Startups get PPP loans as banks rake up fee revenue
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The U.S. Small Business Administration and the Treasury Department released data on PPP loan recipients this week.
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Fintech News Stories
Samsung Pay taps Curve for UK debit card launch
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Samsung Pay has launched Samsung Pay Card, a new Mastercard digital debit card for U.K. customers. Samsung Pay Card uses startup Curve’s card consolidation tools to allow consumers to use Samsung Pay Card for all purchases, supported by an underlying payment card of their choice.
Read MoreGoldman’s Marcus rolls out ‘buy now, pay later’ tool for JetBlue flights
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Goldman 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 MoreBetterment leads inclusion-focused industry coalition
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A group of large fintech startups, spearheaded by robo-adviser Betterment, have formed the Fintech Equality Coalition. The group’s mandate is to enhance access to services and grow career advancement opportunities for the Black community.
Read MoreFacebook creates new internal group to oversee payments across apps
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Facebook launched a new internal group called Facebook Financial to oversee payments and commerce initiatives, including Facebook Pay, a universal payments capability that it plans to include in all of its apps.
Read MoreSquare tests small-dollar loans through Cash App
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Payments 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
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R3’s Rutter to Launch New Trading Platform LedgerEdge
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Financial services heavyweight David Rutter, founder of enterprise blockchain firm R3 and U.S. treasuries trading marketplace LiquidityEdge, has assembled a team to build a new trading platform called LedgerEdge.
Read MoreTSB to phase out branch cashier jobs as digital adoption grows
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British bank TSB is getting rid of branch cashiers next year, affecting 929 jobs.
Read MoreFifth Third Bank Launches Digital Wills
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Fifth Third Bank is partnering with San Diego-based digital estate planning fintech Trust & Will to offer online estate planning services to its customers.
Read MoreAmerican Express in talks to acquire business lender Kabbage
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American 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 MoreUK challenger bank Starling reports strong revenue growth during pandemic
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In a business update, U.K.-based digital banking startup Starling reported an annualized revenue run rate increase of more than 370% in wake of the pandemic, to £80M ($104.6M).
Read MoreSquare acquires Stitch Labs to help grow its merchant toolkit
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Payments company Square last week acquired commerce operations firm Stitch Labs, whose tools let businesses oversee inventory, orders, channel management, and fulfillment.
Read MoreRoot Insurance to eliminate credit scores from consideration by 2025
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Root Insurance, a 5-year-old auto insurance startup that uses smartphone technology to understand its clientele’s driving habits, has pledged to eliminate credit scores as a factor in its car insurance pricing model by 2025.
Read MoreCustomers Bancorp sells BankMobile to Megalith Financial Acquisition
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Customers Bancorp has agreed to sell subsidiary platform BankMobile to Megalith Financial Acquisition. The company would then merge with Megalith, change its name to BM Technologies, and go public.
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