In today’s top news in digital-first banking, Zeta has raised $250 million in a Series C funding round backed by SoftBank Vision Fund 2, while Together Credit Union in St. Louis is working with PSCU for credit and debit processing support and services. Plus, Square is said to be getting ready to provide savings and checking accounts to small to medium-sized business (SMBs) clients.
Zeta, the banking technology platform, has landed $250 million in a Series C funding round supported by SoftBank Vision Fund 2, providing the upstart with a $1.45 billion valuation. The firm was founded by Bhavin Turakhia, who serves as chief executive officer, and Ramki Gaddipati, who serves as chief technology officer.
PSCU, the payments credit union service organization (CUSO), said on Tuesday (May 25) that Together Credit Union in St. Louis has joined the cooperative for “full-service credit and debit card processing support and services.” Together Credit Union’s credit and debit processing services will be converted in Q4 of 2021.
Square is reportedly preparing to offer checking accounts and saving accounts to SMB clients. Indications of the plan appear in hidden programming language in a recent update for the firm’s app for the Apple iPhone and iPad. Square is reportedly planning to offer a 0.5 percent interest rate for its savings account through this year.
Mission Lane, the FinTech firm, has purchased Honeydue, which is a fellow FinTech concentrated on helping people control their finances. Honeydue also assists consumers who are aiming to develop better financial literacy through its app and banking services. Mission Lane assists people who are aiming to build or rebuild their credit and financial lives.