In today’s top digital-first banking news, Revolut Business is launching quick-response (QR) codes to facilitate socially distanced payments, while SeedFi has notched $65 million in funding. Plus, an official with the Boston Fed anticipates the economy gaining momentum in the second half of this year.
Revolut Business Introduces QR Codes For Payments
Revolut Business is rolling out QR codes to facilitate socially distanced payments. Business owners can access QR codes on their phones via the Revolut Business app. QR codes are available to Revolut Business clients in a number of countries, such as Norway, Greece, Italy, France, Austria and the United Kingdom. Revolut Business clients need to upgrade their app to version 2.28 in the Android or iOS store to enable QR codes.
Credit-Building Platform SeedFi Closes $65 Million Funding Round
SeedFi, the financial health upstart that helps Americans build credit, save money and form future financial plans, has landed $65 million in funding. The amount is composed of $15 million in equity and $50 million in debt. Andreessen Horowitz headed up the $15 million Series A round, with participation from Quiet Capital, Core Innovation Capital and Flourish Ventures.
Boston Fed Official Sees Economy Gaining Momentum In Late 2021
The leader of the Federal Reserve Bank of Boston recently indicated that he continues to foresee that the economy will gather momentum in the second half of this year. “We’re still at that point where the infection and vaccinations are really determining how quickly the economy snaps back,” Eric Rosengren said in a digital appearance, per a published report.
UK Bank Official: COVID-19 Crisis Threatens Jobs, Long-Term Outlook
Concern is rising in the United Kingdom as a third countrywide lockdown softens businesses, threatening millions of jobs. “The longer the crisis goes on, the greater the risk of long-term scarring effects that will weigh on demand subsequently,” Michael Saunders, a Bank of England monetary policy committee member, said, per a published report.
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