Fed, FDIC, OCC update guidance on third-party risk management

Regulators described the new guidance as “principles-based,” which can be adjusted to the unique circumstances of each third-party relationship.

By Anna Hrushka • June 7, 2023

CFPB slaps warning on P2P

The federal agency told consumers that money sitting in uninsured accounts, such as some offered by PayPal, Venmo and Cash App, could be at risk.

By Lynne Marek • June 2, 2023

Explore the 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

Fintech lenders drive consumer loan growth: J.D. Power study

Fintechs are gaining momentum in the lending space as they deliver a quick, frictionless approach to lending, the study found. 

By Rajashree Chakravarty • May 31, 2023

Cash management firm Dragonfly dives into ‘composable’ banking

An update to its Universal Online Banker technology gives customers like Utah-based Zions Bank the ability to offer digital-first business banking services at scale, giving them a leg up in competition against neobanks and fintechs.

By Gabrielle Saulsbery • May 31, 2023

Marqeta shuts down Australia operations

The fintech has eliminated about 10 jobs in that country and two more in Singapore, a spokesperson said.

By Lynne Marek • May 30, 2023

LGBTQ+ fintech Daylight to close its doors

Customer money can be accessed for transfer until June 30, the company's last day of banking operations, CEO Rob Curtis said in a blog post.

By Rajashree Chakravarty • May 25, 2023

Starling CEO Anne Boden to step down June 30

The move comes amid concerns of a potential conflicts of interest, since Boden holds a 4.9% stake in the neobank. Starling's chief operating officer will serve as interim CEO.

By Dan Ennis • May 25, 2023

5 questions on Dave’s in-app moneymaking feature

Making money from surveys isn’t some Craigslist scam. It’s a fintech feature — and Dave CEO Jason Wilk said it’s made members $1 million since December.

By Gabrielle Saulsbery • May 24, 2023

Apple’s financial moves could offer lesson for fintechs

The tech giant’s foray into financial services poses a threat and opportunity for fintechs to innovate and grow their digital-first strategy.

By Rajashree Chakravarty • May 24, 2023

Fifth Third acquires embedded payments fintech Rize

Acquiring Rize bolsters Fifth Third's existing embedded payments business and adds to its treasury management business, the bank said.

By Gabrielle Saulsbery • May 23, 2023

Frank founder pleads not guilty in JPMorgan fraud case

Charlie Javice has been in talks with prosecutors to settle charges of wire fraud, bank fraud, securities fraud and conspiracy, according to a court filing seen by Bloomberg.

By Dan Ennis • May 22, 2023

Fintech Wise CFO set to resign, CEO to go on leave

Matt Briers will step down next year to fully recuperate from the cycling accident he was in last year, while the hunt for the new CFO will start immediately, the company said.

By Rajashree Chakravarty • May 22, 2023

SoLo Funds settles cease-and-desist orders over ‘tips’

The fintech reached agreements with regulators in Connecticut, California and D.C., but did not admit wrongdoing.

By Rajashree Chakravarty • May 19, 2023

Neobank for retirees offers early access to Social Security checks

Allowing retirees to withdraw their Social Security benefits up to four weeks ahead is a streamlined version of earned wage access, Charlie CEO Kevin Nazemi said.

By Anna Hrushka • May 17, 2023

Newtek Bank leans on fintech firm for deposit growth

Of the $170 million in client deposits the bank gathered in March and April, more than $115 million came from a digital banking platform developed with Apiture, which Newtek acquired in January.

By Rajashree Chakravarty • May 17, 2023

Bank of America launches fintech accelerator program

Participants in Breakthrough Lab — which is offered at no cost — are not expected or required to exchange equity with Bank of America, the bank said.

By Anna Hrushka • May 17, 2023

Revolut CFO leaves for ‘personal reasons’

The digital bank has been waiting for its U.K. banking license for more than two years. Mikko Salovaara, in early March, said approval would be coming “any day now."

By Grace Noto • May 15, 2023

Dave sees profitability within a few quarters

The neobank’s CFO credits AI technology, smart marketing spend and a "good value proposition." Dave’s most popular product, ExtraCash, accounted for roughly 80% of the company’s revenue in the first quarter.

By Gabrielle Saulsbery • May 12, 2023

6 strategies revealed in FDIC’s disclosure of SVB bids

PNC and Citizens each bid for the failed bank's assets, as one might expect. So did two Canadian banks, investment behemoths and even a $2.8 billion-asset Maine-based lender.

By Dan Ennis • May 11, 2023

MoneyLion to add ChatGPT-powered search to its marketplace

MoneyLion CEO Dee Choubey believes tools like the popular text generator will eventually become table stakes in the finance sector.

By Anna Hrushka • May 10, 2023

Marqeta to cut workforce by 15%

The card-issuing fintech plans to dismiss about 150 employees in an effort to become profitable. It aims to reduce annual costs by as much as $45 million.

By Lynne Marek • May 10, 2023

Catawba Indian Nation passes code to woo banks, fintechs

The Catawba Digital Economic Zone hopes to gain regulatory approval for de novo banks to receive charters under the laws of the reservation’s federally recognized land.

By Anna Hrushka • May 8, 2023

Fintech Synapse partners with AMG National Trust

AMG will serve as a partner bank to Synapse’s broker dealer and credit entities in providing services like virtual account issuance and payment processing.

By Rajashree Chakravarty • May 3, 2023

Savana takes on Woodforest National Bank integration

As the operational layer above the bank’s core, Savana will deploy its software across Woodforest’s call center, back office and branch operations.

By Anna Hrushka • May 3, 2023

Sen. Brown urges FDIC to review Tellus’ business practices

The Senate Banking Committee chair voiced concern over the fintech’s high-interest savings accounts that are not insured by the regulator.

By Rajashree Chakravarty • May 3, 2023