Fintech: Page 11
The latest fintech news for banking professionals.
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Varo hires Zillow, Amazon alum as next CFO
The fintech will tap Allen Parker’s financial acumen as it looks to return its path to profitability following a rocky 2023.
By Grace Noto • March 20, 2024 -
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Bakkt names Andy Main as new CEO in leadership shuffle
The switch comes after the New York Stock Exchange threatened to delist the crypto platform over its share price. Bakkt’s next chief executive will detail his vision for the company March 25 in an earnings call.
By Rajashree Chakravarty • March 20, 2024 -
Explore the Trendline➔
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TrendlineArtificial 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 -
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Robinhood goes live in the UK
The company indefinitely postponed its U.K. launch in 2020 over technical issues but rolled out a waitlist in November. It did, however, pause margin investing for U.K. users.
By Gabrielle Saulsbery • March 20, 2024 -
FTC fines fintechs Biz2Credit, Womply $59M over PPP actions
The agency claimed Biz2Credit misrepresented the timeline for application processing, and Womply had inadequate customer service in the COVID-era crunch for small-business loans.
By Dan Ennis • March 19, 2024 -
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Goldman’s Cohen heads for exit as GreenSky deal closes
GreenSky is now owned by an investor group led by Sixth Street. Stephanie Cohen, Goldman’s global head of platform solutions, is leaving the bank for IT firm Cloudflare.
By Gabrielle Saulsbery • March 18, 2024 -
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Marqeta CFO touts EWA expansion
The card-issuing fintech has seen adoption of its debit card-linked EWA product increase as hourly workers at Walmart and Uber have been added, CFO Mike Milotich said.
By James Pothen • March 18, 2024 -
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A year later: SVB’s impact on fintech
Fintechs like Mercury and MoneyLion showed their resilience, offering innovative products and assisting their customers through difficult times.
By Rajashree Chakravarty • March 13, 2024 -
Caitlin Mullen/Banking Dive, data courtesy of Industry Dive employee Caitlin Mullen
Klarna’s IPO prospects grab spotlight
The BNPL provider’s CEO has suggested the company could IPO “quite soon,” but fintech investors expect the market will first want to see a stronger track record of profitability.
By Caitlin Mullen • March 13, 2024 -
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Stripe reports payments volume increase
The digital payments company processed $1 trillion in total payments volume last year, according to its annual letter released Wednesday.
By James Pothen • March 13, 2024 -
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Starling taps HSBC alum as next CEO
The digital bank's founder, Anne Boden, said she believes Raman Bhatia can move Starling “into its next phase of growth while cherishing the culture and values” her team had worked hard to create.
By Gabrielle Saulsbery • March 13, 2024 -
Permission granted by Ansa
Ansa cuts fees for merchants with white-labeled wallets
With an Ansa wallet, a merchant “doesn’t have to maintain ... what is at its core really tricky and regulated payments infrastructure,” co-founder Sophia Goldberg said.
By Gabrielle Saulsbery • March 6, 2024 -
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Q&AHow banks, fintechs can navigate regulatory challenges in BaaS space
Banks have a responsibility to treat their customers fairly because they deal with people’s money, said the CEO of Synctera, a partner of Lineage Bank, which was recently hit with an FDIC consent order over BaaS.
By Rajashree Chakravarty • March 6, 2024 -
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i2c pursues bank clients abroad
The issuing-processing fintech sees a bigger opportunity in regions outside the U.S. to sell its core banking services, founder and CEO Amir Wain said.
By Caitlin Mullen • March 6, 2024 -
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Metropolitan Commercial Bank exits BaaS
“The decision to terminate these financial service partnerships will reduce the Company’s exposure to the heightened, and evolving, regulatory standards related to these activities,” the bank said in its 10-K filing last week.
By Gabrielle Saulsbery • March 4, 2024 -
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Cross River draws Morgan Stanley, SVB vets to lead investment banking launch
Henry Pinnell and Benjamin Samuels will team up to lead an effort that includes advising clients on mergers and acquisitions, capital markets transactions and other corporate finance matters, the bank said.
By Dan Ennis • March 4, 2024 -
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Gemini to return more than $1.1B to Earn customers
The crypto exchange and New York's Department of Financial Services reached an agreement Wednesday that included a $37 million penalty for compliance failures.
By Gabrielle Saulsbery • Feb. 29, 2024 -
Anna Hrushka/Banking Dive
Tennessee bank hit with FDIC consent order over BaaS business
Under the consent order, Lineage Bank must implement an enhanced risk management program overseen by its board of directors, increase capital levels, and let go of some fintech partners.
By Rajashree Chakravarty • Feb. 28, 2024 -
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Smaller credit unions face hurdles despite NCUA’s fintech rule
The financial innovation rule may open the door to more partnerships, but larger institutions still have advantages on tech, budget and risk management, experts say.
By Ken McCarthy • Feb. 28, 2024 -
Courtesy of Green Dot
Green Dot faces Fed’s proposed consent order
The digital bank set aside $20 million to cover a potential penalty stemming from compliance risk management issues predating the company’s current management.
By Gabrielle Saulsbery • Feb. 28, 2024 -
Permission granted by Treasury Prime
Treasury Prime has laid off half its staff
The banking-as-a-service platform is shedding its fintech-bank liaison duties — and about 40 to 50 employees — to focus exclusively on providing software to banks.
By Gabrielle Saulsbery • Feb. 28, 2024 -
Chime to pay California regulator $2.5M over customer service flaws
The agency investigated accuracy and responsiveness to customer complaints. The consent order offered few details but the time frame aligns with COVID-era account closures.
By Dan Ennis • Feb. 28, 2024 -
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AI could spark change in the SMB lending space: white paper
Financial institutions, including fintechs, can leverage artificial intelligence technology like machine learning to automate lending decisions, a white paper commissioned by Uplinq said.
By Rajashree Chakravarty • Feb. 21, 2024 -
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Neon Money Club launches dating app for those with good credit
Score, which is only available for those with a score of 675 or better, highlights the importance of discussing finances in relationships — even in new ones.
By Gabrielle Saulsbery • Feb. 21, 2024 -
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Cross-border payments remain focus for Fed
Tools that “automate processes, reduce costs and promote effective safeguards across jurisdictions” may help improve cross-border payments, a Federal Reserve official said last week.
By Lynne Marek • Feb. 20, 2024 -
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PayPal invests in AI startup Rasa
The investment is the first that the digital payments pioneer is making from its new artificial intelligence venture fund.
By Tatiana Walk-Morris • Feb. 20, 2024
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