In today’s FinTech news, digital banking startup Chime is looking at an estimated valuation of $40 billion as the FinTech gets ready for its upcoming stock market debut with Goldman Sachs at its side. Meanwhile, another newcomer to the digital financial services space, Save, is introducing a Visa investment card, and in-person casino gamblers in Nevada can now register for cashless in-person gameplay.
Digital Bank Chime Looks to Go Public With $40B IPO
Chime is among the larger digital banks, with more than 13 million customers and partnerships with both The Bancorp Bank and Stride Bank — so it’s not surprising that the startup, founded in 2014, is now prepping for an initial public offering (IPO).
With an estimated valuation close to $40 billion, the challenger bank is teaming with Goldman Sachs to help it prepare for a public offering.
FinTech Save Launches Visa Investment Card
The savings startup Save is collaborating with Visa to introduce what the company said is the first high-yield credit card. Instead of the traditional cashback or points, Save’s Visa credit card is offering market returns.
According to Save, the card is expected to have the highest return potential compared to other premium cards, with an average annual return of 6% on all purchases.
The card connects users’ spending habits with investments and stores everything in a personalized portfolio. The portfolios are expected to include a mix of investments with managed crypto exposure.
Nevada Greenlights Cashless Registration, Remote ID Verification
Gamblers in Las Vegas — or any part of Nevada — can now leave their wallets at home if they sign up remotely for ID registration and cashless in-person gameplay. The Nevada Gaming Commission voted unanimously to change the regulations and now allows casinos to offer its patrons remote identification and mobile funding for in-person gameplay.
The move by the gaming commission was prompted by a petition filed by Sightline Payments. Sightline was approved by the commission in 2013 as a payment processor, as well as a cash access and wagering instrument service provider.
The Sightline Payments Application Network (SPAN) is the gaming sector’s only processing network, linking guests, financial institutions, gaming platforms and integrated resort operators, according to the company’s website.
Finclusion Group Raises $20M in Funding to Build out African Neobank
Finclusion Group raised $20 million as it continues expanding its digital banking services across Africa. The fresh infusion of capital is being earmarked for expanding its footprint into Mozambique and Uganda.
The funds will also be used to grow its operations in Eswatini, Kenya, South Africa and Tanzania, and to expand its product offerings in wage streaming and buy now, pay later (BNPL). The startup is also striving to develop financial products for people living in remote areas and those in the largest cities.
Shares of Korea’s Kakao Jump After Three Execs Quit
Shares of KakaoPay’s stock rebounded on Friday (Jan. 21) following the simultaneous resignation of three C-suite executives — chief executive officer Alex Ryu, chief financial officer Kijoo Chang and chief business officer Jin Lee.
A short-lived South Korean stock market success story, global internet company Kakao faced several challenges in recent weeks, with the most recent blow being the investigation into founder Brian Kim.
Kim allegedly owes 886 billion won ($743 million) in taxes resulting from the merger of Kakao and Daum in 2014.
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