Refine Intelligence raises $13M with novel approach to AML

Wayne, New Jersey-based Valley Bank took a chance on Refine as its first customer. What it saw inspired an investment from Valley Ventures, the bank’s VC arm.

By Gabrielle Saulsbery • Nov. 15, 2023

Third-party guidance could have ‘chilling effect’ on BaaS, former FDIC chair warns

“I don’t think that the current set of regulators really want banking-as-a-service and third-party partnerships to blossom,” former FDIC Chair Jelena McWilliams said during an event in Washington, D.C. on Tuesday.

By Anna Hrushka • Nov. 15, 2023

Explore the Trendline➔

Artificial 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

DailyPay wage payments delayed due to Friday snafu

The early wage access company didn’t immediately make some payments to workers because of a snag related to the Veterans Day holiday.

By Lynne Marek • Nov. 14, 2023

BNPL companies face grim outlook, Moody’s says

Fierce competition, persistent losses and regulatory constraints are likely to push some players out of the buy now, pay later market, Moody’s predicted.

By Lynne Marek • Nov. 13, 2023

Revolut appoints interim CFO as it races to meet filing deadline

Revolut’s interim CFO and new U.K. CEO face an upward battle to win the fintech’s long-sought after U.K. banking license.

By Grace Noto • Nov. 10, 2023

Bluevine rolls out high-yield interest rate for SMBs

The offering pairs a high return with cash flow flexibility, two features in strong demand among small-business owners, Charles Amadon, the fintech’s senior vice president and general manager of banking said.

By Anna Hrushka • Nov. 8, 2023

Oportun to cut 185 jobs, end Sezzle partnership

The installment lender is also discontinuing its investment and retirement products and “exploring strategic options” related to its credit-card portfolio, CEO Raul Vazquez said Monday.

By Dan Ennis • Nov. 8, 2023

CFPB proposes new oversight for payment tech firms

Google, Apple and 15 other big non-bank technology companies that provide digital wallets or payments apps would be subject to increased regulation if a new Consumer Financial Protection Bureau rule is approved.

By Lynne Marek , James Pothen • Nov. 7, 2023

Regions Bank partners with credit-building fintech

Through a new partnership with Self Financial, Regions customers can have their rent, cell phone and utility payments reported to the three major credit bureaus.

By Anna Hrushka • Nov. 7, 2023

What execs are saying about bank-fintech partnerships

Bank-fintech partnerships, including banking-as-a-service models, have faced increased scrutiny this year. But executives are optimistic, some deeming these tie-ups “critical.”

By Gabrielle Saulsbery , Anna Hrushka • Nov. 3, 2023

Breaking down buy now, pay later

After its pandemic-era growth spurt, buy now, pay later has gone mainstream in consumer payments. But changing economic conditions are forcing the installment trend to evolve.

By Caitlin Mullen • Nov. 3, 2023

Trust in banks remains steady, while fintechs have ground to cover: survey

The percentage of U.S. adults who say they trust banks and credit unions has held steady even in the wake of the collapse of Silicon Valley Bank and other regional lenders.

By Anna Hrushka • Nov. 2, 2023

Funding Circle gets long-awaited shot at SBA lending

Funding Circle joins Arkansas Capital Corp. and Alaska Growth Capital BIDCO as the first nondepository institutions to be granted new Small Business Lending Company licenses in 40 years.

By Anna Hrushka • Nov. 1, 2023

What makes a neobank? A primer can explain.

Read on to learn more about the birth of neobanks, an apt moniker, and what makes a neobank apply for a charter to become a traditional bank. 

By Rajashree Chakravarty • Nov. 1, 2023

Charlie, a neobank for retirees, raises fresh capital to fight fraud

After closing a $23 million Series A round, the fintech plans to launch a set of anti-fraud tools designed specifically for the 62+ population.

By Anna Hrushka • Oct. 31, 2023

What bank, fintech execs are saying about AI

Ahead of the Biden administration’s landmark executive order unveiled on Monday, banks and fintech executives discussed AI use cases and implications at Money20/20 last week.

By Anna Hrushka , Gabrielle Saulsbery • Oct. 30, 2023

A look at Week 4 of the Sam Bankman-Fried trial

Bankman-Fried admitted that FTX didn't turn out how he expected: "A lot of people got hurt," he said. But he said he didn't defraud anyone.

By Gabrielle Saulsbery • Oct. 27, 2023

Court pauses CFPB small-biz data collection rule nationwide

An earlier limited injunction “leaves non-exempted lenders subject to the discretion of an agency whose very ability to act is a matter of constitutional concern,” a Texas federal judge wrote Thursday.

By Dan Ennis • Oct. 27, 2023

Straddling the CFO, COO divide: Brex

As C-suite responsibilities change, the gap between roles such as the CFO and chief operating officer is narrowing.  

By Grace Noto • Oct. 26, 2023

U.S. Bank claims spot in the BNPL space

The launch of the point-of-sale option Avvance comes as nearly one in five consumers surveyed by the New York Fed say they've used buy now, pay later loans within the past year.

By Gabrielle Saulsbery • Oct. 26, 2023

Payments infrastructure fintech Finzly raises $10M Series A

CEO Booshan Rengachari built Finzly out of inspiration he found from watching banks struggle with the inefficiencies of old technology.

By Gabrielle Saulsbery • Oct. 25, 2023

Plaid taps Riskified to back risk protection for ACH payments

Riskified, a fintech focused on fraud, uses AI to judge the riskiness of transactions. A new partnership with Plaid brings that technology to ACH payments on online marketplaces and trading platforms.

By Gabrielle Saulsbery • Oct. 25, 2023

Cross River CEO predicts ‘bonanza’ for fintech, BaaS banks in 2024

While elevated interest rates continue to hammer traditional firms, banking-as-a-service remains a strong business model for tech-savvy firms who have fostered partnerships with fintechs, Gilles Gade said at Money20/20.

By Anna Hrushka • Oct. 25, 2023

PayPal taps Fiserv as ‘core’ payments partner

Fiserv CEO Frank Bisignano said Tuesday that his company is now PayPal’s “core U.S. partner for payment services.”

By Caitlin Mullen • Oct. 25, 2023

OCC applying ‘supply chain mindset’ to bank-fintech scrutiny: Hsu

Arrangements where multiple parties play a role in delivering financial products to consumers are more complicated, and will likely garner more scrutiny from the OCC, Acting Comptroller Michael Hsu said.

By Anna Hrushka • Oct. 24, 2023