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March 8, 2022

On the web

Robinhood Plans Spending Account Service Alongside New Cash Card


Robinhood Markets Inc. plans to launch a spending account feature alongside a new cash card with rewards, its latest push to grow beyond its core brokerage business…The spending account will be operated under a subsidiary. An accompanying upcoming Robinhood Cash Card will allow spending with cashback and offer the ability to automatically invest spare change from spending. It will also provide weekly bonuses between 10% and 100% for invested spare change.”

January 27, 2022

On the web

Fintech Companies, Facing Competition From Mainstream Banks, Step Up Their Offerings

Wall Street Journal

“So how are fintechs that offer banking services staying relevant? How are they competing with traditional banks that have a longstanding customer base and deeper pockets? Fintechs, taking advantage of their technological prowess and lower costs, are offering more features that banks generally don’t, such as analysis of customers’ spending and saving patterns, credit-builder products and lending products designed specifically for consumers who banks don’t typically target, like individuals with little or poor credit history. Fintechs also are placing bets on up-and-coming services such as helping consumers plan to reach their savings goals, cryptocurrency investing and crowdfunding.”

December 16, 2021

On the wires

Launching the First-Ever Point-to-Point Debit Transfer Product

Astra, Inc. (“Astra”), the automation platform for money movement, today announced the launch of its first-ever card-to-card instant payment API. Through a strategic partnership with Cross River Bank (“Cross River”), a technology-driven financial services organization that provides core infrastructure and embedded financial solutions, Astra is providing the critical infrastructure that will, for the first time, enable fintech developers to fund accounts and facilitate deposits via the debit card payment rails.”

November 19, 2021

On the wires

Cross River Partners With Payment Approved to Evolve the Movement of Money Through a Compliant, All-In-One Solution for Businesses

“Cross River Bank (“Cross River”), a technology-driven financial services organization that provides core infrastructure and embedded financial solutions, today announced that it has partnered with Payment Approved, a fintech that offers an easy access to end-to-end payment solutions for clients in the Money Service Business (“MSB”) sector, e-commerce businesses, and retailers, to provide businesses with faster and broader payment options that are safe and secure.”

September 21, 2021

On the web

June 11, 2021

On the web

The Future Of Payments: Fintech 50 2021


“Before Covid, payments companies were some of fintech’s fastest-growing. As the pandemic caused online transactions to spike, these startups went on an unprecedented tear. Stripe and Plaid nearly tripled their valuations in a year, reaching $95 and $13.4 billion, respectively. Marqeta is preparing to go public at a valuation rumored to be north of $10 billion, up from $4 billion a year ago.   Ten payments companies made the Fintech 50 this year. They range from fraud-fighting startups to a business that lets companies offer digital wallets to Latin American consumers to one that tries to make transferred bank funds available in one day, instead of five.”

May 6, 2021

On the web

Payments, Lending and Neobanks Rule Fintechs in Emerging Markets, Report Says


“Tech investments in emerging markets have been in full swing over the past couple of years and their ecosystems have thrived as a result. Some of these markets like Africa, Latin America, and India, have comprehensive reports by publications and firms on trends and investments in their individual regions. But there’s hardly a report to compare and contrast trends and investments between these regions and rightfully so. Such a task is Herculean.”

April 8, 2021

On the web

JPMorgan Chase CEO Jamie Dimon: Fintech Is an ‘Enormous Competitive’ Threat to Banks


“Jamie Dimon, JPMorgan Chase chairman and CEO, listed fintech as one of the “enormous competitive threats” to banks in his annual shareholder letter released Wednesday. “Banks … are facing extensive competition from Silicon Valley, both in the form of fintechs and Big Tech companies,” like Amazon, Apple, Facebook, Google and Walmart, Dimon wrote, and “that is here to stay.”   Fintech companies, in particular, “are making great strides in building both digital and physical banking products and services,” Dimon said.”

March 30, 2021

On the web

The Start-Up Enemies of Wall Street Are Booming

The New York Times

“Just as cheap cloud computing and smartphones once enabled a wave of new app start-ups, the financial technology sector has developed its own set of building blocks, allowing new companies to spring up faster. One of the building-block companies is Stripe . Founded in 2010, Stripe started out by offering to process payments for small businesses and start-ups. By 2018, it was worth $20 billion and had begun investing in other start-ups. Stripe now processes hundreds of billions of dollars in payments a year, has expanded to larger customers including Salesforce and Booking.com, and has made more than 30 investments in other fintech start-ups.”

