Retailer Macy’s is putting a lot of eggs in its “buy now, pay later,” basket, with an undisclosed investment in point-of-sale lender Klarna and a five-year partnership that will allow Macy’s customers to pay for goods in interest-free installments.
Read MorePayPal-owned peer-to-peer payments app Venmo launched a credit card issued by Synchrony Bank, powered by the Visa network.
Read MoreData aggregator Finicity, which Mastercard agreed to acquire in June in a deal valued at nearly $1B, launched a new product suite called Finicity Lend, which is designed to help lenders reach more consumers through a closer line of sight on transactions.
Read MoreGermany-based Monedo, a lending startup that was once valued at €230M ($273M), has filed for bankruptcy.
Read MoreThe U.S. Small Business Administration and the Treasury Department released data on PPP loan recipients this week.
Read MoreGoldman Sachs’ digital consumer bank Marcus is expanding its partnership with JetBlue by allowing customers to pay for airfares over time. Marcus previously offered point-of-sale financing for JetBlue vacation packages only.
Read MorePayments company Square is testing a new small-dollar loan product through its peer-to-peer Cash App. A thousand users will test the product. Users can borrow $20 to $200, and have four weeks to pay the loan back
Read MoreAmerican Express is in “advanced talks” to acquire small-business lender Kabbage for as much as $850 million in an all-cash deal, Bloomberg reported.
Read MoreChicago-based lender for credit-challenged consumers Enova plans to acquire small business lender OnDeck, in a cash and stock deal worth around $90M.
Read MoreBunq, a Netherlands-based digital banking startup, is entering the mortgage market through a partnership with Venn Hypotheken, a subsidiary of insurance giant Nationale-Nederlanden.
Read MoreTire Agent, a digital tire marketplace, picked up $5 million in funding to grow its business and support its tire financing platform called PayPair, which matches lenders with consumers of any credit score with a payment plan.
Read MoreAtlanta-based small business lender Kabbage, which has 400,000 business customers, is partnering with Green Dot Bank to offer checking accounts with no monthly fees and 1.1% interest on all balances.
Read MoreFresh off reports the top 10 PPP bank lenders will gain more $3.8 billion in fee revenue from the program, Wells committed to put $400 million it earned in PPP processing fees toward small business recovery efforts.
Read MoreThe CFPB this week released a final payday lending rule, which rescinds a 2017 regulation under Obama-appointed CFPB Director Richard Cordray that required payday lenders to assess borrowers’ ability to repay.
Read MoreOn Tuesday, mortgage lender Quicken Loans filed paperwork to go public under parent company Rocket Companies (RKT). In its filing, the company listed the size of its offering as $100 million, a placeholder amount that will likely change.
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.
