Marcus by Goldman Sachs announced it had bought PFM app Clarity Money, their 16th fintech acquisition in the past three years; the company is looking to create a digital storefront for the Marcus brand; Marcus believes the acquisition will help it to give them a competitive advantage and build revenue. 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.
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Peter Renton, Founder of Lend Academy and Co-Founder of LendIt Fintech provides...
Here are the most read news stories from our daily newsletter today:...
Manatt provides a roundup on what is going on in financial services law; stories include: Industry Groups Respond on Consumer Access to Financial Records, Home Depot Settles Data Breach Suit for $25M, CFPB Proposes Delay for Prepaid Rule, Payday Lenders Can't Halt Operation Choke Point, Court Rules, and Mortgage Lender Hit With Record HMDA Penalty. Source
JPMorgan is one of Wall Street's most active fintech innovators; Jamie Dimon outlined some of the bank's leading initiatives in his annual letter; in 2016 the firm invested $9.5 billion in new technology put towards initiatives in big data, machine learning, cybersecurity and electronic trading; the bank is also developing its customer facing technology and enhancing digital services for its corporate and investment bank and its asset and wealth management unit; other initiatives include promoting financial inclusion, collaborating with fintechs and investing in data sharing. Source
Earlier this year SoftBank Group invested $20 million into the Mexican payments...
Singapore based fintech company Trade Finance Market (TFM) recently launched their Invoice Check solution to cut down on trade finance fraud; the new blockchain based registry will help stop invoices from being paid more than once; they built the solution in the past year on the ethereum blockchain and it uses smart contracts; "Our system is in public beta and provides a manual method of entering invoices and having them checked against a blockchain-hosted database. This data is stored on the blockchain and funders are alerted if there is a potential risk of double financing," Raj Uttamchandani, the company's executive director, tells Global Trade Review. Source
Deloitte's third quarter deal tracking report finds a 7% increase in UK deals for P2P lenders in the cumulative 12 months; third quarter of 2016 included 67 deals; deals in the UK increased 21% while deals in the remainder of Europe increased by 29%; the report tracks comprehensive deal activity including fundraising, mergers, acquisitions and partnerships for 50 alternative lenders across Europe. Source
Loyal3 recently announced the service would be shutting down effective May 22, 2017; the company provided commission free investments with a minimum investment of just $10; also offered investors a chance to access some IPOs; Loyal3 is offering several options to investors including moving securities to FolioFirst, transferring shares to another brokerage or selling shares; many people speculate that the shutdown will be a boon to Robinhood's business which offers similar services. Source
Seed offers small businesses of all stripes the ability to open an account in less than 5 minutes on their website or mobile app; they now offer banks software to help them digitize account openings; they are one of a handful of fintech companies offering banks a white label solution to increase small business deposits; Seed comes with KYC procedures but has the ability to adapt to the bank as they know banks need customization. Source.