Back to the future with Worldpay

FIS CEO Stephanie Ferris and her Worldpay sidekick Charles Drucker, reclaiming a role at the business, will be under pressure to avoid “dis-synergies.”

By Lynne Marek • Feb. 14, 2023

Key merger metric doesn’t account for online banking, nonbanks: OCC

The Herfindahl-Hirschman Index, which measures a bank’s market presence based on deposit share, is becoming a less effective predictor of competition across product lines, the agency’s chief counsel said.

By Anna Hrushka • Feb. 13, 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

Quontic, NYDIG vet aims to bridge ‘translation layer’ between banks, fintechs

Patrick Sells, a former chief innovation officer, wants to speed up the time it takes for banks to find a fintech whose services match their needs.

By Anna Hrushka • Feb. 8, 2023

Former NYSE CIO launches an app to make you feel good about your finances

He called Fierce “kind of like the Ted Lasso of finance.”

By Gabrielle Saulsbery • Feb. 8, 2023

Stash’s CEO takes the helm as fintech matures from hyper-growth

New chief Liza Landsman said the company is exploring paths toward acquisition, private financing or an initial public offering, backing off earlier reports that suggested a stronger focus on IPO.

By Suman Bhattacharyya • Feb. 7, 2023

Bank mobile app use reaches 87%: Chase survey

Card replacement and peer-to-peer payment access rank among features with the greatest uptick in use, the bank’s research found.

By Gabrielle Saulsbery • Feb. 6, 2023

Stripe CFO exits to handle ‘family matters’

Dhivya Suryadevara is exiting the payments software provider on the brink of a potential IPO and deal with Amazon.

By Elizabeth Flood • Feb. 3, 2023

Small banks, fintechs ask CFPB for more time to phase out screen scraping

A CFPB proposal aims to eliminate screen scraping by requiring banks to establish APIs, standardized software widely regarded as a more secure way to connect consumers’ accounts to financial apps.

By Anna Hrushka • Feb. 1, 2023

Fintech Upstart lays off 20% of staff

The alternative lender also plans to suspend the development of its small-business loan product "until macroeconomic conditions improve," it said in a filing with the SEC.

By Rajashree Chakravarty • Feb. 1, 2023

BM Technologies to cut 25% of staff

BM Technologies’ effort to reduce expenses follows the dissolution of the fintech’s planned acquisition of First Sound Bank, a $23 million deal the two parties called off in December.

By Anna Hrushka • Jan. 31, 2023

Varo slows burn rate, shifts marketing strategy

The bank cut its marketing budget and shifted its focus from maximizing user numbers to growing the segment that uses Varo as its primary bank.

By Anna Hrushka • Jan. 31, 2023

Former BofA CEO-backed fintech launches to match SMBs with lenders

“What we want to do is to put people that want to lend money together with people who need money. It's not complicated,” said ex-Bank of America CEO Hugh McColl Jr., a founding investor in Foro.

By Anna Hrushka • Jan. 25, 2023

Mexico’s largest department store now offers banking services to Mexican Americans

Customers can use their government-issued Mexican ID to set up a Coppel Access account, which provides access to a digital and physical debit card and convenient remittance services.

By Gabrielle Saulsbery • Jan. 25, 2023

Paymentus to accept payments via Green Dot Network

Paymentus is tapping Green Dot’s network to extend the number of locations where it accepts cash bill payments from consumers.

By Tatiana Walk-Morris • Jan. 23, 2023

Webster Bank CIO tapped to become Payoneer’s next CFO

Bea Ordonez joined the company last week, with the expectation that she would succeed Payoneer CFO Michael Levine, who is stepping down in March.

By Grace Noto • Jan. 19, 2023

nCino cuts 7% of workforce, CFO departs

The Wilmington, N.C.-based fintech’s cuts are part of a bid to shift from a “pure growth company to a best-in-case profitable growth company,” CEO Pierre Naudé wrote in a letter to employees. 

By Grace Noto • Jan. 19, 2023

Fintech wreckage spells opportunity for bargain-hunting banks

Following a challenging year for the fintech sector, enterprising banks may be able to acquire startups whose previous valuations put them out of reach in prior years, said Klaros Group’s Jonah Crane.

By Anna Hrushka • Jan. 18, 2023

Grasshopper, Ramp partner on small-business corporate card

The New York City-based digital bank will offer its customers access to Ramp’s spend management tool to help maximize savings and cut expenditures.

By Rajashree Chakravarty • Jan. 18, 2023

LendingClub to cut 225 employees

The fintech, which has a bank charter from its 2020 acquisition of Radius Bank, noted “reduced marketplace revenue” in the wake of last year’s series of interest rate increases by the Federal Reserve.

By Dan Ennis • Jan. 17, 2023

Affirm users jolted by multiple charges

The buy now, pay later provider said it encountered a “technical issue” that has now been resolved, with user transactions to be corrected at banks within a week.

By Lynne Marek • Jan. 13, 2023

Goldman details $3B in losses since 2020

The bank's Platform Solutions unit, housing Apple Card, GreenSky and some Marcus business, lost nearly twice as much in 2022's first nine months as in 2020. Goldman reports earnings Tuesday.

By Dan Ennis • Jan. 13, 2023

JPMorgan shuts down college-aid site Frank amid legal dust-up

The bank is suing the startup's founder for exaggerating Frank's customer base ahead of JPMorgan's 2021 purchase of the platform. Frank's founder, in a separate suit, said the bank fired her unjustly.

By Dan Ennis • Jan. 12, 2023

Bank trade groups blast SBA’s fintech proposal

Vice President Kamala Harris has said opening the SBA’s 7(a) program to fintechs would increase lending in underserved markets. The trade groups say the move threatens the integrity of the program.

By Anna Hrushka • Jan. 11, 2023

Fintech funding tumbled in 2022

U.S. fintech funding for the fourth quarter of 2022 was down nearly 80% compared to the same quarter in 2021, CB Insights said Wednesday.

By Caitlin Mullen • Jan. 11, 2023

5 banking trends to watch in 2023

Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector this year.

By Anna Hrushka , Dan Ennis , Gabrielle Saulsbery • Jan. 10, 2023