In today’s top news in digital-first banking, Next Insurance is aiming to raise new capital that would value the FinTech startup at $2.25 billion, and FLEETCOR has come to an arrangement to purchase cross-border payment company Associated Foreign Exchange (AFEX). Plus, Nacha has announced the introduction of cybersecurity and voice payment resources.
Digital small business insurance provider Next Insurance is negotiating an arrangement to bring in new capital that would reportedly value the FinTech upstart at $2.25 billion. The firm provides small businesses ranging from personal trainers to general contractors with policies. Alphabet-owned Capital G is reportedly in discussions to head up the $250 million funding round for the insurer.
Global business payments firm FLEETCOR has struck a deal to buy Associated Foreign Exchange (AFEX) to assist in bolstering its own payments network. AFEX works to put cross-border solutions in place to help small and medium-sized businesses (SMBs). The firm is usually geared toward offering global accounts to companies underserved by financial institutions. The transaction should reportedly close in Q1 2021 once regulatory approvals and other conditions are satisfied.
Nacha unveiled the introduction of cybersecurity and voice payments resources. The nonprofit group’s Payments Innovation Alliance rolled out “Voice Payments: An Introduction and Overview,” which is meant to provide information regarding conversational payments in addition to enabling technologies such as smart speakers and voice assistants. The second tool is named “COVID-19 Best Fraud Prevention and Cybersecurity Practices.”
Australian FinTech Cape is introducing its “recession fighting” credit card, which is fueled by open banking and is meant to enable access to new features such as buy now, pay later (BNPL). The new card is forecast to roll out next year and is geared toward small to medium-sized enterprises (SMEs). It will allow firms to manage their finances via live file management and make revenue-based repayments as well.
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