Financial Services

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.

The new suite of credit cards could help Synchrony bolster its pandemic recovery by tapping into a top spend segment while entrenching itself as a major player for online-focused co-brand cards.

Starling adds another accolade, topping CMA survey on business banking: In its inaugural year of being included, the neobank placed first in a survey of small and midsize businesses (SMBs) backed by the UK regulator. The results mark the latest accolade for Starling and show that its focus on businesses is paying off.

The neobank hit this lofty level on the back of bagging $750 million in new funding. Insider Intelligence examines the bullish and the bearish cases for whether it’s worth it.

An incoming tide of ad revenue swelled the social media platform’s $10B valuation and funding raise of $700M. Here’s how our Fintech and eMarketer analysts say meme stocks helped.

With Pay Later, SMBs can apply for short-term loans and pay them in equal installments—helping Veem carve out a piece of the BNPL market through B2B payments.