Fintech Nexus Newsletter

We are almost one year removed from the banking crisis precipitated by the struggles at Silicon Valley Bank. Now, another bank is having its own struggles. New York Community Bank (NYCB) has announced a new CEO and discovered "material weaknesses" in some of its internal procedures.

Two years ago, before the crypto meltdown of 2022, stablecoin issuer Circle announced that it was going to go public via SPAC at a $9 billion valuation. But then, you know, 2022 happened (Celsius, 3AC, Luna, BlockFi, FTX, etc). So plans were quietly shelved in December of that horrible year for crypto.

We are entering the thick of fintech earnings season and in the last 24 hours, we have seen earnings from two fintech pioneers: PayPal and Adyen. They tell very different stories.

Savings and investing fintech Acorns has been relatively quiet since it acquired the UK neobank for kids, GoHenry, six months ago. Now...

Payment by bank account is a functionality that has existed for more than a decade in many countries. But it is still a relatively new phenomenon in the U.S.

Chime is getting into the earned wage access business. The leading digital bank announced yesterday that it is launching MyPay, a new earned wage access service that will allow customers to access up to $500 of their paycheck before payday.

In Congress, anything that helps small businesses typically comes with bipartisan support. But section 1071 of Dodd-Frank is a little complicated.

European core banking provider Temenos is the latest victim of a Hindenburg Short Report. The detailed report cites interviews with 25 former employees that allegedly uncovered manipulated earnings and accounting regularities.

House Financial Services Committee Chairman Patrick McHenry (R-NC) announced yesterday that he will not be seeking reelection to the North Carolina seat he has held for almost 20 years. Over the years whether serving as the Committee Chairman or as the Ranking Member, he has been a tireless champion for financial innovation on the House Financial Services Committee.

We haven't talked about crypto for a while in this newsletter. Coinbase reported earnings yesterday so this provides a perfect opportunity to reflect on the state of crypto.