Banking

Independent Community Bankers Express Doubt PPP Can Be Rolled Out As Is

April 2, 2020
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Update: The interest rate has increased to 1%. The nation’s voice for community banks, the Independent Community Bankers of America, penned a letter to Treasury Secretary Mnuchin and SBA Administrator Carranza yesterday to urge them to make immediate changes to the planned PPP program slated to be rolled out tomorrow. “We strongly recommend that you […]

European Challenger Bank Revolut Launches in US

March 25, 2020
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Yesterday Revolut, the London-based digital-only bank, announced the public launch of its app in the United States. The news came as a surprise to the thousands of potential American customers who signed up to the company’s waiting list with no details of when exactly to expect the bank’s arrival. Founded in 2015 and valued at […]

Square is About to Become a Real Bank

March 18, 2020
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Artistic rendition Square is on its way to becoming a bank. The payments and online lending company was approved by both the FDIC and the Utah banking regulator this week to create a de novo “industrial” bank. The company has been trying to accomplish this for more than two years. The news means that Square […]

2020 and Beyond – A Look Ahead

March 3, 2020
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This story appeared in deBanked’s Jan/Feb 2020 magazine issue. To receive copies in print, SUBSCRIBE FREE With the doors to 2019 firmly closed, alternative financing industry executives are excited about the new decade and the prospects that lie ahead. There are new products to showcase, new competitors to contend with and new customers to pursue […]

How Hot Is The Legal Cannabis Industry?

February 24, 2020
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Cannabis Money

This story appeared in deBanked’s Jan/Feb 2020 magazine issue. To receive copies in print, SUBSCRIBE FREE One gauge of the commercial excitement over legal weed, medical marijuana and cannabis’s byproducts could be witnessed at the Las Vegas Convention Center in early December where the Marijuana Business Conference & Expo was overflowing with 31,523 attendees. Appealing […]

LendingClub Becomes First Fintech Lender to Buy a Bank

February 19, 2020
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Scott Sanborn, Lending Club CEO

Today LendingClub announced that it has agreed to acquire Boston-based Radius Bank for a purchase price of $185 million, made up by cash and stock. Holding more than $1.4 billion in assets, the merger will enable LendingClub to offer checking accounts and save millions in bank fees and funding costs each year. Coming one month […]

The Fintech Legal Outlook for 2020: Top 3 Insights from Todd Hamblet

February 18, 2020
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Todd Hamblet - Fundbox

We recently sat down with ​Todd Hamblet, Fundbox’s new Chief Legal Officer​, and asked his thoughts about what legislative or legal issues would be shaping the fintech industry this year. Between presidents and precedents, decisions are coming down within the next 12 months that will have a significant effect on the way Fundbox and other […]

N26 Exits UK Market Citing Brexit as Reason

February 13, 2020
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N26

The challenger bank N26 pulled out of the UK market this week, citing Brexit as the reason for its departure. Saying that it will no longer be able to service Britain now that it has left the European Union, N26 has stopped onboarding new customers and will be closing all British accounts on April 15th. […]

Varo Receives FDIC Approval for Bank Charter

February 12, 2020
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Colin Walsh Varo

Varo Money, the company that has been providing customers with app-based banking since 2017, has just received approval from the FDIC to take deposits. Having been working towards this for the previous three years through various rounds of applications to the FDIC, Varo CEO Colin Walsh told CNBC that “it was a long process – […]

Goldman Sachs-Amazon Deal to Offer Small Business Loans in the Works

February 3, 2020
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Amazon Goldman Sachs Partnership

Tech giant Amazon is reportedly in talks with Goldman Sachs to offer business loans to those small and medium sized merchants operating on its marketplace, according to sources that the FT describes as “two people briefed on the discussions with the online retailer.” One of these sources said that it could launch as soon as […]

Former Wells Fargo CEO Fined $17.5 Million

January 27, 2020
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wells fargo

