Today in FinTech: Circle Closer to Becoming a Bank; Central Banks Question Need for CBDCs

In today’s FinTech news, cryptocurrency firm Circle Internet Finance is one step closer to becoming a bank, while Libeo is launching one-click accounts receivable (AR) and accounts payable (AP) capabilities.

Circle Getting Closer to Applying for Bank License

Cryptocurrency company Circle Internet Finance is getting closer to applying to become a bank in the U.S., building on discussions with regulators since August. Circle announced a fundraising of $400 million from BlackRock, Fidelity Management and Research, and other investors.

French B2B Payments Firm Libeo Enters UK Market

B2B payments firm Libeo is launching in the U.K. to offer AP and AR capabilities, while also allowing users to make payments on all major payment rails, one-click payments and a combined work flow.

Growing Number of Central Banks Questioning Whether CBDCs Need Crypto Tech

The assumption is that central bank digital currencies (CBDCs) should be built on the blockchain or at least the distributed-ledger technology (DLT) it’s based on. But a growing number of central bankers and CBDC designers have doubts and note the blockchain has challenges.

Pine Labs Grabs Majority Stake in Mosambee

End-to-end payment solution provider Mosambee is now valued at $100 million following an infusion of capital from Pine Labs, an India-based eCommerce platform that provides financing and last-mile retail transaction technology. Mosambee, also headquartered in India, is now valued at more than $100 million.

Brex Launches Financial Software to Speed Business Efficiency

Business FinTech firm Brex is looking to increase the speed of businesses, starting with the launch of its new spend management product Brex Empower platform. The Brex Empower platform was developed to be a foundation for the company’s products.