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- Buy now, pay later specialist Klarna AB raised $1 billion in an oversubscribed equity funding round that pegged the company’s valuation at $31 billion. Major U.S. clients include Macys, Etsy, Sephora, Ralph Lauren, and Urban Outfitters.
- In related news, BNPL provider Splitit Payments Ltd. announced its merchant sales volume increased almost 180% in 2020 to $345 million as agreements with Mastercard Inc., Stripe Inc., and Visa Inc. helped grow merchant acceptance.
- Ethoca, a unit of Mastercard Inc., re-launched its Eliminator service as Consumer Clarity, which seeks to reduce consumer confusion and cut down on chargebacks by reporting more transaction detail on online statements, including merchant logos, purchase location details, and itemized digital receipts.
- ACI Worldwide Inc. said its ACI Speedpay service is working with the VanillaDirect Pay platform from InComm Payments to provide a barcode cash users can take to any of 60,000 participating agents with cash to more quickly pay a bill. The barcode can be printed, scanned from a Web site, or sent to the user’s phone.
- In related news, Paysafe Group said online rent-payment platform RentMoola will use Paysafecash to allow users to pay their rent in cash using barcodes that can be scanned at select retail locations.
- Payments provider Innovative Payment Solutions Inc. said it is expanding into the agricultural market through an agreement with Interface Investment Capital LLC. IPS will offer Interface payroll debit cards and real-time management of debit cards, as well as cross-border payments.
- Banking platform Mobility Capital Finance (MoCaFi) said it raised $12 million in a Series A funding round with investments from Mastercard Inc. and the Citi Impact Fund, among others.
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