With the Taliban solidifying their control over Afghanistan over the past couple of weeks, the country has plunged into a financial crisis, with a cash shortage, a currency in freefall, and rising prices of consumer goods.
Read MoreBinance, the world’s largest cryptocurrency exchange by volume, is facing legal action over a May 19 hour-long outage that resulted in millions of dollars in traders’ money lost, claimants allege.
Read MoreNerve, a neobank for musicians, aims to serve musicians with FDIC-insured accounts that help the musician separate their personal and financial lives; streaming and follower data; free instant payments to other Nerve users; and a networking feature that allows musicians to collaborate with one another.
Read MoreAspiration, an 8-year-old Los Angeles-based challenger bank, is going public through a merger with special-purpose acquisition company InterPrivate III Financial Partners Inc.
Read MorePayPal-owned Venmo announced a partnership with banking technology company Fiserv to offer gig workers the opportunity to get their paychecks and tax refunds deposited into their Venmo accounts.
Read MoreAs the pandemic recedes, it's clear that the proptech sector is largely emerging stronger, more resilient, and with more interest from investors than ever before. In fact, according to Crunchbase, VC-backed real estate tech companies raised a record $10.6B in the first six months of 2021, up from $8.3B in the same period in 2020. Meanwhile, companies in the real estate tech ecosystem are increasingly going public, with major IPOs like Procore and Compass, and SPAC tie-ups for companies like Offerpad, SmartRent, Hippo, Doma, and more.
Payments giant Mastercard said it’s getting rid of the magnetic strip on cards starting in 2024. The move is being taken largely as a result of the growth in adoption of new technology, including chip cards and contactless payments.
Read MorePoly Network is a decentralized finance (DeFi) platform that was the target of a hack last week resulting in $600M in stolen crypto.
Read MoreThe Consumer Financial Protection Bureau (CFPB) has outlined its priorities in a staff memo, including consumers facing hardship due to Covid-19, and racial equity.
Read MoreNeobank Chime, which reportedly has around 20 million customers, just closed a blockbuster $750M, bringing its valuation up to $25B and positioning it for an IPO in the first half of next year.
Read MoreIn one of the biggest crypto thefts ever, nearly $600M in crypto was stolen in a cyberattack on a decentralized finance (DeFi) platform called Poly Network.
Read MorePayments 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.
Read MoreIn 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 entered into a partnership with Hippo, an arrangement that would allow it to offer home insurance to its customers.
Read MoreThe 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 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.
