According to reporting by TechCrunch, a new wave of insurtechs are specializing in niche, burgeoning markets. Boundless Rider, for example, covers motorcycle, e-bike, and power sport vehicle riders; and CoverTree covers manufactured homes.
Read MoreA growing proportion of homeowners are pulling their for-sale homes from the market to rent them instead. The number of delisted homes that never went under contract increased by 58% over the past year.
Read MoreAnonymous sources say the Federal Reserve is investigating Marcus, Goldman Sachs’s consumer-banking branch. This follows a probe by the Consumer Financial Protection Bureau (CFPB) last month into Marcus’s credit card practices.
Read MoreThe Consumer Financial Protection Bureau (CFPB) released a new report to expand "interpretive guidance or rules" related to the BNPL space. The CPFB hopes to align the industry with compliance standards introduced in the Credit Card Accountability and Responsibility Act of 2009.
Read MoreBeyond SoftBank and its woes, many tech-focused growth investors have seen the value of their portfolios shrink significantly over the past year, raising questions about the soundness of their investment strategies. T Rowe Price’s Global Technology Equity Fund has fallen 45% over the past year; as has Tiger Management by 50%, and Ark Innovation by 55%.
Read MoreJapan-based tech investor SoftBank is reportedly considering another multibillion-dollar startup fund. SoftBank reported a $23B loss in Q2 2022.
Read MoreIn an interview with The Financial Revolutionist, PayQuicker President Charles Rosenblatt explains the company’s newest offering, details the conditions that gave birth to PayQuicker, and outlines the future of payments and payouts.
Read MoreStarbucks 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 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.
