Morning Brief 9.23.20: PNC acquires local Pittsburgh fintech to boost card marketing
The information you need to start your day, from PaymentsSource and around the web:
Steel City fintech
PNC's fintech incubator, called numo, has purchased Sentral, a Pittsburgh startup that tracks debit network transactions in the card-linked offer industry.
Sentral provides a single integration point for card-linked offer program providers to reach different debit networks at the same time. The company was formed and funded by another Pittsburgh incubator, Wolfe LLC in 2018.
Numo plans to use Sentral's technology to improve connections between offer publishers and debit networks, as well expand PNC's other card technology projects.
Ally and Sezzle
Ally Financial's retail lending unit hopes to expand its reach through support for point of sale credit firm Sezzle.
The deal comes as consumers dramatically increase their use of credit card alternatives such as point of sale credit products, which allow borrowers to avoid revolving debt while offering simpler terms.
Ally will integrate its digital application with Sezzle to cover purchases as high as $40,000 via monthly fixed-rate loans that can extend as high as 60 months. Ally plans to begin funding loans by the first quarter 2021.
Stable by any other name
The European Central Bank says the term "stablecoin" is confusing and misleading, and should be replaced with something more descriptive.
The ECB contends most current stablecoin models are not regulated adequately to carry the "stable" moniker, creating an implication of a trustworthy substitute for traditional money, reports Coindesk.
For stablecoins, the ECB suggests a more descriptive name based on an individual stablecoin. Stablecoins usually refer to cryptocurrencies that peg directly to a traditional currency in an attempt to hedge crypto's volatility. The Facebook-affiliated Libra is designed to be a series of stablecoins pegged to local currencies in different countries.
In the mail
Stripe has partnered with Atlanta-based marketing technology firm Mailchimp to support a buy button for Mailchimp's users.
The users can implement a Stripe integration to sell from their websites with a direct path to checkout. The Stripe connection allows Mailchimp's users to accept payments in 41 countries in more than 135 currencies. Mailchimp has also released AI tools to support digital marketing for small businesses, according to Techcrunch.
Along with other digital payment gateways, Stripe has been expanding its range of services during the pandemic in an effort to reach merchants that don't traditionally support digital payments or are looking to reach new markets.
From the web
1Password team-up with Privacy.com lets you create burner cards
ENGADGET | Wednesday, September 23, 2020
1Password has announced its partnership with Privacy.com, which is a service you can use to create virtual credit cards to make shopping online a lot safer.
Mirakl raises $300 million for its marketplace platform
TECHCRUNCH | Tuesday, September 22, 2020
French startup Mirakl has raised a $300 million funding round at a $1.5 billion valuation — the company is now a unicorn. Mirakl helps you launch and manage a marketplace on your e-commerce website. Many customers also rely on Mirakl-powered marketplaces for B2B transactions.
China has no reason to approve 'dirty' TikTok deal: China Daily
REUTERS| | Wednesday, September 23, 2020
China has no reason to approve the “dirty and unfair” deal based on “bullying and extortion” that Oracle Corp and Walmart Inc said they struck with ByteDance, the state-backed English-language China Daily newspaper said on Wednesday.
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