BM Technologies to cut 25% of staff

BM Technologies’ effort to reduce expenses follows the dissolution of the fintech’s planned acquisition of First Sound Bank, a $23 million deal the two parties called off in December.

By Anna Hrushka • Jan. 31, 2023

Varo slows burn rate, shifts marketing strategy

The bank cut its marketing budget and shifted its focus from maximizing user numbers to growing the segment that uses Varo as its primary bank.

By Anna Hrushka • Jan. 31, 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

Former BofA CEO-backed fintech launches to match SMBs with lenders

“What we want to do is to put people that want to lend money together with people who need money. It's not complicated,” said ex-Bank of America CEO Hugh McColl Jr., a founding investor in Foro.

By Anna Hrushka • Jan. 25, 2023

Mexico’s largest department store now offers banking services to Mexican Americans

Customers can use their government-issued Mexican ID to set up a Coppel Access account, which provides access to a digital and physical debit card and convenient remittance services.

By Gabrielle Saulsbery • Jan. 25, 2023

Paymentus to accept payments via Green Dot Network

Paymentus is tapping Green Dot’s network to extend the number of locations where it accepts cash bill payments from consumers.

By Tatiana Walk-Morris • Jan. 23, 2023

Webster Bank CIO tapped to become Payoneer’s next CFO

Bea Ordonez joined the company last week, with the expectation that she would succeed Payoneer CFO Michael Levine, who is stepping down in March.

By Grace Noto • Jan. 19, 2023

nCino cuts 7% of workforce, CFO departs

The Wilmington, N.C.-based fintech’s cuts are part of a bid to shift from a “pure growth company to a best-in-case profitable growth company,” CEO Pierre Naudé wrote in a letter to employees. 

By Grace Noto • Jan. 19, 2023

Fintech wreckage spells opportunity for bargain-hunting banks

Following a challenging year for the fintech sector, enterprising banks may be able to acquire startups whose previous valuations put them out of reach in prior years, said Klaros Group’s Jonah Crane.

By Anna Hrushka • Jan. 18, 2023

Grasshopper, Ramp partner on small-business corporate card

The New York City-based digital bank will offer its customers access to Ramp’s spend management tool to help maximize savings and cut expenditures.

By Rajashree Chakravarty • Jan. 18, 2023

LendingClub to cut 225 employees

The fintech, which has a bank charter from its 2020 acquisition of Radius Bank, noted “reduced marketplace revenue” in the wake of last year’s series of interest rate increases by the Federal Reserve.

By Dan Ennis • Jan. 17, 2023

Affirm users jolted by multiple charges

The buy now, pay later provider said it encountered a “technical issue” that has now been resolved, with user transactions to be corrected at banks within a week.

By Lynne Marek • Jan. 13, 2023

Goldman details $3B in losses since 2020

The bank's Platform Solutions unit, housing Apple Card, GreenSky and some Marcus business, lost nearly twice as much in 2022's first nine months as in 2020. Goldman reports earnings Tuesday.

By Dan Ennis • Jan. 13, 2023

JPMorgan shuts down college-aid site Frank amid legal dust-up

The bank is suing the startup's founder for exaggerating Frank's customer base ahead of JPMorgan's 2021 purchase of the platform. Frank's founder, in a separate suit, said the bank fired her unjustly.

By Dan Ennis • Jan. 12, 2023

Bank trade groups blast SBA’s fintech proposal

Vice President Kamala Harris has said opening the SBA’s 7(a) program to fintechs would increase lending in underserved markets. The trade groups say the move threatens the integrity of the program.

By Anna Hrushka • Jan. 11, 2023

Fintech funding tumbled in 2022

U.S. fintech funding for the fourth quarter of 2022 was down nearly 80% compared to the same quarter in 2021, CB Insights said Wednesday.

By Caitlin Mullen • Jan. 11, 2023

5 banking trends to watch in 2023

Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector this year.

By Anna Hrushka , Dan Ennis , Gabrielle Saulsbery • Jan. 10, 2023

Steve Allocca named Funding Circle’s US managing director

Allocca, who will report to CEO Lisa Jacobs, was among the 460 employees let go when LendingClub cut 30% of its workforce after acquiring Radius Bank in April 2020.

By Rajashree Chakravarty • Jan. 9, 2023

Will PayPal get a new CEO?

CEO Dan Schulman faces speculation about his exit. “We think he could move on from PayPal, legacy intact,” one analyst team wrote.

By Lynne Marek • Jan. 9, 2023

State Street exec tapped to lead crypto infrastructure startup

Putting Nadine Chakar in the C-suite will allow Securrency’s founder, Dan Doney, to move to a chief technology officer role and focus on innovation, technology delivery and commercialization.

By Rajashree Chakravarty • Jan. 6, 2023

Blue Ridge Bank taps Fed vet to lead fintech division

The move comes roughly four months after the Office of the Comptroller of the Currency ordered the bank to improve its oversight of third-party fintech partnerships.

By Rajashree Chakravarty • Jan. 4, 2023

BM Technologies, First Sound Bank nix $23M merger

The deal, which the two companies initially estimated would close in the second half of 2022, would have created an institution, called BMTX Bank, with more than $2 billion in assets.

By Anna Hrushka • Jan. 4, 2023

Payments deals may climb in 2023

While the number of deals in the payments industry declined 14% last year, and even more by value, there are reasons to believe 2023 will be more active.

By Lynne Marek • Jan. 4, 2023

Investors press FIS, Fiserv for divestitures

The big processors mushroomed in 2019 acquisitions, with promises that scale would pay off, but shareholders now urge them to consider divestitures.

By Lynne Marek , Caitlin Mullen • Dec. 22, 2022

Wealthfront extends partnership with Green Dot, raises APY

Wealthfront’s bank partnership extension, as well as its latest high-yield push, comes as the fintech forges ahead as a stand-alone company, following the disintegration of a planned $1.4 billion acquisition by UBS.

By Anna Hrushka • Dec. 21, 2022

Neobank Greenwood adds subscription offering

For Ryan Glover, an Atlanta-based entrepreneur and founder of Bounce TV, adding professional- and entertainment-focused offerings to the digital banking platform is a move into familiar territory.

By Anna Hrushka • Dec. 21, 2022