SpotOn Raises $125 Million; FortisPay Acquiring EpicPay: News Roundup

PaymentFacilitator’s News Roundup is a curated mix of the past week’s news and articles from around the web, including company announcements, global payments news, and other coverage and analysis of topics relevant to payment facilitators.

Restaurant software and payment provider SpotOn has raised $125 million in a Series D round. The company’s valuation has tripled since a Series C raise last fall, to $1.875 billion. This latest funding round was led by Andreessen Horowitz. From TechCrunch.

A close look at the code for a recent Square app update revealed some of the company’s preparations for offering checking and savings accounts. While details could change before any actual launch, the code mentioned Square Checking and Square Savings, and indicated that the checking offering would integrate with the debit card the company already offers to businesses. From Bloomberg.

PayPal is working with the Singapore Centre for Social Enterprises to help small businesses and social entrepreneurs go digital. The company is waiving fees for program participants and spotlighting them on its website, increasing their visibility among consumers. It’s also offering an online workshop to help them expand their reach. From The Business Times.

Indian payment facilitator PhonePe is set to acquire app store IndusOS. The company is considering integrating IndusOS’s app store with its own in-app platform, which enables consumers to order groceries and food and book rides without leaving the PhonePe app. From Livemint.

Large tech companies including Facebook and Google are participating in consortiums that have applied for licenses that would enable them to build real-time payments platforms for India. The Reserve Bank of India invited companies to apply for the National Umbrella Entity licenses in August last year to offer alternatives to the country’s existing United Payments Interface. Mastercard and Visa are also part of the groups submitting applications. From Quartz India.

Industry News

FortisPay: FortisPay Doubles Down on Integrated Commerce Acquiring EpicPay and Change Merchant Solutions

Flywire: Flywire Announces Pricing of Initial Public Offering

Quadient: Quadient’s Accounts Receivable Automation Solution YayPay Joins Sage Marketplace to address Small and Medium Businesses Needs

Paystand: Paystand and Sage Partner to Make B2B Payments Instant, Intuitive, and Cashless for Sage Intacct Users

Flutterwave: Flutterwave Partners with Amole to Facilitate Remittances into Ethiopia to Amole’s Digital Wallet and Bank Accounts

Square: Square KDS Now Available as a Standalone Product Globally

Blackhawk Network: Digital Payment Adoption and Contactless Payments Surge Three Years Ahead of Expectations

Amadeus: Pandemic Accelerates the Switch to Virtual Travel Payments, New Amadeus Study Finds