Fintech
The latest fintech news for banking professionals.
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nCino taps chief product officer as CEO
Sean Desmond succeeded Pierre Naudé, the firm’s chairman and CEO of 13 years, to become the next chief executive.
By Rajashree Chakravarty • Feb. 5, 2025 -
CFPB fines Wise $2.5M over remittance violations
In one of the bureau's final actions under former Director Rohit Chopra's leadership, the CFPB said Wise misled customers in the U.S. about fees and failed to make other required disclosures.
By Rajashree Chakravarty • Feb. 5, 2025 -
Explore the Trendline➔
da-kuk via Getty ImagesTrendlineArtificial intelligence
Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?
By Banking Dive staff -
Cushion shutters after 8 years
The fintech, previously valued at over $82 million, has wound down, founder Paul Kesserwani wrote on LinkedIn last week.
By Gabrielle Saulsbery • Feb. 5, 2025 -
What’s coming for the banking industry in 2025
Banking Dive takes a look at several trend areas — from M&A to regulation — to give its best guess on developments to come this year. But as observers in the ESG sector will tell it, change has been rapid and thorough.
By Banking Dive staff • Jan. 31, 2025 -
Deep Dive
Banking sector girds for M&A uptick in 2025
Bank M&A rebounded in 2024, with six deals over $1 billion announced. The Fed approved the two largest before the Trump administration took office. But where to go from here?
By Rajashree Chakravarty • Jan. 31, 2025 -
Middesk seeks to remove friction from know-your-business processes
“Good businesses [are] put through the ringer ... largely because the infrastructure to help a bank understand who that customer is has just been really bad,” said founder Kyle Mack.
By Gabrielle Saulsbery • Jan. 29, 2025 -
HSBC sunsets year-old app Zing
The money transfer app, launched with initial plans to compete in the U.K. with fintechs like Wise and Remitly, will be closed “following a strategic review,” the bank said.
By Rajashree Chakravarty • Jan. 29, 2025 -
Trump media firm aims to launch fintech brand this year
The company wants to develop “American First” investment vehicles with funding of up to $250 million to be custodied by Charles Schwab, it said Wednesday.
By Dan Ennis • Jan. 29, 2025 -
Fintechs may gain at banks’ expense in Trump era
The Trump administration may usher in policies that buttress the aspirations of new entrant payments players and increase competition for banks.
By Lynne Marek • Jan. 28, 2025 -
Trump order embraces stablecoins, bars CBDCs
President Donald Trump issued a “digital financial technology” executive order Thursday backing the cryptocurrency industry and terminating any federal work on a central bank digital currency.
By Lynne Marek • Jan. 24, 2025 -
Barclays to shutter its Rise fintech accelerator, hub
Rise has been “the gathering hub” for the fintech ecosystem for the past decade, and its loss creates a significant gap, one venture capitalist said.
By Gabrielle Saulsbery • Jan. 22, 2025 -
SEC unveils crypto task force led by Hester Peirce
“This undertaking will take time, patience, and much hard work,” Peirce said, adding the agency plans to encourage a regulatory environment that “protects investors, facilitates capital formation, fosters market integrity, and supports innovation.”
By Rajashree Chakravarty • Jan. 22, 2025 -
Capital One outage spans days, hits thousands
Third-party vendor FIS blamed a local power loss and hardware failure for the issue, which Bank of Oklahoma said affected more than two dozen financial institutions.
By Dan Ennis • Jan. 21, 2025 -
Silvergate ex-CFO seeks dismissal of SEC charges
Antonio Martino filed for dismissal Tuesday, seven months after the SEC fined Silvergate and banned two of its executives from C-suite positions for five years.
By Gabrielle Saulsbery • Jan. 16, 2025 -
Employer.com expands into bookkeeping services with Bench acquisition
The workforce management firm acquired the Vancouver-based bookkeeping fintech after Bench announced it was shutting down. Bench applied for bankruptcy on Jan. 9 in a Canadian court.
By Rajashree Chakravarty • Jan. 15, 2025 -
BaaS outlook brighter after period of growing pains
Regulatory scrutiny of the banking-as-a-service model won’t disappear, but the number of BaaS-related enforcement actions this year is expected to be more of a trickle than a flood.
By Caitlin Mullen • Jan. 15, 2025 -
FDIC’s Hill sets out priorities for agency’s ‘new direction’
The agency’s vice chair anticipates a shift in bank supervision that emphasizes core financial risks over a process-related focus.
By Caitlin Mullen • Jan. 13, 2025 -
CFPB brings back sandbox but keeps competition emphasis
The bureau’s policies restore the no-action letter and sandbox designation, but feature some tweaks aimed at correcting past “shortcomings.”
By Caitlin Mullen • Jan. 9, 2025 -
Retrieved from from PR newswire on January 08, 2025
Finastra taps new CEO
Chris Walters will succeed Simon Paris, the current CEO of the London-based software firm, who announced Monday he is stepping down from his role.
By Rajashree Chakravarty • Jan. 8, 2025 -
Fintech Dave alters fee structure, blasts DOJ over amended lawsuit
The cash advance online platform called the lawsuit “a continued example of government overreach.”
By Rajashree Chakravarty • Jan. 8, 2025 -
CFPB picks FDX to set open banking standards
The nonprofit will craft standards for consumer data sharing between financial institutions for the next five years.
By Patrick Cooley • Jan. 8, 2025 -
Walmart forced delivery workers to pay ‘junk fees,’ CFPB alleges
A Consumer Financial Protection Bureau lawsuit alleges the retailer and fintech Branch Messenger illegally opened accounts for drivers, and deposited their pay into accounts without their consent.
By Peyton Bigora • Jan. 2, 2025 -
Tokenized securities firm Prometheum raises $20M
Co-CEO Aaron Kaplan plans to use the funds to launch trading services, and to provide a venue for financial institutions and investment firms to offer investors tokenized securities.
By Gabrielle Saulsbery • Dec. 18, 2024 -
Tracker
A running list of BaaS banks hit with consent orders in 2024
Regulators have taken a harder look at bank-fintech partnerships. Experts said the orders highlight gaps in due diligence and monitoring related to third-party partners.
Dec. 18, 2024 -
Evolve seeks dismissal of Yotta lawsuit
Yotta sued its partner bank Evolve in September, four months after its customers were locked out of millions of dollars in funds in connection to middleware firm Synapse’s bankruptcy.
By Gabrielle Saulsbery • Dec. 11, 2024