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

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

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

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

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 Anna Hrushka • July 19, 2023

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 Anna Hrushka • July 19, 2023

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

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 Dan Ennis • July 17, 2023

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

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 Anna Hrushka • July 12, 2023

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 Rajashree Chakravarty • July 12, 2023

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 Anna Hrushka • July 12, 2023

Twitter snags money transfer license in Arizona

That’s the fourth state in which the social media company has received a license, inching it closer to creating the payments tool and super-app envisioned by owner Elon Musk.

By James Pothen • July 12, 2023

Criminals stole $20M from Revolut via payment loophole: report

Differences in the firm’s U.S. and European systems meant the neobank would use its own money to erroneously refund certain declined payments, the Financial Times reported.

By Anna Hrushka • July 10, 2023

[PODCAST] Digital identity opportunities in the financial services industry

This podcast explores the policy and regulatory trends shaping digital identity, including age-gating and social media bans.

By Banking Dive's studioID • July 10, 2023

Stripe cuts additional jobs

The digital payments services provider pared its workforce last week, following on more extensive cuts last year.

By James Pothen • July 7, 2023

SoLo Funds to bring peer-to-peer lending platform to Nigeria

Nigeria’s growing fintech sector made the region an attractive entry point to the continent, SoLo Funds founder Rodney Williams said.

By Anna Hrushka • July 5, 2023

Ramp acquires AI-powered Cohere

The finance automation platform acquired the startup to help drive AI-powered projects and solve problems for its customers, it said. 

By Rajashree Chakravarty • July 5, 2023

Visa to acquire Pismo for $1B

Visa said it has agreed to acquire the Brazilian company to provide more card issuing and banking services to fintechs and financial institutions.

By Lynne Marek • June 29, 2023

BNP Paribas deal signals end to Orange’s challenger bank status

The telecom company has taken more than €800 million in losses on its banking efforts since 2017, Bloomberg reported. Its CEO floated a strategy to invest more in cybersecurity and grow its core business in Africa.

By Dan Ennis • June 29, 2023

Remittance fintech launches neobank

Piermont Bank will provide the underlying banking services for Sendwave Pay, which offers users a debit card and reimbursements for international transaction fees when the card is used outside of the U.S.

By Anna Hrushka • June 28, 2023