Fintech: Page 2

The latest fintech news for banking professionals.


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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
  • 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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    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 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
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    Pathward to pay refunds, penalty tied to NY AG investigation

    The bank, a frequent partner to fintechs, froze customer accounts and transferred money to debt collectors, violating state law, the NY AG’s office said.

    By April 17, 2024
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    Fed keeps up CBDC research

    Despite political opposition to a potential U.S. central bank digital currency, research staff at the central bank continue to study the possibility.

    By Lynne Marek • April 17, 2024
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    Codat seeks to topple check fraud with virtual card adoption

    JPMorgan Chase is an early user of Codat’s Supplier Enablement product, which launched this week.

    By April 17, 2024
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    US, Europe lock arms on payments regulation

    U.S. and European regulators have joined forces to monitor digital payment concerns, including those related to buy now, pay later financing and big tech market participation.

    By Lynne Marek • April 15, 2024
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    Adro raises $1.5M to bridge international students, banking services

    Without a Social Security number or U.S. credit file, students coming from abroad face a lag in banking in their new home country. Adro aims to fix that.

    By April 10, 2024
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    Funding Circle gets final nod for SBA 7(a) loans amid pushback

    The London-based company received final approval to proceed with the 7(a) lending program around four months after the SBA announced it would grant three new licenses.

    By April 10, 2024
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    KeyBank scouts for fintech partners

    The bank, which has yet to strike a fintech partnership this year, generally enters into one to two each year, said Ken Gavrity, president of Key Commercial Bank.

    By April 10, 2024