Fintech

The latest fintech news for banking professionals.


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    Q&A

    Compliance is an ‘opportunity to showcase integrity’: Maast CEO Jonathan O’Connor

    O’Connor became Maast CEO, and chief-third party payments officer of its parent company Synovus Financial, earlier this year.

    By May 22, 2024
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    Varo Bank faces lawsuit over March data breach

    The lawsuit accuses the online bank of failing to protect personal information stored within its network, including customer phone numbers and the last four digits of Social Security numbers. 

    By May 22, 2024
  • Trendline

    Fraud and AML in banking

    It’s not just big banks like Citi and TD that face stiffer AML oversight from regulators. The FDIC is looking closely at banks offering BaaS alongside fintechs.

    By Banking Dive staff
  • Consumer Financial Protection Bureau Director Rohit Chopra testifies before the Senate Banking, Housing and Urban Affairs Committee April 26, 2022 in Washington, DC.
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    CFPB sues SoLo Funds, alleging it concealed costs from borrowers

    The fintech's tip structure inflates the APR on loans, but most loans aren't funded unless a tip is included. And the option not to donate was hidden, the regulator argued.

    By May 22, 2024
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    CFPB to treat BNPL loans like credit cards

    “Whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations,” CFPB Director Rohit Chopra said.

    By James Pothen • May 21, 2024
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    Elevated scrutiny begets clarity, better business: Unit Finance CEO

    Regulatory scrutiny of third-party partnerships has had banks and fintechs on edge. But with scrutiny comes recognition that such tie-ups are important, Itai Damti explained.

    By May 15, 2024
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    Customer satisfaction with online-only banks dwindles, study finds

    Though online-only direct bank customers have a higher satisfaction rate than traditional banks, that rate declined this year, particularly for those with checking accounts, J.D. Power reported.

    By May 15, 2024
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    Brex CFO mulls long-term IPO scenario but keeps eye on costs

    The prevailing attitude among companies seeking to go public is to achieve profitability beforehand, Ben Gammell said.

    By Grace Noto • May 14, 2024
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    Kabbage to pay $120M in PPP fraud settlements with DOJ

    The second-largest PPP lender in the nation by application volume “knowingly submitted thousands of false claims” and employed lax fraud controls, the Justice Department said.

    By May 14, 2024
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    TabaPay calls off deal with Synapse

    TabaPay sent Synapse a termination notice of the transaction Thursday, “based on failure to meet the purchase agreement closing conditions,” a TabaPay spokesperson said.

    By May 10, 2024
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    Upstart subpoenaed by SEC over AI, loans

    “We are cooperating with the SEC and are unable to predict the outcome of this matter,” the fintech lender said in a filing Tuesday.

    By May 9, 2024
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    Aspiration spins off consumer financial brand

    The standalone company, helmed by Tim Newell, will continue to operate under the Aspiration brand name and focus on offering climate-friendly products.

    By May 8, 2024
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    Fifth Third launches ‘reimagined’ eBus with SpringFour

    The eBus will travel to underserved communities across the bank’s footprint and give consumers access to around 24,000 nonprofit resources through its collaboration with the social impact fintech.

    By May 8, 2024
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    Third-party risk guide ‘a welcome sign,’ analysts say

    The guide from the Fed, OCC and FDIC aims to help bankers “get in the same mindset as the examination team” when assessing and managing third-party relationship risks, said the ICBA’s Michael Emancipator.

    By May 7, 2024
  • Stock Trading Platform Robinhood Goes Public On The New York Stock Exchange
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    Robinhood may face SEC lawsuit over crypto unit

    In a blog post, the company cited its "good-faith attempts" with the agency. At least one analyst said Robinhood has no incentive to sue because the SEC chair's term is up in two years.

    By May 7, 2024
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    Lawmakers push to revoke Funding Circle’s SBLC license

    Rep. Roger Williams and Sen. Joni Ernst wrote to SBA Administrator Isabel Guzman to raise concerns over the agency granting the London-based fintech its first SBLC license.

    By May 1, 2024
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    Stripe unbundles services as industry shifts

    The company’s move to decouple embedded financial services from payment processing means it’s ready to pursue larger customers, analysts said.

    By James Pothen • May 1, 2024
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    Green Dot
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    Green Dot CHRO eyes ‘engagement,’ tech hires amid BaaS buildout

    The company has brought aboard a new chief product officer, tech chief and general manager for BaaS over the past six months.

    By April 26, 2024
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    Synapse signs deal with TabaPay, files for bankruptcy

    TabaPay has set a purchase price of $9.7 million to acquire Synapse's assets — a deal that is pending court approval.

    By April 24, 2024
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    Temenos hires VMware exec as CEO

    Jean-Pierre Brulard will take the reins from Andreas Andreades, who will retire after serving as interim CEO since Max Chuard's departure in January 2023.

    By April 24, 2024
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    First Internet Bank CEO talks M&A, BaaS work

    After its acquisition of First Century Bank fell through in 2022, First Internet built its own banking-as-a-service team, CEO David Becker said. It now counts startup Ramp as a client.

    By April 24, 2024
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    TU IS
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    Figure hires Brex, SoFi vet to succeed Cagney as CEO

    Michael Tannenbaum served as Brex's chief operating officer until January. He cut his teeth as chief revenue officer at SoFi when Mike Cagney was still CEO.

    By April 24, 2024
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    Fintech One offers BNPL at Walmart stores: report

    The move presents competition for BNPL provider Affirm, which has partnered with the retail giant since 2019.

    By April 23, 2024
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    Lynne Marek/Banking Dive
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    Fed courts nonbanks for FedNow growth

    Nonbanks "help us understand what is needed, what customers are demanding [and] not seeing, what's on the horizon that we should be thinking about," a Chicago Fed specialist said this month.

    By Lynne Marek • April 23, 2024
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    Goldman sells Marcus Invest accounts to Betterment

    When accounts transition in June, Goldman's three-year robo-advisory experiment will end, and the bank will shed another piece of its once-nascent consumer-banking business.

    By April 23, 2024
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    Neobank Mercury adds personal banking

    The fintech, which has faced regulatory scrutiny, expanded into consumer banking with Mercury Personal, offering a banking option for founders and investors.

    By April 17, 2024