Fintech

The latest fintech news for banking professionals.


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    Fed hits Synapse partner Evolve with enforcement action

    An exam last year revealed Evolve Bank & Trust didn’t have an effective risk management framework in place for its fintech partnerships, the Fed said.

    By June 14, 2024
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    Scott Barbour via Getty Images
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    Column

    Dive Deposits: In HSBC’s eyes, Revolut can have Canary Wharf

    The fintech signed a deal to occupy a high-rise alongside G-SIBs. But Revolut's coup — grabbing 40% more office space to match its 40% headcount bump — comes as the U.K.'s biggest bank is leaving the area.

    By June 14, 2024
  • Trendline

    Customer service

    Banks and fintechs have a choice when looking to grow: Identify a new customer segment and expand services, or drill down and better serve the clients they have.

    By Banking Dive staff
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    Just_Super via Getty Images
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    Terraform Labs, Do Kwon to settle with SEC for $4.47B

    Meanwhile, Kwon remains in Montenegro as courts wrestle with whether or not to extradite him to his home country of South Korea or to the U.S. to face charges.

    By June 13, 2024
  • Brex CEO Pedro Franceschi pictured against a grey background.
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    Courtesy of Brex
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    Brex moves to single-CEO model

    Pedro Franceschi will become sole chief executive, while co-founder Henrique Dubugras will move to board chair as the company aims for a 2025 IPO.

    By June 13, 2024
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    Synapse trustee McWilliams finds $85M gap in frozen funds

    Partner banks of the bankrupt fintech middleman hold roughly $180 million in demand deposit and for-benefit-of accounts associated with end users. But those users are owed $265 million, a court filing shows.

    By June 12, 2024
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    Courtesy of Apple
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    Apple unveils new iPhone touch and pay feature

    The P2P ‘Tap to Cash’, which enables iPhone users to transfer money by holding their phones together, was unveiled along with a slate of other features Monday.

    By Patrick Cooley • June 12, 2024
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    Ex-Bank of America lawyer builds female-focused investment app

    A beta version of WealthMeUp, an application designed to help women navigate investment and address the disparity between how men and women look at the space, launched Tuesday.

    By June 12, 2024
  • Stock Trading Platform Robinhood Goes Public On The New York Stock Exchange
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    Robinhood leans further into crypto with $200M Bitstamp deal

    Acquiring the crypto exchange would embed the brokerage deeper in digital assets and help it trade a greater variety of tokens in more markets globally.

    By June 12, 2024
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    whyframestudio via Getty Images
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    Rivals Adyen, Stripe partner with Capital One to combat fraud

    The three companies announced last Wednesday that they are teaming up to launch a free service intended to combat fraud and reduce the amount of transactions that are improperly declined.

    By Patrick Cooley • June 10, 2024
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    ipopba via Getty Images
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    Yotta CEO: 85K customers lose access to funds due to Synapse-Evolve tussle

    The fintech’s customers, who have a combined $112 million in savings, have been locked out of their accounts amid the Synapse-Evolve Bank & Trust dispute, Yotta CEO Adam Moelis told CNBC.

    By June 5, 2024
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    SoFi hires JPMorgan, Citi alum as general counsel

    Stephen Simcock, recent general counsel for consumer banking at JPMorgan, replaces Rob Lavet, who is retiring.

    By June 5, 2024
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    SARINYAPINNGAM via Getty Images
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    Fintech Copper burned by Synapse collapse

    The teen-focused fintech had to shut down its bank deposit accounts and debit cards mid-month — an earlier wind-down than expected due to turmoil experienced by its middleware provider, Synapse.

    By May 29, 2024
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    N26
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    N26 readies for a post-cap future

    Germany's financial regulator will drop its limit on the fintech's growth June 1. N26's CEO said the cap has cost billions in lost valuation. But its compliance systems can handle an increased load.

    By May 29, 2024
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    Courtesy of Klarna
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    Klarna uses AI to save $10M on marketing annually while upping output

    More than one-third of the Stockholm-based fintech’s marketing savings in Q1 are attributable to AI.

    By Chris Kelly • May 29, 2024
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    Justin Sullivan / Staff via Getty Images
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    Visa preps for US pay-by-bank services

    The card network is focused on “stubborn categories” where large account-to-account payments have taken hold, such as in healthcare, education and rent, a Visa executive said.

    By Lynne Marek • May 28, 2024
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    Paze targets nationwide coverage by year-end shopping season

    The big bank-backed digital wallet is now accepted by about 80,000 “primarily small” merchants, according to James Anderson, managing director at Early Warning Services.

    By James Pothen • May 28, 2024
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    Courtesy of Synovus Financial
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    Q&A

    Compliance is an ‘opportunity to showcase integrity’: Maast CEO Jonathan O’Connor

    O’Connor became Maast CEO, and chief-third party payments officer of its parent company Synovus Financial, earlier this year.

    By May 22, 2024
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    Varo Bank faces lawsuit over March data breach

    The lawsuit accuses the online bank of failing to protect personal information stored within its network, including customer phone numbers and the last four digits of Social Security numbers. 

    By May 22, 2024
  • Consumer Financial Protection Bureau Director Rohit Chopra testifies before the Senate Banking, Housing and Urban Affairs Committee April 26, 2022 in Washington, DC.
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    CFPB sues SoLo Funds, alleging it concealed costs from borrowers

    The fintech's tip structure inflates the APR on loans, but most loans aren't funded unless a tip is included. And the option not to donate was hidden, the regulator argued.

    By May 22, 2024
  • CFPB Director Rohit Chopra participates in a meeting of the Financial Stability Oversight Council at the U.S. Treasury
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    Kevin Dietsch via Getty Images
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    CFPB to treat BNPL loans like credit cards

    “Whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations,” CFPB Director Rohit Chopra said.

    By James Pothen • May 21, 2024
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    Elevated scrutiny begets clarity, better business: Unit Finance CEO

    Regulatory scrutiny of third-party partnerships has had banks and fintechs on edge. But with scrutiny comes recognition that such tie-ups are important, Itai Damti explained.

    By May 15, 2024
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    anyaberkut via Getty Images
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    Customer satisfaction with online-only banks dwindles, study finds

    Though online-only direct bank customers have a higher satisfaction rate than traditional banks, that rate declined this year, particularly for those with checking accounts, J.D. Power reported.

    By May 15, 2024
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    Brex CFO mulls long-term IPO scenario but keeps eye on costs

    The prevailing attitude among companies seeking to go public is to achieve profitability beforehand, Ben Gammell said.

    By Grace Noto • May 14, 2024
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    Kabbage to pay $120M in PPP fraud settlements with DOJ

    The second-largest PPP lender in the nation by application volume “knowingly submitted thousands of false claims” and employed lax fraud controls, the Justice Department said.

    By May 14, 2024
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    TabaPay calls off deal with Synapse

    TabaPay sent Synapse a termination notice of the transaction Thursday, “based on failure to meet the purchase agreement closing conditions,” a TabaPay spokesperson said.

    By May 10, 2024