Banking & Finance

Klarna has closed its $650 million in an equity funding round, at a post money valuation of $10.65 billion. The Swedish-based buy now, pay later (BNPL) firm has doubled its value which was previously set at $5.5 billion just over a year ago. The valuation ranks Klarna as the highest-valued …

The European Union needs to focus on innovation and new technology, including cryptocurrency, AI, and the cloud, to boost development and innovation in the capital markets sector. That’s according to a report from the Association for Financial Markets in Europe (AFME), which has called on the EU to focus its …

Colorado-based Elevations Credit Union has selected Temenos and its Infinity system, deploying it on a hosted basis. Elevations holds more than $2 billion in assets Temenos says its system will streamline processes for the credit union. It adds Elevations can provide “differentiated” member experiences on mobile and online. Elevations Credit …

Impersonation scams in the UK increased by 84% in 2020 as fraudsters sought to exploit confusion around the COVID-19 pandemic. UK Finance says criminals have changed tactics due to COVID-19 According to UK Finance, its members reported 15,000 cases between January and June 2020. Criminals raked in more than £58 …

UAE-based Emirates NBD has gone live on a new payments solution from Tata Consultancy Services (TCS). The new hub will operate across six countries The bank has deployed TCS Bancs for Payments to transform its processing in six different countries. The system went live following an implementation programme kicked off …

Several companies said this week they’re slashing expenses as the economy limps along. Others would prefer to keep investing in new technologies and hold off on moves like branch closings to better gauge which changes in consumer behavior will stick.Read More

The concept of the “as-a-service” model sits at the core of fintech. After all, it’s what business-to-business (B2B) fintechs do; the third parties help financial services companies add to or enhance their existing offerings by providing a product that sits outside of their core competency. One of the most common …

The agency finally detailed how it may implement congressional requirements to collect information on credit to small businesses. Lenders below certain asset thresholds and that make few business loans could be off the hook.Read More

Two board members for the credit union regulator spoke during a NAFCU event, highlighting liquidity issues, plans for new departments at the agency and more.Read More

J.P. Morgan has named Stephen Burke as its new lead independent director. Burke previously was NBCUniversal’s CEO and does not come from a banking background. CNBC’s Wilfred Frost reports.Read More