What happened this week in payments

Fintech start-up Tide raises $14m

Tide, a digital only banking app created for small businesses, has raised $14m in a series A rounding fund from new and existing investors.

The banking start-up, which lets businesses open a current account using an iPhone within five minutes, launched to the public in January this year. Tide plans to develop new features to make the banking app more efficient for users.

CEO George Bevis says: “Our investors believe there is a real opportunity to support and champion small and medium-sized companies in the wake of Brexit,” says Bevis. “Britain’s smaller firms have been let down by traditional banks, which often charge vulnerable companies eye-watering fees and keep them waiting weeks to open a business account.”

Worldpay agrees to $10bn acquisition offer by Vintav

Payments company Worldpay has confirmed that it has agreed to a $10bn acquisition offer by Vantiv. The announcement includes a share price of £3.85 per Worldpay share, however, this is subject to share prices when the deal closes.

“The board members of Worldpay and Vantiv see compelling strategic, commercial and financial rationale for combining Worldpay and Vantiv’s complementary businesses,” WorldPay noted in a statement.

“The potential merger creates a scale world class payments group in a dynamic market, with deep payments capabilities, product and vertical expertise and strong distribution channels to serve merchants around the world in the global e-commerce market, and in-store and online in the UK and US markets.”

Tesco introduces new contactless loyalty cards

Tesco has announced new improvements to Clubcard, the retailer’s loyalty points card. The changes include the launch of a new contactless card which enables customers to tap their card at the checkout to add their points.

The retailer has also made changes to the Tesco Clubcard app. New features include viewing existing vouchers whilst shopping in-store and instantly applying them to a transaction.

“Tesco Clubcard is one of the most uniquely helpful things we do and it’s our way of saying thank you to our customers for shopping with us,” says Chief Customer Officer Alessandra Bellini.

“We’ve listened to customers and we’re delighted to have made Clubcard even simpler and easier to use, introducing a brand new contactless card, an upgraded Clubcard app, and added to our list of partners too.”

One billion contactless journeys have been made on London transport

Transport for London has recorded more than one billion pay as you go journeys made by contactless payments cards. The new payment option has surged amongst users in the last year, and has transformed the way customers pay for their travel around the capital city.

The findings from TFL show that on average, two million journeys are now made using contactless payments everyday.

Mayor of London Sadiq Khan says: “London continues to lead the way in terms of contactless payment around the world, and the money we make selling TfL’s innovation and expertise to other major global cities will allow us to put further money into improving London’s own transport network”

Catch up with our highlights from Money20/20 Europe here

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