Fintech

The latest fintech news for banking professionals.


  • money
    Image attribution tooltip
    Toshe_O via Getty Images
    Image attribution tooltip

    Evolve offers Yotta, Juno customers pennies

    Depositors affected by the Synapse middleware bankruptcy are pushing back against reconciliation payouts they allege barely scratch the surface of what they’re owed.

    By Nov. 12, 2024
  • former binance ceo changpeng zhao
    Image attribution tooltip
    David Ryder via Getty Images
    Image attribution tooltip

    FTX suing Binance, founder for $1.76B

    The FTX estate is looking to recoup funds it alleged were “fraudulently” transferred to Binance in 2021.

    By Nov. 11, 2024
  • An AI processor on a futuristic printed circuit board Explore the Trendline
    Image attribution tooltip
    da-kuk via Getty Images
    Image attribution tooltip
    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
  • Paze's logo is displayed on a smart phone.
    Image attribution tooltip

    Photo illustration: Shaun Lucas/Industry Dive; Getty Images; Paze

    Image attribution tooltip

    Paze gets new leader amid slow start

    Early Warning Services, the bank-owned company that operates Paze, tapped a new leader last month for the digital wallet operation after slow progress in launching the new service.

    By Patrick Cooley • Nov. 7, 2024
  • Cross River Bank
    Image attribution tooltip
    Permission granted by Cross River Bank
    Image attribution tooltip

    Cross River drops lawsuit against Fiserv subsidiary

    The Fort Lee, New Jersey-based lender dismissed its lawsuit against First Data Merchant Services, which was filed in October 2023, without disclosing a reason. 

    By Nov. 6, 2024
  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
    Image attribution tooltip
    Lynne Marek/Banking Dive
    Image attribution tooltip

    Fed aims to make instant payments the norm

    “It's going to be up to us to move instant payments from being novel to being normal,” Federal Reserve Financial Services’ chief payments executive told attendees at an industry conference last week.

    By Lynne Marek and Patrick Cooley • Nov. 5, 2024
  • Image of bitcoins.
    Image attribution tooltip
    Chris McGrath via Getty Images
    Image attribution tooltip

    Kraken cuts staff, appoints co-CEO and CFO

    The crypto exchange has cut about 400 employees, sources told The New York Times, in an effort to be “leaner and faster.” The move comes alongside changes in the company's C-suite.

    By Nov. 1, 2024
  • FTX signage is shown with a phone in the foreground
    Image attribution tooltip
    Leon Neal / Staff via Getty Images
    Image attribution tooltip

    Singh, fourth FTX exec sentenced, avoids prison

    Former FTX engineering chief Nishad Singh showed an “eagerness to assist” the prosecution during its case against Sam Bankman-Fried, and a similar energy to help CEO John Ray in FTX's bankruptcy case.

    By Oct. 31, 2024
  • Phone in hand with 'pay' button showing
    Image attribution tooltip
    Tero Vesalainen via Getty Images
    Image attribution tooltip

    AI increases fraud risk, fintechs say

    Financial firms monitor for fraud by looking for unusual activity, but an artificial intelligence model can be trained to transact like a real person.

    By Patrick Cooley • Oct. 31, 2024
  • fintech graphic
    Image attribution tooltip
    Getty Images/Staff via Getty Images
    Image attribution tooltip

    5 lessons learned from Synapse’s collapse

    Ledgering issues, bank partner and regulatory lapses and gross mismanagement led to a shortfall of up to $95 million between bank-held funds and amounts owed to fintech end users, a law firm found.

    By Oct. 30, 2024
  • cryptocurrency graphic
    Image attribution tooltip
    Dan Kitwood via Getty Images
    Image attribution tooltip

    Consensys to slash 20% of workforce

    The blockchain software firm best known for its self-custodial MetaMask wallet cited regulatory uncertainty and a push toward “rigorous decentralization.”

    By Oct. 30, 2024
  • BM Technologies CEO Luvleen Sidhu speaks during a fireside chat at FinovateFall in New York City on Sept. 14, 2021.
    Image attribution tooltip
    Anna Hrushka/Banking Dive
    Image attribution tooltip

    NC bank to buy fintech BM Technologies in $67M deal

    First Carolina Bank's acquisition of the Pennsylvania-based digital banking platform is expected to close in the first quarter of 2025.

    By Oct. 28, 2024
  • A person uses a credit card to pay for a purchase on a computer
    Image attribution tooltip
    Poike via Getty Images
    Image attribution tooltip

    Pay-by-bank to be used for bills, Plaid CEO predicts

    Plaid CEO Zach Perret expects consumers to use pay-by-bank services for mortgage and utility payments, but is skeptical they will be used to pay at restaurants or for groceries any time soon, he said.

