Amazon has made several recent moves to build a financial services business in India, a strategy that includes a payments license for Amazon Pay and plans to acquire a local fintech company.
The e-commerce giant has agreed to
These moves place Amazon in competition with
Axio has a solid footing in the Indian market and has a customer base that is desirable for Amazon, said Ben Danner, a senior analyst for Javelin Strategy & Research.
“Amazon India already partners with Axio for its Amazon Pay Later service, so the acquisition seems like a natural fit,” Danner said. “I expect Amazon will continue to expand its financial services arm.”
While Amazon previously offered consumer-focused payment apps in India, the RBI license will enable the U.S. company to expand its payment services to merchants. India has traditionally taken a hard line on digital-payment companies outside the country, but regulators have shown signs of softening in recent months.
Axio will provide Amazon the ability to expand its BNPL franchise in India and potentially other markets. Amazon did not respond to a request for comment. “Amazon will need to worry about carrying consumer credit risk on their books, an unfamiliar territory for many retailers,” said Brian Riley, an analyst at Javelin. “It will need to balance their need for selling through internet channels with the rigors of credit risk.” —John Adams
David Paul Morris/Bloomberg
Stripe plans new round of job cuts
Payments fintech Stripe will lay off 300 people, though the firm said it will also expand its overall headcount by about 17%.
The job cuts will come in product, engineering and operations, the company confirmed Wednesday in an email. The layoffs are part of a strategy to size the company’s staff based on specific technology needs. Stripe plans to end 2025 with about 10,000 employees, up from the current 8,500.
Stripe discharged about 14% of its staff in 2022, or about 1,120 workers, part of a
Stripe more recently has
Chris J. Ratcliffe/Bloomberg
UK board: Consumers oblivious to BNPL costs
Consumers in the United Kingdom are unaware of the true costs for buy now/pay later products, according to a new study from the Lending Standards Board.
The study, which was conducted by RFI Global on behalf of the board, found that just over half of BNPL customers were unaware of late payment fees. Only 50% knew how much those fees were before they incurred them.
“There is a place for BNPL products in the financial services sector: users say these products help them feel more in control of their spending, or that they have helped them through financially difficult situations,” said Emma Lovell, CEO of the Lending Standards Board, in a statement. “But there are warning signs flashing that these products aren’t always being used in a properly informed or considered way.”
Further, 60% of users are unaware that those BNPL products are unregulated. That is set to change in 2026, however, following new government mandates that put BNPL oversight
Photographer: Adrian Dennis
Monzo plots its IPO
Monzo is reportedly seeking bankers to get the London fintech ready to go public by the end of 2025.
Monzo, which has its roots as a payments company, is choosing between New York and London for the listing, according to the
The challenger bank has long viewed the U.S. as a key market. It withdrew an earlier application for a
Monzo, which is expected to work with a regulated partner in the U.S. recently drew more than $430 million from a group of investors, including Alphabet’s venture unit. —John Adams
Pix’s transactions dwarf cards; company to challenge Apple Pay
The average monthly transactions of Brazil’s Pix instant settlement system passed 6 billion in the fourth quarter of 2024, with yearly transactions reaching 64 billion.
That’s 80% higher than credit and debit cards combined, according to
Brazil, which has a government mandate to support instant settlement, is the second-largest country for real-time payments, trailing India with volume well
In the coming year, Pix plans to release support for mobile payments at the point of sale. That would enable Pix to offer a lower-cost alternative to Apple Pay. Pix also plans to launch Pix Automatic in June, powering recurring transactions for subscriptions, utilities, investments and other purchases —John Adams
Acquired.com names former Stripe exec COO
Payments fintech Acquired.com named Lee Clifton new chief operating officer on Tuesday, who is charged with leading the company’s continued expansion.
Clifton joins the payments company from
“Lee’s extensive industry knowledge and proven leadership in the payments space make him a brilliant addition to the Acquired.com team,” said Greg Cox, co-founder and CEO of Acquired.com. “I am delighted to have another superstar join at a pivotal time for the business, as we continue our ambitious growth journey.” —Joey Pizzolato
Christophe Morin/Bloomberg
MyPOS acquires French cash register company
Payments service provider myPOS acquired Toporder, a French cash register company, as the fintech looks to expand its reach in the country.
Toporder has more than 700 clients, according to a myPOS release.
“France is one of our most dynamic markets, and this acquisition will help us expand the business of our clients by offering top-tier technology,” said myPOS CEO Mario Shiliashki in a statement. “We’re excited to welcome Toporder to the myPOS group and together deliver solutions that save time and money, enabling merchants to focus on what matters most — growing their business.”
The acquisition will enable myPOS to expand its footprint in French retail, food and beverage. Toporder provides a cash register system that integrates with inventory management, accounting, statistical analysis and customer database management tools.
The deal comes a year after myPOS was acquired by private equity firm Advent International. Advent had $93.5 billion in assets under management as of Sept. 30, 2024, according to its website. —Joey Pizzolato
Italian payments company raises $14M for BNPL offering
Italian payments fintech Qomoto has raised 13.5 million euros ($14.1 million) in a fresh series A funding round.
The Milan-based company, which has about 2,500 merchant customers, will use the capital injection to hire, expand its product portfolio and invest in artificial intelligence.
Qomoto offers buy now/pay later solutions to brick-and-mortar merchants in Italy and has raised about $50 million in funding over two rounds. The company’s latest investment round was led by LMDV Capital and RTP Global. —Joey Pizzolato