Search Results for "Increase"
9 results for "Increase"
Deals 8
American Fintech Council Expands Membership with Major BaaS Banks
The American Fintech Council announced a major membership expansion that includes multiple Banking-as-a-Service banks such as Evolve Bank & Trust, Portage Bank, and Customers Bank. The expansion signals broader industry consolidation around responsible fintech-bank partnerships. The AFC's growing membership reflects increased institutional engagement with BaaS governance and standards.
Ayoconnect Raises $13M Series B Extension for Open Finance Expansion
Indonesia-based open finance and BaaS API platform Ayoconnect raised $13 million in a Series B extension led by SIG Venture Capital. CE Innovation Capital participated, and existing investor PayU (Prosus) increased its stake. The round brought Ayoconnect's total 2022 fundraising to $28 million, with plans to expand its leadership team and develop new APIs for payments, banking, account opening, and card issuing.
The Bancorp Bank Shifts to National Charter Amid OCC Fintech Scrutiny
The Bancorp Bank, a major U.S. sponsor bank for fintech-BaaS partnerships, transitioned from a state to a national charter in September 2022. The move came amid increased OCC scrutiny of partner bank-fintech relationships. The charter change has significant implications for regulatory oversight of BaaS arrangements.
Blue Ridge Bank Reports $329M in Fintech Partnership Deposits in Q1 2022
Blue Ridge Bankshares reported Q1 2022 results showing $329 million in deposits sourced through fintech partnerships with companies like Unit, Increase, and Upgrade. The results underscore the bank's growing role as a major BaaS sponsor bank. This milestone highlights the rapid scaling of the sponsor bank model in the US embedded finance market.
Finastra Reports 70% of Financial Distributors Increasing BaaS Spending
Finastra published its BaaS Outlook 2022 report revealing that 70% of financial services distributors planned to increase spending on financial partnerships including BaaS. Additionally, 50% of enablers sought to expand their partnership numbers. The report underscored the accelerating demand for banking-as-a-service across the financial ecosystem.
Fasspay Gains Bank Negara Malaysia Approval to Expand White-Label E-Wallet
Fasspay obtained Bank Negara Malaysia's approval to expand its white-label e-wallet service with increased transaction limits and new card capabilities. The approval enables Fasspay to issue physical Visa-branded prepaid cards, virtual cards, and supplementary account features linked to e-wallet applications. As one of the first regulated white-label e-wallet providers in Malaysia, this strengthens Fasspay's position as a BaaS infrastructure provider with four e-wallet partners.
Revolut Raises $500 Million Series D at $5.5 Billion Valuation
UK digital banking platform Revolut raised $500 million in Series D funding led by TCV, valuing the company at $5.5 billion. The round included participation from DST Global, Index Ventures, and Balderton Capital. Revolut planned to use the capital to strengthen product development, roll out banking operations in Europe, and increase daily user engagement.
Ally Financial Partners with Better.com for Digital Mortgage Experience
Ally Financial announced a partnership with Better.com to create an end-to-end digital mortgage experience. Ally Ventures also made an additional capital investment to increase its ownership stake in Better.com. The deal combines Ally Bank's funding capabilities with Better.com's digital platform to streamline mortgage origination.