Zelle is seeing thousands of signups each day and last year saw $75bn in payments, but fraud has become a bigger problem for the company; fraudsters have used some weaknesses like inconsistent notifications when money is sent or received and the speed of transactions because the full posting happens later; they have also seen spoof emails or texts which trick customers into authorizing transactions to a fraudster, Zelle and the banks say they are working on improving the issues. Source.
News Roundup
This page contains an archive of the Global Newsletter summaries and the weekly fintech news roundups.
Every day the Fintech Nexus news team scours the globe for the most important stories of the day to include in our daily newsletter.
Then every Saturday we bring you our weekly news roundup of the top 10 fintech stories of the week with commentary from Peter Renton.
To join our newsletter community please subscribe here.
In this week’s PeerIQ Weekly Industry Update they cover the cover a small rise in retail sales from Q4 to Q1; banks have had a strong earnings season, boosted in part by the cut in the corporate tax rate; Frank Rotman of QED provides insight on the path for the evolution of banking with his paper:The Copernican Revolution in Banking; they also provide highlights from their recent securitization tracker. Source.
Callcredit is the second largest consumer credit bureau in the UK and was founded in 2000; the company currently has 1,200 employees; TransUnion currently does business in 33 countries. Source
BB&T suffered a technical glitch that knocked out their ATMs, online and mobile banking in February; during a recent earnings call BB&T Chief Executive Kelly King described how they handled the incident and how it effected revenues; there are many lessons other banks can take from BB&T as this will not be the last tech hiccup, ensuring technology is full tested and then tested again is one of the main lessons others can take away. Source.
The company raised $22 million as an extension to its $45 million Series C in August 2017; Capital Float raised $80 million of debt in the last 12 months used to finance its small business loans in India; Capital Float’s customer base includes 80,000 people in 300 cities; they currently complete 10,000 loans per month and have an outstanding loan portfolio of $170 million; their default rate is around 2% and loans are between $376 and $7,530. Source
In this week’s WeiyangX Fintech Review from Crowdfund Insider they cover Ant Financial and Bank of China’s blockchain collaboration; China Construction Bank created Jianxin Financial Technology Co., Ltd., the first bank based fintech company from a state owned bank; 100Credit secured a big round of capital, JD bought shares in Allianz China General Insurance Company Ltd. and there is a trend of China fintechs starting to head to the Southeast Asian markets. Source.
Crunchbase shares the top seed, early and late-stage investors by total number investments since January 2017; topping the list in seed stage investments was Y Combinator with 28 total fintech investments followed by Plug and Play and 500 Startups; Plug and Play topped the list in the early-stage category; Bain Capital Ventures led in late stage investments with 6 followed by General Catalyst, Khosla Ventures, Menlo Ventures, Spark Capital and Union Square Ventures who all completed 5 deals in the time frame. Source
The CEO and Founder of Juvo shares how he plans to bring billions of unbanked people into the financial system for the first time. Source
- Someone transferred $99 million in litecoin — and it only cost them $0.40 in fees
- Landbay reaches Women in Finance targets
- Credibility Capital Signs Lease at Newark’s Historic Hahne & Co
- Growth Street joins FCA Register as an Appointed Representative, launches P2P investment opportunity for individuals
Barclays US is trying to ensure they use AI in a efficient yet non intrusive way so their customers can get the most out of the technology; Tearsheet spoke with Mona Jantzi, managing director of strategic analytics and customer experience at Barclays US, to learn more about how the bank uses AI; topics discussed include using data to shape customer experience, going beyond product offerings, the dangers of AI use with data and more. Source.