Through acquisition, JPMorgan competes with Stripe, Block, and itself
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JPMorgan announced that it’s acquiring cloud-native payments startup Renovite. The California-based startup will become part of JPMorgan Payments.
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Fintech News Stories
Why Bank of America is training high schoolers
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Bank of America has partnered with the Liberty Science Center in Jersey City, New Jersey, to launch educational programs in local high schools. Students who complete the course will be extended job offers for positions related to emerging technologies by Bank of America.
Read MoreWith EY’s breakup in sight, will other firms follow suit?
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Partners at accounting giant Ernst & Young are expected to approve a split of the company’s auditing and consulting businesses. The audit-focused company would retain the EY brand.
Read MoreHome equity loans are back on the rise
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Lenders originated more than $100B in home equity lines of credit (HELOCs) in the first five months of 2022. This represents a 50% increase over the same period in 2021.
Read MoreLearning from Three Arrows Capital's collapse
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Three Arrows Capital (3AC), a Singapore-based crypto hedge fund, filed for bankruptcy in July 2022. It owed more than $2.8B to creditors at the time it went bust, and is widely blamed for fueling the collapse of the crypto ecosystem.
Read MoreMaking sense of UBS’s cancelled Wealthfront acquisition
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On Friday, UBS announced that it had called off its acquisition of Wealthfront. UBS had been slated to purchase the robo-adviser for $1.4B.
Read MoreWhy is Zuck rebranding himself for the metaverse?
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Meta CEO Mark Zuckerberg recently appeared on The Joe Rogan Experience, a prominent podcast, to promote the metaverse. The podcast has a mostly male audience, and averages 11 million listeners per episode.
Read MoreProptech’s past, present, and future with Blueprint
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Vik Venkatraman, General Manager for Blueprint, a real estate industry tech event taking place September 12 – 14 in Las Vegas, outlines the past, present, and future of proptech, suggesting the space impacts all of us.
Read MoreBank branch closings are slowing down. What does that mean for fintech?
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US banks have closed 1,261 branches during the first six months of 2022. If closures continue at the same pace over the rest of the year, then this rate will represent a 15% decline compared to 2021.
Read MoreMaking sense of Texas’ war on ESG
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Texas Comptroller Glenn Hegar announced a list of ten financial firms that are now banned from doing business with state entities in Texas. Hegar said those firms, which include BlackRock, Credit Suisse, UBS, and BNP Paribas, “boycott” the fossil fuel sector, which is illegal under a 2021 Texas state law.
Read MoreRevamping commercial lending with Able
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In an interview with The Financial Revolutionist, Able’s Co-Founder and Head, Diego Represas, explains how Able hopes to solve major problems in the commercial lending space, outlines the founding team’s path to the product they’ve built, and shares his vision for an impactful and expedited commercial lending market.
Read MoreIs Klarna really focused on profitability?
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BNPL giant Klarna announced that its losses have tripled in the first six months of 2022, reporting losses of $581M. Its revenue rose by 24% over the same period.
Read MoreMeta bets big on in-app purchases
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WhatsApp, the messaging platform owned by Meta, announced a shopping feature for India-based consumers to purchase groceries and other items within WhatsApp. The feature is launched in partnership with JioMart, an Indian e-commerce company.
Read MoreEl Salvador’s consumers demand better banking, not crypto
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In early July, El Salvador-based payments startup n1co raised $12M in a pre-seed round. The fintech spinoff of super-app Hugo, n1co launched as its own company in early 2022.
Read MoreHow much is crypto really worth?
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Reporting by Bloomberg suggests the crypto sectors’ peak market cap of $3T may have been misleading. Crypto’s value now hovers around $1T.
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