Former JP Morgan fintech corporate development lead Jeremy Balkin launches TodayPay, a refunds-as-a-service platform for marketplaces, merchants, insurers and logistics providers.
Airwallex agrees to acquire Mexpargo, founded in 2014, to gain Mexican licenses and access to SPEI, subject to regulatory approval, with Ravi Adusumili calling it a path to becoming the number one payments platform for modern businesses going global.
Marqeta launches a credit card issuing platform after acquiring Power Finance, with Pranav Sood noting adoption is still small and Balkin arguing merchants are winning the power struggle with issuers.
Airwallex Agrees to Buy Mexican Payments Firm Mexpargo
Funding and deals
Mexpargo. Airwallex, valued above $5.5bn, agreed to acquire Mexican payments firm Mexpargo, founded in 2014, for its licenses and SPEI rails. Regulatory approval is pending.
Guest interviews
Jeremy Balkin, founder of TodayPay. He left JP Morgan to launch TodayPay after his wife noticed debit card refunds arrive in two to three business days while credit card refunds wait for a later statement. He says US payment rails were designed decades ago, refunds can become an acquisition channel for merchants, and a bank would not build a refund rail because its model is holding deposits. He adds that merchants are winning the power struggle with issuers, and that compliance is the real engine of any card program.
Pranav Sood, executive general manager for EMEA at Airwallex. He calls Airwallex an infrastructure company that stitches fragmented national systems behind single APIs. Buying Mexpargo is faster than winning licenses one by one, in a market of about 130m people and the second biggest US trading partner.
News
Marqeta launches end to end credit card issuing platform. The platform covers issuing, processing, program management and a rewards engine, and follows the Power Finance acquisition. Pranav Sood says customer numbers remain small, while Kate Moody is uneasy about every company offering a credit card.
CFPB proposes long awaited US open banking rule. The proposal under Dodd Frank section 1033 would make depository institutions share consumer data with authorized third parties, starting with accounts and credit cards. Benjamin Ensor says it has nothing on brokerage accounts and few firm standards.
FCA will lift the UK banker bonus cap. The cap, introduced by the EU in 2014 after the financial crisis, ends from 31 October. An 11:FS poll split 58% against and 42% for, and Benjamin Ensor sits with the 58%.
Money 20/20 unveils TwentyFold fintech networking platform. The app is meant to turn the events into a continuous community, with over 80,000 fintechs listed and an AI chatbot named Fin. Pranav Sood is tired of connection platforms, and Kate Moody wants analytics beyond matchmaking.
UAE central bank launches Aani instant payments app. Eight banks have signed up, and the rollout to tens of thousands of merchants is planned over the coming months. Benjamin Ensor says late payment by billers is a big problem for small businesses there.
Tap a name to go there · tap a line to see why they are linked