Starbucks announced that it will launch Starbucks Odyssey, an NFT-based rewards program and marketplace. Rewards members can buy and sell NFTs to each other and gain access to exclusive rewards, like virtual classes and trips to coffee plantations.
Read MoreVTB, a Russia-based state-controlled bank with $280B in assets, began supporting transfers to China in yuan. Purchases of yuan in Russia have increased by 800% this year after the Russian invasion of Ukraine and ensuing sanctions.
Read MoreWave, a payments platform in Senegal, is in a price war with incumbent platform Orange Money. Wave offers a 1% fee on money transfers, while Orange Money has dropped its rates from 5% to 0.8%.
Read MoreJPMorgan announced that it’s acquiring cloud-native payments startup Renovite. The California-based startup will become part of JPMorgan Payments.
Read MoreBank 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 MorePartners 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 MoreLenders 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 MoreThree 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 MoreOn 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 MoreMeta 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 MoreVik 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 MoreUS 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 MoreTexas 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 MoreIn 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 MoreBNPL 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 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.
