31 Mar US FinTech news roundup

Hello,

A lot has happened in the US fintech sector recently. We have put together a roundup of the biggest stories from FinTech Intel (our sister news site) for our US readers.

Apple finally entered the BNPL market, to challenge the likes of Klarna, with its long-anticipated Apple Pay Later.

First announced last June, Apple Pay Later allows users to split purchases into four payments, spread over six weeks—with no interest or fees.

Meanwhile, the collapse of Silicon Valley Bank earlier in March sent shock waves through the market.

We report on the fallout. HSBC acquired the UK arm of the tech lender, First Citizens Bank stepped in to buy all loans and certain assets of Silicon Valley Bridge Bank, and Rippling went to market, over fears workers may not receive their paycheck, as Silicon Valley Bank was its primary banking partner.

In other news, Fyle, an expense management platform, has launched a real-time credit card fee integration for business cards issued on the Mastercard network.

And J.P. Morgan is to begin piloting biometrics-based payments with select retailers in the US.

Apple launches BNPL service in the US

HSBC acquires Silicon Valley Bank UK for £1

Rippling raises $500m after Silicon Valley Bank collapse

First Citizens steps in to buy Silicon Valley Bank deposit and loan business

Fyle launches real-time expense management for businesses with Mastercard

J.P. Morgan to pilot biometric payments for US merchants