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Home » Retail Banking 2020 Insights » Morning Briefing: Stripe's $5bn valuation and more

Morning Briefing: Stripe's $5bn valuation and more

Morning News

Online-payments firm Stripe has announced new funding that values the company at $5 billion, 40 percent higher than in December when it was valued at $3.6 billion following a $70 million fundraising round.

The latest funding round, which Stripe said raised less than $100 million, includes investment from Visa and VC firm Kleiner Perkins Caufield & Byers as well as existing investors American Express and Sequoia Capital.

UK property no safe haven for 'dirty money' — David Cameron

In a speech in Singapore later today, UK Prime Minister David Cameron will say that the country's property market is no safe haven for "dirty money" amid suspicions that the London property market is fuelled by money laundering.

Mr Cameron will say that Britain must not become "a safe haven for corrupt money from around the world". Last week, the UK's National Crime Agency said house prices in the UK were being inflated because of foreign criminals laundering billions of pounds through property purchases.

Regulator recruits industry veterans

The former boss of Clydesdale Bank, David Thorburn, and Scottish Widows' deputy chairman, Norval Bryson, are to join the Prudential Regulation Authority, the Bank of England body with responsibility for the day-to-day regulation of banks.

RBS in talks to sell Indian private banking unit to Sanctum Wealth

RBS has revealed that it is in talks to sell its Indian private banking business to Sanctum Wealth Management, a company founded by its private banking business head in India, Shiv Gupta, as it continues to focus on its UK retail and commercial banking businesses.

The end of the free banking era is nigh — banks

British government plans to impose caps on credit and debit card fees — as voted for by the EU Parliament in March — could spell the end of free banking, some of the country's leading banks have warned.

On Monday, the government published a consultation document on plans to cut the fees, and the UK Cards Association warned that it could have negative implications for rewards schemes and that new fees could also be introduced. The cap comes into effect in December.

Unity Bank boss 'caught in cross-fire'

The former managing director of Nigeria's Unity Bank, Henry Semenitari, was on the point of returning from suspension when he was forced to tender his resignation, according to ThisDay.

A source told ThisDay that Mr Seminitari may have been "caught in the cross-fire" of an ongoing probe of public officials. The probe resulted in the banker's wife, Ibim Semenitari, a former state commissioner, having an armoured Lexus SUV worth over 100 million naira confiscated. Apparently, Mrs Seminitari alleged that the vehicle belonged to her husband.

Australia gearing up for Apple Pay

Apple Pay's launch in Australia moved a step closer, after MasterCard revealed that it is close to rolling out its tokenisation service there. Andrew Cartwright, MasterCard's country manager in Australia, said the service would be released in the "very near term".

Citigroup's Mexican operations under wider scrutiny

Citigroup's travails over inquiries into its Mexican subsidiaries Banamex and Banamex USA's alleged weak compliance with US federal anti-money-laundering rules have worsened after the Department of Justice last week expanded its money-laundering probe of Banamex.


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