March 11, 2021

On the wires

Galileo Financial Technologies Accelerates Expansion and Opens Latin America Headquarters and Innovation Center in México

“Galileo, the API standard for card issuing and digital banking and a leading technology platform subsidiary of Social Finance, Inc. (SoFi), today announced the opening of a Latin America headquarters and innovation center in the iconic Torre Reforma building in Mexico City. The move follows the incorporation of Galileo’s Mexican subsidiary and the initial opening of its first office outside the U.S. in Mexico City last year.”

March 9, 2021

On the wires

SoFi Launches Innovative Credit Card to Promote Saving, Investing, and Paying Down Debt

“SoFi, the digital personal finance company, announced today the broad launch of its first-ever credit card, designed to incentivize healthy financial habits and further its mission to help people get their money right. The SoFi Credit Card’s innovative rewards structure helps consumers reach their financial goals, such as saving and investing, and directly addresses the cycle of debt that prevents financially healthy behaviors, with up to 2% unlimited cash back when applied to a SoFi Money® or SoFi Active Invest account or used to pay down a SoFi personal loan or student loan refinance.”

February 22, 2021

On the wires

Brex Files Application for Industrial Bank Charter | Press | Brex

“Brex, the company reimagining financial systems so growing businesses can realize their full potential, announced today that it has submitted an application with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to establish Brex Bank, an industrial bank to be located in Draper, Utah. The proposed Brex Bank will be a wholly-owned subsidiary of Brex.”

February 18, 2021

On the wires

Wealthfront Speeds Up Money Movement From the Wealthfront Cash Account

“Today, Wealthfront announced that clients who use their Wealthfront Cash Account to invest in a Wealthfront Investment Account can have their money invested in the market within minutes. Wealthfront clients who direct deposit their paycheck into the Wealthfront Cash Account can already get paid up to two days early, and today’s announcement is the next step in the company’s efforts to put their clients’ hard earned money to work for them immediately.”

February 12, 2021

On the wires

MoneyLion, America’s Leading Digital Financial Platform, to Become Publicly Traded Via Merger With Fusion Acquisition Corp. (NYSE: FUSE)

MoneyLion Inc. (“MoneyLion”), America’s leading digital financial platform, and Fusion Acquisition Corp. (NYSE: FUSE) (“Fusion”) have entered into a definitive agreement which would result in MoneyLion becoming a publicly listed company.  MoneyLion uses the power of technology to empower hard-working Americans to take control of their finances and achieve their life goals.”

February 5, 2021

On the web

How a Fintech Exec Who Focuses on Poverty Relief Spends Sundays

The New York Times

“Wemimo Abbey, a financial technology entrepreneur, knows firsthand how hard it is for immigrants to start new lives in new countries with no resources. When his family moved to Minneapolis from Nigeria in 2009, his mother had no choice but to accept a loan with a 400-percent-plus interest rate so she could get the family settled and pay for Mr. Abbey’s college education.”

February 1, 2021

On the web

Nigerian Digital Bank Carbon Hit $240M in Payments Processed Last Year, up 89% From 2019


“In 2018, Carbon , a Nigerian fintech startup, made its financials public for the first time. Although typical for foreign private startups, it’s almost an anomaly in Africa. There have been rare cases in the past, for instance, when Rocket Internet had to include Jumia’s financials in its yearly reports after going public. At the time, the German investment outfit was a founding shareholder in the African-based unicorn.”

January 25, 2021

On the wires

Events Industry Disruptors Anil D. Aggarwal & Simran Rekhi Aggarwal Launch Digital-First Events Company, Fintech Meetup

“Events industry disruptors, Anil D. Aggarwal and Simran Rekhi Aggarwal, today announced the launch of Fintech Meetup, a digital-first events company for payments, banking and related financial services. Previously, Anil and Simran founded and operated leading conferences across a broad range of sectors, and Anil served as the Chairman and CEO of two venture-backed fintech startups, the most recent of which was acquired by Google.”

January 15, 2021

Top Post

Marqeta Announces Partnership With Goldman Sachs on Marcus Checking Offering

“Marqeta, the global modern card issuing platform, announced today that it has been chosen by Goldman Sachs to partner on its Marcus by Goldman Sachs checking accounts, which will launch in 2021. Marcus’ upcoming digital checking product will be another cornerstone of the company’s growing consumer portfolio of digital-first banking initiatives. In their mission to build the leading digital consumer bank, checking will continue to help them better address the financial needs of their millions of customers.”

