Payments News

On The Web

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Providers

Online Lender SoFi Has Quietly Raised $500 Million in Funding, Led by Qatar

“According to SoFi’s release about funding, its pre-money valuation is $4.3 billion, the same valuation it was assigned at the time of that Silver Lake-led round two years ago. Seemingly, that owes to competitive pressure in the space, including a flood of non-bank lending companies that includes Lending Club and Prosper for consumer loans, OnDeck […]
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Providers

Machine Learning and Data Are Powering Monzo’s Fintech Disruption

“App-only fintech startup Monzo is scaling up its machine learning capabilities and plugging employees into the rich stream of data generated by 1.7m global users as it forges ahead of the high-street banks in the digital space. Neal Lathia, data scientist and machine learning lead at the UK-based bank, told The Drum how his team […]
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Providers

JPMorgan’s Clampdown on Data Puts Silicon Valley Apps on Alert

“Long-simmering tensions between the financial industry and Silicon Valley startups are erupting behind-the-scenes into a battle over the reams of valuable data held inside Americans’ bank accounts. In recent months, major banks including JPMorgan Chase and Capital One have led the industry into a fresh campaign to control how outsiders tap into sensitive customer information. […]
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Providers

NAB Backs Online Portal to Boost Bank-fintech Collaboration

“NAB, Israel’s Bank Leumi and Canada’s CIBC have launched an online portal intended to facilitate collaboration with fintechs. The site solicits pitches from fintechs to address a range of challenges facing the trio of banks. A representative of a fintech can select which problems they think they can address, choose which bank they want to […]
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Opinion

The Fintech Bubble Floats Toward a $64 Billion Pin

“The cuddly mask slips sometimes, though. Trendy U.S. online payments company Stripe, worth some $22.5 billion according to private-market valuations, is joining Amazon.com Inc. and Apple Inc. in warning about the impact of EU rules aimed at getting customers to double-check payments going out from their accounts. The campaign reveals a lot about the state […]
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Providers

How Wealthfront Is Strengthening Its Banking Arsenal

“Wealthfront may be one step closer to becoming a super robo . The Palo Alto, California-based digital firm is teaming up with the banking and financial services company Green Dot to offer clients a Visa debit card and the ability to direct deposit paychecks from employers, Green Dot CEO Steve Streit said in a May […]
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Providers

Bunq Launches Travel Card to Make Foreign Exchange Fees Disappear

“Fintech startup Bunq provides full-fledged bank accounts. But if you’re happy with your existing bank, the company is launching a new free tier so that you can cut down on banking fees. The Bunq Travel Card is a Mastercard without any foreign exchange fee. The company uses the standard Mastercard exchange rate but doesn’t add […]
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Deals

Fintech Platform Synapse Raises $33M to Build ‘the AWS of Banking’

“Synapse, which operated under the radar prior to (that) Series A deal, is focused on democratizing financial services. Its approach to doing that is a platform-based one that makes it easy for banks and other financial companies to work with developers. The current system for working with financial institutions is frankly a mess; it involves […]