Brex withdraws industrial bank charter application
/Payments unicorn Brex is withdrawing its industrial loan company (ILC) bank charter application to allow it to “modify and strengthen” it and resubmit at a future date.
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Coinbase riding high amid $1.9B in transaction revenue and $1.6B in quarterly profit
/In its second-ever earnings report as a public company, cryptocurrency exchange Coinbase appears to be on a winning streak, with revenues past 1000% and profits up almost 4900%.
Read MoreAlly Financial taps insurtech Hippo on home-insurance offering
/Ally Financial entered into a partnership with Hippo, an arrangement that would allow it to offer home insurance to its customers.
Read MoreSenate rejects crypto tax amendment to infrastructure bill
/The U.S. Senate has rejected a bipartisan amendment to the $1T infrastructure bill that would have ring-fenced cryptocurrency tax-reporting requirements, creating potential headaches for crypto companies.
Read MoreICYMI: Former OCC lead Brian Brooks leaves Binance.US
/Brain Brooks, former acting head of the Office of the Comptroller of the Currency under the Trump administration, resigned from his post as CEO of crypto exchange Binance.US, a mere three months into the job.
Read MoreCrypto firm Circle to apply for a banking license as ‘National Digital Currency Bank’
/Circle, a Boston-based crypto firm behind the USD Coin (USDC) stablecoin, announced plans to become a full-reserve national commercial bank, operating under the supervision and risk management requirements of the Federal Reserve
Read MoreFigure to tap Sagent for mortgage servicing, blockchain vision
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Figure, a fintech firm led by ex-SoFi CEO Mike Cagney that focuses on using blockchain for loan origination, equity management, private fund services, and payments, is partnering with mortgage and consumer loan servicer Sagent to help grow its mortgage market share.
Read MoreHuman Interest rides a pandemic wave of interest in small-business 401(k)s
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Human Interest, a San Francisco-based startup 401(k) provider, claims to “launch a retirement plan in minutes and put it on autopilot.”
Read MoreAcorns partners with Cricket Wireless to incentivize saving and investing
/Popular investing, savings and personal finance app Acorns is partnering with Cricket Wireless in a bid to encourage customers to save while paying their phone bills.
Read MoreRobinhood shares surge as investors give it ‘meme stock’ status
/Shares of trading app Robinhood, which gained notoriety earlier this year by enabling retail investors to pump up so-called meme stocks including Gamestop and AMC Entertainment, are surging a few days into its launch on the Nasdaq.
Read MoreSEC chairman Gensler says stronger crypto regulation is in the cards
/In a speech at the Aspen Security Forum this week, Gary Gensler, chairman of the Securities and Exchange Commission (SEC), likened the crypto markets to the Wild West in which investors were not sufficiently protected.
Read MoreMoneyLion aims for ‘super app’ strategy as it navigates regulatory hurdles
/Fintech MoneyLion, which began as a lending and personal-finance platform and more recently added banking and investing, is pursuing a financial “super app” strategy to grow its customer base.
Read MoreLosses mount at Monzo amid ‘material uncertainty’ over the company’s future
/Monzo, a longtime cool kid in the U.K. challenger bank club, is looking to get out of a Covid-related slump, reporting £114.8M (around $159M) in pre-tax losses last year.
Read MoreSquare to acquire Afterpay for $29B, sweetening offer for merchants and consumers
/Payments fintech Square this weekend said it plans to acquire ‘buy now, pay later’ (BNPL) firm Afterpay in a $29B all-stock deal, allowing it to enhance its relationships with sellers and consumers.
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