More than 17 million Americans were the victims of fraud on digital wallets or peer-to-peer payment apps in 2020. A large proportion of these crimes took place on Zelle, according to the New York Times.
Read MoreOn Monday, machine-learning solutions provider Stratyfy released UnBias, which helps financial institutions discover and undo bias in their systems. UnBias will be available as a standalone offering.
Read MoreIn an earnings call with analysts on Tuesday, the coffee chain’s executives said they would invest in expanding customer use of the Dutch Rewards app. Between 20% and 25% of rewards transactions include stored-value activity, according to the company’s CFO.
Read MoreOn 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.
Read MoreIn 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 MoreAfter 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 MoreThe 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 MoreThrough 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 MoreThrough 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 MoreLaunched 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 MoreThrough 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 MoreLaunched 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 startups raised between $4.3B and $5.2B in 2021. Between 53% and 62% of that funding went to fintech.
Read MoreClimate fintech funding rose to $1.2B in 2021, according to CommerzVentures. Carbon accounting attracted the most funding, raking in $410M last year.
Read MoreAs 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 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.
