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.
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 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.
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.
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).
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.
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.