Today In Payments: LendingClub Gets OK To Acquire Radius Bancorp; GDPR Penalties Escalate As EU Officials Crack Down

In today’s top news, LendingClub gets approval to acquire Radius Bancorp, and GDPR fines have escalated as European regulators step up enforcement. And Plaid plans to double the size of its European offices.

LendingClub Gets OK To Acquire Radius Bancorp

LendingClub has gotten the regulatory approvals it needs to close its $185 million Radius Bancorp buy. Anuj Nayar, VP, U.S. financial health officer at LendingClub, tells Karen Webster that the combined company will create the first U.S. neobank, with a branchless digital first approach to financial services — complete, eventually, with high-yield savings accounts.

GDPR Penalties Escalate As EU Officials Crack Down

Fines levied under the General Data Protection Regulation (GDPR) jumped almost 40 percent in the past 12 months as European Union (EU) regulators stepped up enforcement efforts.

Plaid To Focus On Growing European Market

FinTech startup Plaid is looking at doubling its size in Europe, putting 80 employees in the London and Amsterdam offices by the end of the year, up from the 40 or 50 employees currently there. Plaid is focusing on European growth because of the high demand it sees there for payments services.

UK To Require Companies To Pay Small Businesses In 30 Days

The U.K. government is looking to crack down on companies that take too long to pay suppliers by strengthening the Prompt Payment Code. The rule, which will go into effect July 1, will make it so that 95 percent of invoices for small and medium-sized businesses (SMBs) have to be paid within 30 days. The effort is intended to relieve pressure on SMBs facing cash flow troubles because of the ongoing pandemic.

Location Detection: Building The Bank Business Case For Better Geolocation Data

The 1990s gold standard of location detection is no match for sophisticated fraudsters who today use IP address spoofing tools to hide where they really are. In the latest PYMNTS TV episode, GeoGuard CEO David Briggs and People’s United Bank Vice President of Financial Crimes and Fraud Intelligence Karen Boyer build the business case for why financial institutions (FIs) must now use geodata and geodata analytics in the fight against fraud and financial crime. And why if they don’t, their customers might switch to a bank that does.

EXCLUSIVE: Who Is Generation Venmo – And How Can Retailers Reach Them?

Who is Generation Venmo? A study of 2,000 Venmo users offers an exclusive look at — and what retailers need to know about — the 65+ million active users who have downloaded the Venmo app and use it to send money to friends, split the check, tip their favorite hairdresser and pay for stuff they buy online. Hint: They’re a generation hard-wired for digital-first experiences.

Washington DC Restaurants Get Creative With Inauguration Security

Local restaurants are doubling down on digital as they have throughout the pandemic period to reach their homebound and house party attending consumers.  And if those customers are advised not to come out to them, they’re bringing the food in to them.