PayPal Sues CFPB; Google Praises UPI to U.S. Federal Reserve: News Roundup

PaymentFacilitator’s News Roundup is a curated mix of the past week’s news and articles from around the web, including company announcements, global payments news, and other coverage and analysis of topics relevant to payment facilitators.

Big Brands Making Waves

PayPal sues CFPB on behalf of the customer experience. In an effort to block the “Prepaid Rule” that the company claims confuses their customers, PayPal has sued the Consumer Financial Protection Bureau (CFPB). The rule in question has led customers to believe they will be charged fees to access stored funds, make purchases and send money, according to the company. From Bloomberg Law.

Google praises UPI to U.S. Federal Reserve. Touting India’s Unified Payments Interface (UPI) as a “successful example” of a real-time payments scheme, the company has requested the Fed review the details of India’s premier digital payments system. The company is pointing to UPI’s success as the Fed looks to build out “FedNow,” a new interbank real-time gross settlement service targeting more efficient digital commerce in the U.S. From Business Standard.

Going Public

Bill.com IPO sets good example. Priced at an above-range $22 per share, the B2B payments startup is holding a steady space for unprofitable startups looking to grow at a faster pace. Proof that the company’s growth potential made more of an impression on investors that their losses, the company initially targeted a range of $16-$18 per share that was later raised to $19-$21 before the final pricing. From TechCrunch.

Klarna plans for IPO amid U.S. expansion. Touted as “the most valuable European fintech startup,” Klarna prepares for potential initial public offering (IPO) in the coming one to two years. The Snoop Dogg-backed startup is excited at the potential of their U.S. expansion journey, with expectations that it may be their biggest market in the next few years. From Bloomberg (subscription may be required for full article).