Fintech

The latest fintech news for banking professionals.


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    Bain, Reverence to acquire Envestnet in $4.5B deal

    The transaction, expected to close in the fourth quarter, will take the publicly traded wealth technology platform private.

    By July 12, 2024
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    Anna Hrushka/Banking Dive
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    Bank-fintech guidance needs more clarity, FDIC’s McKernan says

    “Rules of the road” for bank-fintech tie-ups could help banks that partner with fintechs better manage third-party risks, he said.

    By July 10, 2024
  • Trendline

    Customer 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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    MoneyLion doubles down on AI to bolster customer experience

    The fintech's gen AI-powered search engine, currently in beta, is set to be launched by end of summer, CEO Dee Choubey said. 

    By July 10, 2024
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    Chris McGrath via Getty Images
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    Crypto theft doubles to $1.38B in 2024’s first half

    The May theft of more than $300 million in Bitcoin from Japanese crypto exchange DMM Bitcoin is the largest digital currency heist so far this year.

    By Alexei Alexis • July 8, 2024
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    Roger’s wide-scale marketing effort takes aim

    Less than a year after launch, Citizens Bank of Edmond's military-focused neobank sees its account volume grow by 50% every month, Director Marcus Castilla said.

    By July 3, 2024
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    Senators prod Synapse partners to return customer funds

    “As those that made the current situation possible, you must accept the tremendous responsibility that comes with handling consumers’ money,” lawmakers scolded.

    By July 2, 2024
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    Anna Hrushka/Banking Dive
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    FDIC orders Thread Bank to step up BaaS oversight

    The Rogersville, Tennessee-based bank must implement a documented risk assessment of its fintech partners, the agency said. The bank’s board also must approve risk tolerance thresholds.

    By July 1, 2024
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    Crypto firm Abra settles with 25 states for operating without a license

    Abra agreed to repay customers some $82 million in crypto. CEO Bill Barhydt said all but $2 million, yet to be claimed, has been repaid.

    By June 27, 2024
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    Funding Circle sells its US unit, returns SBLC license

    iBusiness Funding, a subsidiary of Ready Capital, agreed to acquire the fintech for roughly $42 million. In March, Funding Circle's CEO said it was exploring the sale of its U.S. unit.

    By June 26, 2024
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    Unit Finance cuts 15% of staff

    The embedded finance fintech “has always maintained a large balance sheet, and the changes we are making today will further solidify our strength,” founders Itai Damti and Doron Somech said.

    By June 18, 2024
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    JPMorgan, Greek fintech get a roadmap to bridge their dispute

    A London judge detailed how Viva Wallet should be valued. Previous estimates — and the fine print in a deal that gave JPMorgan a minority stake in the fintech — have sparked lawsuits on both sides.

    By June 17, 2024
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    Fed hits Synapse partner Evolve with enforcement action

    An exam last year revealed Evolve Bank & Trust didn’t have an effective risk management framework in place for its fintech partnerships, the Fed said.

    By June 14, 2024
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    Column

    Dive Deposits: In HSBC’s eyes, Revolut can have Canary Wharf

    The fintech signed a deal to occupy a high-rise alongside G-SIBs. But Revolut's coup — grabbing 40% more office space to match its 40% headcount bump — comes as the U.K.'s biggest bank is leaving the area.

    By June 14, 2024
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    Terraform Labs, Do Kwon to settle with SEC for $4.47B

    Meanwhile, Kwon remains in Montenegro as courts wrestle with whether or not to extradite him to his home country of South Korea or to the U.S. to face charges.

    By June 13, 2024
  • Brex CEO Pedro Franceschi pictured against a grey background.
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    Courtesy of Brex
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    Brex moves to single-CEO model

    Pedro Franceschi will become sole chief executive, while co-founder Henrique Dubugras will move to board chair as the company aims for a 2025 IPO.

    By June 13, 2024
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    Synapse trustee McWilliams finds $85M gap in frozen funds

    Partner banks of the bankrupt fintech middleman hold roughly $180 million in demand deposit and for-benefit-of accounts associated with end users. But those users are owed $265 million, a court filing shows.

    By June 12, 2024
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    Apple unveils new iPhone touch and pay feature

    The P2P ‘Tap to Cash’, which enables iPhone users to transfer money by holding their phones together, was unveiled along with a slate of other features Monday.

    By Patrick Cooley • June 12, 2024
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    Ex-Bank of America lawyer builds female-focused investment app

    A beta version of WealthMeUp, an application designed to help women navigate investment and address the disparity between how men and women look at the space, launched Tuesday.

    By June 12, 2024
  • Stock Trading Platform Robinhood Goes Public On The New York Stock Exchange
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    Robinhood leans further into crypto with $200M Bitstamp deal

    Acquiring the crypto exchange would embed the brokerage deeper in digital assets and help it trade a greater variety of tokens in more markets globally.

    By June 12, 2024
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    Rivals Adyen, Stripe partner with Capital One to combat fraud

    The three companies announced last Wednesday that they are teaming up to launch a free service intended to combat fraud and reduce the amount of transactions that are improperly declined.

    By Patrick Cooley • June 10, 2024
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    ipopba via Getty Images
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    Yotta CEO: 85K customers lose access to funds due to Synapse-Evolve tussle

    The fintech’s customers, who have a combined $112 million in savings, have been locked out of their accounts amid the Synapse-Evolve Bank & Trust dispute, Yotta CEO Adam Moelis told CNBC.

    By June 5, 2024
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    SoFi hires JPMorgan, Citi alum as general counsel

    Stephen Simcock, recent general counsel for consumer banking at JPMorgan, replaces Rob Lavet, who is retiring.

    By June 5, 2024
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    Fintech Copper burned by Synapse collapse

    The teen-focused fintech had to shut down its bank deposit accounts and debit cards mid-month — an earlier wind-down than expected due to turmoil experienced by its middleware provider, Synapse.

    By May 29, 2024
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    N26
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    N26 readies for a post-cap future

    Germany's financial regulator will drop its limit on the fintech's growth June 1. N26's CEO said the cap has cost billions in lost valuation. But its compliance systems can handle an increased load.

    By May 29, 2024
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    Klarna uses AI to save $10M on marketing annually while upping output

    More than one-third of the Stockholm-based fintech’s marketing savings in Q1 are attributable to AI.

    By Chris Kelly • May 29, 2024