Connected Economy: Amazon Forges Deal With Grubhub


Today in the connected economy, Amazon makes a deal with Grubhub that could give it as much as a 15% stake in the food delivery service. Plus, FinTech firm Revolut teams with financial infrastructure platform Stripe to support its expansion plans, while Forever 21 owners Authentic Brands Group (ABG) and checkout technology company Bolt look to expand their partnership after ending their court case.

Amazon Could Earn Grubhub Stake in New Prime Perk Deal

Amazon could take a 2% to 15% stake in food delivery service Grubhub as part of a deal with parent company Just Eataway.com that gives Amazon Prime customers a free membership to the service and no-fee delivery from certain restaurants. Just Eat Takeaway will increase Amazon’s ownership stake depending on performance terms focused on adding new Grubhub users.

Revolut Teams With Stripe to Power International Growth

FinTech firm Revolut has joined forces with financial infrastructure platform Stripe to power its global expansion plans and support payments in Europe and the United Kingdom. “Revolut builds seamless solutions for its customers. That means access to quick and easy payments, and our collaboration with Stripe facilitates that,” said Revolut Vice President of Business Development David Tirado.

Forever 21 Owner Authentic Brands, Bolt Settle Lawsuit, Make Peace

Forever 21 owner Authentic Brands Group (ABG) and checkout technology company Bolt are looking to expand on their partnership after settling a lawsuit filed by ABG against Bolt. ABG sued Bolt in April, alleging the payments company failed to deliver on its technology, which meant $150 million in sales for ABG. But with the suit dismissed, the two companies are more complimentary, talking about expanding Bolt’s technology to more of ABG’s 50-plus brands.

MoneyGram, Stellar Integrate Wyre With Crypto-to-Cash Conversion Service

Cryptocurrency infrastructure provider Wyre has announced an integration with MoneyGram’s on- and off-ramp service for digital wallets. The on- and off-ramp service offers support from the Stellar Development Foundation (SDF), a nonprofit that supports the development and growth of Stellar, while also closing the gap between physical and digital currencies. Wyre can help its partners transition between cash and cryptocurrency across the Stellar blockchain and MoneyGram’s global retail partner network.

Envestnet Acquires Revenue and Billing Management Platform Redi2 Technologies

Wealth management technology company Envestnet has acquired revenue management and global financial services industry fee-billing solution Redi2 Technologies. The acquisition will help Envestnet build more connections across its financial wellness ecosystem for asset managers, wealth managers and registered investment advisors.

C2B Payments Firm Sionic Unveils Nonprofit Tools

Consumer-to-business payments firm Sionic has launched online and mobile widgets designed to accept real-time, bank-to-bank digital donations. The Atlanta company said the move will set the stage for instant, lower-cost cash deposits to nonprofits from donors. It will also let nonprofits receive direct deposits and one-time or recurring donations while avoiding heavy credit card swipe fees.

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NEW PYMNTS DATA: HOW UTILITIES AND CONSUMER FINANCE COMPANIES CAN ENHANCE THE BILL PAYMENTS EXPERIENCE

About: More than half of utilities and consumer finance companies have the ability to process all monthly bill payments digitally. The kicker? Just 12% of them do. The Digital Payments Edge, a PYMNTS and ACI Worldwide collaboration, surveyed 207 billing and collections professionals at these companies to learn why going totally digital remains elusive.

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