Delphi gets $2.4B investment to build its own mobile banking network

Posted October 10, 2018 03:33:33The mobile payments company Delphi will make a $2 billion investment in a network development effort that will help it build its next generation mobile payments system, according to the Wall Street, which reported the announcement Tuesday.

The deal is expected to close in early 2019, according the Wall, which did not specify the price.

Delphi is the third-largest technology company by market capitalization.

The company is currently working on a mobile payments business.

The $2 million in financing for the network development will be used to build a mobile payment infrastructure, according Bloomberg.

The company is expected in 2021 to launch its own payments platform for Android and iOS devices, according The Wall.

Delphi has been developing a network that will allow banks and other financial institutions to securely send and receive money through their customers’ devices.

The bank could then send payments to customers through their own devices. 

According to the WSJ, the deal is part of a $25 billion bank bailout package that Delphi agreed to in June, allowing the company to keep its banking arm, which was also part of the deal, in a government bailout program.

Delphias new $2B investment is part the bank’s plan to boost its operations to meet its goal of building a new bank by 2021.

The rest of the funding will go to Delphi’s other business lines, according Reuters. 

Earlier this month, Delphi said it was seeking an additional $500 million to build an infrastructure for its mobile payments network. 

Delphi will use its $2,000 million in cash from the bailout to buy technology from the leading smartphone app developer, Yotpo, the company said. 

Yotpo is a subsidiary of Tencent Holdings Ltd., which is controlled by Alibaba Group Holding Ltd.

That $2bn is part one of a bailout package, part of which was approved by Congress in July, which provided for a $50 billion loan guarantee to help banks recover from the financial crisis.

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