Today in the payments news roundup, Wells Fargo is collaborating with data platform Plaid to let customers manage their finances in one place through an application programming interface (API). Also, food delivery platform Postmates has raised $225 million at a $2.4 billion valuation. And FinTech Stripe is raising $250 million in its latest funding round.
Postmates Raises $225M On $2.4B Valuation Pre-IPO
Postmates has raised $225 million at a $2.4 billion valuation as it prepares to go public. The investment was led by GPI Capital, and it brings the firm’s total funding amount to date to nearly $1 billion. Postmates reportedly got Bank of America and JPMorgan Chase to help with initial public offering (IPO) preparation, and it was said to have privately filed with the Securities and Exchange Commission earlier in the year.
Wells Fargo Teams With Plaid On API-Supported Data Exchange
Wells Fargo is teaming with data platform Plaid to let customers manage their finances in one place via an application programming interface (API). The bank’s customers can use Plaid apps to access, simplify and manage their online finances. And the new agreement also enables users to control what data is shared with Plaid.
Stripe Raises $250M At $35B Valuation
FinTech Stripe is raising $250 million in its latest funding round and has reached a pre-money valuation of $35 billion. General Catalyst, Andreessen Horowitz and Sequoia all participated in the round. Stripe said it’s going to use the funding to keep bolstering its product suite, continue to grow internationally and broaden its enterprise capabilities.
Investor Says Grubhub Challenged By Competition, Margin Pressures
Investor Jim Chanos, who is known for short-selling stocks, said that Grubhub barely makes anything per order and that fees will decrease while employee costs increase. “Right now, Grubhub is making almost no money per order — it’s something like 15 cents,” Chanos said per reports. “There’s just no margin in this business.”
How Butcherbox Raises The ‘Steaks’ For Fighting Fraud
Americans are eager carnivores: Over 27.1 billion pounds of pork and more than 27.2 billion pounds of beef are expected to be produced this year. Since its 2015 founding, Butcherbox has helped fulfill this craving with monthly shipments of meat — but not without its fair share of adversities. PYMNTS talked with Butcherbox’s founder, Mike Salguero, about how the company works to combat fraudsters and how it is adapting to a subscription marketplace that is increasingly competitive.
Visa B2B Connect Live In 62 Countries, Adds Infosys As Integration Partner
Visa has announced that Visa B2B Connect is live in 62 countries, and it has brought on Infosys as a new integration partner. Alan Koenigsberg, senior vice president and global head of New Payment Flows at Visa Business Solutions, spoke with Karen Webster ahead of the announcement to talk about how this expansion reflects FIs’ interest in and enthusiasm for “something new” in the cross-border B2B payments world.
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