2020 may be a tough year overall, but it has been quite good to the cryptocurrency space. PayPal announced plans for a cryptocurrency offering, Visa revealed plans to incorporate cryptocurrencies into its payment network, and Mastercard expanded its existing cryptocurrency program.

Late last week, another development took shape: cryptocurrency payments platform Wirex announced it received its first money transmission license in the U.S. The license, issued by the State of Georgia Department of Banking and Finance, comes two years after Wirex received its e-money license from the U.K. Financial Conduct Authority.

Receiving the license is a major step in the direction of a U.S. launch. In fact, Wirex said it will formally launch in the U.S. “in the coming months.”

“We are very excited to receive our license as a money transmission business for the State of Georgia,” said Wirex CEO and co-founder Pavel Matveev. “With the sector growing rapidly, approval of this license is an important step in Wirex’s endeavor to ensure the company complies with money transmission regulations and cryptocurrency laws worldwide. This is an important step in realizing our vision to grow cryptocurrency adoption and use with a mainstream audience in the U.S.”

Wirex was founded in 2014 and helps its 3 million customers in 130 countries buy, hold, and exchange fiat money and cryptocurrencies. Among the company’s offerings is a contactless, crypto-compatible debit card that enables customers to transact at the 54+ million locations where Visa is accepted. Wirex is also known for Cryptoback, a cryptocurrency rewards scheme that offers up to 1.5% back, paid in Bitcoin, to customers who use their Wirex card in-store.

The fintech industry will look back at 2020 as a year of change in many areas, including digital transformation, payments, and in-person services. However, one of the most impactful changes taking shape this year is the broader acceptance and usage of cryptocurrencies.

Part of the evidence here is the formation of partnerships between crypto companies such as Wirex and traditional incumbents such as Mastercard. Last month, the two struck a deal that allows Wirex to directly issue cards on Mastercard’s network.

Wirex has received $3.2 million in funding and became profitable earlier this year.

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The news that eBay is teaming up with LendingPoint to help finance small merchants on its platform is the latest example of how technology marketplaces are going the extra mile to look after the merchants who make their platforms possible.

“We are committed to empowering entrepreneurs to make their dreams a reality and we are continuing to partner with our sellers to provide them with the tools they need to thrive,” Vice President of Global Payments at eBay Alyssa Cutright said.

The new program is called eBay Seller Capital powered by LendingPoint, and will provide eBay sellers with access to installment loans with flexible terms of up to 48 months. Currently being run as a pilot effort, the program offers funding of up to $25,000, with no origination or early payback fees.

“LendingPoint’s purpose is to accelerate and democratize commerce,” LendingPoint CEO and co-founder Tom Burnside said. He called eBay sellers “some of the world’s most dynamic ecommerce players,” and both companies have noted that the partnership is a first step toward providing the platform’s merchants with more and better tools to manage and grow their businesses.

Headquartered in Atlanta, Georgia, and founded in 2014, LendingPoint began the year with news that it had closed on $246 million in securitizations. More recently, the company launched its Lending Operating System SDKn, which integrates into existing payment platforms to provide businesses with a consumer financing solution with a variety of fulfillment options ranging from virtual cards to money transfers.

The news from eBay comes a few weeks after InstaPay announced a new financing solution that provides third-party sellers on Amazon – who often wait up to two weeks to be paid by the platform – with a daily payment that helps them better manage their cash flow. Google removed commission fees for merchants enrolled in its Buy on Google program last month, and said it is opening up its platform to third party providers PayPal and Shopify.

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Super app Grab is becoming a lot more super. That’s because the Southeast Asia-based company that specializes in transportation, food delivery, and payment solutions is expanding into direct-to-consumer services.

Three new consumer-focused services are launching under Grab’s Thrive with Grab strategy. The new initiative builds off of the company’s merchant services strategy, Grow with Grab, that launched last year. In contrast, Thrive with Grab “aims to empower individuals to grow their personal wealth, manage their finances and protect what they value.”

At launch, Grab’s three consumer-focused services include a loan marketplace that aggregates loan offers from third party providers, a buy-now-pay-later payment offering with partner merchants, and AutoInvest, a micro-investment solution that allows users to invest small sums of money while spending in Grab’s ecosystem.

