HSBC is following in the footsteps of JPMorgan Chase and Bank of America by adding new branches in the U.S....
Fortress Alum Mike Novogratz is starting a $500mn hedge fund to invest in cryptocurrencies, ICOs and other companies in the blockchain space; he will start the fund with $150mn of his own money and raise the rest from family offices, fund managers and wealthy individuals; “This is going to be the largest bubble of our lifetimes,” Novogratz said to Bloomberg. "You can make a whole lot of money on the way up, and we plan on it.” Source.
Lend Academy shares recent initiatives from Barclays and PNC Financial Services as traditional banks move into the online consumer lending space. Source
While Amazon is unlikely to buy a bank in 2018, they are still a threat to banks and other fintech companies; the company is already involved in payments, cash, debit cards, small business lending and consumer credit; Tearsheet shares how retail and financial services companies are becoming more intertwined and how this is a trend that will continue into 2018; the way consumers interact across various apps and accounts is also having a significant effect on banks. Source
The acquisition aims to combine the tools of both companies to make a reportedly unique app for small business owners.
Nvidia CEO recently explained to VentureBeat: "Cryptocurrency and blockchain are here to stay. Over time, it will become quite large. It is very clear that new currencies will come to market."; Nvidia makes graphic cards that help cryptocurrency miners to add new transaction blocks; Nvidia believes there is a lot to gain from the recent trend in cryptocurrencies as the rise in coin prices results in higher demand for cards; not all graphic card makers see the benefits, as CoinDesk points out that rival company AMD is not as bullish and they don't think there is a long term market for them in the space; the graphic cards, known as GPUs, are used to mine newer cryptocurrencies like ethereum and litecoin. Source
The $150 million securitization of HELOCs is being billed as the first transaction where all aspects were managed on the...
Yesterday BBVA launched their new mobile app, called Mobile 9.0; the multinational bank localized the app for each country and...
According to a survey by Cornerstone Advisors 8.2 percent of respondents said they will open a checking account with Marcus...
In a speech last week to the US Chamber of Commerce, CFPB Richard Cordray provided thoughts geared towards fintech companies stating, "One message we are sending to the industry is, you are not going to be able to take advantage through arbitrage of our regulatory system. It's not fair for you to not have to meet the same expectations that banks have to meet. If you're trying to get an advantage by not meeting the same standards, that is not acceptable and we're trying to send that message loud and clear."; Cordray also spoke on finding the right balance of fintech regulation, modernizing regulations and the Bureau's look at debt collectors and payday lenders. Source