FTC shutters San Fran fintech Beam for not delivering on 7% interest rate
“Don’t lie about your customers’ ability to get their money when they need it.”
Business-to-Consumer/B2C
ICYMI funding round-up: Butter, Spiral, SadaPay, OVEX, Ensemble & more
We’ve put together an “In Case You Missed It” (ICYMI) funding list.
Global fintech M&A round-up Q1 2021
Whilst some big deals never closed in Q1, plenty others took their place.
Box: Insurance isn’t just about premium rates, it’s about the entire user experience process
Vaneet Grewal, Box’s financial services managing director, talks to FinTech Futures.
Visa pilots US stablecoin with Crypto.com to settle transactions
Other incumbents have moved to support cryptocurrency too.
Major US banks invest $40m in Black-owned challenger Greenwood
Backers include JP Morgan Chase, Citi, and Bank of America.
Revolut applies for US banking licence days after Canada exit
Revolut’s US operations are led by banking veteran Ron Oliviera.
Indiana-based fintech Zoro Card builds credit through a debit card
The fintech focuses on those disproportionately affected by insufficient credit histories.
Dallas fintech Stretch to offer former prison inmates bank accounts
The start-up’s aim is to help America’s formerly incarcerated people transition back into the country’s economy.
US fintech Sincere to target “pet parents” with debit cards
In 2019, Americans spent $95.7 billion on their pets.
Revolut exits Canada after trialling beta for year and a half
Canada is a difficult market for challengers to crack.
State of play: account-to-account (A2A) payments
In-depth analysis and understanding of the market landscape by our resident fintech analyst.
Banking Technology March 2021 issue out now
Creating communities: celebrating women in fintech this Women’s History Month
London fintech WorldRemit mulls taking $1.5bn Spac listing to US
Refinitiv data shows Spac mergers have surged to a record $170 billion this year.
Square buys majority stake in Tidal for $297m as Jay Z joins board
Tidal is the latest in a few sales Jay Z has made in recent weeks.
Square finally launches bank after filing first application in 2017
Previously, Jack Dorsey’s fintech partnered with Celtic Bank for banking products.
Branch closures mount with latest Bank of Ireland and TD Bank cuts
Latest branches following the pandemic-induced shift to digital channels.
Goldman’s consumer head Omer Ismail leaves for Walmart’s fintech venture
Ismail architected the firm’s move into consumer digital banking.
Robinhood pushes on with IPO plans despite facing 49 GameStop lawsuits
Robinhood has held talks with underwriters about filing “within weeks”.
Subway standardises its payments over all 42,500 restaurants globally
Subway claims it is one of the first in North America to standardise payments on this scale.
What did the GameStop saga expose about UK trading regulation?
FinTech Futures unpacks the FCA’s published response to trading restrictions on 29 January.
UK Black-owned challenger Atmen to launch in March
The start-up is now looking to raise £5 million from institutional investors.
Robinhood backer Tiger Global leads $200m investment in rival Public.com
Public.com – as on 1 February – decided to stop making profits from payment for order flows.
MoneyLion set to go public via $2.9bn Spac deal
The fintech anticipates year-over-year growth of around 88%.
Fintech funding deals globally 8-14 February 2021
Featuring Fraction, BharatPe, Agibank, Monzo, and Coinsquare.
Monzo appoints Carol Kobuke Nelson as new US president and CEO
Nelson spent 23 years at Bank of America.
San Fran fintech Zeta lands $1.5m for couples banking
Currently, the start-up makes money on partial interchange fees.
Challenger Climate First Bank to launch in Florida’s Tampa Bay Area in Spring
The start-up wants to become a full-service community bank.
US investor Stash lands $125m Series G ten months after last round
Stash’s last valuation sits at around $812 million.
Texan digital challenger Fair set to launch in Spring
This month, the start-up opened its waiting list.
PayPal posts 22% revenue rise on back of e-commerce growth
2020 set unprecedented records for PayPal, but its 2021 outlook is more conservative.
Crypto exchange Gemini furthers banking play with savings accounts
Rates of up to 7.4% annual percentage yield (APY) will apply.
Robinhood raises $3.4bn, co-CEO set to face US politicians this month
Allegations allege Robinhood succumbed to pressure from big-paying hedge fund clients.
Goldman winds down Clarity Money to focus on Marcus Insights
Clarity Money is due to close on 5 March.
Fintech trends watch 2021: checkouts, wealthtech and SCA
Our resident Gen Z’er, Ruby Hinchliffe, shares her three predictions for 2021.
Online brokers halt GameStop trades as SEC investigates
The SEC is “actively monitoring” the “ongoing market volatility”.
JOFF Fintech Acquisition Spac files for $300m IPO
The Spac is eyeing up fintech, wealth management and gaming sectors.
Rapyd raises $300m in Series D, plans more acquisitions
It will double the engineering and product teams and expand the “self-service” element of the platform.
Robinhood hires two execs from US regulator Finra
Former Finra execs Anthony Cavallaro and Josh Drobnyk join the fold.
Plaid launches incubator FinRise for fintech founders of colour
The incubator is looking to accept just three-to-five start-ups.
