Fintech: Page 14
The latest fintech news for banking professionals.
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Permission granted by Fiserv
Fiserv CEO details special bank charter pursuit
The processing and acquiring company, which seeks a “very specific” special bank charter, doesn’t intend to compete with its financial institution partners, Fiserv CEO Frank Bisignano said Tuesday.
By Caitlin Mullen • Feb. 7, 2024 -
Courtesy of Peterbilt
Fleet fintech ditches Visa for Mastercard
Fuel card startup AtoB, with $112 million in financial backing, plans to take on dominant fleet service rivals Wex and Fleetcor.
By Lynne Marek • Feb. 6, 2024 -
Explore the Trendline➔
da-kuk via Getty Images
TrendlineArtificial 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 -
Anna Hrushka/Banking Dive
Republican lawmakers raise concerns over FDITech
“[D]uring your tenure, the FDIC has moved innovation backwards,” the GOP lawmakers noted in the letter to the Federal Deposit Insurance Corp. Chair Martin Gruenberg.
By Rajashree Chakravarty • Feb. 5, 2024 -
Just_Super via Getty Images
Genesis Global settles SEC suit for $21M
The settlement will, among other things, "eliminate the risks, expenses, and uncertainty associated with protracted litigation against the SEC."
By Gabrielle Saulsbery • Feb. 2, 2024 -
David Ryder via Getty Images
SellersFi, Amazon team up to offer up to $10M in credit lines
The SellersFi credit lines are offered through Citi, which, with asset manager Fasanara Capital, led a $300 million credit facility for the company.
By Suman Bhattacharyya • Jan. 31, 2024 -
Permission granted by Plenty
Plenty aims to help couples build wealth together
Emily Luk and Channing Allen fell in love while working together at a fintech startup. Now, they want to help other couples manage and grow their money.
By Gabrielle Saulsbery • Jan. 31, 2024 -
hapabapa via Getty Images
Nasdaq to cut jobs to streamline operations: report
The second-largest U.S. stock exchange is planning to cut its workforce as it integrates software provider Adenza into its business to improve efficiency, Bloomberg reported.
By Rajashree Chakravarty • Jan. 31, 2024 -
ultramarine5 via Getty Images
The banking industry outlook on 2024: The year of wait-and-see
A capital requirements proposal, fintech regulation and the CFPB itself hang in the balance as opinions (from the public and a court) and an ever-ticking clock loom large.
By Dan Ennis • Jan. 30, 2024 -
fotostorm via Getty Images
One in four companies ban GenAI
The research by Cisco found that generative artificial intelligence tools are putting many companies’ sensitive data at increased risk of public exposure.
By Alexei Alexis • Jan. 30, 2024 -
Retrieved from OCC.
‘Troubled’ Blue Ridge Bank enters consent order with OCC
The OCC alleged that Blue Ridge’s BSA/AML program experienced “systemic internal controls breakdowns,” among other issues, in its second regulatory action against the bank in 18 months.
By Gabrielle Saulsbery • Jan. 29, 2024 -
Creative via Getty Images
Carlyle expands its reach on student loans as banks back out
The private-equity firm bought a $415 million portfolio, reportedly from Truist, and invested in student loan specialist Monogram.
By Dan Ennis • Jan. 25, 2024 -
Permission granted by Novo
Novo rolls out an embedded payroll tool for small businesses
Powered by Check, the new tool, Novo Payroll, aims to help small businesses manage their finances from a single platform.
By Rajashree Chakravarty • Jan. 24, 2024 -
Permission granted by ModernFi
ModernFi raises $18.7M in Series A
“Faced with fundamental shifts in the behavior of deposits, institutions benefit from modern tools to manage and grow their funding,” said Paolo Bertolotti, ModernFi CEO, who cofounded the fintech with a Columbia University chum.
By Gabrielle Saulsbery • Jan. 24, 2024 -
Courtesy of Brex
Brex cuts workforce by 20% in profitability push
The company’s chief tech officer, who is transitioning to an advisory role, shared on LinkedIn a spreadsheet of employees impacted by the job cuts. Nearly 175 opted in, and 71 had “software engineer” in their title.
By James Pothen • Jan. 24, 2024 -
Caitlin Mullen/Banking Dive
Klarna adds subscription plan
With an IPO on the horizon, the BNPL firm is offering customers a subscription service for $7.99 per month.
By Caitlin Mullen • Jan. 24, 2024 -
Creative stock via Getty Images
Figure eyes SEC approval for interest-bearing stablecoin
The company’s token would be redeemable at 1 cent per certificate, rather than $1, and interest would accrue daily and be paid monthly to the user, according to paperwork filed with the agency.
By Dan Ennis • Jan. 23, 2024 -
Sukanya Sonlila via Getty Images
BaaS to require strong commitment, investment in 2024, experts say
While demand for embedded banking services will continue to propel the BaaS space, experts say regulatory scrutiny will likely separate committed banks from those with a casual interest in the model.
By Anna Hrushka • Jan. 22, 2024 -
Permission granted by Arc Technologies
Neobank Arc looks to fill SVB gap with venture debt platform
Arc Technologies CEO and co-founder Don Muir likened Arc Capital Markets to Uber Black, describing the platform as a dedicated concierge service that meticulously vets its lenders.
By Anna Hrushka • Jan. 17, 2024 -
Photo illustration: Varo Bank; Getty Images
Varo rolls out free tax prep and filing tool with Column Tax
All Varo Bank customers can access the tax filing service, which uses pre-filled data based on user information and helps to file taxes in less than 15 minutes, the lender said.
By Rajashree Chakravarty • Jan. 17, 2024 -
Panchenko Vladimir/Shutterstock.com
Visa picks fintech startups for accelerator
A debt repayment app startup and a small business lender are among the U.S. startups selected by the card network and its partner this year.
By Tatiana Walk-Morris • Jan. 17, 2024 -
Google Maps
Fiserv seeks special-purpose bank charter
The designation would allow the payment processor to own transactions from end-to-end, removing the need for a bank partner.
By Caitlin Mullen • Jan. 12, 2024 -
Justin Sullivan via Getty Images
X plans payments launch for this year
“I would be surprised if it takes longer than the middle of [2024] to roll out payments,” X owner Elon Musk said during a conversation last month with Ark Invest CEO Cathie Wood.
By James Pothen • Jan. 10, 2024 -
LD via Getty Images
FTC slaps $3M penalty on fintech FloatMe
The federal agency alleged the cash advance app company charged users without consent and misled consumers on eligibility requirements.
By Rajashree Chakravarty • Jan. 10, 2024 -
Courtesy of Revolut Press Kit
Revolut hit with biometric ID class action in Illinois
Several tech companies have been hit with lawsuits under Illinois' Biometric Information Privacy Act in recent years.
By Gabrielle Saulsbery • Jan. 10, 2024 -
Matt Cardy via Getty Images
Remitly taps ads to woo new clients
The cross-border payments company has boosted marketing to build up its remittance clientele.
By Lynne Marek • Jan. 10, 2024
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