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April 17, 2014

Walmart Introduces New Money Transfer Service Powered by Ria

Walmart 140pxWalmart has announced a new Walmart-2-Walmart Money Transfer Service - calling it a "new low-cost service allows customers to transfer money to and from more than 4,000 Walmart stores nationwide for up to 50 percent less than similar offerings on the market."

After listening to our customers complain about the high fees and confusion associated with transferring money, we knew there had to be a solution,” said Daniel Eckert, senior vice president of services for Walmart U.S.

“Walmart-2-Walmart brings new competition and transparent, everyday low prices to a market that has become complicated and costly for our customers. We’re doing what we do best - launching a new service that challenges the status quo and drives down prices for our customers.”

Walmart says the new service "offers a clear fee structure with just two pricing tiers: customers can transfer up to $50 for $4.50 and up to $900 for $9.50. Competitive offerings often include 10 or more fee tiers and charge up to $70 for transferring less than $1,000. Money transfers above $50 make up the majority of transactions in the U.S."

Walmart-2-Walmart is powered by Ria, a Euronet subsidiary and a global provider of money transfers. Ria is the licensed money transfer operator for all Walmart-2-Walmart transactions, and Walmart acts as the authorized agent of Ria.

Headline News from PaymentsNews.com - April 17, 2014

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On the Wires:

  • MasterCard Board of Directors Recommends Two New Candidates for Election - “The world continues to get smaller and technology opens new doors every day,” said Richard Haythornthwaite, Chairman of the Board, MasterCard. “MasterCard is advancing to meet consumer, business and societal needs in an increasingly digital world, while maintaining a focus on convenience and security. Merit and Julius’ experience and insights will add to and complement our existing Board as we pursue this vision.”
  • Warburg Pincus To Acquire Electronic Funds Source - "Warburg Pincus ... today announced it has entered into a definitive agreement whereby one of its affiliates will acquire 100% of Electronic Funds Source LLC, a leader in innovative corporate payments solutions, from an investor group including First Data Transportation Services, Inc., CTP Holdings LLC and FJ Management Inc."
  • Lending Club Acquires Springstone - "As part of the financing of this transaction, Lending Club also announced the closing of an equity capital raise. Investors in the $65 million round included funds and accounts managed by T. Rowe Price Associates, Inc., Wellington Management Company, LLP, BlackRock and Sands Capital."
  • Worldpay Launches China Sales Office - "The Shanghai office is headed up by Tang Kok San, VP – Business Development China, and will offer all of Worldpay’s e-commerce customer-facing functions, including relationship management and corporate support."

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

April 16, 2014

Headline News from PaymentsNews.com - April 16, 2014

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Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

April 15, 2014

Headline News from PaymentsNews.com - April 15, 2014

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Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

April 13, 2014

Headline News from PaymentsNews.com - April 14, 2014

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Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

April 11, 2014

Headline News from PaymentsNews.com - April 11, 2014

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

April 10, 2014

Fundbox Raises $17.5MM Series A with a Focus on SMB Cash Flow Acceleration

Fundbox Logo 140pxFundbox has announced it has closed $17.5MM in funding led by Khosla Ventures to "fill the void left by banks and credit companies, and fix the small business economy using data science."

Other investors include Ron Conway’s SV Angels, Vikram Pandit, former CEO of Citigroup, Tom Glocer, former CEO of Thomson Reuters, Jay Mandelbaum, former Head of Strategy and E-commerce at JP Morgan Chase, Emil Michael, SVP of Business at Uber, Shlomo Kramer, CEO Imperva, David Krell, Chairman ISE and several others. The investment will be used to scale the data operations and product, increase marketing outreach efforts, expand the Fundbox San Francisco headquarters, and make additional strategic hires in the Bay Area.

We’ve identified an unprecedented opportunity to bring data-driven innovation to a critically underserved and broken market, focused initially on allowing small businesses to immediately clear outstanding invoices and improve cash flow by accelerating payments,” said Fundbox Founder and CEO Eyal Shinar.

“However, the vision behind our company is much larger, as our proprietary engine can dramatically disrupt and modernize entire industries built around analyzing data. We are starting with small business credit because this is where we can have a significant and immediate positive impact, but the future is boundless.”

Fundbox says it processes tens of thousands of invoices daily, offering small business owners the ability to fix their cash flow by advancing payments for unpaid invoices. This effectively eliminates the net plus 30, 60, 90-day problem from which small businesses suffer.

In order to use Fundbox, a small business owner connects with one-click to their accounting and bookkeeping apps, including Quickbooks, Xero, or Freshbooks, on Fundbox.com. The Fundbox risk engine assesses the customer’s network and invoices for risk automatically and instantly. The user can then view all outstanding invoices through their Fundbox account and choose which invoices to clear.

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