Dodd-Frank requires banks to disclose information about employee wages and the data shows a mixed bag for banks; banks like Goldman Sachs lie on the high end of the pay scale while small banks in locations like Houston are at the bottom of the spectrum; what the data also shows is banks are finding it hard to compete with big tech firms for talent as companies like Google, Facebook and Amazon tend to pay premium wages; wages overall look to be rising as lower skill, lower wage jobs are becoming less frequent across the industry. Source.
Walmart has expanded their money transfer service to over 200 countries and all their U.S. locations; the expansion is through a partnership with Moneygram; Walmart’s move comes after recent news of Amazon expanding their financial services options for customers; “Money transfer services are like bread at the restaurant for Walmart; it’s negligible revenue for them,” said Daniel Ives, chief strategy officer at GBH Insights tells TearSheet. “The broader strategy is to build up that product arsenal on the consumer side — every Walmart customer globally is an Amazon customer that could be taken away.” Source.
This week’s PeerIQ Industry Update continues their coverage of earnings, this week focusing on Amazon; Square acquired e-commerce service provider...
In their latest installment of Confessions TearSheet sits down with a fintech CEO who worked as a Wall Street trader...
According to Bloomberg, Fed Vice Chairman Randal Quarles is concerned about tech companies providing financial services; while no moves have...
A recent report by Bain & Company just shares how successful Amazon could be if it were to enter banking; according to the report: "We could imagine Amazon's banking services growing to more than 70 million U.S. consumer relationships over the next five years or so — the same as Wells Fargo, the third-largest bank in the US. Although many retail bankers and observers have pegged the nimble fintech start-ups as the likely disrupters, it has become clear that established technology firms pose a bigger threat.”; the CNBC article shares several of the advantages Amazon would have in banking, products they could expand into and some of the talks that are already taking place with banks. Source
The company raised $22 million as an extension to its $45 million Series C in August 2017; Capital Float raised $80 million of debt in the last 12 months used to finance its small business loans in India; Capital Float’s customer base includes 80,000 people in 300 cities; they currently complete 10,000 loans per month and have an outstanding loan portfolio of $170 million; their default rate is around 2% and loans are between $376 and $7,530. Source
As more financial services firms beginning using Google, Amazon and Microsoft for cloud based services regulators are starting to take...
In this week’s PeerIQ Industry Update they cover the worries from a flattening yield curve and credit card debt reaching...
When I started LendIt with my fellow co-founders back in 2013 I was most excited about how online lending could...