Fintech: Page 15

The latest fintech news for banking professionals.

  • Exterior of the Federal Reserve building in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    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 • Aug. 9, 2023
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    Ulf Wittrock via Getty Images
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    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 • Aug. 9, 2023
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    da-kuk via Getty Images
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    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
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    Sean Gallup via Getty Images
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    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 • Aug. 8, 2023
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    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 • Aug. 4, 2023
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    TU IS
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    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 • Aug. 2, 2023
  • Bunq CEO Ali Niknam stands in front of Bunq's logo.
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    Courtesy of https://press.bunq.com/media_kits/228411/
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    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 • Aug. 2, 2023
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    Brandon Bell via Getty Images
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    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
  • WASHINGTON, DC - MARCH 09: Elon Musk, founder and chief engineer of SpaceX speaks at the 2020 Satellite Conference and Exhibition March 9, 2020 in Washington, DC. Musk answered a range of questions re
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    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 • July 31, 2023
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    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 • July 27, 2023
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    Win McNamee via Getty Images
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    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 • July 26, 2023
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    alexsl via Getty Images
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    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 • July 26, 2023
  • Greenwood Financial founders
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    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 • July 26, 2023
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    NicoElNino via Getty Images
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    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
  • Greenwood Financial founders
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    Permission granted by Greenwood Financial
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    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 • July 24, 2023
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    Piotrekswat via Getty Images
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    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 • July 21, 2023
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    iStock/Getty Images Plus/Casper1774Studio via Getty Images
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    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 • July 20, 2023
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    Photo by Tima Miroshnichenko from Pexels

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    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
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    alvarez via Getty Images
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    Wells Fargo, Hello Alice team on $70M small-business fund

    The fund is meant to increase banks' risk tolerance and help underserved small-business owners with credit enhancements and cash collateral deposits.

    By • July 19, 2023
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    Cannabis fintech Dama Financial looks to double sponsor bank network

    Dama Financial’s network of sponsor banks holds the deposits for cannabis-related businesses which, due to conflicting state and federal laws, often operate outside of the banking sector.

    By • July 19, 2023
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    Getty Images via Getty Images
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    Fintech funding drops in Q2

    While there was a drought of venture capital for payments startups and other fintechs in the first half of the year, industry reports spot potential for new flows in the second half.

    By Lynne Marek • July 18, 2023
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    Second Frank exec can’t escape JPMorgan lawsuit, judge says

    The startup's chief growth officer, Olivier Amar, pleaded not guilty Thursday to four fraud-related counts connected to what the acquiring bank said was a misrepresentation of Frank's customer base.

    By • July 17, 2023
  • Apple CEO Tim Cook announces the new iPhone 11
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    Justin Sullivan/Getty Images via Getty Images
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    Apple debuts recurring payments

    The tech giant, now valued at $3 trillion, is continuing to expand its financial offerings after debuting a buy now, pay later feature and a savings account earlier this year.

    By James Pothen • July 14, 2023
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    Courtesy of Monzo press kit
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    UK neobank Monzo eyeing Lunar acquisition: reports

    The reported merger talks come as rising interest rates and a drop in venture funding have created a difficult environment for fintechs and neobanks.

    By • July 12, 2023
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    Fintech Clair raises $175M, debuts tool for hourly employees

    After seeing tenfold growth over the past year, Clair aims to use the funding to expand its team and accelerate the adoption of its solution among frontline workers.

    By • July 12, 2023
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    anyaberkut via Getty Images
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    Fintechs, digital banks make gains in battle for checking accounts

    Digital banks and fintechs made up nearly half (47%) of all new checking accounts opened so far in 2023, up from 36% in 2020, according to a survey by Cornerstone Advisors. 

    By • July 12, 2023