Fintech
The latest fintech news for banking professionals.
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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 -
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TrendlineTop 5 stories from Banking Dive
Banks brace to see if commercial real estate exposure will trigger a rerun of last year’s crisis. And regulators face a mountain of comments from the most contentious proposed rule in decades.
By Banking Dive staff -
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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 -
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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 -
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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 -
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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 -
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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 -
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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 -
Permission granted by JPMorgan Chase
JPMorgan Chase to let brands target customers based on spending data
Chase Media Solutions connects customers to retail deals, tailored to their spending, directly through their bank app.
By Gabrielle Saulsbery • April 3, 2024 -
Permission granted by Piermont Bank
Piermont, Sutton banks hit with FDIC consent orders over BaaS
The FDIC ordered Piermont to review all transactions since September 2022 to ensure all suspicious activity was reported. Sutton, meanwhile, must compile an inventory of its third-party relationships.
By Caitlin Mullen • April 1, 2024 -
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Fintech trade group sues to block Colorado interest-rate cap
A law set to take effect July 1 would bar state-chartered banks from offering Coloradans installment loans and BNPL products. But it may clear the market for federally chartered banks, plaintiffs say.
By Dan Ennis • March 27, 2024 -
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SBA critics push back on fintechs making 7(a) loans
During a hearing last week, Sen. Joni Ernst, R-IA, challenged SBA Administrator Isabel Guzman over her push for direct lending by nonbank entities, highlighting the license Funding Circle received last year.
By Rajashree Chakravarty • March 27, 2024 -
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Fintech Wise swipes Delivery Hero alum for finance chief
Emmanuel Thomassin will leave for the London-based money transfer provider after a decade in Delivery Hero’s top financial seat.
By Grace Noto • March 26, 2024 -
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JPMorgan seeks embedded payments niches
The biggest U.S. bank aims to offer embedded payments software solutions in more industries for its corporate clients.
By Lynne Marek • March 25, 2024 -
Permission granted by Robinhood
Robinhood co-founder steps down
Baiju Bhatt, who co-founded the fintech 11 years ago and was most recently chief creative officer, is moving on to “focus on his next enterprise.”
By Gabrielle Saulsbery • March 25, 2024 -
Michael M. Santiago via Getty Images
FTX CEO says Bankman-Fried lives ‘life of delusion’
In his victim impact statement, John Ray III told Judge Lewis Kaplan that FTX’s estate was “a metaphorical dumpster fire” when he joined the firm at bankruptcy.
By Gabrielle Saulsbery • March 21, 2024
