In Khalaf's first earnings call as CEO of Marqeta he outlined his intention to steer the company to embedded finance in the new year.
The Bank of England kept its central bank borrowing rate at 0.25% and decided to continue with its $86 billion asset purchase program; while no changes were made to monetary policy, the BOE changed its guidance; with an increased focus on inflation in the region, the BOE said it would be prepared to raise rates in order to keep inflation at its 2% target rate. Source
PayPal's upbeat earnings call came with the announcement of Schulman's departure and prudent guidance for 2023.
A legal case initiated by the city of Miami, Florida has reached the Supreme Court; the case (a combination of two earlier cases) claims that banks, including Bank of America and Wells Fargo, are financially liable for a decade of targeting blacks, Latinos and other minorities for loans with risky terms, including prepayment penalties, negative amortization and no documentation; there is concern that the case may be delayed until the Supreme Court regains a tie-breaking ninth Justice, or result in a return to the lower courts. Source
When funding rounds are down and smaller than they used to be, some fintechs switch to asset-based and Venture debt to keep kindling on the burn rate pile.
Hiring competition has increased across sectors - A focus on financial wellness may equate to higher employee retention and motivation.
R3 is an enterprise software firm working with a network of over 300 financial institutions, regulators, trade associations, professional services...
Dealmakers West is an all-meetings event happening in Laguna Beach on Aug. 30-31.
Financial institutions are pressured by costs and regulations totalling $56.7 billion, LexisNexis Risk Solutions finds in a new report.
Announced today, the MasterCard Foundation is partnering with the Center for Financial Inclusion (CFI) at Accion on a $4.4 million initiative to promote more robust consumer financial protection laws around the world; CFI's Smart Campaign has existed since 2009 and has certified the consumer protection practices of 68 financial institutions to-date; the MasterCard Foundation contribution will support involvement of more parties (such as regulators, non-bank financial institutions and fintech platforms) and more countries; a particular focus will be on sub-Saharan Africa. Source