Bloomberg reported that Apple is launching an initiative code-named “Breakout” to bring more financial services capabilities in-house. It needs to do something to jumpstart Apple Card and Apple Pay usage.
The Silicon Valley Bank (SVB) collapse will improve financial system health if it moves systems towards decentralized finance (DeFi). That pulls them away from the single points of failure that caused the most damage over the past few weeks, Paystand CEO Jeremy Almond said.
The blockchain startup has now raised a total of $110mn after taking in $40mn in a series B round; Jefferson River Capital led the funding round, which also included new and previous investors; in addition to the fundraising they hired Clyde Rodriguez, a former Microsoft executive, as chief information officer and chief technology officer for engineering. Source.
India’s lending network for small businesses has increasingly become reliant on the growing sector of non bank lenders; the non bank market has been steadily increasing loan books by 25 percent per year as bank lending has not increased according to data from Edelweiss Financial Services; access to non traditional forms of data has helped non banks to be able to better asses borrower risk instead of using income taxes which were seen an unreliable. Source.
French based DreamQuark is looking to provide an AI solution to banks, asset management firms and insurance companies; the product, Brain, helps financial services companies to make smarter decisions in fraud detection, anti-money laundering and credit scoring; they can also help to better organize data so firms can offer customers tailored products and cut down on false positives so consumers don’t need to call for verification purposes. Source.
The latest round for the fintech startup values the company above Betterment; the app helps users invest by rounding up...
Fintech: Research Indicates that 9% of Teens Have Traded Crypto, PayPal is Top BNPL Option, Cash is King for Payments. | Crowdfund Insider: Global Fintech
UK based challenger Starling Bank has seen some good success with their banking as a service offering; the company says...
The financial services industry's approach to third-party risk management is changing in response to an increasingly complex environment.
Banks know they cannot compete dollar for dollar for top tech talent and are starting to adjust their offerings to...