Fintech
The latest fintech news for banking professionals.
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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 Rajashree Chakravarty • May 9, 2024 -
Permission granted by Aspiration
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 Rajashree Chakravarty • May 8, 2024 -
Explore the Trendline➔
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TrendlineArtificial intelligence
A Federal Reserve official warned about the AI “arms race” banks face against cyber threats. But what about their race against each other?
By Banking Dive staff -
Permission granted by Fifth Third
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 Rajashree Chakravarty • May 8, 2024 -
Sukanya Sonlila via Getty Images
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 Caitlin Mullen • May 7, 2024 -
Spencer Platt / Staff via Getty Images
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 Dan Ennis • 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 Rajashree Chakravarty • May 1, 2024 -
Permission granted by Stripe
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 -
Green Dot
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 Suman Bhattacharyya • April 26, 2024 -
Getty Images/Staff via Getty Images
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 Rajashree Chakravarty • 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 Dan Ennis • April 24, 2024 -
Permission granted by First Internet Bank
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 Caitlin Mullen • April 24, 2024 -
TU IS
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 Dan Ennis • April 24, 2024 -
Scott Olson via Getty Images
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 Caitlin Mullen • April 23, 2024 -
Lynne Marek/Banking Dive
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 -
Michael M. Santiago / Staff via Getty Images
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 Dan Ennis • April 23, 2024 -
Permission granted by Mercury
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 Rajashree Chakravarty • April 17, 2024 -
Michael M. Santiago via Getty Images
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 Caitlin Mullen • 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 Gabrielle Saulsbery • April 17, 2024 -
E4C via Getty Images
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 -
Permission granted by Adro
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 Gabrielle Saulsbery • 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 Rajashree Chakravarty • April 10, 2024 -
Courtesy of KeyBank
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 Caitlin Mullen • April 10, 2024 -
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Wyoming bank sheds fintech program
The Kansas City Fed hit Mode Eleven Bancorp with a cease-and-desist following an inspection in September.
By Gabrielle Saulsbery • April 5, 2024 -
Permission granted by Treasury Prime
Treasury Prime, Narmi partner to offer customers FedNow service
The partnership aims to simplify and accelerate the adoption of FedNow by small and medium-sized financial institutions in Treasury Prime’s network.
By Rajashree Chakravarty • April 3, 2024
