The Weekly Wrap: all you need to know by Friday COB | June 10th

By Gaia Lamperti

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Premium subscribers only.

The Big Story

Apple has introduced Apple Pay Later, a new feature baked into the company’s payment platform that will allow users to split purchases into separate payments. The Buy Now, Pay Later service will allow users to split any Apple Pay purchase into four equal payments over six weeks with no additional interest or fees.

When users make an Apple Pay purchase, they’ll get the option to split the cost across different instalments and the purchase page will detail how much the individual payments are and when they will be due. The feature is also baked into the company’s payment platform, meaning it’ll already be supported in different apps and services.

In addition to the BNPL service, the payment platform also supports intelligent order tracking for purchases, allowing users to easily see when their orders will arrive in the Wallet app.

Deals of the week

• Juni raises $206 million in major funding round to fuel eCommerce businesses
• Kushki reaches unicorn status with $100 million funding
• Middesk raises $57 million in Series B
• LHV UK secures €35 million as part of the UK banking licence application proces
• DefenseStorm secures $15 million in new financing round
• Defacto secures €15 million to become Europe’s largest API-first B2B lending platform
• Proper Finance raises $4.3 million to create an integrated reconciliation software for FinTechs

Be on the lookout for

The New York State Department of Financial Services setting out strict reserve requirements for firms looking to issue USD-backed stablecoins in the state. Under new regulatory guidance, issued by superintendent Adrienne Harris, crypto firms must ensure that stablecoins are fully backed by a reserve of assets. Issuers must adopt “clear, conspicuous redemption policies”, approved in advance by DFS in writing, that confer on any lawful holder of the stablecoin a right to redeem it in a timely fashion at par for the US dollar.

Events & Appointments

• IBS Intelligence is excited to bring digital banking back in person with American Banker Digital Banking on June 13-15 and invites you to join us to connect with hundreds of leaders and innovators transforming the banking industry. 
  
• IBS Intelligence is a proud research partner for FinTech Week London. Explore the concepts and evolution of FinTech and delve into the development of the industry and where we can go from here. The flagship conference 2022 will take place from Monday 11th July to Friday 15th July