U.Ok. fintech Monavate will get $7 million in seed cash; Starbucks pushes PayPal in promo

The information you need to start your day, from PaymentsSource and on the web:

New child

UK company Monavate has raised $ 7 million in seed money to create a platform for other companies to quickly issue payment cards, reports Finextra.

Monavate will be the BIN sponsor allowing third parties to launch payment solutions through partnerships. Leeandrajae Vaile, founding member of Revolut and Curve, is the company’s co-founder and CEO.

An unnamed institutional investor based in the USA has launched the first financing round for Monavate based in Cambridge.

Good business

Starbucks awards additional loyalty points (stars) to customers who use PayPal for purchases and reloads within the Starbucks app in April.

In a promotion that runs through April 30th, Starbucks customers who select PayPal as their funding method in the app will receive an additional star for every $ 2 spent through PayPal in addition to the existing rewards.

Starbucks emphasized on its website that customers paying with the Starbucks Rewards Visa credit card can still earn stars during the promotion by using them within PayPal to add value to the Starbucks app.

From the lot

The final phase of online car buying – annoying DMV paperwork – was knocked down by the first fully digital vehicle purchase.

The California New Car Dealers Association partnered with California’s DMV and Vitu’s digital signature service to complete the country’s first secure, 100% paperless transaction, including vehicle label issuance. This emerges from a press release.

Vitu’s platform, which supports e-commerce and point-of-sale payments for government agencies and car dealers, plans to partner with other DMV operations in the US to roll out digital service nationally as car sales grow online go.

Local allies

Singapore and Seoul-based cross-border payments technology specialists Nium and SentBe have teamed up to streamline money transfers to South Korean banks and businesses.

The move will offer a simplified approach to sending payments to South Korea that traditionally involves several steps, according to a press release.

Nium supports the collection and withdrawal of funds in local currencies in over 100 countries via an API-based platform. SentBe offers payment services in more than 50 countries and already has partnerships with Moneygram, Ripple and Samsung Pay.

From the web

The Japanese central bank starts experiments on the issue of digital currencies
REUTERS | Monday April 5, 2021
The Bank of Japan (BOJ) started experiments on Monday to examine the feasibility of issuing its own digital currency. It has joined the efforts of other central banks aiming to match the innovations in this area that the private sector is making.

Indian social commerce Meesho is valued at $ 2.1 billion for a new $ 300 million fundraiser
TECHCRUNCH | Monday April 5, 2021
Meesho said Monday it raised $ 300 million in a new round of funding led by SoftBank Vision Fund 2 as the Indian social commerce startup works to become the “only ecosystem that all small businesses can use.” enables you to be successful online “.

Coinbase is approved by the SEC and is preparing the conditions for the listing of groundbreaking cryptos
REUTERS | Thursday April 1, 2021
Coinbase Global Inc, the largest US cryptocurrency exchange, has received approval from the US Securities and Exchange Commission to list its shares on the Nasdaq, paving the way for a groundbreaking victory for proponents of the cryptocurrency.

More from PaymentsSource

How the FIS helped expand nutrition programs
While working with government agencies and supermarkets to implement the Supplemental Nutrition Assistance Program, the company also had to innovate on the fly.

Card fraud has grown bolder during the pandemic
One particular type of scheme, swapping, is where thieves steal and replace cards before the consumer knows about it, says James Crawshaw of ai Corporation.

Most digital pandemic movements are likely to be permanent
Online ordering, outdoor pickup, and digital shopping features are more than just workarounds and merchants need to make them an integral part of their strategies, says Signifyd’s Mike Cassidy.

Neptune Wallet allows you to manage multiple currencies
Cryptocurrency wallet provider Neptune is launching a new service that allows investors to manage multiple currencies for different purposes through a single channel.

Digital payments, fintech meet a pandemic need. Banks have to adapt.
Payment tech firms and challenger banks are leaning into the pandemic in a way that wins customer trust, says Anvil’s Mang-Git Ng.

Best fintechs to work with
Top executives from the 49 companies that have earned a place in this year’s ranking of the best fintechs for work cite the need for nimble changes in business strategy, leadership style and recruitment tactics as lessons from the challenges of the coronavirus crisis.