There are many fintech companies who are getting significant traction in changing financial services industry; Business Insider has curated a list of 11 startups that are each worth over $1 billion and shares what each company does; list includes: Clover Health, Kabbage, Robinhood, Avidxchange, Coinbase, Apttus, Avant, Oscar, Credit Karma, SoFi and Stripe. Source
A proposed settlement in the Madden vs Midland case has been filed that would provide $9.8 million in cash and debt...
SBI Group, owner of SoftBank is investing into the mobile-first bank; SBI Group will also get a seat on Moven's board and the companies plan to form a joint venture in Japan; Moven is also splitting its business in two; one side is the software provider that powers digital banking software and the other is the neobank, MovenBank; Moven also announced that it is in the process of purchasing a US bank. Source
Budgeting app Moven is planning to buy a small bank so they can become a more direct competitor in the banking space; the company’s new partner, SBI Holdings, is investing in Moven to create two entities MovenBank and Moven Enterprise; “We’ll do a digital direct challenger bank without having to run branches,” Moven CEO Brett King said to TearSheet. “That was really the thing we were waiting to see if we could solve because we’re just not interested in doing branch banking.”; the company will look continue allowing banks to leverage their technology with Moven Enterprise then use MovenBank to be a true digital bank alternative. Source.
Two fintech firms from opposite ends of the world are joining forces to create a digital banking solution for young...
Moven is winding down their personal financial management offering due to the current market; going forward Moven will now focus...
Moven announced last week they would shutter their challenger bank offering and all accounts would be closed by April 30th;...
Last month was officially Financial Literacy Month; Peter Renton, Co-Founder of LendIt Fintech reflects on a recent piece by Jennifer...
MPOWER Financing, which provides funding for international students attending US universities, secured $6 million in funding; the round was led by private equity firm, Zephyr Peacock India; the company will use the capital to enhance its technology and expand marketing efforts in emerging markets, especially India; in addition to providing loans the company also helps to build credit history of students and provides them with personal finance education to use in life after college. Source
New York City’s Metropolitan Transit Authority has partnered with Visa to launch a tap to pay system for subways and...