In today’s top news in digital-first banking, Huntington Bancshares is joining forces with TCF Financial in a $22 billion deal, while Revolut has rolled out four new crypto tokens. Plus, Cleo has notched $44 million in Series B financing in a round headed up by EQT Ventures.
Huntington Bancshares is combining with TCF Financial in a $22 billion arrangement that will lead to the development of one of the top 10 U.S. regional banks. TCF, with 475 bank locations, will merge into Huntington, which has 839 bank locations in seven states. The newly combined firm will run under the Huntington name and brand.
London Neobank Revolut Debuts Four New Cryptocurrencies
Revolut has launched four new digital currency tokens, including 0x, Tezos, OMG Network and EOS for Europe Economic Area (EEA) users. The British challenger bank added the new coins in response to high demand from clients, according to a published report. It first added bitcoin, litecoin and ether in 2017.
Cleo Raises $44 Million in Series B for Digital Financial Adviser Platform
Cleo has landed $44 million in Series B financing in an EQT Ventures-led round to grow its online financial adviser infrastructure geared toward Gen-Z consumers. The company bills itself as a virtual financial assistant and adviser to Gen Z. Its platform provides clients with analysis of their finances and information to come to financial decisions.
Trade Finance Player Tradeteq Inks Deal With Microsoft
Tradeteq, which runs a platform meant to make it easier for banks to raise money for financing trade without turning to the usual sources or always engaging in transactions with U.S. dollars, unveiled a collaboration that will put its offerings on the Microsoft Azure cloud infrastructure. “By using a cloud-based product, financial institutions can improve their ability to connect, trade and distribute trade finance assets — regardless of their location,” Tradeteq CEO Christoph Gugelmann said in a statement.
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