Jerome Powell, Chair of the Federal Reserve, projected the central bank’s rate hitting 4.4% by the end of the year. The Fed predicts the increase will increase unemployment by 1.2 million people.
Read MoreLast week, the US House of Representatives passed a bill that would direct the Department of Veterans Affairs to allow for desktop appraisals and waivers of appraisals. The bill has yet to be discussed in the Senate.
Read MoreIn an interview with The Financial Revolutionist, Ryan Toner, EVP of Sales at Afficiency, explains what caused insurtechs to pivot back to agent models, outlines the ways technology can help agents sell to consumers, and describes the future of tech-driven life insurance.
Read MoreUnitedHealthcare announced that it’s expanded its partnership with Peloton, the fitness platform. The health insurer’s 10 million commercial members can now receive a free yearlong subscription to the Peloton app.
Read MoreBoston FinTech Week is coming up soon! It runs from September 27 – 29 this year and is once again an in-person event. We asked Sarah Biller, co-founder of FinTech Sandbox (the organization presenting Boston Fintech Week) and Executive Director of Vantage Ventures, to tell us a little about this year’s event.
Read MoreAccording 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 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.
