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August 13, 2010

Group Payments Startup Raises $7.5 Million Series B Funding

wepay_logo_143px.png WePay has announced a $7.5 million funding round led by Highland Capital Partners, with participation from existing investor August Capital. WePay also indicated that it has experienced 'dramatic' early growth since its April 2010 launch, with payment volume increasing 80% in July.

The New York Times Bits column recently profiled WePay. Glenbrook also looked at group payments earlier this year.

FIS Announces MOU for Brazilian Card Processing Joint Venture

FIS_logo-140px.jpgFIS has announced that Banco Bradesco has recommitted to a Joint Venture and expanded card processing relationship.

According to the MOU and under the ten-year services agreement, FPS will provide comprehensive, fully outsourced card processing, call center, collection and back office services for Banco Bradesco’s private label and bankcard portfolios. FPS and Bradesco are working to complete the conversion of Bradesco’s 14 million bankcards during the fourth quarter of 2010, bringing the total number of cards processed on behalf of all FPS clients to more than 40 million.
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First Data Releases July 2010 SpendTrend

FirstDataCorp_logo.jpgFirst Data has released its First Data SpendTrend analysis for the full month of July 2010 compared to July 2009.

After three consecutive months of decelerating growth, July 2010 card spending growth improved due in part to an easy year-over-year comparison. Same-store dollar volume growth was 8.5% (8.2% excluding Gasoline Stations) and transaction growth was also higher at 9.2% (9.1% excluding Gasoline Stations) in July, compared to June’s growth of 6.8% and 7.3%, respectively.
SpendTrend tracks same-store consumer spending via credit, signature debit, PIN debit and EBT cards at US merchant locations.

PayPal Now Supports Direct Bank Funding in Singapore

PayPal_logo-140px.jpgPayPal and DBS Bank, Singapore's largest bank, announced the immediate availability of a new service that lets DBS/POSB customers use their bank accounts to fund their PayPal accounts. Funds are pushed from a DBS iBanking session using bill pay. The details are here; PayPal blogs about it here.

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