WellMoney’s Founder and CEO, Dr. Kortney Ziegler, describes WellMoney as a “cost-sharing community for emergencies” from which members can take from “no questions asked,” avoiding payday lenders or crowdfunding platforms like GoFundMe.
Read MoreFrom internecine conflict on European soil to pernicious public health crises, a range of uncertainties affect how money flows across the globe, determining national and international politics in the process.
Read MoreEmmanuel Smadja, CEO and Co-Founder of MPOWER Financing, explains the lender’s origin story, describes the UI needs of international students, and outlines the social impact of MPOWER’s work.
Read MoreIn an OpEd, Gabe Kajicek, CEO of Kasasa, argues that local banks offer personal touches that can set clients onto healthier financial journeys and help address debt-related issues.
Read MoreArrived Homes, a real-estate investment platform that lets users buy shares in rental properties, estimates that it will double its presence in the top 100 fastest-growing cities in the US by the end of the year. The proptech has secured investments from Jeff Bezos’s Bezos Ventures, Marc Benioff’s Time Ventures, as well as the former CEOs of Zillow and Uber.
Read MoreJerome Powell, Chair of the Federal Reserve, projected the central bank’s rate hitting 4.4% by the end of the year. The Fed predicts the increase will increase unemployment by 1.2 million people.
Read MoreA growing proportion of homeowners are pulling their for-sale homes from the market to rent them instead. The number of delisted homes that never went under contract increased by 58% over the past year.
Read MoreBeyond SoftBank and its woes, many tech-focused growth investors have seen the value of their portfolios shrink significantly over the past year, raising questions about the soundness of their investment strategies. T Rowe Price’s Global Technology Equity Fund has fallen 45% over the past year; as has Tiger Management by 50%, and Ark Innovation by 55%.
Read MoreJapan-based tech investor SoftBank is reportedly considering another multibillion-dollar startup fund. SoftBank reported a $23B loss in Q2 2022.
Read MoreVTB, a Russia-based state-controlled bank with $280B in assets, began supporting transfers to China in yuan. Purchases of yuan in Russia have increased by 800% this year after the Russian invasion of Ukraine and ensuing sanctions.
Read MoreWave, a payments platform in Senegal, is in a price war with incumbent platform Orange Money. Wave offers a 1% fee on money transfers, while Orange Money has dropped its rates from 5% to 0.8%.
Read MoreBank of America has partnered with the Liberty Science Center in Jersey City, New Jersey, to launch educational programs in local high schools. Students who complete the course will be extended job offers for positions related to emerging technologies by Bank of America.
Read MorePartners at accounting giant Ernst & Young are expected to approve a split of the company’s auditing and consulting businesses. The audit-focused company would retain the EY brand.
Read MoreLenders originated more than $100B in home equity lines of credit (HELOCs) in the first five months of 2022. This represents a 50% increase over the same period in 2021.
Read MoreThree Arrows Capital (3AC), a Singapore-based crypto hedge fund, filed for bankruptcy in July 2022. It owed more than $2.8B to creditors at the time it went bust, and is widely blamed for fueling the collapse of the crypto ecosystem.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
