Monzo needs more features to be a stateside standout: The UK-based neobank just emerged from beta, but it’s playing in a crowded market with undifferentiated offerings.
US bill outlines survival strategy for non-bank stablecoin issuers: The legislation limits issuance to depository institutions and non-banking entities that comply with criteria for collateral.
Britain becomes global epicenter of bank scam pandemic, and lawmakers want Big Tech to reimburse victims: Facebook, Microsoft, and Twitter could require financial services to be authorized by regulatory bodies.
CFPB is wary of unchecked AI usage in underwriting: Bureau officials have warned about potential abuse of the technology and are previewing a crackdown. Regulatory clarity will help banks to better navigate a growing market.
Crypto exchange FTX has raised $400M with several returning investors. This will help sustain its growth despite lower trading volumes in 2022.
UK neobank’s exit is a preview of life without easy capital: Masthaven is withdrawing from the country’s banking market because it didn’t get enough funding to continue its growth. Challengers should prepare for leaner times by differentiating their products.
TD chips away some more at overdraft fees: Its latest actions include a $50 exemption figure and a 24-hour grace period, but its peers show that it can still go further.
The omicron variant and a lack of stimulus funds may have stunted volume growth. Here’s how PayPal can use its super app to boost engagement.
Digital brokers will need to diversify and expand their offerings to boost user numbers after the retail investor craze ends.
Eastern Caribbean Central Bank’s digital currency falters: The regional authority’s digital instrument, DCash, stopped working last month. It’s a timely reminder for other would-be central banks to invest in resiliency.
The firm closed the acquisition and made it available to online merchants in Australia and the US.
Koho’s cash haul brings big product possibilities: The Canadian neobank can use its latest CAD$210 million ($167.5 million) round to build out offerings tailored for its paycheck-to-paycheck target demographic.
A PYMNTS survey shows that most users of standalone BNPL services are interested in bank-backed versions—including customers of the biggest standalone players.
In 2021, mobile finance apps reached 573.1 million downloads in the US, up nearly 19% from 481.9 million in 2020.