5 million. The Series B round was led by Emergence Capital. New investors avra and Samsung Next also participated, along with existing investors Andreessen Horowitz, Y-Combinator, and Ardent Venture Partners.

Today’s round more than doubles Method Financial’s previous funding total, bringing the company’s total funding to $60 million. The company will use today’s round to accelerate delivery of its loan refinance automation and expand into other use cases that leverage card network integrations. It will also deepen its banking relationships to deliver more competitive products and expand credit card network integrations to streamline checkout.

“Our latest round of funding will help us build on Method’s already strong growth trajectory. Our team takes immense pride in supporting millions of Americans on their financial journeys while helping lenders and fintechs increase conversion with better user experience and engagement,” said Method CoFounder and CEO Jose Bethancourt. “As we serve new markets with our growing data and payment capabilities, we are thrilled to collaborate with Emergence and avra, as well as our existing investors, including Andreessen Horowitz, YC, and other leading stakeholders in fintech.”

Method was founded in 2021 to provide real-time, permissioned read/write access at 15,000 financial institutions, without requiring a consumer’s username and password. The company’s APIs power end-to-end refinance experiences, real-time account data access, and one-click checkout for over 60 fintechs, lenders, and FIs including Aven, Upgrade, SoFi, and PenFed. Since launch, Method has enabled 30 million passwordless account connections for 4 million consumers and has facilitated over $500 million in liability repayments.

“Method’s strength lies in the broad usability of its data and payment products across a wide range of industries and verticals,” said avra Managing Partner Anu Hariharan. “Initially, Method enabled lenders to offer competitive financial products by providing real-time visibility into consumer debts. Now, they are increasingly expanding their reach, supporting new use cases like card linking and new verticals like retail and travel.”

Method recently launched a new credit card connectivity solution called Card Connect, which offers transaction-level data. Since launching Card Connect, Bilt Rewards saw two million users connect 10 million cards to earn points on their eligible purchases.

Method recently demoed at FinovateSpring 2024, where it showcased its Connect, Data, and Pay APIs. During the demo, Method explained how the tools essentially serve as a single sign on (SSO) for all of a user’s liabilities without exposing their personal information.

Method Financial fits into the growing ecosystem of financial connectivity providers like Plaid, MX, and Finicity. However, Method differentiates itself with its unique focus on liabilities and its write capabilities that enable integration and real-time updates. Overall, Method is suited to feed the increasing demand for open banking APIs as consumers, banks, and fintechs continue to seek real-time data aggregation.

Photo by Brett Sayles

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Ramp Launches Ramp Treasury to Make Use of Idle Cash

Ramp Launches Ramp Treasury to Make Use of Idle Cash
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Ramp debuts Ramp Treasury to help businesses earn interest on idle funds.
  • The free, FDIC-insured account offers 2.5% interest or an investment account with rates up to 4.38%, all without fees or transfer limits.
  • This is Ramp’s first foray into holding deposits. The company is partnering with First Internet Bank for the deposits and Apex for investments.

Business finance automation platform Ramp unveiled a new product today called Ramp Treasury that helps businesses earn more interest on their idle funds without sacrificing liquidity.

Ramp customers can use Ramp Treasury to store their cash in a free, FDIC-insured account that earns 2.5% interest or choose to invest it in a money market fund via the Ramp Investment Account which offers rates as high as 4.38%. The liquid FDIC-insured account does not charge fees, require a minimum deposit, or have transfer limits. 

“Every day your money sits in limbo waiting to settle is a day of missed earnings — hidden costs that quietly chip away at your bottom line,” the company said in a blog post.

Ramp Treasury is integrated into its AP workflow to ensure that business’ operating funds are earning interest. Ramp’s accounts allow businesses to manage all of their treasury and AP workflows in one place, set multi-step approvals, create authorized users, sync with their ERP without manual reconciliation, and more.

This is Ramp’s first foray into holding users’ deposits. Prior to the launch of Ramp Treasury, Ramp only offered corporate cards and spend management tools. The New York-based company is partnering with First Internet Bank of Indiana to hold cash deposits and leverages Apex for investments. Interestingly, Ramp competitor Brex applied for a bank charter in 2021, but later decided to withdraw its application.

Ramp was founded in 2019 and has experienced notable growth, especially in the past year. The company has doubled its customer number in the past year, accelerating from 15,000 to 30,000. And while Ramp is not disclosing current revenue figures, in the summer of 2023 it reached $300 million in annualized revenue.

Since it was founded in 2019, Ramp has grown to 1,000 employees, has raised $1.8 billion in funding, and has acquired three companies, most recently purchasing Venue to improve its Procurement product automations. Despite all of its growth, however, it doesn’t look like Ramp is focused on joining the 2025 fintech IPO bandwagon. “We are just trying to build a great business, regardless if it’s private or public,” Ramp CEO and co-founder Eric Glyman told TechCrunch.

