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Stripe has reportedly partnered with Advent International to bid $53 billion for PayPal Holdings, a move that could create a major digital payments processor with enhanced capabilities in stablecoins and artificial intelligence. The bid, reported by Reuters, follows an initial approach in April. Analysts consider the offer credible given Stripe's $159 billion valuation and Advent's $100 billion in assets under management. While Stripe and PayPal overlap in payment processing, the combined entity could benefit from PayPal's brand and Venmo's consumer base, though questions remain about strategic fit. The deal would take PayPal private with equal ownership. PayPal has struggled with growth and recently replaced its CEO, while Stripe has become an international juggernaut. Analysts suggest the combination could unlock value in under-monetized businesses like Venmo and bolster merchant offerings for AI-driven commerce.
According to Reuters, Stripe has teamed up with Advent International to acquire PayPal for $53 billion. Analysts believe that if this bid succeeds, it will create a digital payment giant with strong capabilities in stablecoins and artificial intelligence.
Fintech Bottomline has added stablecoin capabilities to its CFO suite, allowing corporate finance teams to incorporate digital dollar transactions into existing payment and treasury workflows. The new features let finance teams send, receive and manage stablecoins while establishing approvals, controls and audit processes. The move reflects growing interest in stablecoins as a payment rail, with companies like Stripe, Visa, Mastercard and PayPal launching related initiatives, and follows the Genius Act's establishment of a federal framework for dollar-backed payment stablecoins. Bottomline said the capabilities allow companies to explore stablecoin payments within the same controls, visibility and governance frameworks they use for corporate finance operations.
Fintech company Bottomline announced on Monday that its CFO suite now includes stablecoin capabilities, allowing corporate finance teams to send, receive, and manage stablecoins within existing payment and treasury management workflows, and to establish approval, control, and audit processes.
The Federal Reserve's FedNow instant payments system saw settled payments jump 85% in Q2 compared to Q1, with 1,800 banks and credit unions now participating, including seven of the top 10 U.S. banks. However, only about a fifth of U.S. financial institutions have signed up, and many only receive payments rather than send them. The Fed is proposing regulatory changes to enable cross-border payments and is pushing use cases like insurance payouts and earned wage access, while industry experts suggest government adoption could spur further growth.
Block will pay $45 million to 46 states to settle claims that Cash App misled users about fraud protections and failed to provide adequate customer support. The settlement mandates new customer service processes, including extended phone and chat hours. Oregon and Texas led the investigation. Block also agreed to pay $20 million to Washington state over unemployment fraud. The settlement ensures Block's $75 million redress commitment from a 2025 CFPB settlement is enforced by the states.
On July 8, Block agreed to pay $45 million to settle with 46 states over allegations that Cash App misled consumers about its security and fraud protection. The settlement requires Block to improve customer support processes and ensure availability of phone and online chat services.
Fiserv disclosed that President Dhivya Suryadevara resigned effective Tuesday but will stay through month-end for an orderly transition. Andrew Gelb, COO of financial solutions, and Srini Krish, head of technology and operations for financial solutions, were promoted on an interim basis to co-lead the business. The company said strategy and priorities remain unchanged. The departure follows the recent CEO transition to Takis Georgakopoulos and comes as Fiserv has struggled to meet growth goals. Analysts at Robert W. Baird called the exit somewhat disruptive but not overly surprising, noting Suryadevara joined under former CEO Mike Lyons, who left within 12 months of her arrival.
Payment processor Fiserv disclosed in a filing with the U.S. Securities and Exchange Commission that President Dhivya Suryadevara resigned on Tuesday but will remain until the end of the month to ensure a smooth transition of responsibilities. The company has appointed Andrew Gelb and Srini Krish to temporarily co-lead the financial solutions business.
Klarna, the Swedish buy now, pay later company, has applied for an industrial loan company charter with the Federal Deposit Insurance Corp. and Utah's Department of Financial Institutions. The move would allow Klarna, which already operates as a bank in Europe, to bring its U.S. banking operations in-house and expand its financial services offerings. Klarna joins PayPal and Affirm in seeking an ILC charter, a type of license that has become politically contentious. If approved, the bank would be led by Gary Harding, former CEO of Milestone Bank and Prime Alliance Bank.