Fintech: Page 8
The latest fintech news for banking professionals.
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JPMorgan Chase to let brands target customers based on spending data
Chase Media Solutions connects customers to retail deals, tailored to their spending, directly through their bank app.
By Gabrielle Saulsbery • April 3, 2024 -
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Piermont, Sutton banks hit with FDIC consent orders over BaaS
The FDIC ordered Piermont to review all transactions since September 2022 to ensure all suspicious activity was reported. Sutton, meanwhile, must compile an inventory of its third-party relationships.
By Caitlin Mullen • April 1, 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 -
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Fintech trade group sues to block Colorado interest-rate cap
A law set to take effect July 1 would bar state-chartered banks from offering Coloradans installment loans and BNPL products. But it may clear the market for federally chartered banks, plaintiffs say.
By Dan Ennis • March 27, 2024 -
Sukanya Sonlila via Getty Images
SBA critics push back on fintechs making 7(a) loans
During a hearing last week, Sen. Joni Ernst, R-IA, challenged SBA Administrator Isabel Guzman over her push for direct lending by nonbank entities, highlighting the license Funding Circle received last year.
By Rajashree Chakravarty • March 27, 2024 -
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Fintech Wise swipes Delivery Hero alum for finance chief
Emmanuel Thomassin will leave for the London-based money transfer provider after a decade in Delivery Hero’s top financial seat.
By Grace Noto • March 26, 2024 -
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JPMorgan seeks embedded payments niches
The biggest U.S. bank aims to offer embedded payments software solutions in more industries for its corporate clients.
By Lynne Marek • March 25, 2024 -
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Robinhood co-founder steps down
Baiju Bhatt, who co-founded the fintech 11 years ago and was most recently chief creative officer, is moving on to “focus on his next enterprise.”
By Gabrielle Saulsbery • March 25, 2024 -
Michael M. Santiago via Getty Images
FTX CEO says Bankman-Fried lives ‘life of delusion’
In his victim impact statement, John Ray III told Judge Lewis Kaplan that FTX’s estate was “a metaphorical dumpster fire” when he joined the firm at bankruptcy.
By Gabrielle Saulsbery • March 21, 2024 -
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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 -
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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 -
Michael M. Santiago via Getty Images
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 -
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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 -
Sean Pavone via Getty Images
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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