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

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

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

Greenwood acquires neobank Kinly

The acquisition merges two neobanks that share a similar mission. Both fintechs launched in 2020 with the goal to help underserved communities build generational wealth.

By Anna Hrushka • May 2, 2023

FDIC orders Cross River to correct ‘unsafe’ lending practices

The $9 billion-asset bank, which neither admitted nor denied the charges, is not allowed to enter into any new partnerships with third parties or offer new credit products without the regulator’s approval.

By Anna Hrushka • May 1, 2023

Global Payments to replace CEO

CEO Jeff Sloan will step down June 1 and be replaced by the payment processor’s president and chief operating officer, Cameron Bready.

By Caitlin Mullen • May 1, 2023

Former Amex execs raise $78M for early stage fintech fund

Women-led Vesey Ventures, which has already invested in five startups, aims to bridge the gap between companies in need of new technologies and those building them.

By Rajashree Chakravarty • April 26, 2023

How the March banking crisis plays in to JPMorgan’s Frank case

Beleaguered Frank founder Charlie Javice moved her money to Signature Bank in September because she “no longer wanted to bank with an entity that was retaliating against her,” she told a court Friday.

By Dan Ennis • April 25, 2023

FSOC floats new framework to tag nonbanks as systemically important

Trump-era guidance “created inappropriate hurdles” that gave the process “an unrealistic timeline” for addressing emerging risks, Treasury Secretary Janet Yellen said.

By Dan Ennis • April 21, 2023

How neobank Lili streamlines bookkeeping for SMBs

The fintech recently launched Lili Smart, accounting software that helps small-business owners manage their own bookkeeping by categorizing transactions in real time.

By Anna Hrushka • April 21, 2023

Open banking might affect deposit outflows, OCC’s Hsu says

“An open banking culture that ... puts trust above other objectives, including growth and profit, will succeed and thrive over time,” said Acting Comptroller Michael Hsu.

By Rajashree Chakravarty • April 20, 2023

MUFG hires SVB’s ex-corporate-banking chief, 4 other senior execs

In all, MUFG is adding 20 bankers to its technology, media and telecom unit, in perhaps its most significant U.S. move since it sold its West Coast branch footprint to U.S. Bank last year.

By Dan Ennis • April 20, 2023

Inclusive lending fintech Stratyfy raises $10M

The funding will go toward a product that helps lenders detect unfair bias, Stratyfy co-founder and CEO Laura Kornhauser said.

By Rajashree Chakravarty • April 19, 2023

Debt repayment fintech Clerkie raises $33M in Series A

“Our goal is to support struggling American families by giving them better tools to responsibly fulfill their debt obligations and ease their debt burden,” said founder Guy Assad.

By Gabrielle Saulsbery • April 19, 2023

Goldman confirms it’s exploring sale of fintech GreenSky

The comments lend more structure to CEO David Solomon’s assertion, at Goldman’s investor day in February, that the bank was “considering strategic alternatives” for its consumer business.

By Anna Hrushka • April 19, 2023

Goldman, Apple launch savings account with 4.15% APY

Work on the account was announced in October as part of a series of offerings, including a buy now, pay later platform, meant to generate a greater share of the tech company’s revenue from services.

By Rajashree Chakravarty • April 18, 2023