Lufax, one of China’s largest digital investment management platforms, filed paperwork for a U.S. IPO this week. It joins Chinese financial services firms Ant Group and JD Digits, the fintech arm of digital retail marketplace JD.com, both of which went public earlier this summer.
Read MoreDigital banking platform Greenwood seeks to serve communities traditionally ignored by the financial sector, particularly Black and Latinx communities.
Read MoreWells Fargo announced that it is cutting more than 700 jobs in commercial banking.
Read MoreRetailer Macy’s is putting a lot of eggs in its “buy now, pay later,” basket, with an undisclosed investment in point-of-sale lender Klarna and a five-year partnership that will allow Macy’s customers to pay for goods in interest-free installments.
Read MoreRoot, the parent company of Root Insurance, has filed paperwork with the SEC to go public, following in the footsteps of other large insurtechs Hippo and Lemonade which went public earlier this year.
Read MoreThe merger of U.K.-based crowdfunding platform Seedrs with rival Crowdcube is creating a $181M (£140M) marketplace that will allow the general public to buy shares in startups.
Read MoreBank of America launched Life Plan, an end-to-end digital personal finance and financial wellness platform.
Read MorePayPal-owned peer-to-peer payments app Venmo launched a credit card issued by Synchrony Bank, powered by the Visa network.
Read MoreWalmart is channeling Amazon Go in its new store designs, including cashier-free checkouts where customers can pay with QR codes through the Walmart Pay digital wallet.
Read MoreFacebook this week announced it’s testing a feature called Account Center, through which users will be able to sign into Facebook, Instagram, and Messenger, and use a single Facebook Pay ID to make purchases within each of the platforms.
Read MoreContactless payments got a major boost this week through new features rolled out by Amazon and Square.
Read MoreBBVA-backed digital bank Azlo launched a subscription-based service called Azlo Pro, which includes invoicing, and automated budgeting for payroll and taxes.
Read MoreHarit Talwar, who has been Goldman Sachs’ global head of consumer business and the public face of its Marcus unit since 2015, is leaving his position, according to a Bloomberg report.
Read MoreData aggregator Finicity, which Mastercard agreed to acquire in June in a deal valued at nearly $1B, launched a new product suite called Finicity Lend, which is designed to help lenders reach more consumers through a closer line of sight on transactions.
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.
