Welcome to Five at Five, your late look at the day’s payments and commerce news. Today’s coverage includes a look at an Amazon delivery move and the reconsideration of a federal payday rule. Toys R Us is nearing the end — or is it? — CashShield has raised money and Shopify has acquisition news.
Grocery delivery for Prime members is taking its next great leap forward as Amazon and Whole Foods have announced that Prime Now Grocery is expanding to Chicago, Houston, Indianapolis, Minneapolis and San Antonio.
Last October, former CFPB Head Richard Cordray finalized the rule that would require lenders to conduct background checks, showing that borrowers can afford the loans, and to limit the number of loans made to a single borrower.
But a former Toys R Us CEO, Jerry Storch, has reportedly been at work on a plan with bankers and investors to revive the retailer. Those discussions are occurring ahead of a planned bankruptcy auction to sell Toys R Us’ intellectual property.
With the latest round of fundraising, CashShield has raised $25.5 million. Using artificial intelligence, CashShield secures transactions and consumer accounts from cybercriminals without the need for human intervention.
Developed by a Montreal-based team co-founded by Guillaume Racine and Raff Paquin, Return Magic was launched in 2017 as a seamless returns solution that allows merchants to build loyalty while making shopping more convenient for consumers.