Citi pledges $1B to close racial wealth gap
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Citibank and the Citi Foundation committed $1B in funding to enhance access to financial services for communities of color.
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Fintech News Stories
Chinese government taps e-commerce giant JD.com for digital currency project
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Chinese media reported this week that the country’s central bank is working with e-commerce behemoth JD.com on mobile apps that will support a digital yuan.
Read MoreSuspicious transaction reports expose cracks in bank AML frameworks
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A Buzzfeed investigation on more than 2,100 suspicious activity reports banks filed with the U.S. Treasury Department’s Financial Crimes Enforcement Network reveals that over a period of nearly two decades, major institutions moved trillions of dollars for suspected terrorists, drug dealers, and corrupt foreign government officials.
Read MoreReal estate investment startup Cadre launches savings account with 3% interest
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Cadre, a 6-year-old startup that lets clients invest in real estate, is rolling out a savings account that offers 3% interest up to the amount clients have invested in their real estate portfolios.
Read MoreFlexible rent payment startup Till raises $8M for expansion
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Till, a Washington, D.C.-based startup that allows customers to set customized rent payment schedules, has raised $8M in seed funding to enhance the platform and grow adoption.
Read MoreFlywire and Mastercard partner to streamline cross-border tuition payments
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Mastercard and Boston-based payments company, Flywire, are working together to make cross-border tuition payments easier and faster for students.
Read MoreCryptocurrency exchange Kraken gets banking license
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Cryptocurrency exchange Kraken is the first crypto company to acquire a banking license in the U.S.
Read MoreCFPB proposes to exempt some SME lenders from data collection rules
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The Consumer Financial Protection Bureau (CFPB) this week released proposals regarding SME lenders that could be exempted from data collection requirements under the Dodd-Frank Act.
Read MoreEx-Bank Leumi CEO and tech execs launch $100M fintech venture fund
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Rakefet Russak-Aminoach, former president and CEO of Israel-based Bank Leumi, joins a group of fintech executives, including Yuval Tal, founder of payments company Payoneer, and Galia Beer-Gabel, a former head of business development at PayPal, to launch Team8 Fintech, a $100M fintech fund.
Read MorePayments companies’ valuations grow despite pandemic
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As digital financial services get a boost during the pandemic, some of the key beneficiaries are payments companies.
Read MoreJPMorgan and BlackRock partner with Saphyre to automate account opening
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JPMorgan and BlackRock are tapping startup Saphyre’s AI tools to automate the opening of custody accounts. The new solution allows for the digitization of account information entries, the pre-population of redundant data, and the elimination of manual processes and wet signatures.
Read MoreOpendoor to go public through merger with special purpose acquisition company
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Real estate marketplace Opendoor is going public through a merger with Social Capital Hedosophia II, a special purpose acquisition company (SPAC) associated with investor Chamath Palihapitiya.
Read MoreGerman fintech Monedo files for bankruptcy amid pandemic pressure
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Germany-based Monedo, a lending startup that was once valued at €230M ($273M), has filed for bankruptcy.
Read MoreSquare creates nonprofit to cull patent hoarding in crypto space
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Payments company Square this month created a nonprofit called the Cryptocurrency Open Patent Alliance (COPA). Its goal is to promote open-source frameworks that encourage innovation.
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