Currencycloud nabs $80M from Visa, World Bank Group and more for cross-border payment APIs

  • “Today, a London startup called Currencycloud, which has built a set of remittance APIs that let any financial business integrate money transfer services into its platform, is announcing that it has raised $80 million
  • To date, more than $50 billion has been transferred between some 180 countries using Currencycloud’s 85 APIs”

Image Credits: jnhphoto / Getty Images

Visa is acquiring Plaid for $5.3 billion, 2x its final private valuation

“Plaid develops financial services APIs. It is akin to what Stripe does for payments, but instead of facilitating payments, it helps developers share banking and other financial information more easily. It’s the kind of service that makes sense for a company like Visa.”

Image Credits: Sarah Wardlaw / Unsplash

This is What the Future of Financial Applications Looks Like

  • “The world now has over 2 billion active smartphone users and a grand total of over 25 millions apps have been downloaded to date.
  • Just as we saw a rise in DIY site building tools, we could see a future where more cash strapped entrepreneurs will turn to easy to use low-code app programming platforms to create fully functional apps.
  • There are lot of possibilities of AL and ML in mobile app development, some of which are already being used in industries like ecommerce, entertainment etc”

One-third of retail banks planning to build digital brands

“A survey of 405 global bank executives conducted by the Economist Intelligence Unit on behalf of Temenos, highlights how new technologies such as AI, open APIs and cloud are compelling banks to rethink their business strategies in preparation for a new age of digital banking.

Late last month, a report from Citi warned of a 30% revenue hit for incumbents as new digital first challengers enter the market. To avert an impending extinction-level event, Citi urged bank to “re-invent themselves and re-imagine banking” by building their own digital offshoots. ”