The National Restaurant Association has asked Congress to mandate the reduction of...
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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ABN Amro, ING and Rabobank were the victims of DDoS cyber attacks this past weekend; all the banks saw their websites become unavailable or would run extremely slow; the companies have released statements that their services are now fully restored and that clients’ details were not compromised. Source.
Zelle, the banking p2p payments app, saw an 84 percent jump in year over year growth with Bank of America; the app saw over 68 million transactions in 2017 through their Bank of America partnership; Zelle recently started a marketing campaign to provide more exposure to the brand as many users might not realize they are using Zelle since it is integrated with their banking app. Source.
Swedish based fintech Klarna is launching a suite of authentication services for...
FT Alphaville provides interesting insight on a recently released report from Altus Consulting; cites "meteoric rate of expansion" of P2P with annual originations growing 70% per year; while the report gives the impression that P2P growth may be short lived, further details reveal how the expansion of interest is likely to create more institutional and retail products for investment; also notes innovation in fintech investing platforms which will help to increase interest in P2P investments. Source
Blossom Capital’s Ophelia Brown has created what is described as the first...
Consumer point of sale lender, Finomena, owns India’s most downloaded fintech app and they hope to continue gaining customers in this emerging market; led by Riddhi Mittal, formerly of Microsoft, and Abhishek Garg, a private equity investor, the company has exploded serving millennials who have little or no credit; they focus on extending credit for electronics, laptops, smartphones and furniture, which they view as good and productive categories for loans; the company has also pioneered flexible monthly installments in India and are looking to raise a Series A round soon. Source
UK based digital bank Revolut launched disposable card numbers form within the app; the disposable nature of the number can help to reduce card fraud, one of the main areas of financial fraud; the move is part of a wider trend in banking to make the online shopping experience more secure and tailored to millennial customers; Revolut also allows users to freeze/unfreeze cards and disable functions like contactless and swipe payments. Source.
According to data from Fitch Ratings delinquency rates for subprime auto loans...
As part of his new book to be released next year, Chris Skinner (thefinanser.com) visited Hangzhou, China to meet with executives from Ant Financial; he discusses just how far ahead China is compared to the US and Europe, especially when it comes to payments; shares what he learned about the mission of Ant Financial, including their products Alipay, Taobao (their online marketplace) and Yu’e Bao (the largest money market fund in the world). Source