Today in FinTech: RapiCredit Eyes Brazil; Crypto Not on Deck at LendingClub; M&T Bank Wants FinTechs Regulated Like Banks; WorldPay Teams with Shyft to Meet FATF Rules

In today’s FinTech news, Colombian short-term lender RapiCredit is looking to grow across Brazil and the Caribbean, while the LendingClub puts crypto on the backburner to tackle more traditional growth. M&T Bank wants to make digital banks accountable to the same regulations other financial institutions contend with, and Worldpay, a division of FIS, is partnering with Shyft to make FATF compliance easier.

RapiCredit Eyes Expansion to Caribbean Markets, Brazil

Short-term lending startup RapiCredit is looking to branch out beyond Colombia and into the Caribbean region and Brazil. The startup offers immediate personal and small business loans to cover unexpected expenses. It targets those who are underserved and aims to promote financial inclusion.

LendingClub CEO Cautious About Crypto

LendingClub CEO Scott Sanborn said the company is treading carefully when it comes to cryptocurrency and is instead turning its attention to more traditional activities like acquisitions and new products. The financial services firm acquired Radius Bancorp last year and recently launched high-yield savings accounts and CDs.

M&T Bank CEO Calls for More FinTech Regulation

M&T Bank wants to hold digital banks to the same regulations that mainstream lenders must adhere to. The bank’s CEO René Jones said in a letter to shareholders that the banking industry competes against unregulated digital entities that offer financial services but without the security of a regulated system.

FIS Partners With Shyft Network for Improved Crypto Reg Compliance

Worldpay, a division of FIS, is teaming up with blockchain-based digital identity company Shyft Network. The move will enable Worldpay merchants to leverage Shyft’s Veriscope solution to satisfy the different requirements of various jurisdictions as set by the Financial Action Task Force.

Midmarket Firms Seek Cross-Border Payments Stability, Convera CEO Says

Patrick Gauthier, CEO of Convera, the rebranded Western Union Business Solutions, told PYMNTS that middle-market firms trying to navigate a $130 trillion B2B market are longing to move past paper-based processes. As the largest B2B platform not owned by a bank, Convera is aiming to make global payments easier.

N26’s ‘Maybe’ IPO Boils Down to Timing, Interest Rates

Germany-based digital bank N26 is mulling an initial public offering in the U.S. although the FinTech no longer operates in the country. In October 2021, N26 raised $900 million at a $9 billion valuation, with a growing user base of more than 7 million.