    By Patrick Cooley • Oct. 28, 2024
  • Abstract blockchain technology concept. Internet security. Isometric digital cube connection background.
    Image attribution tooltip
    TU IS
    Image attribution tooltip

    Kraken to launch its own blockchain

    Ink will be rolled out to retail and institutional users early next year, with the aim to offer decentralized finance to a larger audience.

    By Oct. 28, 2024
  • solo funds team
    Image attribution tooltip
    Permission granted by SoLo Funds
    Image attribution tooltip

    SoLo Funds hit with lawsuit over ‘tips,’ ‘donations’ features

    The proposed class action filed last week in a California federal court alleges the fintech misleads borrowers with advertising that deceptively claims to offer zero-interest loans and no hidden fees.

    By Oct. 23, 2024
  • Rohit Chopra looks just off camera as someone else speaks.
    Image attribution tooltip
    Drew Angerer / Staff via Getty Images
    Image attribution tooltip

    Trade groups challenge CFPB’s open banking rule on Day 1

    Liability over data security emerges as a top concern as the Bank Policy Institute and a Kentucky trade group and bank sue the bureau, arguing overreach.

    By Oct. 23, 2024
  • Huntington Bank
    Image attribution tooltip
    Permission granted by Huntington Bank
    Image attribution tooltip

    Huntington CFO sees acceleration of fintech venture opportunities

    Declining interest rates are opening the gateway for a “regrowth” of funding activity, said Zachary Wasserman, CFO of the Columbus, Ohio-based bank.

    By Grace Noto • Oct. 23, 2024
  • A piece of paper shows columns of figures, with a calculator and pen sitting atop the paper.
    Image attribution tooltip
    Creative via Getty Images
    Image attribution tooltip

    Synapse-related funds to be disbursed soon, Evolve says

    Customers who are owed money will be asked to choose a payment method Nov. 4, with payments beginning “shortly thereafter,” the bank said Saturday.

    By Oct. 21, 2024
  • Fiserv headquarters in Brookfield, Wisconsin
    Image attribution tooltip

    Google Maps

    Image attribution tooltip

    Fiserv may grab competitive edge with new bank charter

    The payments processor can undercut rivals on price because it won’t be paying bank fees, industry consultants say.

    By Patrick Cooley • Oct. 21, 2024
  • OCC
    Image attribution tooltip
    Retrieved from OCC.
    Image attribution tooltip

    OCC hits Florida bank over AML concerns

    Maitland-based Axiom Bank agreed to revamp its BSA/AML program and look back at its suspicious activity reporting history.

    By Oct. 18, 2024
  • person standing outside of sofi technologies headquarters
    Image attribution tooltip
    Justin Sullivan via Getty Images
    Image attribution tooltip

    SoFi, Best Egg get boosts from private credit

    Fortress Investment Group extended $2 billion to SoFi and led a $500 million purchase facility to Best Egg to help grow their loan platforms.

    By Oct. 16, 2024
  • Cryptocurrency coins next to a smartphone displaying a chart
    Image attribution tooltip
    Jack Taylor via Getty Images
    Image attribution tooltip

    Crypto firm Copper hires ex-Goldman exec as new CEO

    Amar Kuchinad will replace the founder and current CEO, Dmitry Tokarev, in a push to drive the crypto custodian’s global growth strategy with a focus on fortifying its U.S. presence.

    By Oct. 16, 2024
  • Hand of person tapping phone with dollar signs floating up
    Image attribution tooltip
    Courtesy of Mastercard
    Image attribution tooltip

    Payments players tap M&A to build tech stacks

    The Fed’s recent interest rate cut could spur even more deal-making in the remaining months of the year and into 2025. Mastercard, Global Payments and Payoneer are among the companies that have bought businesses this year.

    By Shefali Kapadia • Oct. 16, 2024
  • Michelle Bowman speaks at an April 2024 event
    Image attribution tooltip
    (2024). [Photo]. Retrieved from Federal Reserve.
    Image attribution tooltip

    Credit unions, fintechs should face same regulations as banks: Fed’s Bowman

    “[Community banks] are also subject to a broader range of restrictions imposed by regulatory requirements…the disparity in the legal framework can have a distortive effect on competition,” Bowman said.

    By Oct. 15, 2024
  • A person displays their open wallet and cards
    Image attribution tooltip
    Joe Raedle / Staff via Getty Images
    Image attribution tooltip

    LendingClub, Pagaya acquire tech assets of defunct Tally

    Tally’s assets will be integrated into the existing products of both firms, according to company spokespeople. Tally shuttered in August this year over failure to raise funds.

    By Oct. 10, 2024
  • Digital bank, Grasshopper Bank
    Image attribution tooltip
    Permission granted by Grasshopper Bank
    Image attribution tooltip

    Grasshopper Bank to buy Auto Club Trust

    Grasshopper's deal with ACT, a subsidiary of The Auto Club Group, would increase its assets to $1.4 billion.

    By Oct. 9, 2024