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Top News In Payments: Paidy Notches $143M In Funding; UK Legislators Want First-Time Payments Delay

Top News In Payments

In today’s top payments news, Japan’s instant credit startup Paidy notched $143 million in a Series C extension funding round. Also, legislators in the United Kingdom want a mandatory 24-hour waiting period on all first-time payments between bank accounts as a way to reduce fraud. And WEX posted earnings results that met expectations.

 

Blue Apron’s Financials Sour With Shifting Meal Kit Industry

The third quarter of 2019 saw decreased revenue for meal kit subscription service Blue Apron, which is aiming to gain new ground. Blue Apron reported a 33 percent year-over-year decline in revenue to $99.5 million. The firm also posted a net loss of $26.2 million, which was a year-over-year improvement of some $7.7 million.

WEX Posts Double-Digit Growth in Corporate, Travel Payments

WEX posted earnings results that met expectations, while payments volumes were up double-digit percentages. Management pointed to at least some softening in fleet customer trucking volumes, which was, in part, tied to a softening macro environment. Adjusted earnings were $2.59 per share, which was up 16 percent year over year.

PayPal Among Investors in $143M Funding for Japan’s Paidy

Japan’s instant credit startup Paidy notched $143 million in a Series C extension funding round. New and past investors participated in the round, with the inclusion of PayPal, Soros Capital Management, JS Capital Management and others. The funding includes debt financing of $60 million from Goldman Sachs Japan, Mizuho Bank, Sumitomo Mitsui Trust Bank and Sumitomo Mitsui Banking Corporation.

UK Regulators Want First-Time Payments Delay to Avert Fraudsters

Legislators in the United Kingdom want a mandatory 24-hour waiting period on all first-time payments between bank accounts as a way to reduce fraud. The Parliament’s Treasury Select Committee said in a report that in the first six months of the year, consumers were swindled out of approximately $777 million (£600 million).

Trending: The Rise of Instant Payments in Lending

Consumers are accustomed to applying for everything from a personal loan to a business loan online. They no longer consider instant lending processes instant, however, if they don’t come with an equally fast disbursement experience, said Paul Gu, co-founder and head of product for online lender Upstart. That means instant disbursements are about to become very important for lenders, he explained in a recent interview with PYMNTS.

Scratchpay: Teaching an Old Veterinary Industry New Payments Tricks

Pet owners, on average, spend $200-$400 a year for routine check-ups and medical services for an animal that is mostly healthy. When an animal is unwell, however, the costs quickly start skyrocketing, Scratchpay Founder and CEO John Keatley noted in a recent conversation with Karen Webster.

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Featured PYMNTS Study:

More than 63 percent of merchant service providers (MSPs) want to overhaul their core payment processing systems so they can up their value-added services (VAS) game. It’s tough, though, since many of these systems date back to the pre-digital era. In the January 2020 Optimizing Merchant Services Playbook, PYMNTS unpacks what 200 MSPs say is key to delivering the VAS agenda that is critical to their success.

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