Today in FinTech: Voyager Goes Bankrupt; Revolut Teams With Stripe; New Probe Into Zelle
In today’s FinTech news, Voyager has filed for Chapter 11 bankruptcy, adding to the mounting turmoil in the overall cryptocurrency ecosystem. Meanwhile, Revolut and Stripe are making moves in Latin America, and Zelle is in the investigation hot seat once again.
Crypto Lender Voyager Seeks Chapter 11 Protection
Crypto lender Voyager is planning to restructure and filed for Chapter 11 bankruptcy protection Wednesday (July 6).
The company said it has approximately $1.3 billion of crypto assets on the platform and more than $350 million of cash held in a For Benefit Of (FBO) account for customers. It also has more than $650 million in claims against Singapore-based cryptocurrency hedge fund Three Arrows Capital, which is in liquidation.
Revolut Teams With Stripe to Power International Growth
Revolut is expanding its FinTech business into Mexico and Brazil and is partnering with Stripe to leverage its infrastructure and expertise as well as support payments in the U.K. and Europe.
“Revolut and Stripe share an ambition to upgrade financial services globally. We’re thrilled to be powering Revolut as it builds, scales and helps people around the world get more from their money,” said Eileen O’Mara, EMEA revenue and growth lead at Stripe.
Law Firm Probes Zelle’s Fraud Reimbursement
The San Francisco law firm Schubert Jonckheer & Kolbe LLP said it’s investigating several banks regarding their fraud reimbursement practices and peer-to-peer payment system Zelle.
Last week, a class action suit against Zelle and Wells Fargo was withdrawn in federal court. Zelle is operated by FinTech Early Warning Services, LLC, owned by Wells Fargo, Bank of America, Truist (formerly BBT), Capital One, J.P. Morgan Chase, PNC Bank and U.S. Bank.
MoneyGram, Stellar Integrate Wyre With Crypto-to-Cash Conversion Service
Cryptocurrency infrastructure provider Wyre is integrating with MoneyGram’s global on- and off-ramp service for digital wallets that debuted last month on the Stellar Network.
Wyre can now offer its partners a way to transition between cash and cryptocurrency across the Stellar blockchain and MoneyGram’s global retail partner network.
Trucking Management Firm CloudTrucks Debuts Visa Card
Trucking business management solution CloudTrucks introduced a Visa business card to help small fleets and owner-operators track and pay expenses.
CT Credit was launched for those that might not qualify for traditional credit cards, and the CT Credit Visa aims to give businesses the funding they need to move goods, build their credit and manage cash flow.