Apple’s financial moves could offer lesson for fintechs

The tech giant’s foray into financial services poses a threat and opportunity for fintechs to innovate and grow their digital-first strategy.

By Rajashree Chakravarty • May 24, 2023

Fifth Third acquires embedded payments fintech Rize

Acquiring Rize bolsters Fifth Third's existing embedded payments business and adds to its treasury management business, the bank said.

By Gabrielle Saulsbery • May 23, 2023

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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

First Citizens sues HSBC over departure of 42 SVB bankers

The North Carolina bank accused a former SVB executive of helping HSBC, his new employer, incite a mass migration of talent and trade-secret information.

By Dan Ennis • May 23, 2023

Crypto company offers 6 months of free custody for female-founded firms

Clear regulations will bring more women into the space, Aegis Custody CEO Serra Wei said.

By Gabrielle Saulsbery • May 19, 2023

Truist launches its first gamified finance app

The app is the first product of Truist Foundry, the startup within the bank that focuses on creating digital solutions for clients.

By Rajashree Chakravarty • May 18, 2023

Ripple buys Swiss crypto custody firm Metaco for $250M

“I think this [deal] will really be a mark of a crypto spring,” Ripple CEO Brad Garlinghouse told CNBC.

By Dan Ennis • May 17, 2023

Bank of America launches fintech accelerator program

Participants in Breakthrough Lab — which is offered at no cost — are not expected or required to exchange equity with Bank of America, the bank said.

By Anna Hrushka • May 17, 2023

Dave sees profitability within a few quarters

The neobank’s CFO credits AI technology, smart marketing spend and a "good value proposition." Dave’s most popular product, ExtraCash, accounted for roughly 80% of the company’s revenue in the first quarter.

By Gabrielle Saulsbery • May 12, 2023

MoneyLion to add ChatGPT-powered search to its marketplace

MoneyLion CEO Dee Choubey believes tools like the popular text generator will eventually become table stakes in the finance sector.

By Anna Hrushka • May 10, 2023

Binance exec speaks out against US crypto regs

It’s “very difficult” to do business in the U.S. right now, the exchange's chief strategy officer, Patrick Hillmann, said, adding the country is in a “weird place.”

By Gabrielle Saulsbery • May 10, 2023

US arm of crypto exchange Bittrex files for bankruptcy

The company ceased U.S. operations in April, the same month it was charged by the SEC for allegedly operating an unregistered exchange.

By Gabrielle Saulsbery • May 9, 2023

Catawba Indian Nation passes code to woo banks, fintechs

The Catawba Digital Economic Zone hopes to gain regulatory approval for de novo banks to receive charters under the laws of the reservation’s federally recognized land.

By Anna Hrushka • May 8, 2023

How near-site solutions help CTOs manage print needs and free up valuable resources

CTOs are exceptionally vulnerable to aging IT infrastructure, especially when coupled with the elusive goal of reduced spending.

May 8, 2023

NY AG proposes landmark crypto bill

Letitia James has come out as a strong proponent of crypto regulations in recent months, suing multiple crypto companies since January.

By Gabrielle Saulsbery • May 5, 2023

Savana takes on Woodforest National Bank integration

As the operational layer above the bank’s core, Savana will deploy its software across Woodforest’s call center, back office and branch operations.

By Anna Hrushka • May 3, 2023

How Capital One is democratizing machine learning to curb fraud

The bank found opportunities for cross-unit collaboration, using tech to spot potential fraud more efficiently.

By Roberto Torres • May 2, 2023

FDIC orders Cross River to correct ‘unsafe’ lending practices

The $9 billion-asset bank, which neither admitted nor denied the charges, is not allowed to enter into any new partnerships with third parties or offer new credit products without the regulator’s approval.

By Anna Hrushka • May 1, 2023

FTX to sell derivatives platform LedgerX for $50M

FTX bought LedgerX in October 2021 to expand its regulated futures and options offerings in the U.S.

By Gabrielle Saulsbery • April 27, 2023

Former Amex execs raise $78M for early stage fintech fund

Women-led Vesey Ventures, which has already invested in five startups, aims to bridge the gap between companies in need of new technologies and those building them.

By Rajashree Chakravarty • April 26, 2023

Binance.US abandons $1.3B Voyager acquisition

It's the second time a deal to buy Voyager has fallen through since it filed for bankruptcy last summer.

By Gabrielle Saulsbery • April 26, 2023

Banks’ use of ChatGPT-like AI comes under CFPB’s watch

The agency is examining how generative AI tools could propagate bias or misinformation and create risk in the financial services sector, CFPB Director Rohit Chopra said.

By Anna Hrushka • April 26, 2023

How neobank Lili streamlines bookkeeping for SMBs

The fintech recently launched Lili Smart, accounting software that helps small-business owners manage their own bookkeeping by categorizing transactions in real time.

By Anna Hrushka • April 21, 2023

Regulators at odds on crypto blame for March bank closures

SEC Chair Gary Gensler tied crypto business to bank failures in front of House lawmakers Tuesday. NYDFS's Adrienne Harris countered him the following day.

By Gabrielle Saulsbery • April 20, 2023

Citi added 8,000 tech employees in the past year

Tech-related expenses grew 12% over 2022’s first quarter, the bank said. But Citi’s data infrastructure upgrade is “crucial” to addressing the 2020 consent orders against the bank, CFO Mark Mason said last week.

By Matt Ashare • April 20, 2023

MUFG hires SVB’s ex-corporate-banking chief, 4 other senior execs

In all, MUFG is adding 20 bankers to its technology, media and telecom unit, in perhaps its most significant U.S. move since it sold its West Coast branch footprint to U.S. Bank last year.

By Dan Ennis • April 20, 2023