Guest :Jesse Randall CEO of Sweater Ventures
Top Stories :Jack Ma reappears and failed Ant Group IPO
Visa Calls it Quits with Plaid Inc. Acquisition
Capital One FIned $390 billion
PPro becomes FIntech's newest Unicorn with a $180 million capital raise
Equifax Set to acquire Kount for $640 million
In Other News:PayPal has bought the remaining 30% of the Chinese payments firm GoPay
Pakistan government announces new instant digital payment system
Gemini Acquires Blockrize, Announces Credit Card With Crypto Rewards.
Blackbird, AeroPay Team For Online, Cashless Cannabis Ordering
Transcript (Auto Generated):
Tedd Huff: [00:00:00] [00:00:00]You are now listening to Ted talks payments. Bringing you, the people tech and companies, that change how you pay, and get paid.
Welcome to this week in payments for January 21st, 2020. I'm your host, Tedd Huff.
We are only two weeks into the new year, and we already have some crazy stories around IPO's and FinTech. We brought in Jesse Randall the CEO [00:00:30] of sweater to talk us through his perspective on a couple of these big items and what it means for the future of fintech.
First I want to cover. The ant group and Jack ma.
Now many of you know that Jack MA's been out of the limelight since November, when the Chinese government regulators decided they were going to investigate the IPO
Now him coming out may be a good sign for him, but the ant groups failed initial public offering continues to wreak havoc on the [00:01:00] markets.
The wall street journal reported Tuesday, January 19th, that investors have drained over $3 billion. Yes, 3 billion with a B from the funds led by five mutual funds that had pitched themselves as a way to get on board as the FinTech went public.
Since having it's estimated 37 billion IPO derail by Beijing earlier in November, the ant group is seeking to overhaul their operations and comply with all of those government regulations for the [00:01:30] Chinese market.
Now, one of the things that's interesting is the Chinese investors aren't all about diversifying their portfolio. They like to get in on the really hot IPO's, which is slightly different than what we've got going on here in the U S .
Talking about IPO's move over to one of the most publicized, planned acquisitions. To happen in 2021 and not to be left out by regulators. Visa, Inc just one year after announcing planned [00:02:00] acquisition of the technology from plaid, Inc for $5.3 billion, they just abandoned it.
Now it wasn't just for the, grins and giggles. The justice department filed an antitrust lawsuit. The challenge to deal. And they filed that on November 5th. So it's only been a couple months since they got to that point. the good thing is that plan hasn't let this hold them back. They just announced this week that they plan on doubling the size of their European offices to continue the growth [00:02:30] in their global reach.
We are just getting started talking about all the different things with federal regulators.
FinCEN, fined capital one for $390 billion for their check cashing group for behaving badly buying gauging in both willful and neglect.
Through the violations of the bank secrecy act. capital one, didn't try and hide this. They admitted to failing to file for currency transactions on approximately 50,000 reportable cash [00:03:00] transactions that represent over $16 billion in cash handled by its check cashing customers. The kicker is that it didn't even happen anytime recently.
it lasted for over six years. started as early as 2008. And as recently as 2014 to manage some of the blowback from FinCEN capital one shut down the network and a number of remediation efforts related to the suspicious activity reports, currency, transaction reporting, filing systems, and money [00:03:30] laundering programs over the last few years.
Let's talk about some really good stuff 2021 is been full of acquisitions and capital raises, especially...