Photo by Tima Miroshnichenko

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Trading and Investment Network eToro Files for IPO

Trading and Investment Network eToro Files for IPO
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, eToro
  • Social trading platform eToro has confidentially filed to go public in the U.S. later this year.
  • The IPO potentially values eToro at over $5 billion, marking its second attempt at a public debut after a failed SPAC deal in 2022.
  • eToro’s IPO aligns with a renewed optimism in fintech, dubbed “fintech spring,” as companies like Klarna also signal plans to go public, signaling a resurgence in confidence and investment.

Social trading and investment network eToro is taking its multi-asset trading platform to the public markets. According to a report from The Financial Times, eToro confidentially filed a U.S. IPO later this year.

The IPO, which could value eToro at over $5 billion, won’t count as the company’s first attempt at going public. In 2021, eToro announced plans to merge with FinTech Acquisition Corp. V, a publicly-traded special purpose acquisition company (SPAC), in a deal worth $10 billion. The deal would have listed eToro on the NASDAQ, but the two parties agreed to end the deal after eToro’s valuation was cut by 15% in 2022, and the company failed to go public by the deadline specified in the SPAC arrangement.

By March 2023, eToro raised $250 million at a $3 million valuation. “Our 2023 to 2025 strategy focuses on scaling our brokerage business in our key markets and increasing profitability via revenue growth and cost management,” said company Founder and CEO Yoni Assia at the time of the fundraising. “eToro will continue to focus on profitable growth while helping to drive progress towards a world where everyone can invest in a simple and transparent way.”

Since that time, eToro launched $Cashtags on what was then Twitter, announced it would pay interest on users’ idle cash, and began publishing educational content on X.

eToro was founded in 2007 and has since raised $693 million in funding. With more than 35 million registered users and investors on its trading and investing platform, the company offers trading and investing tools more accessible and collaborative. eToro launched in the U.S. market in 2019, entering a space where Robinhood had already established a six-year presence.

The IPO filing announcement comes as fintech is entering what analysts are calling “fintech spring,” a hopeful time during which investors are more willing to invest and organizations are more willing to take risks. Many predicted that 2025 would see a lot of fintech IPOs. Klarna kicked things off, announcing last November that it is planning a 2025 IPO.

Photo by George Morina

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Amazon to Acquire India-Based BNPL Fintech Axio

Amazon to Acquire India-Based BNPL Fintech Axio
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Mergers & Acquisitions
  • Amazon has announced plans to acquire India-based BNPL company Axio.
  • The deal is reportedly worth over $150 million, pending approval from the Indian central bank.
  • The acquisition builds on Amazon’s previous financial services deals, having previously held an equity stake in Axio and acquiring Emvantage Payments, PayFort, and Tapzo.

Online retail giant Amazon plans to acquire buy now, pay later (BNPL) company Axio, as announced on the India-based fintech’s blog. According to TechCrunch, the deal is expected to close for over $150 million, pending approval from the Indian central bank.

Founded in 2013, Axio is a consumer finance company that has provided money management, pay later, and personal credit services. The company’s offerings are three-tiered. The finance planning tool allows users to review their expenses, maintain a budget, track bills, and split expenses. The BNPL offering facilitates instant credit and allows users to pay in installments while rebuilding their credit. Axio’s personal loans offer users simple registration with timely approval.

Axio has raised $226 million in funding over 14 rounds from investors including Peak XV Partners, Ribbit Capital, and Elevation Capital.

Today’s announcement comes six years after Amazon first took an equity stake in Axio. With a mission to make credit available to everyone, Axio has served over 10 million customers, noting that Amazon has been an invaluable partner in the journey.

“This means reaching more under-served customers, diversifying our offerings to address more unmet needs, and continuing to strike the right balance of customer experience, risk management, and affordability as we strive to responsibly expand access to credit across the country,” the company said in a blog post.

Amazon offers a range of payments services on its platform, including Amazon Pay, a payment service that includes Amazon Pay Express and Amazon Pay UPI; Checkout by Amazon; Amazon Flexible Payments Service; and Pay with Alexa. Among the retailer’s previous acquisitions in the financial services space are India-based Emvantage Payments, Dubai-based PayFort, and Tapzo, which the company later shuttered.

Photo by cottonbro studio

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Nevermined Raises $4 Million for Decentralized AI Payments Protocol

Nevermined Raises $4 Million for Decentralized AI Payments Protocol
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding
  • Nevermined has raised $4 million to power AI-to-AI transactions.
  • The Switzerland-based company now counts $7 million in total funding, which it is using to build the “PayPal for AI,” enabling seamless payments between AI agents.
  • The round was led by Generative Ventures, while Polymorphic Capital, NEAR, Halo Capital, Factor Capital, Lyrik Ventures, and Arca also contributed.

