Square’s peer-to-peer Cash App, drove the company’s performance in the second quarter. Square reported $1.92 billion in net revenue for the second quarter – a 64% year-over-year jump – despite an $11 million loss.
Read MoreData aggregator Yodlee, owned by Envestnet, launched a new offering called Insights Solutions, which allows companies to gain personalized views of clients’ finances.
Read MoreThis week, Facebook-owned WhatsApp announced plans to pilot credit, micro-insurance and micro-pension products among lower-income populations in rural India.
Read MoreGrab, a Singapore-based ride-hailing company that operates in several markets across southeastern Asia, began offering financial products for retail consumers through its financial unit. The new products include a micro-investment service, loans, and “buy now, pay later” capabilities.
Read MoreApple has acquired Canada-based payments company Mobeewave for $100 million. After launching a credit card with Goldman Sachs, this is the tech giant’s latest move into financial services.
Read MoreThe past week has been a mixed bag for challenger banks globally. U.S.-based Varo earned a national bank charter, clearing three years of regulatory hurdles and hefty investments; Australia’s DayTek Capital was granted a banking license, joining the likes of Xinja, Judo Bank and Volt; and U.K.-based Monzo posted $149M (£113.8M) loss for the year.
Read MoreTrue Link, a financial platform for older adults, confirmed a $35 million Series B fund raise, resources the company says will help it move into new product categories.
Read MoreLow-cost 401(k)s for small businesses continue to be in demand despite tough economic circumstances. This week, Guideline, a San Mateo, Calif.-based 401(k) provider for small businesses, raised $80 million in funding at a valuation of $500M.
Read MoreIn its best quarter ever, payment provider PayPal reported total payment volume was $222 billion in the second quarter, a 29% jump year-over-year. Quarterly profits grew 86%.
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 MoreA report from the investment banking unit of Bank of China urged Chinese institutions to increase the use of a Chinese financial messaging network in lieu of SWIFT, for cross-border transactions in the mainland, Hong Kong, and Macau.
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 MoreThe Consumer Financial Protection Bureau (CFPB) announced on Friday, July 26, that it will propose new rules on how third parties can access consumer financial records later this year.
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 MoreWest Malling, U.K.-based startup battleface, an insurtech company backed by Fintech Ventures Fund, Greenlight Re and Tangiers Group, this month launched a COVID-19 travel insurance package, covering medical expenses resulting from the coronavirus for U.K. and EU citizens under 59 years of age.
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.
