PYMNTS

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SoFi-Social Capital Merger Will Fuel Growth Of One-Stop-Shop Financial Supermarket

PYMNTS

Online FinTech startup SoFi announced Thursday (Jan. 7) that it was merging with publicly-traded Social Capital in an $8.6 billion deal that brings it instant liquidity and avoids the uncertainty of the initial public offering (IPO) process, while leaving it better positioned to take on legacy banks. In tying up with Social Capital, a special purpose acquisition company (SPAC) controlled by Canadian-American investor Chamath Palihapitiya, SoFi said it planned to accelerate its mission to help p

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Russian Hacker Sentenced To 12 Years In Prison

PYMNTS

Russian hacker Andrei Tyurin, who helped carry out an attack on J.P. Morgan Chase, among other companies, has been sentenced to 12 years in prison, Bloomberg reported. Tyurin pled guilty in 2019 to the crime, which netted hundreds of millions of dollars and affected around 140 million clients, according to the prosecutors in the case. While he was originally facing 15 to 20 years, U.S.

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Financial Services Platform SoFi Plans IPO Via SPAC

PYMNTS

Silicon Valley startup Social Finance (SoFi) is closing a merger deal with blank-check firm Social Capital Hedosophia Holdings Corp. V to file an initial public offering (IPO). . “SoFi is on a mission to help people achieve financial independence to realize their ambitions. Our ecosystem of products, rewards and membership benefits all work together to help our members get their money right,” SoFi CEO Anthony Noto said in a press release on Thursday (Jan. 7).

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Buy Now, Pay Later Startup Uplift Notches $68 Million To Advance Travel Payments

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Silicon Valley buy now, pay later (BNPL) startup Uplift has closed a $68 million credit line deal with Atalaya Capital Management. . "This additional financing from Atalaya solidifies Uplift's standing as the market leader in buy now, pay later for travel," Uplift CEO Brian Barth said in a Thursday (Jan. 7) press release. "The injection of credit positions us to efficiently fund the rising transaction volume we anticipate as travel demand rebounds in 2021.

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Gig Apps Enabling Crucial Workforce Connections In 2021

PYMNTS

In the humming world of gig apps, three variations dominate. There’s the platform model, where contractors create profiles and upload portfolios; we’ve got the on-demand type (think restaurant mobile order-ahead and day labor apps); and freelancer apps that may allow gig workers to classify themselves by vertical expertise or specialty. It’s a rich ecosystem.

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Today In Payments: Crypto Market Tops $1 Trillion; UnitedHealth’s Optum Buys Change Healthcare

PYMNTS

In today’s top news, the cryptocurrency market topped $1 trillion after bitcoin set new record highs above $37,000, and UnitedHealth’s Optum bought Change Healthcare. Plus, Americans are reporting not receiving their promised stimulus checks. Crypto Market Tops $1 Trillion As Bitcoin Smashes Records. Bitcoin hit more than $37,700 early Thursday morning (Jan. 7), a new record high that helped drive the cryptocurrency market beyond $1 trillion.

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Kofax, Microsoft Team On Enhancing AP Automation

PYMNTS

Intelligent automation software provider Kofax will integrate its ReadSoft Online platform with Microsoft Dynamics 365, letting organizations enhance their procure-to-pay workflows and automatic mission-critical processes, according to a press release. ReadSoft Online, the release stated, is Kofax's Software-as-a-Service (SaaS) tool for invoice data extraction and automating accounts payable (AP) services.

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