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California Lets Aurora Operate Driverless Cars

PYMNTS

Aurora, with logistical operations currently in Palo Alto, Pittsburgh, and San Francisco, has approximately a dozen self-driving vehicles used for testing on American public roads. 620 million has been financed to date, with Sequoia Capital, Amazon, and T. Rowe Price Associates contributing.

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FHLB reform: Implications for financial institutions

Abrigo

Prepare now for potential changes to FHLBs Capital rules and membership criteria are among the areas where banks could see changes in how the Federal Home Loan Bank system operates. See resources Takeaway 1 The FHLB system faces potential changes in its structure, operations, and mission that could affect financial institutions.

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Square Capital Distributed 76K PPP Loans Totaling $820M

PYMNTS

Square Capital LLC processed more than $820 million in Small Business Administration (SBA) Paycheck Protection Program (PPP) forgivable loans in six weeks, the firm reported. The San Francisco-based division of Square Inc., Last year, Square Capital did $2.3 billion in business loan volume. months’ worth of that volume.

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On-Demand Delivery Service Munchery Ceases Operations

PYMNTS

In May Munchery said it was planning to focus on its largest market, which was San Francisco, in an effort to become profitable. Its venture capital investors included Greycroft, ACME Ventures (formerly known as Sherpa Capital), Menlo Ventures, e.Ventures, Cota Capital, M13 and others, noted reports.

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Personal finance app Tally raises $50m to grow its platform business

Bank Innovation

The Series C funding round, led by Andreessen Horowitz, will help the San Francisco-based company hire more engineers to help build out more products, according to Erica Dorfman, Tally’s head of finance and operations. […].

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FinTech Startup Revolut Raises $80M In New Funding, Now Valued At $5.5B

PYMNTS

The latest infusion of cash comes from TSG Consumer Partners , a San Francisco-based private equity company, TechCrunch reported. Revolut is also backed by Index Ventures, the global venture capital firm with dual headquarters in San Francisco and London, and a half dozen others.

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Citigroup Back To NY Federal Court Over $900M Error

PYMNTS

While many firms returned the money at Citi’s request, the bank said in court documents, a dozen have been sued after what the bank called an “operational error” caused it to transfer $900 million of its own funds to Revlon creditors one day after the troubled cosmetics company was sued over its restructuring tactics. On Tuesday (Aug.

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