In today’s top payments news around the world, India’s pay-later app Slice is introducing a no-fee Visa Card, while Stripe is purchasing payment processor Paystack. Plus, London’s FinTech space has been going strong in 2020 despite the pandemic.
Slice is debuting a no-fee Visa Card that provides its millennial and Gen Z clients with cash back and no-cost EMIs during festive sales. The Indian payments upstart was founded in 2016 to serve the financial needs of the millennial and Gen Z generations. Freelancers, gig workers and young professionals are among its clients in addition to startup workers and recent graduates.
Stripe is buying Paystack, a firm that says it processes over half the online payments in Nigeria. The FinTech reportedly invested in Paystack’s Series A round back in 2018. It indicated that Paystack will keep running independently and its services will be ultimately embedded in Stripe offerings. Stripe did not make terms of the acquisition known.
London’s FinTech space has been going strong in 2020 despite COVID-19, with $3.6 billion in venture capital investments spanning from January to September 2020. “World-leading FinTech scaleups were born in London out of the 2008 financial crisis, and today London’s FinTech companies are innovating to respond to changing demands caused by the pandemic,” London & Partners CEO Laura Citron said in an announcement.
U.K. banking platform Tide announced it has joined forces with GoCardless to launch a new service that will allow members to accept invoice payments via Direct Debit. The relationship will help small companies in overcoming the ongoing problem of late payments, according to an announcement. Tide members will be able to set up a time for the collection of payments from customers when a bill becomes due and also monitor the payments.