Last week the Office of the Comptroller of the Currency released a 100-page report on the Wells Fargo fake accounts scandal that came to light three years ago. Accompanying the document with a fine against the CEO who oversaw the controversy, John Stumpf, for $17.5 million. Stumpf, whose personal wealth was estimated to be roughly […]

Open Banking: Canada Might Not Be Able to Make Up for Lost Time

January 22, 2020
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open banking

Over the last two years, open banking has become a matter of public conversation in Canada. Most would agree there is overwhelming support for the implementation of an open banking regime. So why has nothing concrete happened yet? 2019 turned out to be an exciting, yet painfully underwhelming year for open banking in Canada. The […]

Visa Acquires Plaid in $5.3 Billion Deal

January 14, 2020
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visa plaid

Yesterday it was announced that Visa and Plaid, the financial services company that helps business connect with customers’ bank accounts, have penned a deal that would see Visa purchase the San Francisco-based startup for $5.3 billion. The purchase price is roughly double Plaid’s previous valuation of $2.7 billion after its 2018 Series C investment of […]

Canadian Lenders Summit Recap

November 23, 2019
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Top Canadian Companies of the year

The Canadian Lenders Association’s largest annual event brought together hundreds of executives from the fintech and lending industries. It was hosted at MaRS, a dedicated launchpad for startups in Downtown Toronto that occupies more than 1.5 million square feet and is home to more than 120 tenants, many of which are global tech companies. After […]

Google to Begin Offering Checking Accounts in 2020

November 16, 2019
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G Pay

This week Google announced that it plans to offer checking accounts to customers in 2020. The news comes after the release of the Apple Card, Apple and Goldman Sach’s controversial joint project, in August; this week’s release of Facebook Pay; and the mass exodus by payments companies from Facebook’s Libra Association last month. Titled as […]

BlueVine to Enter Banking in 2020

October 28, 2019
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Eyal Lifshitz of BlueVine

BlueVine Capital, the Redwood City-based alternative funder, has announced today that it will launch its BlueVine Business Banking product in 2020, which will offer checking accounts that come with debit Mastercards, checks, and ATM access exclusively to small businesses. And just like many of the new competitors in the banking space, BlueVine Business Banking will […]

National Business Capital & Services Expands into Cannabis Funding with CannaBusiness Financing Solution

October 15, 2019
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Cannabis Billboard

Today National Business Capital & Services (NBC&S) announced it has begun serving cannabis companies. Through its new program, CannaBusiness Financing Solution, NBC&S is now accepting applications for loans starting at a minimum of $10,000 from firms in the industry that are over one year old. “The CannaBusiness Financial Solution will allow business owners to seamlessly […]

No Fees, Ever – Is Goldman Sachs Winning Or Losing The Online Lending Battle?

September 30, 2019
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Goldman Sachs

Peer-to-Peer lending in the United States died the day Goldman Sachs launched a rival online lending company in 2016. Armed with a low cost of capital and the trust of a household name, Marcus, as Goldman Sachs referred to themselves, sought to further disrupt consumer lending by eliminating every type of fee including late fees. […]

Head of MyPayrollHR Charged in Massive Nine-Year Bank Fraud

September 23, 2019
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DOJ

When MyPayrollHR left thousands of companies and their employees high and dry without their paychecks earlier this month, suspicion grew that the company’s rather mysterious owner, Michael Mann, may have been involved in some unsavory business. New information has emerged that around that time, Mann voluntarily checked in to the US Attorney’s office in Albany […]

PNC Bank Launches Fintech Startup numo

September 3, 2019
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pnc bank

Last week, PNC Bank announced its latest venture, numo, which aims to function as an internal startup, developing apps and other services to expand PNC’s operations. The first such app is indi, a bank account for gig workers that is exclusive to mobile phones. Offering customers tax calculators, tax savings goals, and dynamics adjustments that […]