Chase dials back overdraft-fee risk, but won’t part with the revenue: Recent measures will reduce customers’ chances of incurring the charges, with more planned. But Chase is later to the trend than its competitors—and just a few steps ahead of potential regulation.
Fintech companies worldwide raised $94.7 billion in funding over the first three quarters of 2021, almost as much as the two prior years combined.
Nova Credit transfers immigrants’ credit histories into the US financial system so Amex can reach a hard-to-tap consumer segment.
Senate says ‘Thank you, next’ to Omarova’s OCC nomination: Opposition from both sides of the aisle doomed her confirmation. Big issues like crypto, ESG standards, and charters still loom for the next pick.
As noncash transactions grow more popular, the government hopes to maintain control of its payments system.
New unicorn Lydia plans a European expansion: The France-based neobank bagged $100M in a Series C round and is aiming for 10 million users by 2025. It’s the latest cash-laden challenger with ambitions for the region.
A federal defense bill will move forward without a provision that would’ve let banks offer services to the $17.5B cannabis industry. But Congressional backers remain supportive and fintechs have found workarounds.
Former UK P2P giant Zopa closed this part of its business to focus purely on banking services
Citizens’ survey piles on more evidence of the digital shift—but human advisors aren’t yet obsolete: The US regional bank found that even post-lockdown, digital has become even more frequently used by consumers and businesses—except when they want advice.
Nova Credit transfers immigrants’ credit histories into the US financial system so Amex can reach a hard-to-tap consumer segment.
Raisin’s AML collaboration gives it a BaaS selling point: In the wake of some neobanks’ compliance woes, the Germany-based fintech is offering support from regtech ComplyAdvantage.
Majority has raised $27M in a Series A round. In a digital-centric era, its approach for its target audience includes offering customer meetups and native-language advisors.
EU fintech and bank tech budgets rose in 2021, but evolving open banking legislation and user experience enhancements will demand further spending in 2022.