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Square Capital Loan Volume Grows 68% YoY, Replacing Need for a Credit Card

Bank Innovation

Mobile payments company Square grew its gross payment volume 34% over last year, and its loans through Square Capital were up twice that — 68%. The San Francisco-based company processed $13.7 billion in payments in the fourth quarter of 2016, compared with $10.2 billion in the same quarter last year. Read More.

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Flutterwave Rolls Out Online Portal For African Merchants

PYMNTS

The startup Flutterwave , which picked up $35 million last year in venture funding, has launched an online portal that will enable African businesses to set up online shops. The company told TechCrunch that its newly launched product, called Flutterwave Store, is not a shift away from the company’s core online payments business.

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Today In B2B: Wells Debuts Virtual Commercial Cards, PayPal Ventures Makes B2B Payments Investment

PYMNTS

Today in B2B payments, Wells Fargo rolls out its virtual card services for B2B payments, while PayPal Ventures makes a B2B payments investment. 19) announced in a press release that it is adding a new solution to its WellsOne Virtual Commercial Card , enabling business customers to digitally pay invoices to suppliers and others.

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Bolt Nets $75 Million In Funding Round For eCommerce Innovation

PYMNTS

The round was led by General Atlantic and WestCap , and existing investors Activant Capital and Tribe Capital also participated. Bolt was founded in 2014 in San Francisco and works on tools to streamline web transactions.

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Square Challenges PayPal With New SMB Payment Tool

PYMNTS

As COVID-19 has forced shutdowns and social distancing, web sales have been on the rise, and many entrepreneurs are moving their business models online. With Square Online Checkout, the San Francisco mobile payment company hopes to capitalize on this shift by offering companies what it claims is an easier way to accept online card payments.

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Silicon Valley FinTech Brex Scores $200M Credit Line

PYMNTS

San Francisco FinTech Brex announced a $200 million debt capital raise from Credit Suisse that will be used to expand its eCommerce business and credit offerings to new companies, Brex announced in a press release on Thursday (Dec. This new financing will help Brex grow its eCommerce business, which launched in February.

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FinTech Affirm Raises $500M In Latest Funding Round

PYMNTS

Affirm , a San Francisco-based point-of-sale (POS), buy now, pay later (BNPL) lender, announced a $500 million series G round of funding Thursday (Sept. and Canadian consumers an alternative to traditional credit cards. Baillie Gifford, Spark Capital, Founders Fund and Fidelity Management & Research Co. million U.S.