One bags $40M, to add products and become banking customers’ one and only: The neobank takes a breadth-first approach, with offerings ranging from sharing funds to early paycheck access—which positions it to rack up primary banking relationships.
BofA’s H1 patent-haul record outlines its business aims: The banking giant reported getting 221 patents approved in the H1 2021, in categories spanning artificial intelligence to mobile banking—which points at its top priorities going forward.
While the US will maintain its uncontested lead as the country with the most fintech unicorns, the next four biggest hubs will switch rankings. Here’s why.
Venmo’s threat to neobanks escalates with direct deposit for gig workers: Its parent company, PayPal, has struck a deal with Fiserv to let companies send deposits to its users’ digital wallets—adding to the app’s growing competitive threat to challenger banks.
Including linked accounts in Varo Advance underwriting and lifting its $100.00 cap on amounts taken out gives the neobank a tool it can use for future products, plus a shot at adding new borrowers
Chase risks a hit to customer trust over data breach: “A technical issue” that accidentally made Chase customers’ data visible to those with similar personal information could hurt its business in the long run if it negatively affects the trust of its users.
Crypto exchange Bitpanda—which recently opened a B2B arm—raised $263M, as investors continue to target players that provide infrastructure to third parties.
Kroo’s new banking license comes with limits: The fintech that aspires to be a banking challenger is now credentialed by the Bank of England and will operate during a restricted transition. The license gives the company product flexibility—and a shot at competing with UK neobanks.
Brex’s $50M Weav deal gives it new tech to deploy future products: The neobank’s acquisition of the API provider enables it to promote new offerings to its business customers—paving the way to make a play for their loyalty.
A group of the country’s large banking players is hammering out a deal to jointly operate branches in underserved areas. If the agreement ends with more shuttered locations, it could prompt a backlash.
Retail investors and the investing-curious give Reddit a push: Thanks to January's meme-stock craze, the 16-year-old platform's user growth helped fuel increases in ad revenue, which will help the company dive into international expansion and video.