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Serena Williams Invests in Rent-reporting Fintech Esusu

“Serena Williams is investing an undisclosed amount in Esusu , a fintech start-up that allows renters to build and improve credit by reporting their rent payments to credit bureaus. The tennis superstar provided the backing through her venture capital firm, Serena Ventures , as part of the start-up’s first funding round… “Esusu is an excellent […]
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Giant Food Accepts Online Federal Benefit Payments

“A regional grocer is now accepting federal EBT SNAP payments for eligible items for online in-store pickup and curbside pickup orders. Consumers using federal SNAP benefits (popularly known as food stamps) now have the option to pay with an EBT (Electronic Benefits Transfer) card when placing online orders for in-store pickup and delivery at 147 […]
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BlocPal And OneFeather Team to Deliver Services Via Mobile Wallets to Canada’s Indigenous People

“As part of its goal to provide unbanked and underbanked consumers affordable digital access to financial services through a single application, BlocPal International Inc. has partnered with OneFeather, a Victoria, British Columbia-based provider of digital services to indigenous people in Canada, to introduce the OneFeather app in that country. The app is intended to be […]
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MAJORITY Raises $19 Million for Its Mobile Banking Service for Migrants

“More than a million people migrate to the U.S. each year. Upon their arrival, they face challenges in opening a local bank account and accessing financial services at regular rates. These challenges for migrants, a significant portion of whom also need to send money home, have persisted globally for decades, despite large government support programs […]
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FedAccounts Billed As Gift to Bankers. Many Are Dubious.

“Senate Banking Committee Chairman Sherrod Brown has spent months advocating for his legislation to offer all consumers free government-backed digital bank accounts available through bank branches and U.S. Postal Service offices. While the proposal has been met with widespread opposition from the banking industry, Brown argues the legislation will not only bring new customers into […]
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FDIC Announces Tech Competition to Reach Unbanked | ABA Banking Journal

“The FDIC announced a competition today for companies to explore new technologies for banks to meet the needs of unbanked individuals. The “tech sprint” asks participants to identify better tools to help banks get unbanked households into the banking system and keep them banked. The FDIC is inviting banks, nonprofit organizations, academic institutions and private […]

On The Wires

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Mastercard and Citi Expand Partnership to Further Financial Inclusion and Sustainability Efforts

“Mastercard and Citi today announced a new partnership to support local residents and small businesses through greater public-private sector collaboration. Through City Possible , Mastercard’s partnership and co-creation framework for cities, the two global leaders will bring their collective resources, expertise, and integrated urban development frameworks to the City Possible network.”
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More Than 100 Bank On Nationally Certified Accounts, At Institutions Comprising 52% Of National Deposit Market Share, Can Help Residents Receive Child Tax Credit And Other Emergency Payments

“The Cities for Financial Empowerment Fund (CFE Fund) announced today that there are now more than 100 bank and credit union accounts nationally certified as meeting the Bank On National Account Standards . Banks and credit unions offering certified accounts comprise over 50% of the U.S. deposit market share, and 40% of all US bank branches offer […]
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FDIC Chairman discusses innovation in banking

“McWilliams discussed the FDIC’s multi-pronged approach to tackle the issue of financial inclusion, which includes: (i) looking at financial innovations in the private sector; (ii) taking steps, including hosting tech sprints, to identify solutions; (iii) coordinating with Minority Depository Institutions and Community Development Financial Institutions; and (iv) conducting targeted public awareness campaigns on the importance […]