Merchant

Divvy, the financial-technology company that offers corporate cards and expense-management software to small businesses, said it’s now valued at $1.6 billion after raising money from investors including PayPal Holdings Inc.

The year — and the coronavirus pandemic — caused a dramatic shift in attitude. Many consumers and merchants now saw contactless cards and mobile payments as a way to move ahead without the germ fears that come with touching cash and PIN pads. And even after those fears subsided, the new habits stuck around.

The pandemic may have served as a catalyst for rapid growth in contactless payments through wearable devices. It’s the combination of form and function, however, that will push wearable payments into further growth in 2021 and beyond, says Zeta's Bhavin Turakhia.

Brian Argrett, whose City First Bank is being sold to Los Angeles-based Broadway Financial, would take the helm of the combined company at a time of increased national interest in reinvigorating minority-owned financial institutions.

The New Canaan, Conn., company said it will record a pretax expense of $3.9 million in the fourth quarter related to branch and office closings, severance payments and the end of a vendor contract.

Triad Business Bank opened in North Carolina shortly before the launch of the Paycheck Protection Program, which brought in many clients. CEO Ramsey Hamadi, one of our community bankers to watch in 2021, will have to work hard to retain them after their loans are forgiven.

The latest cyberattacks pointing to the Russian government show that U.S. federal agencies and banks still lack a clear, collaborative game plan.

The motivation behind JPMorgan Chase's purchase of rewards company cxLoyalty is clear — travel spending and rewards have suffered greatly during the pandemic — but another problem Chase is tackling with this acquisition is the need to wean people off cash rewards.

The new legislation includes a provision sparing lenders from having to pay such fees on Paycheck Protection Program loans, except in cases where they agree in advance with borrower representatives to do so.

Michael Moeser, senior analyst at PaymentsSource, talks to Jennifer Philo, group vice president of U.S. commerce at Blackhawk Network, about the ways the global pandemic has transformed the use cases for gift cards, prepaid cards and loyalty products the company supports.