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Zilch updates BNPL affordability criteria with Experian

/payments

Zilch updates BNPL affordability criteria with Experian

Meeting concerns over affordability checks in buy now, pay later loans, the UK's Zilch has partnered with Experian to begin reciprocal reporting of credit data.

Apple looks to bring payment processing in-house - Bloomberg

/predictions

Apple looks to bring payment processing in-house - Bloomberg

Apple is working to bring a host of financial services work, including payments processing, in-house to reduce its reliance on outside fintech partners, according to Bloomberg.

Apple quietly acquires Credit Kudos for $150 million

/retail

Apple quietly acquires Credit Kudos for $150 million

Apple has reportedly acquired UK credit bureau Credit Kudos, which uses open banking technology to deliver finely-tuned credit scores.

Cybercriminals demand $15 million ransom for return of hacked TransUnion data

/security

Cybercriminals demand $15 million ransom for return of hacked TransUnion data

Hackers are demanding a $15 million payment for the return of 54 million customer records stolen form a server operated by credit bureau TransUnion in South Africa.

Gig economy subscription app SteadyPay raises $5m

/startups

Gig economy subscription app SteadyPay raises $5m

UK-based gig-economy app SteadyPay has closed a $5 million Series A funding round led by Digital Horizon.

Tillful launches card to help SMEs build credit

/startups

Tillful launches card to help SMEs build credit

Tillful, a business credit platform for SMEs, has teamed up with Highnote and Mastercard to launch a credit card.

Credit technology startup Fintern raises £8 million

/startups

Credit technology startup Fintern raises £8 million

Fintern, a UK startup aiming to shake up the market for low-value consumers loans with technology that bypasses credit scores in making lending decisions, has secured £8 million of capital in its latest funding round.

Shawbrook taps AI to make loan pricing decisions faster

/cloud

Shawbrook taps AI to make loan pricing decisions faster

UK specialist lender Shawbrook Bank says it is generating personal loan rates five times quicker since rolling out an in-house built AI-enabled pricing environment.

Mastercard to fund research into racial bias in credit decisioning

/retail

Mastercard to fund research into racial bias in credit decisioning

Mastercard is to commit $5 million to support the creation of a Center for Applied Data Science and Analytics (Cadsa) at Howard University, focused on addressing racial bias in AI-driven credit approval processes.

Visa partners with Pagaya to to help issuers expand access to credit

/payments

Visa partners with Pagaya to to help issuers expand access to credit

Visa has formed a strategic relationship with AI fintech Pagaya to enable its merchant and issuing bank partners to expand access to credit.

Open Banking adoption in UK lending set to hit 70% in next two years

/predictions

Open Banking adoption in UK lending set to hit 70% in next two years

A quarter of UK lenders now use Open Banking technology, with half of those that don't planning to do so in the future, according to research from Credit Kudos.

AmEx partners Nova Credit to help immigrants access credit

/retail

AmEx partners Nova Credit to help immigrants access credit

American Express has teamed up with Nova Credit to enable more newcomers to the US to use their home-country credit history to apply for its cards.

Indian credit card outfit Slice raises $220m

/startups

Indian credit card outfit Slice raises $220m

Slice, a fintech startup which offers card-based products to young Indians to help them build a better credit score, has raised $220 million in a Series B funding round that values the firm at over $1 billion.

Ant cleared to set up credit scoring JV with state-backed partners

/regulation

Ant cleared to set up credit scoring JV with state-backed partners

The People's Bank of China has given the greenlight to a new credit scoring company owned by a consortium including Ant Group and a collection of state-backed partners.

Open finance challenge winners unveiled

/startups

Open finance challenge winners unveiled

An Australian startup working to green the housing market has won a global open finance challenge run by NAB, CIBC, Itaú Unibanco and NatWest.

Mexican credit card startup Stori closes $125m Series C

/inclusion

Mexican credit card startup Stori closes $125m Series C

Stori, a Mexican fintech bringing credit cards to the country's middles class, has raised $125 million in a Series C funding round, adding another $75 million in debt financing.

Cred doubles valuation to $4 billion

/startups

Cred doubles valuation to $4 billion

Indian credit card bill payment app Cred has raised $251 million in a Series E funding round, almost doubling its valuation to $4 billion in six months.

Identity decisioning platform Alloy moves into credit underwriting

/identity

Identity decisioning platform Alloy moves into credit underwriting

Alloy, the recently named unicorn, has expanded its identity decisioning platform to include credit underwriting, with the intention of building comprehensive views of customers in line with their onboarding and transaction monitoring products.

X1 rolls out smart credit card to 350,000-strong waitlist

/startups

X1 rolls out smart credit card to 350,000-strong waitlist

X1, the challenger credit card for digital natives founded by former Twitter executives, is rolling out of private beta to a waitlist of 350,000 people.

Klarna introduces package of measures to rebuff BNPL critics

/payments

Klarna introduces package of measures to rebuff BNPL critics

Klarna is repositioning its buy now, pay later product range in the UK in response to sustained criticism of its business practices, introducing the ability for consumers to pay in full at the checkout, stronger credit and affordability checks, clear checkout language, simplified T&Cs, improved complaints handling and removal of last remaining late fees.

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