In today’s top news, M&T Bank has agreed to acquire People’s United for $7.6 billion, and restaurant POS provider Toast is mulling an IPO. Plus, Transferwise is rebranding to Wise to reflect the company’s broadening services.
M&T Bank Closes In On $7 Billion Acquisition Of People’s United
M&T Bank Corp is acquiring People’s United Financial for $7.6 billion. The new entity will have over $200 billion in assets and an expanded network of branches focused in the Northeast and mid-Atlantic regions.
Restaurant POS Provider Toast Puts IPO On Menu
Restaurant software firm Toast is considering an initial public offering (IPO) this year that could value the company at as much as $20 billion. The company said its business has taken off as eateries turned to technology to help adapt to the take-out and delivery market driven by pandemic-related restrictions.
TransferWise is changing its name to simply Wise, which will reflect the company’s transformation beyond its original roots as a money transfer company into a much broader service that offers cross-border payments and international banking.
Fintech Brex Applies For Bank Charter
San Francisco-based Brex, which makes financial management software for businesses, has filed to open an industrial bank in Utah. Brex Bank would expand its services to offer FDIC-insured deposit products and credit solutions.
JPMorgan Details The 6 Trends Shaping Corporate Treasurers’ Futures
After a year of roller coaster-style volatility, J.P. Morgan has identified six key global trends shaping the enterprise and its finance leaders. Alison Livesey, managing director, wholesale payments, global market management, EMEA business transformation, Western Europe country head, tells Karen Webster why treasurers must close the gap with IT and embrace collaboration.
Joor Adds Payments Options To Its B2B Fashion Platform
The digital-first economy has moved beyond consumers and into B2B marketplaces. In an exclusive interview with PYMNTS’ Karen Webster, Joor CEO Kristin Savilia said digital momentum has led her company to add payments so that the 300,000 buyers and 12,500 brands in the U.S. and Europe can pay for what they buy directly on the platform.
Uber, Other Platforms’ Changing Business Models Meet Regulatory Buzzsaw
In the U.K., Uber will likely have to start classifying at least some of its workers as employees – not contractors. That means wholesale changes to its operating model – and its expense load. For platform companies, there looms the existential question of what happens when innovation meets the regulatory buzz saw.
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