Mexican fintech Aplazo concluded its Series B funding round, securing $70 million, with an additional $45 million in new equity financing.
It has been a busy last few days for the CFPB and their fintech work. For the third consecutive day this week our lead story concerns actions taken by the CFPB.
This time it is around BNPL. The CFPB is proposing new rules that would essentially lump BNPL in with credit cards when it comes to consumer protections.
Mobile payment rates, active digital bank users, and chatbot deployment are numbers on the rise in a report from Alkami and Cornerstone Advisors.
In the west we take it for granted that the vast majority of people have internet access. But that is not true in the developing world. For digital payments to take off there we need to develop robust offline payments infrastructure.
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.
Nubank booked $380 million in net income during the Q1 as it benefits from increased cross-selling and a growing customer base.
On Friday, the CFPB announced it was suing mobile peer-to-peer lending platform SoLo Funds for multiple issues.
SoLo Funds targets minority and other underserved borrowers with short-term loans of up to $575. This is a challenging population to serve and a difficult niche to profit from.
Embedded consumer lending offers many benefits over BNPL. Working with a BaaS provider like Finastra allows banks to control their roadmap.
Yesterday, in a 7-2 vote, the U.S. Supreme Court ruled that the funding structure of the Consumer Financial Protection Bureau is constitutional.
This is a big deal for financial institutions. Even though the agency has been a thorn in the side of many fintechs and banks, if the Supreme Court found it unconstitutional, it would undo more than a decade of work and could mean chaos for the industry.
While both Generation Z and millennials are maturing during difficult financial times, TransUnion’s study Solving for Z shows Generation Z has it harder.