FinTech Futures: Top five stories of the week – 25 March 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Savings
USAA hit with $140m fine from FinCEN for Bank Secrecy Act violations
USAA admitted to failing to accurately report in a timely manner thousands of suspicious transactions to FinCEN.
US fintech Acorns lands $300m investment to boost growth
The funding comes after the fintech abandoned its planned IPO in January.
Oklahoma’s First National Bank & Trust taps CSI for core banking upgrade
The bank will deploy CSI’s NuPoint core banking platform.
Youth-focused fintech FinZi set to launch in Colombia
FinZi has already secured a pre-seed capital raise worth $350,000.
Payroll API fintech Atomic secures $40m Series B funding
Atomic wants customers to be able to invest, save and accrue wealth by “unlocking the power of their paychecks”.
Ireland’s An Post partners Tink to provide money management services
Tink’s technology provides insights to help An Post customers improve their financial health.
Canada’s TD Bank snaps up First Horizon for $13.4bn in US expansion push
The combined entity will become a top six US bank, serving 10.7 million customers across 22 states.
Banking challenger and investing platform Finch set to launch in US
Finch boosts users’ credit score by reporting spending to US credit bureaus Equifax, Experian and TransUnion.
Swedish challenger Rocker introduces fingerprint sensor biometric payment card
Rocker’s biometric payment card is the first of its kind in Sweden.
Aussie banking app Douugh taps TrueLayer for open banking data access
Australia’s Consumer Data Right framework enables the sharing of customer data between banks and fintechs.
Seven ways “saving” has changed during the pandemic
Seven changes we’ve seen during the pandemic that will drive long-term changes for savings providers.
Askari Bank taps Hysab Kytab for personal financial management tech integration
The integration of the PFM solution forms part of the bank’s ongoing digitisation strategy.
Digital-first “bank for youth” LINC launches in Jordan
The neobank has been built by Cairo Amman Bank, a full-service bank in Jordan and Palestine.
US mobile banking app Spruce launches powered by SoFi Technologies’ Galileo
The mobile banking platform has been built by H&R Block and launched on 20 January 2022.
UK challenger bank Atom raises £75m as it heads toward IPO
The UK’s first app-based bank has raised more than £75m in new equity priced at 70p per share.
Wealthtech FNZ secures $1.4bn investment
The company says the investment is one of the largest ever primary equity raises in the sector.
Digital bank Tonik raises $131m, eyes international expansion
Tonik’s Series B equity funding round was led by Japanese banking heavyweight Mizuho Bank.
Mos secures $40m Series B funding to drive product expansion
The cash will go towards hiring new staff as Mos looks to maintain its recent growth spurt.
Germany’s Vivid Money raises €100m Series C to turbocharge super-app plans
Vivid Money doubles its valuation in less than a year to €775m.
Lowering the ladder: how NY fintech Xrent plans to help millennials become homeowners
“We have seen a widening wealth gap trend without much sign of slowing down,” says Xrent.
New neobank Coupl set to launch in India
Start-up allows couples to set up joint accounts and manage their money together.
Canadian fintech Koho lands $165m Series D funding
The firm says the investment is one of Canada’s largest fintech funding rounds.
US mutual savings bank Mascoma in tech revamp with Thought Machine
“We believe that modern technology is the key to unlocking superior customer service,” says Mascoma CEO.
Walmart-backed Hazel snaps up fintech platforms Even and One in super app push
Walmart CEO says the app will allow users to “manage their money in one place”.
Socially responsible savings app Cushon raises £35m, makes third acquisition
Cushon becomes the fifth largest master trust pension provider in the UK.
UK consumer lender Oplo acquired by challenger bank Tandem
Together, Tandem and Oplo will “create a fairer, greener digital bank”.
Accrue Savings raises $25m to offer consumers “a responsible purchasing option”
The Series A funding round was led by Tiger Global.
Alternative retirement investment platform Alto raises $40m in Series B
The firm claims more than 15,000 IRA investors with a billion dollars of assets under custody.
2021: Top five new fintechs and neobanks
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2021: Top five mergers and acquisitions
FinTech Futures takes a look back at some of the year’s top mergers and acquisitions.
Embedded finance platform Ant Money raises $20m, acquires savings app Blast
Acquisition of Blast boosts the number of apps under the Ant Money umbrella.
India’s FSS and CSB Bank team up to provide banking services to the financially underserved
The partnership will see 1,000 Smart Cash franchises opened in underbanked areas.
National Bank of Kuwait unveils country’s first digital bank
Weyay is in beta mode and will target the country’s large youth market.
Family savings fintech UNest raises $26m in Series B round
Company is one of the few US fintechs with a female founder to gain investor funding to date.
Wyoming Bank and Trust selects Computer Services for core banking upgrade
The locally-owned bank has selected CSI’s NuPoint core platform.
Wealth infrastructure API platform Atomic raises $25m Series A funding
The San Francisco-based company will add scale and headcount with funding round.
MasLife embarks on crowdfunding ahead of full launch of app
Combining financial and health wellbeing, the firm has a market valuation of £21.8m.
Standard Chartered to launch climate-focused savings app powered by Starling
Named Shoal, the platform leverages Starling’s Banking-as-a-Service offering.
UK neobank Monument given green light to launch by FCA and PRA
The neobank landed an authorisation with restriction (AWR) banking licence in October 2020.
