By Peter Renton Yesterday, Atomic released an interesting new open banking tool called PayLink. One of the pain points for switching bank accounts...
In May of last year, Petal announced it had raised a new funding round and was spinning off its infrastructure unit, Prism Data.
But then we heard in November that Petal was struggling and looking for a buyer.
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.
After they famously imploded in March 2023, you could be forgiven for thinking that Silicon Valley Bank's fintech business was done. Not so.
This time last year SVB was still the go-to bank for fintech companies, with the vast majority of venture-backed firms as clients. That changed in March.
It has been almost two weeks since the SEC approved Bitcoin ETFs and we now have some data on the 10 ETFs that have been trading since then.
The two biggest and oldest names in finance are leading the way: BlackRock and Fidelity. Each fund has attracted more than $1 billion in inflows.
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.
Speaking at an event yesterday, CPFB Director Rohit Chopra said his agency is looking at "price gouging" in credit reporting.
With credit reports required for selling mortgages to Fannie and Freddie, mortgage lenders have no choice but to pay for them. Some lenders have shared that the costs for credit reports have increased by up to 400% since 2022.
This deal was first rumored to be happening in mid-March.
Yesterday, it became official. Private equity firm Advent International has agreed to acquire Nuvei in an all-cash deal valued at $6.3 billion.
Yesterday, the OCC issued new guidance for banks, addressing the risks of buy now pay later lending. The guidance focused on the popular "pay in 4" segment of BNPL.
Not surprisingly, the national bank regulator recommended tight oversight of third-party servicers, the importance of transparent loan terms and fraud mitigation.
Upgrade continues to break new ground in consumer fintech.
When the Upgrade Card launched in 2019, it was the first credit card ever to marry the benefits of a revolving line of credit with a fixed-rate installment loan.