Banking data firm Plaid has raised USD2.8m from Spark Capital, Google Ventures, NEA, Felicis Ventures and Homebrew Capital. The firm calls itself an “API for banking data” and says it aims to help developers build financial apps.
“In the past, you had to mail your statements and receipts to your accountant, who would read through names like SBXUSQ0112x and try to figure out what the transactions mean. Using Plaid, applications allow users to link their accounts and get high-context data on each transaction – cleaning up that transaction to Starbucks Coffee at 41 Union Square West, NYC 10003.”
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.