Its financial results for the first half of 2023 showed a deceleration of growth and led to a stock tumble
Investing app targets students at historically Black colleges: A joint initiative between Stackwell and Fintech in Action wants to advance financial literacy and close the racial gap in intergenerational wealth.
The Latin American investment frenzy slowly ebbs away: High inflation and stagnant economic growth are reshaping the region’s fintech scene, consolidating the positions of just a few big players, like Nubank and Mercado Pago.
PayPal said Alex Chriss will take over as CEO from Dan Schulman, while Discover CEO Roger Hochschild abruptly resigned
The tools will help developers more easily launch embedded finance solutions, a key benefit of modern card issuing
Mastercard sees growth in Africa’s mobile money business: The card network purchased a minority stake in the fintech division of MTN Group as electronic payments take off in Africa
Uber gets its fintech license in Mexico: Now the ride-hailing platform can compete with its rival DiDi in offering virtual wallets and debit and credit cards, as another nonbank holding consumers’ money.
Fed program will monitor banks’ ‘novel activities’ in crypto and other innovative tech: If you’re handling digital assets, running a blockchain, or offering banking as a service, your activities will likely fall under this program’s oversight.
Canadian millennials enthusiastically stashing cash in First Home Savings accounts: Despite the accounts’ slower-than-expected rollout among the Big Six, RBC reports initial uptake in the tens of thousands.
Bank of America leads US banks in Instagram followers: Social media’s influence on Gen Z’s financial behavior underscores its importance in marketing campaigns.
Even managers were doing it: The SEC and CFTC imposed $549 million in fines on a slew of financial institutions for using unapproved messaging apps and failing to keep records of their business communications.
We’re not out of the woods yet: Moody’s ratings downgrade and negative outlook on 27 US banks is yet another indicator of the high cost small and midsize banks are paying to stay competitive in a challenging environment.
But the new pricing partnership will cut into Marqeta’s revenue growth as it struggles to achieve profitability
It’s now available in Vietnam and Chile, adding to the long lists of markets it’s launched in this year
They are the latest BRICS nations to make CBDC inroads, which could give them more influence over global CBDC policy
Capital requirement increases bring out the lobbyists: Aside from JPMorgan CEO Jamie Dimon, most US banks aren’t saying much publicly about the proposed regulatory changes. But that doesn’t mean they like them.
We’re seeing record bankruptcies among VC-backed startups. Factors include rate hikes, investment shortages, and bank collapses. AI funding rises, but potential oversaturation looms.
Crypto-friendly Revolut to end crypto services to US customers: The UK neobank blamed regulatory uncertainty as lawsuits drag on and crypto bills limp toward the US Senate.
Response to FDIC special assessment suggests banks are writing off 2023: Replenishing the deposit insurance fund after a $15.8B drawdown to cover the March regional banking crisis was never going to be cheap or easy.