Today in FinTech: SPAC Bubble Ready to Burst

In today’s FinTech news, the growing FinTech ecosystem is getting support from the latest alternative asset-based lending fund Viola Credit. Plus, WebCargo is introducing a payment tools for forwarders.

Viola Credit Secures $ 700M for Asset-Based Lending Fund

Alternative credit asset manager and FinTech startup Viola Credit closed its $ 700 million fund – the Viola Credit Alternative Lending Income Fund II (ALF II) – providing asset-based lending capital to FinTech, proptech and insurtech startups. The alternative lending income fund is intended to provide continued support to the growing FinTech ecosystem worldwide.

Airfreight Booking Firm WebCargo Launches Payments Tool

Airfreight digital booking portal WebCargo is introducing a payments tools for forwarders. A division of the Freightos Group, WebCargo is piloting the new payment service with roughly 30 freight forwarders in the US, Europe and the UK. The new payment solution enables forwarders to pay for bookings on WebCargo’s platform rather than having to use a separate portal.

Blockchain Startup StarkWare Raises $ 100M at $ 8B

Blockchain technology builder StarkWare Industries $ 100 million Series D funding round was led by Greenoaks Capital and Coatue, with participation by Tiger Global and other new and existing investors. The latest funding follows Starkware’s $ 50 million Series C six months ago that valued the company at $ 2 billion.

SPAC Bubble Ready to Burst

Special purpose acquisition companies (SPACs) are losing their luster as 25 firms merging with SPACs between 2020 and 2021 have released going-concern warnings. That’s about double the number of companies that listed via traditional initial public offerings. Startups lacking revenue found that their projections were off and numbers difficult to achieve.

PingPong Teams With BNP Paribas on Acquiring Services

Chinese cross-border payments platform PingPong Payments is partnering with European bank BNP Paribas on acquiring services. The tie-up will support Europe’s direct-to-consumer (D2C) market and provide merchants with greater access to numerous local payment methods. PingPong also supports online card payments for the top five card brands worldwide.

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NEW PYMNTS DATA: THE TAILORED SHOPPING EXPERIENCE STUDY – MAY 2022

About: PYMNTS ‘survey of 2,094 consumers for The Tailored Shopping Experience report, a collaboration with Elastic Path, shows where merchants are getting it right and where they need to up their game to deliver a customized shopping experience.

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