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Today In Digital-First Banking: Better Eyes SPAC Deal; Revolut Bolsters Retail Features

In today’s top news in digital-first banking, Better has plans to go public by merging with a blank-check company, while Revolut debuted a wide range of features and offerings for retail customers. Plus, OCBC Bank said it is harnessing the Visa Commercial Pay Mobile solution as part of its first virtual purchasing card offering.

Mortgage Lender Better Plans SPAC Deal on About $7 Billion Valuation

Upstart mortgage lender Better has intentions to go public by combining with a special-purpose acquisition company (SPAC). Better will reportedly combine with Aurora Acquisition Corp., which is sponsored by Novator Capital. SoftBank Group recently invested $500 million in Better. The company, which was established in New York in 2014, reportedly had more than $850 million in revenue in 2020 and more than $200 million in net profits.

FinTech Revolut Amps Up Retail Features for Shopping, Cryptocurrencies

Revolut, which is headquartered in the United Kingdom, is on a roll. Last week, it introduced a service that enables transactions using bitcoin. And on Tuesday (May 11), the firm introduced a broad array of functionalities and offerings for retail clients. “We will continue to add new handy tools to help our customers manage their financial lives smoothly and all from one useful app,” said Phuc To, Revolut’s head of retail.

OCBC Bank Taps Visa Commercial Pay to Digitize B2B Payments

OCBC Bank said it is utilizing the Visa Commercial Pay Mobile solution as part of its inaugural virtual purchasing card offering. Virtual cards offered by the way of the OCBC Virtual Purchasing Card effort can be for single or ongoing use, with control parameters set in advance. Visa Commercial Pay Mobile allows employees of the bank’s business customers, as well as non-employees, to seek virtual cards on demand. The opportunity makes it less necessary for employees, contract staff and visiting delegates to pay out of pocket.

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