Category: Finance

Along with a restructuring announced last month, payments company Lightspeed Commerce is narrowing its customer focus with the aim of becoming profitable.   Lightspeed, a Canadian provider of point-of-sale software services for merchants, is making a “deliberate effort to pursue larger, more profitable customers” as it targets profitability in fiscal year 2024, CEO Jean Paul Chauvet […]

Dive Brief: Stripe Chief Financial Officer Dhivya Suryadevara announced she has made the “difficult decision” to step down from her CFO post as she will be “taking some time off to attend to family matters,” the finance chief wrote in a LinkedIn post on Thursday.  Suryadevara took the financial helm of the digital payments darling […]

Dive Brief: Insurance and financial services company USAA is cutting 130 jobs in its mortgage division, the San Antonio Express-News reported Thursday. The move marks at least the second round of cuts in the home-lending unit in the past year, and the third for the company in the same time frame. USAA shed 90 jobs in […]

Prosecutors in the Justice Department’s fraud unit are investigating Silvergate Bank’s relationship with FTX and Alameda Research, Bloomberg reported Thursday. The investigation is looking into Silvergate’s hosting of accounts linked to former FTX CEO Sam Bankman-Fried, the wire service reported, citing people familiar with the matter. Bankman-Fried, who admitted to “unknowingly commingl[ing customer] funds” between […]

Dive Brief: Global Processing Services, a payments technology company, has named Jim McCarthy executive vice president and global head of sales and product. McCarthy has 18 years of experience at card network giant Visa. The London-based company also appointed Kevin Fox its new chief revenue officer, according to a Jan. 27 announcement. A spokesperson for […]

Dive Brief: Merchants’ satisfaction with their payment processors has declined, according to the results of an annual survey by the consulting firm J.D. Power. Small business owners have become frustrated with costs and fees as well as technology issues that arise when their customers try to pay with a card or mobile wallet, according to […]

Dive Brief: Checkout.com promoted Céline Dufétel to president, a spokesperson for the company said in an email to Payments Dive Wednesday. She will exit the chief financial officer role, but remain as chief operating officer, overseeing operational and go-to-market teams, including finance and marketing.  In the wake of that change, Nirupam Sinha was promoted to take the […]

Dive Brief: Amesbury, Massachusetts-based BankProv will no longer offer loans collateralized by machines that mine cryptocurrencies, the bank said in its fourth quarter earnings report last week. The bank’s decision to end the loans comes as the firm reported $47.9 million in net charge-offs last year, the majority of which it said were loans secured […]

Grupo Mexico, a conglomerate best known for its mining and railway operations, has secured a $5 billion debt package tied to its proposed acquisition of Citi’s Mexico unit, Reuters and Bloomberg reported Wednesday, citing people familiar with the matter. The transaction would value Banamex, as the Citi unit is called, at between $7 billion and $8 […]

Dive Brief: Houston-based LevelField Financial has agreed to acquire Chicago-based Burling Bank with the aim of becoming the first full-service chartered bank to offer traditional banking and digital asset services on one platform across the U.S., the company announced Wednesday. Financial terms of the transaction were not disclosed, but the deal is expected to close […]