Fintech: Page 2
The latest fintech news for banking professionals.
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Spencer Platt / Staff via Getty Images
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 Dan Ennis • June 12, 2024 -
whyframestudio via Getty Images
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 -
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 -
ipopba via Getty Images
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 Rajashree Chakravarty • June 5, 2024 -
Permission granted by SoFi
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 Dan Ennis • June 5, 2024 -
SARINYAPINNGAM via Getty Images
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 Rajashree Chakravarty • May 29, 2024 -
N26
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 Dan Ennis • May 29, 2024 -
Courtesy of Klarna
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 -
Justin Sullivan / Staff via Getty Images
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 -
gorodenkoff via Getty Images
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 -
Courtesy of Synovus Financial
Q&ACompliance 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 Gabrielle Saulsbery • May 22, 2024 -
Permission granted by Varo Bank
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 Rajashree Chakravarty • May 22, 2024 -
Win McNamee via Getty Images
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 Dan Ennis • May 22, 2024 -
Kevin Dietsch via Getty Images
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 -
Permission granted by Unit Finance
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 Gabrielle Saulsbery • May 15, 2024 -
anyaberkut via Getty Images
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 Rajashree Chakravarty • May 15, 2024 -
hapabapa via Getty Images
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 -
Creative via Getty Images
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 Caitlin Mullen • May 14, 2024 -
Natalie Meepian via Getty Images
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 Rajashree Chakravarty • May 10, 2024 -
Chip Somodevilla via Getty Images
Upstart subpoenaed by SEC over AI, loans
“We are cooperating with the SEC and are unable to predict the outcome of this matter,” the fintech lender said in a filing Tuesday.
By Rajashree Chakravarty • May 9, 2024 -
Permission granted by Aspiration
Aspiration spins off consumer financial brand
The standalone company, helmed by Tim Newell, will continue to operate under the Aspiration brand name and focus on offering climate-friendly products.
By Rajashree Chakravarty • May 8, 2024 -
Permission granted by Fifth Third
Fifth Third launches ‘reimagined’ eBus with SpringFour
The eBus will travel to underserved communities across the bank’s footprint and give consumers access to around 24,000 nonprofit resources through its collaboration with the social impact fintech.
By Rajashree Chakravarty • May 8, 2024 -
Sukanya Sonlila via Getty Images
Third-party risk guide ‘a welcome sign,’ analysts say
The guide from the Fed, OCC and FDIC aims to help bankers “get in the same mindset as the examination team” when assessing and managing third-party relationship risks, said the ICBA’s Michael Emancipator.
By Caitlin Mullen • May 7, 2024 -
Spencer Platt / Staff via Getty Images
Robinhood may face SEC lawsuit over crypto unit
In a blog post, the company cited its "good-faith attempts" with the agency. At least one analyst said Robinhood has no incentive to sue because the SEC chair's term is up in two years.
By Dan Ennis • May 7, 2024 -
sefa ozel via Getty Images
Lawmakers push to revoke Funding Circle’s SBLC license
Rep. Roger Williams and Sen. Joni Ernst wrote to SBA Administrator Isabel Guzman to raise concerns over the agency granting the London-based fintech its first SBLC license.
By Rajashree Chakravarty • May 1, 2024 -
Permission granted by Stripe
Stripe unbundles services as industry shifts
The company’s move to decouple embedded financial services from payment processing means it’s ready to pursue larger customers, analysts said.
By James Pothen • May 1, 2024
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