States have voiced their opposition against the OCC's fintech charter proposal and could be a factor limiting the charter from proceeding; with the charter, fintechs can be granted special purpose national bank status which includes national governance with exemption from state laws; many states have actively integrated regulations and processes for alternative lenders, including state usury laws and regulations for payday lenders; opposing states say the charter would complicate existing state level laws and initiatives. Source
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Statistics show that volatile incomes are a factor affecting financial stress for many families; in today's market, many fintech companies are seeking to target those families with solutions that help reduce their financial stress; the Wall Street Journal provides details on apps for this target market including Even, Digit and Prism; while services for financially stressed families have reported significant interest from fintech developers, skeptics caution that achieving profitability for these businesses could be challenging. Source
Fintech companies are always looking for the right type of venture capital for their business; at LendIt USA 2017 we hosted a panel that featured a diverse group of leading venture capitalists in the fintech space; the panel was a great mix with a seed stage investor, an international investor, a nonprofit fund looking to grow jobs and the fintech sector in New York, a credit fund who has moved into venture capital investing and a strategic investor at a key Wall Street bank; panelists discussed their investment strategies when evaluating companies and when they look to invest during a company's lifecycle; panelists also discussed key areas where money is currently being invested and what areas of fintech are oversaturated with capital. Source