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- Billtrust, a provider of accounts-receivable software for businesses, said it will go public at a valuation of $1.3 billion through a merger with South Mountain Merger Corp., a publicly traded special purpose acquisition company, or SPAC. Going public via a SPAC has become an increasingly popular option in recent months.
- In related news, private-equity firm GTCR announced the completion of a SPAC merger resulting in public ownership for payments provider Paya Inc., which had been a GTCR portfolio company. The transaction took place via a combination of Paya with FinTech Acquisition Corp. III.
- MagicCube Inc. launched i-Accept, a software product that enables merchants to accept major-brand contactless cards as well as PINs without adding new hardware. The company is among pioneers of software that allows merchants to accept card transactions on off-the-shelf mobile devices.
- Payment-technology provider i2c Inc. said it has joined Visa Inc.’s Fintech Fast Track program as an enablement partner, which allows it to help fintechs leverage Visa’s payment network.
- Zuza LLC released an e-commerce platform that is integrated with its point-of-sale system. In addition to online ordering, the new platform also offers an online loyalty program and the ability to link directly to a common inventory database.
- Payments provider Klarna AB said it will support installment lending at checkout for Backcountry.com, an online retailer of outdoor gear.
- Contactless, mobile, and online transaction volumes are continuing the strong growth they’ve undergone since the start of the pandemic, according to credit union processor PSCU. Among other results, its latest report says mobile-wallet debit transactions were up 66.2% and credit transactions 51.6% for the week ending Oct. 11 compared to the same week last year.
- Curve 1 Ltd., whose technology allows consumers to consolidate all of their Mastercard and Visa cards into a single card or app, has chosen core-banking technology provider Thought Machine to underpin Curve Credit, a new point-of-sale installment lending product.
- Citicorp Inc. launched what it calls a “True Name” feature allowing transgender and non-binary people to have their chosen name on Citi-issued Mastercard credit cards.
- Financial-software provider Coupa Software said U.S. clients can now use American Express Co. virtual cards as a payment option with Coupa’s business-to-business payments product. The agreement was first announced last year.
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