“As a leading fintech company in Southeast Asia, our ‘Thrive with Grab’ strategy will enable users to build their wealth, manage their finances, and protect what they value during this uncertain period,” said Grab Senior Managing Director Reuben Lai. “By offering innovative micro-transaction-based financial services, convenient financial management tools, and access to products from leading global financial institutions, we hope to unlock the tremendous potential in financial services in the region in ways that serve all Southeast Asians.”

The launch of the three new services is Grab’s second foray into the direct-to-consumer space. The company launched an insurance offering in April of last year and has since issued more than 13 million insurance policies.

Reuben said that the goal of the new launch is to “empower individuals and small businesses across the region to meet their diverse needs through financial services by delivering products and solutions that are accessible, transparent, and convenient.”

Grab raised $856 million in February and yesterday announced a $200 million round, bringing its total raised to over $10 billion and boosting its valuation to over $14 billion. Anthony Tan co-founded the company in 2012 with Tan Hooi Ling and now serves as CEO.

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ZenBusiness, an Austin, Texas-based company that specializes in serving micro-businesses, announced late last week that it has closed its first acquisition. The company has purchased fintech platform Joust in a move that will bring Joust’s business banking features to the ZenBusiness platform, and enable the firm to re-launch as ZenBusiness Money later this year.

The terms of the acquisition were not disclosed.

CEO and co-founder of ZenBusiness Ross Buhrdorf called the acquisition an opportunity to extend its “mission to provide the nation’s 57 million micro-businesses with exceptional and friendly tools that simplify the process of forming and running their business.” Founded in 2015, ZenBusiness helps entrepreneurs complete the necessary filing and paperwork to ensure compliant formation of their business, and provides a variety of additional services – from identity theft protection and business management tools – to help micro-businesses grow and expand.

Also based in Austin, Texas, Joust offers merchant services and business banking for entrepreneurs, freelancers, and the self-employed. The company, which merged with LoanDolphin earlier this year to scale mortgage reverse auctions, was a finalist at the 2020 SXSW Innovation Awards, and raised $11 million in funding prior to its acquisition by ZenBusiness. Joust was launched in 2017.

“We believe all entrepreneurs should have access to the same banking services reserved for large companies,” former CEO and Joust co-founder Lamine Zarrad said. “By bringing our financial tools to the ZenBusiness platform, we will quickly scale up and empower even the smallest businesses by simplifying and strengthening their daily operations while protecting their interests.”

ZenBusiness has raised $19.5 million in funding from 11 investors including Greycroft and Lerer Hippeau. The company was featured last December by The Jeruslem Post in its look at the top seven business formation services in the U.S.

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It’s been a good year for Varo Money. The company became the preferred destination for clients leaving Moven this spring, when the fintech announced that it was pivoting away from consumer banking in favor of a focus on its financial wellness technology.

A few months later, Varo reported a massive investment of $241 million in Series D investment, taking the mobile banking company’s total capital to more than $419 million.

Today we learn that one of Varo’s biggest goals for 2020 – earning a national bank charter – has been fulfilled. The San Francisco, California-based company has been granted a charter by the Office of the Comptroller of the Currency, and has earned regulatory approvals from both the FDIC and the Federal Reserve, making it now set to launch Varo Bank N.A. Varo is the first consumer-facing, U.S. fintech to accomplish this achievement.

“2020 has been challenging for many of us across the country and has highlighted, once again, how the traditional financial system is not meeting the needs of hardworking, everyday Americans,” Varo Money co-founder and CEO Colin Walsh said. “The ability to operate as a full-service national bank gives Varo more freedom to deliver the kind of innovation and allyship that many Americans have never had from their bank before.”

Launched in 2015, Varo Money offers consumers a digital banking alternative including a savings account with an initial APY of 1.21%, and a checking account that comes with a VISA debit card, and early payday for customers that sign up for direct deposit. Varo’s mobile banking app enables users to check up on their accounts and balances, make transfers and mobile check deposits, monitor incoming and outgoing transactions, and more. The company charges no hidden or overdraft fees for its service, and deposits are FDIC-insured up to $250,000.

Bank charter in hand, Varo will soon be able to offer a broader range of products and services including credit cards, joint accounts, and certificates of deposit.

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