The card network enabled support for WEX Pay Cards, and its cardholders can now make instant transfers from Apple Cash—two moves that can help the issuer capitalize on rising retail spending as legislators mull new fee restrictions.
BofA’s Life Plan hits company adoption record: The bank’s digital personal finance tool has passed 4.4 million users since its October 2020 launch. This success points to strong customer demand for such products—and BofA can kick it up another notch by adding app features like outside subscription cancellation.
Greenwood’s content arm pushes financial empowerment to pull in customers: The US neobank, which caters to Black and Latino communities, unveiled a studio arm that could help build anticipation for its 2022 launch. Its financial literacy programming could also help Greenwood stand out from similar neobanks.
Asset management apps’ 200% crypto boost
Allegations of greenwashing threaten to derail the rapid growth of ESG investing strategies, but AI-powered fintech data solutions have the power to allay fears.
Mexican corporate card provider Clara has neobanking potential: The fintech’s new payment solution gives businesses access to its credit line and lets them schedule as many as 100 payments at once. It’s another building block that Clara could use to become a neobank.
Santander says cashflow app will help UK SMBs’ pandemic recovery: The bank’s app, in partnership with fintech Tomato Pay, lets small and medium-sized businesses (SMBs) view activities from all of their accounts in one spot and settle payments instantly.
Hippo’s public debut continues the SPAC frenzy, with many similar deals likely to follow in the next few years. But will all these SPAC companies be able to find lucrative acquisition targets?
It’s Citibank vs. Afterpay (and Square) in a Rumble Down Under: The bank’s launch of a BNPL product in Australia sets up Citibank against Afterpay, whose pending merger with Square gives the combined company potential as an Australian SMB-focused neobank.
The Spot card’s vast acceptance network could make Citi a formidable player in the BNPL space and threaten business for incumbent players like Afterpay and Klarna.
Every state in the lower 48 now has a Chase branch: The banking giant can boast of a physical presence in all 48 contiguous states. It’s expanded into 10 states this year alone—this push is a contrarian bet, as other banks have been cutting branches.
Meanwhile, the separate phased migration of legacy BB&T and SunTrust accounts to Truist’s combined digital platform will help limit the bleeding, should major glitches happen.