Fintech
The latest fintech news for banking professionals.
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Permission granted by Revolut
Revolut gets UK banking license
Unreliable revenue figures and a complicated share structure likely contributed to the fintech’s three-year wait. But Revolut’s numbers came in robust and on time this year.
By Dan Ennis • July 25, 2024 -
Permission granted by Jiko
Fed cites digital bank Jiko over capital planning woes
The central bank is requiring the startup, which bought a bank in 2020, to submit a liquidity risk management plan with steps to diversify its funding sources and enhanced stress test scenarios.
By Dan Ennis • July 24, 2024 -
Explore the Trendline➔
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TrendlineCustomer 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 -
Courtesy of Revolut Press Kit
Revolut faces more fraud claims than other UK banks: report
A spokesperson said the fintech investigates each fraud claim independently of other cases, and that it takes such claims “incredibly seriously.”
By Gabrielle Saulsbery • July 24, 2024 -
Courtesy of Green Dot
Fed fines Green Dot $44M
The consent order has been expected since February, when Green Dot revealed that reasonable associated losses could total $50 million.
By Gabrielle Saulsbery • July 22, 2024 -
Anna Moneymaker via Getty Images
CFPB to apply lending laws to EWA
The federal agency weighed in Thursday with a proposed rule to oversee the burgeoning earned wage access industry.
By Lynne Marek • July 18, 2024 -
Chip Somodevilla via Getty Images
SEC drops enforcement action against Paxos
The SEC dropping its enforcement action against Paxos a year after issuing the firm a Wells notice may have reignited the crypto regulation debate.
By Rajashree Chakravarty • July 17, 2024 -
Win McNamee via Getty Images
6 ways the CFPB wants to keep its eyes on fintech middlemen
Clearer guidance around “rent-a-bank,” open banking and buy now, pay later will ensure more consumers benefit, Director Rohit Chopra said in remarks last week.
By Suman Bhattacharyya • July 17, 2024 -
Natalie Meepian via Getty Images
Bain, Reverence to acquire Envestnet in $4.5B deal
The transaction, expected to close in the fourth quarter, will take the publicly traded wealth technology platform private.
By Rajashree Chakravarty • July 12, 2024 -
Anna Hrushka/Banking Dive
Bank-fintech guidance needs more clarity, FDIC’s McKernan says
“Rules of the road” for bank-fintech tie-ups could help banks that partner with fintechs better manage third-party risks, he said.
By Suman Bhattacharyya • July 10, 2024 -
Just_Super via Getty Images
MoneyLion doubles down on AI to bolster customer experience
The fintech's gen AI-powered search engine, currently in beta, is set to be launched by end of summer, CEO Dee Choubey said.
By Rajashree Chakravarty • July 10, 2024 -
Chris McGrath via Getty Images
Crypto theft doubles to $1.38B in 2024’s first half
The May theft of more than $300 million in Bitcoin from Japanese crypto exchange DMM Bitcoin is the largest digital currency heist so far this year.
By Alexei Alexis • July 8, 2024 -
Permission granted by Citizens Bank of Edmond
Roger’s wide-scale marketing effort takes aim
Less than a year after launch, Citizens Bank of Edmond's military-focused neobank sees its account volume grow by 50% every month, Director Marcus Castilla said.
By Suman Bhattacharyya • July 3, 2024 -
Kevin Dietsch via Getty Images
Senators prod Synapse partners to return customer funds
“As those that made the current situation possible, you must accept the tremendous responsibility that comes with handling consumers’ money,” lawmakers scolded.
By Caitlin Mullen • July 2, 2024 -
Anna Hrushka/Banking Dive
FDIC orders Thread Bank to step up BaaS oversight
The Rogersville, Tennessee-based bank must implement a documented risk assessment of its fintech partners, the agency said. The bank’s board also must approve risk tolerance thresholds.
By Caitlin Mullen • July 1, 2024 -
Dan Kitwood / Staff via Getty Images
Crypto firm Abra settles with 25 states for operating without a license
Abra agreed to repay customers some $82 million in crypto. CEO Bill Barhydt said all but $2 million, yet to be claimed, has been repaid.
By Gabrielle Saulsbery • June 27, 2024 -
Permission granted by Funding Circle U.S.
Funding Circle sells its US unit, returns SBLC license
iBusiness Funding, a subsidiary of Ready Capital, agreed to acquire the fintech for roughly $42 million. In March, Funding Circle's CEO said it was exploring the sale of its U.S. unit.
By Rajashree Chakravarty • June 26, 2024 -
Permission granted by Unit Finance
Unit Finance cuts 15% of staff
The embedded finance fintech “has always maintained a large balance sheet, and the changes we are making today will further solidify our strength,” founders Itai Damti and Doron Somech said.
By Gabrielle Saulsbery • June 18, 2024 -
Michael M. Santiago / Staff via Getty Images
JPMorgan, Greek fintech get a roadmap to bridge their dispute
A London judge detailed how Viva Wallet should be valued. Previous estimates — and the fine print in a deal that gave JPMorgan a minority stake in the fintech — have sparked lawsuits on both sides.
By Dan Ennis • June 17, 2024 -
Anna Moneymaker via Getty Images
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 Caitlin Mullen • June 14, 2024 -
Scott Barbour via Getty Images
ColumnDive 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 Dan Ennis • June 14, 2024 -
Just_Super via Getty Images
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 Gabrielle Saulsbery • June 13, 2024 -
Courtesy of Brex
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 Dan Ennis • June 13, 2024 -
Courtesy of FDIC
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 Dan Ennis • June 12, 2024 -
Courtesy of Apple
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 -
Permission granted by WealthMeUp
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 Rajashree Chakravarty • June 12, 2024
