Ayco, a Goldman Sachs-owned financial company serving employers, expanded its product marketplace for employees this week, encompassing annuities, investment accounting, and tax services.
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 MoreA bipartisan Senate bill put forward by Sens. Bob Menendez, D-N.J., and Kevin Cramer, R-N.D. would prohibit retailers from turning away cash payments from customers.
Read MoreAnother credit-focused startup that has been crossing over into digital banking is Upgrade.
Read MoreA settlement with the SEC marks the end of encrypted messaging app Telegram’s “Gram” digital currency project, which the company said last year would operate on a decentralized framework reminiscent of bitcoin. As part of the settlement, Telegram and subsidiary TON Issuer this week agreed to pay a $18.5M civil penalty and return around $1.2B to investors.
Read MoreKlar - the challenger you might not know...yet
Read MoreCedar, a patient engagement and payments technology platform, has raised $102 million Series C, including $25 million of debt, to improve the patient experience and boost engagement.
Read MoreCloud-based bank operating system nCino, filed to go public on Monday and is seeking to raise $100 million, despite no indication of when it plans to be profitable.
Read MoreCloud-based bank operating system nCino, filed to go public on Monday and is seeking to raise $100 million, despite no indication of when it plans to be profitable.
Read MoreIn an embarrassing gut punch to Facebook, from the Brazilian central bank Tuesday suspended WhatsApp payments barely a week after the service launched in the country. The regulator said rolling out the payments service without prior analysis could damage the payments system from a competition, efficiency and data privacy point of view.
Read MoreThe OCC is looking to launch nationally-applicable charters for payments companies this fall.
Read MoreThe fall of Germany-based payments company Wirecard, which filed for insolvency amid an accounting scandal over a missing $2B, is now affecting app users that depend on its payment services.
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.
