The payments giant announced that it had closed 4.5 million “bad actor” accounts that had taken advantage of PayPal rewards programs. In addition, its payments volume only rose 23% in Q4, the smallest increase in two years.
Read MoreThe U.K. digital bank officially launched its full-fledged product in the U.S. on Tuesday. Users can apply online for an account within 10 minutes, the company said.
Read MoreWith Mastercard as a payments partner, T-Mobile now lets people use their chosen name on the company’s debit cards. The service follows a similar service to let customers have their true names displayed on caller ID.
Read MoreLaunched this morning, the Fintech Index tracks the performance of 54 fintechs in public markets and tracks related exits. With a lifetime performance of +743.1%, the index has outperformed the S&P 500 by more than 600 percentage points.
Read MoreValereum, a Gibraltar-based holding company, announced that it is buying 90% of the Gibraltar Stock Exchange (GSX). Valereum looks to create the world’s first integrated fiat and digital exchange.
Read MoreOn Saturday, Vancouver-based TerraZero completed a “metabase mortgage” transaction with a client buying virtual real estate. The “land” purchased was in Ethereum-based metaverse Decentraland.
Read MoreThe first, QuickBooks Get Paid Upfront, lets small businesses apply for an advance up to $30,000 for qualifying invoices; the second, QuickBooks Early Pay, lets employees paid through QuickBooks Online Payroll access earnings between paydays.
Read MoreIn the coming months, Apple will let iPhones accept credit cards without additional hardware. By turning its smartphones into POS systems, Apple is placing itself in direct competition with platforms like Square.
Read MoreIn a Tuesday blog post marking a year since the GameStop stock controversy, Robinhood brushed past liability claims to emphasize measures that should prevent another trading halt.
Read MoreThis week has seen large banks and other corporate giants acquire fintechs at a zealous pace. JPMorgan, UBS, and Walmart all announced major fintech deals.
Read MoreExpense-management giant Expensify announced the launch of a card exclusively for CPAs and accounting firms.
Read MoreYouTube CEO Susan Wojcicki announced that the video platform is looking into NFT features for its creators. The Google-owned company joins Twitter and Instagram in exploring services related to the crypto-based financial system.
Read MoreBy letting small and midsize businesses (SMBs) issue instant cards to vendors, Mastercard looks to reduce payment cycle times to one day.
Read MoreLate last week, the Federal Reserve released a 40-page report on the potential creation of a digital U.S. dollar, inviting explicit policy guidance from the White House and Congress.
Read MoreIn a letter to U.S. lawmakers this week, the Merchant Payments Coalition (MPC) expressed frustration at credit card companies’ high swipe fees.
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.
