Branch closures mount with latest Bank of Ireland and TD Bank cuts
Latest branches following the pandemic-induced shift to digital channels.
Business-to-Consumer/B2C
Goldman’s consumer head Omer Ismail leaves for Walmart’s fintech venture
Ismail architected the firm’s move into consumer digital banking.
Robinhood pushes on with IPO plans despite facing 49 GameStop lawsuits
Robinhood has held talks with underwriters about filing “within weeks”.
Subway standardises its payments over all 42,500 restaurants globally
Subway claims it is one of the first in North America to standardise payments on this scale.
What did the GameStop saga expose about UK trading regulation?
FinTech Futures unpacks the FCA’s published response to trading restrictions on 29 January.
UK Black-owned challenger Atmen to launch in March
The start-up is now looking to raise £5 million from institutional investors.
Robinhood backer Tiger Global leads $200m investment in rival Public.com
Public.com – as on 1 February – decided to stop making profits from payment for order flows.
MoneyLion set to go public via $2.9bn Spac deal
The fintech anticipates year-over-year growth of around 88%.
Fintech funding deals globally 8-14 February 2021
Featuring Fraction, BharatPe, Agibank, Monzo, and Coinsquare.
Monzo appoints Carol Kobuke Nelson as new US president and CEO
Nelson spent 23 years at Bank of America.
San Fran fintech Zeta lands $1.5m for couples banking
Currently, the start-up makes money on partial interchange fees.
Challenger Climate First Bank to launch in Florida’s Tampa Bay Area in Spring
The start-up wants to become a full-service community bank.
US investor Stash lands $125m Series G ten months after last round
Stash’s last valuation sits at around $812 million.
Texan digital challenger Fair set to launch in Spring
This month, the start-up opened its waiting list.
PayPal posts 22% revenue rise on back of e-commerce growth
2020 set unprecedented records for PayPal, but its 2021 outlook is more conservative.
Crypto exchange Gemini furthers banking play with savings accounts
Rates of up to 7.4% annual percentage yield (APY) will apply.
Robinhood raises $3.4bn, co-CEO set to face US politicians this month
Allegations allege Robinhood succumbed to pressure from big-paying hedge fund clients.
Goldman winds down Clarity Money to focus on Marcus Insights
Clarity Money is due to close on 5 March.
Fintech trends watch 2021: checkouts, wealthtech and SCA
Our resident Gen Z’er, Ruby Hinchliffe, shares her three predictions for 2021.
Online brokers halt GameStop trades as SEC investigates
The SEC is “actively monitoring” the “ongoing market volatility”.
JOFF Fintech Acquisition Spac files for $300m IPO
The Spac is eyeing up fintech, wealth management and gaming sectors.
Rapyd raises $300m in Series D, plans more acquisitions
It will double the engineering and product teams and expand the “self-service” element of the platform.
Robinhood hires two execs from US regulator Finra
Former Finra execs Anthony Cavallaro and Josh Drobnyk join the fold.
Plaid launches incubator FinRise for fintech founders of colour
The incubator is looking to accept just three-to-five start-ups.
New York cash advance app Brigit reveals $35m Series A
Brigit’s CEO is a former Deutsche Bank and Infosys executive.
Biden reshuffles US financial regulators to reign in corporates
Consumer protection fines against financial corporates have declined under Trump.
Capital One’s “wilful” AML failures land the bank a $290m penalty
Some $16 billion in reportable transactions passed through the bank’s platform.
Goldman Sachs mulls acquisitions to bulk up Marcus
Goldman’s CEO intends to make Marcus a pillar of the US bank’s growth.
PAYMYNT Financial buys crypto e-wallet LettucePay
LettucePay operates on top of Stellar Network, an open source blockchain platform.
BBVA shutters Simple after paying $117m for it in 2014
The bank is cutting out standalone entities which no longer make sense to operate solo.
SoFi set to go public via merger with Palihapitiya’s fourth Spac
The IPO will value SoFi at $8.65 billion.
Customer service start-up Glia lands $78m to help banks and credit unions
The round was led by Shopify and Checkout.com backer Insight Partners.
Trump bans transactions through Chinese apps including Alipay
The applications have 45 days to prepare for the ban.
2020 review: A year which saw fintechs cut jobs, pay & business arms
A number of fintechs have still been tested during COVID-19, some to the brink of collapse.
2020 review: Top 10 fintech and bank M&A deals
Despite COVID-19, the financial sector has still enjoyed some notable M&A deals.
Former JP Morgan execs launch wealthtech Vestrata with $4m
Vestrata has already signed up a number of investment managers and solution partners.
Mozper lands $3.55m to launch kid debit card in Mexico
In August, Mozper – with the help of partner Visa – launched its closed beta with 500 families.
The Fintech Review: 2020
We cover embedded finance, competition, open banking, and CBDCs.
Capital One takes swipe against “risky” BNPL firms
“These kinds of transactions can be risky for customers and the banks that serve them.”
Paysafe to list via Bill Foley-backed Spac at $9bn valuation
Blackstone and CVC acquired Paysafe back in 2017 for £3 billion.
