According to a June 30 filing, three Black-owned US banks—Industrial Bank, First Independence Bank, and Mechanics and Farmers Bank—joined eighteen other banks, including Citigroup, in a $1.23B syndicated corporate loan. The loan was provided to Science Applications International Corp. (SAIC), which offers IT services to the US government.
Read MoreConsumer Financial Protection Bureau (CFPB) Director Rohit Chopra said that Big Tech’s expansion into the BNPL space raises privacy and antitrust issues. To date, Apple is the only tech giant to launch a BNPL product, which is called Apple Pay Later.
Read MoreIn an interview with The Financial Revolutionist, Co-Founder and CEO of ForwardAI Nick Chandi outlines the market need ForwardAI addresses, describes the competitive dynamic between accounting platforms and banks, and envisions the future of SMB financial advisory services.
Read MoreEconomist and New York Times columnist Paul Krugman argued that the US economy has exited an inflationary period. Citing the Federal Reserve’s economic data, Krugman said inflation has sharply decreased since March 2022.
Read MoreCryptocurrency hedge fund Three Arrows Capital (3AC) has failed to make payment on a loan issued by crypto broker Voyager Digital. This marks the largest institutional crash of the current “crypto winter.”
Read MoreLast week, the Reserve Bank of India, the country’s central bank, banned loading pre-paid payment instruments using credit lines. The regulatory shift effectively outlaws the business strategy of major BNPL providers in the country.
Read MorePayPal announced the launch of its “PayPal Pay Monthly” service, which lets customers pay in monthly installments for purchases between $199 and $10,000. WebBank is the lender for the service.
Read MoreThis morning at its 2022 Worldwide Developers Conference (WWDC), the computing giant introduced attendees to Apple Pay Later, a proprietary buy now pay later (BNPL) service. Goldman Sachs is the lender for the instalment loans.
Read MoreVisa announced that it’s added a BNPL option to its “Visa Ready” program. Unlike traditional BNPL solutions, Visa’s product also lets consumers opt into BNPL installments at point-of-sale through virtual cards, not just online.
Read MoreIn the fall of 2021, the Seattle-based proptech abandoned its home-flipping blitz and laid off 2,000 employees. It’s now ramping up for another moonshot project: building a super app for real estate.
Read MoreAnalysis by The Markup, a data-driven newsroom covering Big Tech, suggests Utah’s decision to move payday disputes to online courtrooms has increased default judgments against defendants. Defaulting on these loans can lead to garnished wages and a lower credit score.
Read MoreFIBR Tech Ltd., which provides online lending to businesses, and ANNA Money, a business account and admin service provider, have announced searches for new buyers. Both businesses are currently owned by ABH Holdings, which includes sanctioned Russian billionaires as its owners.
Read MoreThe PAVE report could drastically change how homes are bought and sold in the U.S. and address a long history of discrimination against minority homeowners—especially if PAVE’s recommendations are codified into law. That’s a big if when Congress has a hard time agreeing on, well, almost anything.
Read MoreThe Bilt Mastercard lets renters earn rewards on rent payments, and use rewards points for down payments. For the first time, tenants can also pay rent through credit cards without transaction fees.
Read MoreAccording to the Financial Health Network, more than 70% of pay-advance users have taken out several advances in a row. Predatory data collection and obscure cash-limit algorithms further affect consumers within this $12B industry.
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.
