After a series of IPOs and significant fundraising deals, fintechs are poaching junior bankers to evaluate and negotiate M&As internally. Banking giants increasingly see fintechs and other startups as talent competitors.
Read MoreThe personal finance giant announced today that it’s acquiring banking-software maker Technisys SA through an all-stock deal worth $1.1B. SoFi’s stock has slid more than 30% since the beginning of the year.
Read MoreThrough AmEx’s Plan It BNPL tool, AmEx U.S. Customer Card members can now split payments made on Delta.com. The airline’s app will offer the same feature this spring.
Read MoreMost insurtechs are trading at 80% below their 52-week highs, according to Alex Agus, an investor with Avid Ventures. Companies like Bright Health, Oscar Health, and Lemonade may look to be acquired.
Read MoreIn a settlement with regulators, BlockFi agreed to register with the SEC and pay $100M in federal and state fines. It plans to launch an SEC-approved crypto interest-bearing security.
Read MoreFinancial regulators told banks that they must prove that the use of AI in loan applications does not discriminate against minorities. The move follows growing concerns over systeming racism in banking.
Read MoreIn a settlement with regulators, BlockFi agreed to register with the SEC and pay $100M in federal and state fines. It plans to launch an SEC-approved crypto interest-bearing security.
Read MoreThrough a partnership with fintech Buy It Mobility Networks Inc. (BIM), Discover will let merchants accept payments directly from consumers’ bank accounts. The feature is popular in Asian markets.
Read MoreIndia’s state-run Life Insurance Corporation (LIC) announced yesterday that it would sell 5% of its shares to raise $8B. If approved, it would be the largest IPO in the country’s history.
Read MoreRegulators in the U.S. and U.K. have voiced greater interest in reigning in BNPL providers. Consumer rights groups warn that consumers do not realize that they’re assuming debt through these services.
Read MoreForbes announced this morning that Binance is buying a $200M stake in the publication. Binance previously sued Forbes for defamation, and then voluntarily dropped the suit.
Read MoreLaunched yesterday, the feature lets users split bills evenly or in customized amounts through Facebook Pay. Facebook had publicly tested the feature for two months.
Read MoreState representative Jason Powell introduced a bill to Tennessee’s state legislature that, if passed, would allow the state to invest in crypto and NFTs. It would do so by amending the state government’s list of “permissible investments.”
Read MoreThrough public-private partnerships, conferences, and communities, the state has encouraged cross-pollination between academic institutions, investor communities, regulators, and regional talent pools. Last year, Massachusetts saw a record-breaking $3.1B raised in fintech venture funding.
Read MoreLaunched yesterday, the checking account and its debit card offer rewards, round-the-clock support, and purchase protection. It’s the company’s first checking account for consumers.
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.
