In today’s top news, merchant commerce firm Pine Labs is now valued at $3.5 billion, and FinTech Pleo raised $150 million. Plus, Klarna is being investigated over a breach of bank security laws.
Pine Labs, which offers merchant solutions for in-store and doorstep payments, raised another $315 million in an ongoing funding round led by Fidelity Management and BlackRock. The firm has expanded thanks to an increasing merchant shift from offline to online in India.
Business services startup Pleo raised $150 million led by Bain Capital Ventures and Thrive Capital, giving the company a $1.7 billion valuation. The pandemic’s work-from-home shift has turned digital services into a necessity, accelerating demand for Pleo’s tools.
Payments firm Klarna is under the microscope of Sweden’s financial watchdog over reported violations of security laws that allowed users of Klarna to see other users’ data for a brief interlude.
British banking and payments app Revolut is in “detailed” talks with giant technology investor SoftBank to close an investment of between $750 million and $1 billion. The investment would value the FinTech at more than $30 billion.
Consumers dining on a budget prefer to order from restaurants that offer loyalty programs. In the new Delivering On Restaurant Rewards, PYMNTS surveys 2,467 consumers to find out how quick-service restaurants (QSRs) can utilize loyalty programs to get 12 million consumers to stretch their food budget if it meant getting rewards from QSRs.
Financial institutions (FIs) often shut down accounts at the first sign of fraud, but this blanket approach can alienate legitimate users and let stealthier cybercriminals slip through the cracks. In the latest Preventing Financial Crimes Playbook, PYMNTS spoke with an FBI spokesperson to examine why FIs should pay attention to users’ online cookies and other unique indicators to protect against financial crime in the digital age.
A weekend decision by Chinese regulators to ban the popular rideshare service from domestic app stores, just days after its splashy US trading debut, is the latest example of the government’s complex relationship between promotion and power.