“Financial technology company Social Finance Inc has received preliminary, conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) over its application for a national bank charter, the company said on Wednesday. The application for “SoFi Bank, National Association”, which was filed in July, still needs to be reviewed by the Federal Deposit Insurance Corporation and the Federal Reserve. A banking licence would enable SoFi to hold customer deposits and make loans, without having to rely on a bank partner as it currently does.”

“i2c Inc. , a leading provider of digital payment and banking technology today announced that it has joined Visa’s Fintech Fast Track program as a new enablement partner in the US, Canada and CEMEA region, speeding up the process of integrating with Visa and allowing fintechs to more easily leverage the reach, capabilities, and security that Visa’s global payment network offers.”

“Deposit Solutions, a Germany based Fintech unicorn, has announced its launch in the US market. According to a release, its consumer savings portal SaveBetter connects American banks digitally with savers, targeting the $16 trillion U.S. deposit market. Prominent US entrepreneur and investor Peter Thiel is a backer of Deposit Solutions.”

“One, a banking app that launched to the public on Tuesday, is trying to take many of the products one might find at different fintechs — from spending to saving to borrowing — and bundle them into a single account and debit card. The effect of accumulating those features in one place, its founders hope, will make One a true challenger to traditional banks.”

“Currencycloud and Tribe Payments are partnering on a new “Banking-as-a-Service” solution for Fintechs and digital banks, according to a note from the company…The two companies explain that the partnership has been developed to give Tribe Payments partners access to real-time, wholesale FX rates. Tribe Payments will also offer unique, named virtual accounts in 35 currencies, enabling the ability to receive, store funds, and make payments to almost anywhere in the world via Currencycloud Spark.”

“As Congress continues to hammer out an extended stimulus package, and with little certainty as to when the process will end, let alone when the funds will reach American’s bank accounts, SoFi announced that it has launched a program to offer $200 towards emergency savings to all who open an account with SoFi Money.”

“Grab announced today that its financial unit, which previously focused mainly on services for entrepreneurs and small businesses, is launching a slew of consumer products, including micro-investments, loans, health insurance and a pay-later program.”

“Business banking platform Tide has announced a multi-year partnership with Mastercard to further enhance its SME banking services. As part of the alliance, Tide has also become a principle Mastercard issuer. In addition, the partnership means Tide will now settle funds directly with Mastercard.”

“Brex, the company reimagining financial systems for growing businesses, today announced enhanced features and FDIC insurance on its zero-fee cash management account, Brex Cash. These emerge after many months of regulatory and technological investment that enable a robust, lightning fast experience for customers looking to access business banking services in today’s virtual environment.”

“Millions of young Americans have begun investing in recent years through Robinhood, which was founded in 2013 with a sales pitch of no trading fees or account minimums. The ease of trading has turned it into a cultural phenomenon and a Silicon Valley darling, with the start-up climbing to an $8.3 billion valuation. It has been one of the tech industry’s biggest growth stories in the recent market turmoil. More than at any other retail brokerage firm, Robinhood’s users trade the riskiest products and at the fastest pace, according to an analysis of new filings from nine brokerage firms by the research firm Alphacution for The New York Times. In the first three months of 2020, Robinhood users traded nine times as many shares as E-Trade customers, and 40 times as many shares as Charles Schwab customers, per dollar in the average customer account in the most recent quarter. They also bought and sold 88 times as many risky options contracts as Schwab customers, relative to the average account size, according to the analysis.”