Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [March 10, 2021] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. Cedar, a payment platform for medical expenses, received US $200 million in financing, and tiger global led the investment

Recently, cedar, a New York based financial technology platform, announced that it will obtain US $200 million in financing, with tiger global leading the investment. Founded five years ago, cedar is mainly committed to providing more convenient payment services for hospitals and other medical institutions. Over the past few quarters, cedar’s institutional performance has grown significantly, with a platform valuation of $3.2 billion.

[2]. JPMorgan will close its digital wallet chase pay at the end of this month

In 2015, in order to compete with apple pay and other competitors for mobile payment market share, JPMorgan launched the digital wallet service chase pay. In 2017, JPMorgan cooperated with PayPal to allow users to associate their chase pay account with PayPal account and use bonus points for shopping. However, just yesterday, JPMorgan Chase group announced that it would close the digital wallet service chase pay at the end of this month and integrate chase pay’s “pay with points” and other functions into JPMorgan Chase Bank’s website and mobile applications.

[3]. Sofi Announces Acquisition of Golden Pacific Bank

On March 9, 2021, Sofi, a financial technology platform, announced the signing of a final agreement on the acquisition of Golden Pacific Bancorp and its subsidiary Golden Pacific Bank. Golden Pacific Bank is a community bank in California supervised by the office of the Comptroller of the currency (OCC). The acquisition is a key step in Sofi’s bid for a national banking license in the United States. At present, the transaction is still waiting for approval and is expected to be completed by the end of 2021. Also on the same day, Sofi released its first credit card product and announced the corresponding large-scale promotion activities.

[4]. M1 finance, an online investment management platform, received $75 million in round D financing

On March 9, 2021, M1 finance, an online investment management platform, announced the acquisition of a $75 million round D financing led by coat. In June and October 2020, M1 finance also obtained US $33 million in round B financing and US $45 million in round C financing. M1 finance provides users with various investment, banking and lending products to help them manage short-term expenditures, achieve medium-term financial objectives and plan long-term wealth development. As of February 2021, M1 finance’s total customer assets have exceeded $3 billion.

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