AI-supported asset manager Pagaya to go public via merger with SPAC

Pagaya, an American and Israeli fintech firm that uses artificial intelligence (AI) to manage institutional money, is going public through a merger with special purpose acquisition company EJF Acquisition Corp.

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Money transfer firm Wise launches index investing feature in beta

Money transfer giant Wise (formerly TransferWise) – which went public in July and boasts a market capitalization of more than $14B – is expanding its wings beyond payments and testing investing products for its U.K. customers.

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Acorns reaches out to veterans to kick off underserved customer strategy

Banking and investing app Acorns is waiving subscription fees for veterans in an effort to reach more underserved customers.

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Human Interest rides a pandemic wave of interest in small-business 401(k)s

Human Interest rides a pandemic wave of interest in small-business 401(k)s

Human Interest, a San Francisco-based startup 401(k) provider, claims to “launch a retirement plan in minutes and put it on autopilot.”

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Robinhood shares surge as investors give it ‘meme stock’ status

Shares of trading app Robinhood, which gained notoriety earlier this year by enabling retail investors to pump up so-called meme stocks including Gamestop and AMC Entertainment, are surging a few days into its launch on the Nasdaq.

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M1 Finance launches credit card with up to 10% cash back

M1 Finance, a Chicago-based financial app that includes investing, lending, and banking, launched an Owner’s Rewards Card that offers up to 10% cash back for users when they shop at select companies whose stock they own.

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Robinhood seeks $35B valuation in upcoming IPO

Trading app Robinhood is reportedly seeking to raise $2.3B in an upcoming initial public offering (IPO).

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Vanguard acquires startup Just Invest in bid to grow toolset for advisers

Pennsylvania-based investment behemoth Vanguard, which is the world’s second-largest asset manager, is buying Just Invest, a 5-year-old startup whose technology helps advisers customize portfolios.

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JPMorgan Chase to acquire startup OpenInvest to enhance ESG capabilities

In its third fintech acquisition of the year, JPMorgan Chase announced plans to acquire OpenInvest, an Andreessen Horowitz-backed startup founded by former Bridgewater Associates employees.

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Investing app Stash expands education push with PayGrade acquisition

Stash, a digital investing app that’s expanded to a full complement of financial product offerings including banking and financial wellness and savings tools, has acquired PayGrade, a financial literacy platform aimed at school-age kids.

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JPMorgan buys digital wealth app Nutmeg as it preps UK launch

JPMorgan Chase has acquired U.K. robo-adviser Nutmeg as it prepares to launch a digital banking offering in Britain later this year.

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Market intelligence platform Atom Finance is betting on Brazil

As Robinhood and GameStop debacles this year put a spotlight on the growing number of retail investors, New York-based Atom Finance aims to offer a suite of research tools comparable to a Bloomberg terminal at a more affordable price point.

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Acorns is going public through $2B SPAC deal

Acorns, the California-based personal finance app that launched in 2014, is going public through a merger with Pioneer Merger Corp., a special-purpose acquisition company (SPAC) affiliated with hedge funds Falcon Edge Capital and Patriot Global Management.

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Merrill Lynch Wealth Management nixes cold calls from adviser training

In an apparent nod to digital-centric customer behaviors, Merrill Lynch Wealth Management is no longer making cold calls a part of its training program for incoming brokers.

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Fidelity launches no-fee teen brokerage accounts

In an effort to lock in teen business before they seek out competitors when they turn 18 (aka Robinhood and apps like it), Fidelity is offering teens aged 13 to 17 debit cards, and investment and savings accounts.

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