In their latest installment of Confessions TearSheet sits down with a fintech CEO who worked as a Wall Street trader...
The idea of Apple, Google, Amazon or Facebook getting into banking is not new. The possibility has been discussed for...
Amazon is speaking with the Bengaluru-based company; the company is focused on small businesses but is also looking to lend to consumers on Amazon’s platform; According to sources Amazon may invest $5-10 million; Capital Float recently raised $45 million in a Series C; Amazon has recently done other deals with fintech companies in India. Source
Maria Renz spent more than 20 years at Amazon and is now joining SoFi; Renz was most recently vice president...
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
Speaking to American Banker fintech firms Chime, Moven, Kabbage and more say the move by Amazon is a net positive; most comments showed surprise that it took the retail giant this long to make a move like this; the overall sentiment was positive, pointing out that the entrance of Amazon will increase knowledge of fintech and validating their thoughts on the need for improved consumer experience in banking; the fear that Amazon would just take over is overblown, there is room for the giant retailer and a lot of fintechs who cater to a specific market. Source.
According to a report from Banking Technology, Amazon could potentially be acquiring Capital One; Capital One uses Amazon's AWS cloud services; its credit card business could complement Amazon's current offerings for payment processing and credit cards while also expanding its services for Amazon's merchant network; according to Neil O'Brien, former director of digital banking at Santander US, "There has been speculation for a long time about a tech giant (GAFA – Google, Apple, Facebook, Amazon) buying a bank in the US, but the general sentiment was that banks were an undesirable target because of low margins and more importantly, high regulation."; the potential for a bank acquisition is now likely to increase given recent regulatory developments in the financial services industry. Source
Much has been written about Amazon’s foray into financial services; a new survey shows that 3 in 10 consumers say...
Tearsheet asked 107 financial professionals from traditional financial institutions and fintechs who is the biggest threat to banks in consumer...
Banks have started to come to terms with the importance of the cloud and what it means to their business;...