BNPL payments now reflected in credit reports
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On Monday, Equifax started adding “pay-in-four” installment loans to its credit reports. Experian and TransUnion said they would roll out similar developments this year as well.
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Fintech News Stories
Bank of America to launch all-in-one app
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In a joint statement on Saturday, the U.S., U.K., E.U., and others announced that they would move to exclude “selected Russian banks” from SWIFT, the international payments system. The group of countries has also frozen assets belonging to Russia’s central bank in response to the country’s invasion of Ukraine.
Read MoreFintechs are building out internal M&A teams
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After a series of IPOs and significant fundraising deals, fintechs are poaching junior bankers to evaluate and negotiate M&As internally. Banking giants increasingly see fintechs and other startups as talent competitors.
Read MoreThrough acquisitions, SoFi eyes one-stop-shop status
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The personal finance giant announced today that it’s acquiring banking-software maker Technisys SA through an all-stock deal worth $1.1B. SoFi’s stock has slid more than 30% since the beginning of the year.
Read MoreDelta to offer BNPL option through AmEx
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Through AmEx’s Plan It BNPL tool, AmEx U.S. Customer Card members can now split payments made on Delta.com. The airline’s app will offer the same feature this spring.
Read MoreDiscover to offer non-card payments
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Through a partnership with fintech Buy It Mobility Networks Inc. (BIM), Discover will let merchants accept payments directly from consumers’ bank accounts. The feature is popular in Asian markets.
Read MoreFacebook Messenger debuts ‘split payments’ feature
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Launched yesterday, the feature lets users split bills evenly or in customized amounts through Facebook Pay. Facebook had publicly tested the feature for two months.
Read MoreMassachusetts eyes fintech incubation—and, hopefully, a bigger boom
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Through public-private partnerships, conferences, and communities, the state has encouraged cross-pollination between academic institutions, investor communities, regulators, and regional talent pools. Last year, Massachusetts saw a record-breaking $3.1B raised in fintech venture funding.
Read MoreAmEx debuts all-digital checking account
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Launched yesterday, the checking account and its debit card offer rewards, round-the-clock support, and purchase protection. It’s the company’s first checking account for consumers.
Read MoreAfrican fintechs smashed fundraising records in 2021
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African startups raised between $4.3B and $5.2B in 2021. Between 53% and 62% of that funding went to fintech.
Read More“Climate fintech” needs to decide what it is
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Climate fintech funding rose to $1.2B in 2021, according to CommerzVentures. Carbon accounting attracted the most funding, raking in $410M last year.
Read MoreFinTech is on Fire. Karma Isn’t the Only Reason to Lend Out Financial Data - 5 Reasons Why It’s Good for Business
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As much as early-stage fintech startups benefit from free, early access to data, data providers and financial institutions can benefit from offering it. It’s a symbiotic relationship that helps each party and ultimately advances the entire financial services industry in the process.
Read MoreFacing scams and turbulent market, PayPal shares dip 25%
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The payments giant announced that it had closed 4.5 million “bad actor” accounts that had taken advantage of PayPal rewards programs. In addition, its payments volume only rose 23% in Q4, the smallest increase in two years.
Read MoreCan Monzo succeed in the U.S.?
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The U.K. digital bank officially launched its full-fledged product in the U.S. on Tuesday. Users can apply online for an account within 10 minutes, the company said.
Read MoreF-Prime Capital debuts Fintech Index
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Launched this morning, the Fintech Index tracks the performance of 54 fintechs in public markets and tracks related exits. With a lifetime performance of +743.1%, the index has outperformed the S&P 500 by more than 600 percentage points.
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