Investors press FIS, Fiserv for divestitures

The big processors mushroomed in 2019 acquisitions, with promises that scale would pay off, but shareholders now urge them to consider divestitures.

By Lynne Marek , Caitlin Mullen • Dec. 22, 2022

Wealthfront extends partnership with Green Dot, raises APY

Wealthfront’s bank partnership extension, as well as its latest high-yield push, comes as the fintech forges ahead as a stand-alone company, following the disintegration of a planned $1.4 billion acquisition by UBS.

By Anna Hrushka • Dec. 21, 2022

Explore the Trendline➔

Artificial intelligence

Banks’ focus on AI has shifted from a “cool-toys” mentality to one that sees the technology as a foundational pillar underlying finance and society itself.

By Banking Dive staff

Neobank Greenwood adds subscription offering

For Ryan Glover, an Atlanta-based entrepreneur and founder of Bounce TV, adding professional- and entertainment-focused offerings to the digital banking platform is a move into familiar territory.

By Anna Hrushka • Dec. 21, 2022

Fiserv hired ‘thousands’ of workers this year, CEO says

Even as the payments and fintech company cut employees this year, it hired “thousands” of workers, Fiserv CEO Frank Bisignano said in an interview. 

By Caitlin Mullen • Dec. 19, 2022

Binance.US to buy Voyager Digital’s assets in $1B deal

Binance.US CEO Brian Shroder said he hopes the deal marks the end of “a painful bankruptcy process,” which was affected by the FTX bankruptcy.

By Gabrielle Saulsbery • Dec. 19, 2022

Wise, VizyPay target US hiring

Some payments companies have plans for extensive hiring next year, despite the economic headwinds that led other players to contract this year.

By Lynne Marek • Dec. 19, 2022

FTX seeks to sell its 4 functional businesses, including LedgerX

The company filed documents in bankruptcy court Friday seeking permission for the sales.

By Gabrielle Saulsbery • Dec. 16, 2022

Chime made two offers up to $2B to buy DailyPay: report

DailyPay, which was founded in 2015 by Jason Lee, may be content to wait for a better offer, or perhaps lean on its track record of successful fundraising going forward.

By Anna Hrushka • Dec. 16, 2022

Huntington Bank partners with app to help neurodiverse people bank better

Magnusmode offers free step-by-step guides to everyday tasks such as using a phone to deposit a check, creating and tracking a budget and disputing a transaction.

By Gabrielle Saulsbery , Anna Hrushka • Dec. 16, 2022

Apex, Unifimoney partner on digital investment solutions for banks

Oklahoma-based First Fidelity Bank is the first customer to go live with the services offered by the partnership.

By Rajashree Chakravarty • Dec. 14, 2022

How Current pivoted to free

"We had a lever that other people didn't have, which was we can actually cut costs sufficiently that we don't need to fill that hole with a subscription fee,” said Trevor Marshall, the company's CTO.

By Suman Bhattacharyya • Dec. 14, 2022

8 takeaways from the House committee hearing on FTX

CEO John Ray didn't mince words when discussing FTX's business dealings under Sam Bankman-Fried, at one point calling it "old-fashioned embezzlement."

By Gabrielle Saulsbery • Dec. 14, 2022

Brex maintains hiring for key roles, some replacements

The fintech doesn't anticipate workforce reductions in 2023, but the broader industry isn’t done with job cuts, Chief People Officer Angela Crossman predicted.

By Caitlin Mullen • Dec. 14, 2022

Custodia is denied default judgment in Fed master account case

U.S. District Judge Scott Skavdahl gave the central bank until Feb. 9 to submit a step-by-step breakdown of its decision-making process with regard to the crypto-focused bank’s master account application.

By Dan Ennis • Dec. 13, 2022

CBA: Most consumers want more oversight for crypto, fintech firms

The trade group’s study saw an age gap. About 46% of baby boomers and 42% of Gen Xers sought higher regulatory standards for the companies, compared with 24% of millennials and 18% of Gen Zers.

By Gabrielle Saulsbery • Dec. 13, 2022

DOJ, SEC charge Sam Bankman-Fried with defrauding investors

The former FTX CEO, who was arrested Monday in the Bahamas, was supposed to appear in front of the House Financial Services Committee on Tuesday. FTX’s current CEO will testify instead.

By Gabrielle Saulsbery • Dec. 13, 2022

SBA bars fintechs Womply, Blueacorn after PPP report

The agency is also investigating Cross River Bank, Celtic Bank, Customers Bank and nonbank lenders Fountainhead, Harvest, Capital Plus, Benworth and Prestamos, as well as individuals and entities connected to them.

By Dan Ennis • Dec. 9, 2022

Female CMOs are building some of fintech’s fastest-growing brands

They're "rapidly expanding financial services by ... creating brands that deeply resonate with their customers,” said Jennifer Tramontana, founder of fintech-focused marketing firm The Fletcher Group.

By Gabrielle Saulsbery • Dec. 7, 2022

Plaid cuts 260 employees

The 20% downsizing comes on the heels of moves by neobank Chime to slash 12% of its workforce and Morgan Stanley's effort, announced Tuesday, to trim headcount by 1,600.

By Dan Ennis • Dec. 7, 2022

Newtek gets OCC green light to acquire NBNYC

The approval comes 16 months after Newtek proposed to reposition itself as a bank holding company. The acquisition should strengthen Newtek’s foothold as the third-largest lender in the SBA’s 7(a) program.

By Rajashree Chakravarty • Dec. 6, 2022

Circle’s $9B SPAC deal falls apart

The stablecoin issuer and the blank-check company that had hoped to take it public terminated their agreement over the wait for SEC approval, they said.

By Dan Ennis • Dec. 6, 2022

Apiture’s new tool helps banks drive customer engagement

Data Engage allows financial firms to deliver tailored messages such as pop-ups, sales and marketing notices, tutorials and guides to customers through their digital banking platform.

By Rajashree Chakravarty • Dec. 6, 2022

10 top reads from Banking Dive

If you're new, welcome. Here's a chance to catch up on some of our best work.

By Dan Ennis • Dec. 4, 2022

Panel blasts fintechs for missing ‘obvious and preventable’ PPP fraud

Womply and Blueacorn’s lack of fraud controls made them the “paths of least resistance” for fraudsters, a House subcommittee said. Another fintech included in the report blamed the SBA’s “sh***y rules.”

By Anna Hrushka • Dec. 2, 2022

FTX ex-CEO says he ‘unknowingly commingled funds’

In his first public appearance since his former company's collapse, Sam Bankman-Fried said he doesn’t think he has criminal liability, but what happens with him is “not the important part.”

By Gabrielle Saulsbery • Dec. 1, 2022