Today in FinTech: Stripe Connect Assists Freelancers; Fed Master Accounts Help FinTechs

In today’s FinTech news, freelancers and creators are getting paid faster with Stripe Connect, while the Federal Reserve is opening up master accounts to more companies, including FinTechs. Plus, Payroc WorldAccess acquires Worldnet.

Stripe Connect Launches Crypto Payouts to Help Freelancers Get Paid

Stripe Connect is rolling out capabilities geared toward the creator industry that are aimed at helping freelancers, sellers and solopreneurs get paid faster no matter where their fans are located. Payouts will initially be supported in USDC, a stablecoin pegged to the U.S. dollar, and take place over the Polygon network.

Fed Master Accounts Give FinTechs Firepower to Meet, and Beat, Banks on Their Own Payments Turf

Changes to how FinTechs and other companies can apply for master accounts with the Federal Reserve are in the works. The changes mean that FinTechs can launch new payments innovations more quickly and less expensively. Any firm seeking to offer digital payments can tap Fed services faster and with less expense.

Payroc Acquires Payments Platform Provider Worldnet

Global payments company Payroc WorldAccess has acquired Worldnet. Terms of the deal were not disclosed. Worldnet provides payment solutions for independent software vendors (ISVs). The tie-up gives Payroc a stronger hold in the ISV and embedded payments sector.

Navigation Capital Cancels Four SPAC Deals as Industry Cools

Investment firm Navigation Capital Partners has canceled plans for four new special purpose acquisition companies (SPACs). Its cancellations happened in under 24 hours and is part of a trend of investors losing their taste for gambling on SPACs.

Amex Card Spend up 28% as Younger Consumers’ Urge to Splurge Trumps Inflation

American Express CEO Steve Squeri said spending volumes are up, and in many cases, eclipsing pre-pandemic levels. Billed business growth was 30% to $350 billion, and supplemental materials released by the company showed that consumer spending on travel and entertainment was 120% above 2019’s levels.