January 14, 2021

On the web

January 13, 2021

On the wires

Rapyd Raises $300 Million in Funding to Support Accelerated Growth Within Global Payments Industry

Rapyd , a global Fintech as a Service company, today announced a $300 million Series D financing round led by Coatue. Several new investors participated in the financing, including Spark Capital, Avid Ventures, FJ Labs, and Latitude, along with further investment from current investors General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital, and Entrée Capital.”

January 12, 2021

On the web

Digital Payments Provider i2c Granted Approval by State Bank of Pakistan to Serve As Electronic Money Institution

Crowdfund Insider

“i2c, a digital payments and banking technology provider, has revealed that it was selected to develop Pakistan’s TAG, which is described as a “digital-native” financial app. i2c is the latest Fintech firm in the country to be granted approval by the State Bank of Pakistan (SBP), the nation’s central bank, to operate as an Electronic Money Institution (EMI).”

On the wires

Curve Closes $95m in Equity As It Plans US Launch

“Curve, the London-based fintech that combines multiple cards and accounts into one smart card and even smarter app, today announces it has secured $95 million from a leading group of international investors as part of a successful Series C round. Curve will deploy the investment to expand internationally, including to the US, and to deepen its European reach. Curve will also use the fresh funding to drive ongoing product innovation, notably of Curve Credit in early 2021. The fundraise will allow Curve to execute an ambitious strategy to become the leading financial superapp, bringing all your finances into one place.”

January 8, 2021

On the web

Online Lender SoFi to Go Public Through Merger With Palihapitiya-backed SPAC


“U.S. online lending startup Social Finance Inc (SoFi) said on Thursday it has agreed to go public through a merger with Social Capital Hedosophia Holdings Corp V, a blank-check acquisition company led by venture capital investor Chamath Palihapitiya. The deal values SoFi at around $8.65 billion and is expected to provide up to $2.4 billion in cash proceeds to the San Francisco-based company.”

January 4, 2021

On the web

OCC approves LendingClub acquisition of Radius

American Banker (paywall)

“The Office of the Comptroller of the Currency has signed off on LendingClub’s purchase of Radius Bancorp, the latest step in the San Francisco company’s effort to become the first online lender to own a bank. LendingClub will still need approval from the Federal Reserve on the company’s pending application to become a bank holding company. If the Fed endorses the merger, LendingClub will form Interim LCB.”

December 8, 2020

On the web

December 4, 2020

On the wires

Announcing Moov’s $27M Series A Round

“Three months ago, we rounded our first huge milestone as we announced our $5.5 million seed round led by Bain Capital. Today, we are thrilled to announce our oversubscribed $27 million Series A round led by Angela Strange, Peter Levine, Seema Amble, and the team at a16z …From banking to integrated payments, Moov empowers developers with developer-first code that’s modular, portable, and bank agnostic.”

December 1, 2020

On the web

EBANX Partners with PicPay to Offer New Payment Option in Brazil

The Fintech Times

“EBANX, a Latin American fintech specialised in local payment solutions for global merchants, has partnered with PicPay, the largest digital wallet in number of users in Brazil, to offer a new payment option in the country. International companies that adopt EBANX’s solutions to sell in Brazil through digital payment accounts can now offer PicPay as one of its payment options, expanding their Total Addressable Market in the largest economy in Latin America, and giving access to millions of Brazilians to global products and services.”

November 13, 2020

On the wires

Galileo Partners with Dave to Power Digital Banking Account

Galileo , the API standard for card issuing and digital banking, announced today that it’s powering Dave Banking, an app-based spending account and debit card from Dave. Launched in 2017 as a way to help avoid overdraft fees, Dave was recently named the 26th most disruptive private company in the world. Dave helps its more than seven million customers budget, avoid overdraft fees, find work and build credit. To date, Dave has helped its customers avoid hundreds of millions in overdraft fees and earn more than $100MM through its job-finding feature, Side Hustle.”

November 12, 2020

On the wires

Visa Fintech Partner Connect launches in Europe to enable next generation of digital payment experiences

“Visa today announced the launch of Visa Fintech Partner Connect, a new initiative that will provide financial institutions and merchants in Europe with a suite of enhanced capabilities combining Visa’s own capabilities with those of carefully selected fintech partners. Fintech Partner Connect will help Visa’s clients meet their customers’ demand for new digital payment experiences by providing seamless access to innovative fintech solutions. The European rollout of Fintech Partner Connect follows a successful pilot which has already seen a number of Visa’s clients benefit from the expertise on offer.”

November 3, 2020

On the wires

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