Fintech

The latest fintech news for banking professionals.


  • alex mashinsky former celsius ceo
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    Celsius founder Mashinsky pleads guilty to fraud

    His two-count guilty plea could send the 59-year-old to prison for 30 years.

    By Dec. 4, 2024
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    Supatman via Getty Images
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    First National Bank of Omaha’s online-only bank shuts abruptly

    Milli Bank, the online-only banking platform of FNBO, said last month it had closed its doors, without citing a reason. 

    By Dec. 4, 2024
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    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
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    Thread Bank CEO anticipates more ‘reasonable’ regulatory environment under Trump

    The lender – hit with an FDIC consent order this year – has tried to ensure its house “can withstand the storm,” rather than simply “being mad at the weather,” CEO Chris Black said.

    By Dec. 4, 2024
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    Metropolitan Commercial Bank ‘aided and abetted’ Voyager fraud: lawsuit

    MCB is accused of defrauding customers of crypto exchange Voyager Digital, many of whom have been unable to access their funds since Voyager’s 2022 bankruptcy.

    By Dec. 3, 2024
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    Q&A

    Worldpay exec talks digital wallet security

    The head of fraud prevention for the processor said the company leverages data to block hackers and fraudsters seeking digital wallet information.

    By Patrick Cooley • Dec. 3, 2024
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    Synapse partner banks hit with lawsuit over fund mismanagement

    The four banks – Evolve, AMG National Trust, American Bank and Lineage – were sued Friday, after thousands of consumers were left without access to their funds post-Synapse collapse.

    By Nov. 27, 2024
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    Trump 2.0 expected to open the ‘regulatory gates’ for chartering

    “Fintech had really just become kind of a dirty word during the Biden administration, and that’s going to change,” said Michele Alt, an OCC veteran and co-founder of financial services advisory firm Klaros Group.

    By Nov. 27, 2024
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    Courtesy of Affirm
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    BNPL use may rise this year for holiday shopping

    With credit card interest rates at a historic high, consumers are likely to gravitate to lower-cost alternatives, including potentially buy now, pay later options, industry consultants say.

    By Patrick Cooley • Nov. 27, 2024
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    Custodia takes a step back ahead of Trump term

    The Wyoming bank, long embattled with the Federal Reserve, aimed to “preserve capital” and its charter before the White House takes a presumably more crypto-positive tone.

    By Nov. 26, 2024
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    Blueacorn founders indicted on PPP fraud charges

    The Justice Department accused Nathan Reis and Stephanie Hockridge of submitting thousands of fraudulent PPP applications through the fintech in the name of “democratizing access to loan relief.”

    By Nov. 26, 2024
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    DC attorney general sues EarnIn over ‘deceptive’ marketing

    The fintech couches its “cash out” product as earned wage access, but it’s a loan that, at times, carries 300% interest with a poorly disclosed fee for “instant” payouts, the AG said.

    By Nov. 20, 2024
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    Anna Hrushka/Banking Dive
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    FDIC extends recordkeeping rule comment period

    The comment window for the agency’s third-party recordkeeping rule has been extended by 45 days.

    By Nov. 20, 2024
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    Deep Dive

    PayPal CEO pushes beyond payments

    After a year as CEO of the digital payments pioneer, Alex Chriss is spearheading an expanded role in commerce for the company.

    By Lynne Marek • Nov. 20, 2024
  • Stock Trading Platform Robinhood Goes Public On The New York Stock Exchange
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    Robinhood buys wealth management platform TradePMR

    Ahead of what’s projected to be the largest wealth transfer in history, Robinhood is bringing financial advisers directly to its 24 million customers.

    By Nov. 20, 2024
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    Community banks need to step up third-party practices: survey

    Community and mid-size banks lack due diligence and rigorous contract negotiations with third-party vendors, including fintechs, leading to potential risks, a Jones Walker survey said.

    By Nov. 13, 2024
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    Block recalibrates crypto approach

    The payments firm is winding down its bitcoin-focused TBD business and investing in its self-custody wallet and bitcoin mining businesses.

    By Nov. 13, 2024
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    Klarna files for IPO

    The buy now, pay later company announced Tuesday it had filed confidentially with the Securities and Exchange Commission for an initial public offering.

    By Patrick Cooley • Nov. 13, 2024
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    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
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    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
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    Photo illustration: Shaun Lucas/Industry Dive; Getty Images; Paze

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    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
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    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.
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    Lynne Marek/Banking Dive
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    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
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    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
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    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
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    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