Fintech: Page 15
The latest fintech news for banking professionals.
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PayNearMe strikes partnership with Dollar General
The deal increases PayNearMe's retailer footprint by one-third, bringing the ability to pay bills in cash to millions more Americans.
By Gabrielle Saulsbery • Aug. 23, 2023 -
CFPB sues Curo Group subsidiary over consumer loan practices
The fintech lender’s subsidiary, Heights Finance, reaped hundreds of millions of dollars in loan costs and fees through “illegal loan-churning practices," the agency said.
By Rajashree Chakravarty • Aug. 23, 2023 -
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 -
Pinwheel partners with Plaid for direct deposit switching services
Pinwheel said San Francisco-based Plaid would refer its customers requiring direct deposit switching to the New York-based startup.
By Rajashree Chakravarty • Aug. 18, 2023 -
Jack Henry & Associates trims workforce
The bank payment and technology services provider has offered an early retirement program that it expects to pare 160 employees.
By Lynne Marek • Aug. 17, 2023 -
Rightfoot raises $15M to help banks convert customers
Banks experience a 40% dropoff when they require customers to share bank account information online, according to Rightfoot, provider of no-login, consumer permissioned financial data product Connect Magic.
By Gabrielle Saulsbery • Aug. 16, 2023 -
Wildfire’s AI-powered tool helps banks monetize e-commerce transactions
Wildfire’s RevenueEngine works with banks directly to power their rewards and loyalty programs to help drive consumer retention and new user acquisition, CEO Jordan Glazier said.
By Rajashree Chakravarty • Aug. 16, 2023 -
Zelle parent hires new CEO
Early Warning Services gets a new executive in the midst of rolling out a bank-backed digital wallet, while also coming under scrutiny from lawmakers and regulators.
By James Pothen • Aug. 15, 2023 -
PayPal names Intuit exec as CEO
The digital payments pioneer tapped Intuit’s Alex Chriss to lead the company, starting next month, as Dan Schulman heads for an exit.
By Lynne Marek • Aug. 14, 2023 -
New Fed unit to supervise crypto, nonbank partnerships
The central bank clarified that any state bank it supervises must get the regulator’s green light before issuing, holding or transacting in dollar tokens, such as stablecoins, to facilitate payments.
By Anna Hrushka • Aug. 9, 2023 -
MoneyLion faces suit over stock, earn-out payments
The founders of Malka Media Group, a creator network MoneyLion acquired in 2021, claim the neobank is withholding millions of dollars and using “delay tactics to drag out the resolution process.”
By Anna Hrushka • Aug. 9, 2023 -
PayPal launches stablecoin
PayPal is planting a flag in the stablecoin space despite the slow uptake of digital assets in consumer payments and the lingering crypto chill.
By Caitlin Mullen • Aug. 8, 2023 -
Revolut halts US crypto trading
U.S. customers will no longer be able to buy tokens on the neobank’s platform as of Sept. 2, and crypto access for those users will be disabled a month later, the neobank said.
By Anna Hrushka • Aug. 4, 2023 -
Figure withdraws bank charter application
The blockchain startup applied for a charter in 2020, then included plans to seek deposit insurance after the Conference of State Bank Supervisors sued.
By Gabrielle Saulsbery • Aug. 2, 2023 -
Bunq CEO: US regulators ‘tough but fair’ amid license wait
“At Bunq we’d rather do things right than rush things,” said Ali Niknam, who founded the Dutch fintech in 2012. “And the only way for us to be able to do that is by having our own bank.”
By Anna Hrushka • Aug. 2, 2023 -
Shopify taps Ramp to save on corporate expenses
E-commerce company Shopify is adopting more artificial intelligence by automating its corporate expenses through Ramp.
By James Pothen • Aug. 1, 2023 -
How banks could fit into Elon Musk’s plans for an ‘everything app’
The billionaire’s intent to bring the social media platform into the banking and payments landscape presents both opportunities and risks for traditional banks, experts said.
By Anna Hrushka • July 31, 2023 -
Upgrade acquires BNPL firm Uplift for $100M
The deal, Upgrade’s first acquisition, more than doubles the neobank’s customer base by adding 3.3 million users to its existing 2.5 million, CEO Renaud Laplanche said.
By Anna Hrushka • July 27, 2023 -
Fintechs ‘deeply concerned’ with Senate SBA bill
A bill aimed at reining in the SBA’s 7(a) expansion plan would subject nonbanks to unfair and overly burdensome regulations, fintech trade groups said.
By Anna Hrushka • July 26, 2023 -
Fintech trade group grows educational arm
The American Fintech Council is partnering with professional services firm FORVIS to offer compliance and training opportunities aimed at improving the fintech ecosystem, AFC CEO Phil Goldfeder said.
By Gabrielle Saulsbery • July 26, 2023 -
Greenwood, Gathering Spot settle business dispute
“No one wins when the family feuds,” executives for Greenwood and The Gathering Spot said in a joint statement. “We apologize for distracting our communities over the last week as this became a topic of so much public discussion.”
By Anna Hrushka • July 26, 2023 -
Finance tech startup Bunker raises over $5M
The funds will be invested toward product development, growing the company’s team and accelerating its “go-to-market strategy,” according to Bunker CEO Shivom Sinha.
By Alexei Alexis • July 25, 2023 -
Gathering Spot founders sue neobank Greenwood
T’Keel Petersen and Ryan Wilson, who co-founded the club for Black professionals in 2016, claim the neobank owes them and other TGS shareholders roughly $5 million in earn-out payments.
By Anna Hrushka • July 24, 2023 -
Senate bill would rein in SBA’s fintech lending plan
The legislation, which heads to the full Senate, is in response to the agency’s decision to end a 40-year moratorium on admitting new nonbank entrants to its 7(a) loan program.
By Anna Hrushka • July 21, 2023 -
Blue Ridge Bank holding company’s CEO resigns
The president of the bank’s fintech division, Kirsten Muetzel, also is leaving the bank this month, according to her LinkedIn profile.
By Anna Hrushka • July 20, 2023 -
Q&A
Clair CEO welcomes on-demand pay regulation
Clair CEO Nico Simko weighed in on whether EWA is a payday loan and how the company offers fee-free wage access.
By James Pothen • July 20, 2023