AI payment infrastructure provider for AI-to-AI transactions Nevermined has raised over $4 million. The round boosts the Switzerland-based company’s total funds to $7 million.

Generative Ventures led the round, which also saw participation from Polymorphic Capital, NEAR, Halo Capital, Factor Capital, Lyrik Ventures, and Arca. In addition, Nevermined saw contributions from David Minarsch and Oak from Valory, the builders of Olas, Richard Blythman and Mark Schmidt from Naptha, and Ben Fielding from Gensyn.

“The future of commerce isn’t just about humans trading with humans anymore. It’s about AI agents transacting with other AI agents, and we need entirely new payment systems to facilitate that,” said Nevermined CEO Don Gossen.

Web3-based AI-commerce represents a shift in how transactions occur. While traditional banking and payment systems facilitate transactions between humans, AI-commerce layers in automation. With AI-commerce, AI agents interact, negotiate, and transact autonomously. The new commerce method complements the existing payments infrastructure, enabling faster, smarter, and more personalized solutions for industries like logistics, supply chain, and digital marketplaces. This agentic layer unlocks new opportunities for creativity and efficiency in both human and AI-driven economies.

Nevermined will use today’s funding to accelerate its go-to-market strategy, expand the team, and strengthen partnerships within the AI ecosystem. “This funding will allow us to accelerate our mission of building the financial rails for the emerging AI economy,” added Gossen.

Nevermined was founded in 2022 to develop what it calls the “PayPal for AI,” a system that facilitates payments between AI agents with its payments protocol built for decentralized AI tech stacks. With its AI-commerce tools, Nevermined helps AI developers manage payments, usage tracking, and credit systems for payment applications built within their own app or website. Among the company’s partners are Olas, Naptha, peaq, FLock, and Combinder.

“Current payment infrastructure was built for static transactions, like selling t-shirts on the internet, where the price of a small shirt doesn’t change over time,” said Nevermined CTO Aitor Argomaniz. “AI agents are dynamic and require an equally dynamic payments system that can respond instantly to new requests. We’ve built the foundation already, and now we want to grow user adoption from both AI builders and AI agents.”

Photo by GuerrillaBuzz on Unsplash

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How Do JP Morgan’s New POS Terminals Stack Up Against the Competition?

How Do JP Morgan’s New POS Terminals Stack Up Against the Competition?
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • J.P. Morgan Payments introduced two new branded payment terminals, Paypad and Pinpad.
  • The new payment hardware terminals offer touchless, biometric payment capabilities and help expand J.P. Morgan’s omnichannel commerce ecosystem.
  • Both Paypad and Pinpad will launch in the U.S. later this year and internationally after that.

JP Morgan Payments launched two new payment terminals this week, J.P. Morgan Paypad and J.P. Morgan Pinpad. The two new hardware terminals will complement J.P. Morgan’s existing omnichannel payments solutions that offer in-store, online, and embedded payments solutions for a wide variety of merchants.

While both products are expected to launch in the latter half of this year in the U.S. and internationally after that, they have different purposes. Paypad is an all-in-one tablet terminal that enables merchants to accept payments with a built-in biometric palm and facial technology that allow users to conduct touchless transactions. Available in an eight-inch touch screen, the portable terminal is set up to accept payments via chip, contactless, swipe, QR code, and biometric authentication via wi-fi or 5G connection.

Like Paypad, Pinpad also accepts chip, contactless, swipe, QR code, or biometric payments. And while the device is only the size of a traditional pinpad, it also offers touchless transactions via palm and facial recognition with a built-in infrared camera.

While J.P. Morgan already supported merchants with a suite of POS terminals, mobile payment solutions, and integrations for card-present transactions, the hardware was provided through Chase Payment Solutions, J.P. Morgan’s merchant services division. In contrast, this week’s launch provides in-house, branded hardware that complements J.P. Morgan payments’ existing commerce ecosystem.

How do the J.P. Morgan’s new Paypad and Pinpad stack up against the competition? Here’s a look at how some of the major POS hardware players in the space compare.

Square

While Square’s offerings provide similar portability, J.P. Morgan’s solutions likely provide better integration for larger enterprises.

Clover

Clover is known for flexibility and a rich app marketplace. It also caters more to small businesses. In contrast, while J.P. Morgan offers tools for small businesses, it tends to target more enterprise customers.

Stripe

Stripe’s POS terminals are known for their strong, developer-centric API integrations. By contrast, JPMorgan’s omnichannel payments solutions offer more support for non-tech-savvy businesses.

Overall, J.P. Morgan’s new Paypad and Pinpad offer enough differentiation from competition in the point of sale realm. What will truly help the firm exceed in its new launch, however, are both its solid reputation and its relationships with its existing customer base.

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