Two Cultures Collided, Gently

March 25, 2019
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Daniel Davis, CEO, Axiom Bank Banks are heavily regulated. Factoring companies are not. The two don’t always mix. So it was interesting last July when Axiom Bank, a regional bank in Florida, acquired Allied Affiliated Funding, a factoring company based in Texas. Fast forward nine months and the merger of the two companies has been […]

Small Community Banks Power Fintech Revolution

February 15, 2019
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“A few years back there was a lot of disruption talk about how the fintechs were going to destroy the banks,” said Jo Ann Barefoot, co-founder of Hummingbird Regtech and a former deputy U.S. Comptroller of the Currency, which regulates national banks. “There’s much more talk in the last few years about the need for […]

Fintech Inevitable, But Petrou Says Risks Abound

February 12, 2019
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At the end of last week, two large regional banks, BB&T and SunTrust announced that they are merging. The entity will be the sixth largest U.S. bank and the largest bank merger since the 2008 financial crisis. A MarketWatch story yesterday indicated that large bank mergers are part of a somewhat recent trend, citing the […]

Joust Launches Banking Platform for Entrepreneurs

January 17, 2019
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Lamine Zarrad, CEO, Joust This week marked the launch of the Joust iOS app, a platform for freelancers and small businesses that provides banking, payments, collections and invoice factoring solutions. The Android App is scheduled for release on February 1, 2019. “We straddle three different domains: payments, merchant processing, and factoring, all in one app,” […]

Trained at OnDeck, LendingFront Founders Help Banks Lend to Small Businesses

January 9, 2019
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Yesterday LendingFront announced that it has raised $4 million to help deliver its white label software designed to help banks and other financial institutions lend to small businesses. The company was founded in 2015 by two former OnDeck employees, Jorge Sun and Dario Vergara. Sun was the Chief Credit Officer at OnDeck from 2007 to […]

Square Renews Effort to Become a Bank

December 19, 2018
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Outside the Square Headquarters in San Francisco

Square has plans to refile paperwork with state and federal regulators to open a wholly owned bank in Utah, according to a report in The Wall Street Journal today. In 2017, the company applied with the Federal Deposit Insurance Corp (FDIC) for a licence to become an Industrial Loan Company (ILC) bank, but it withdrew […]

Open Banking — A U.S. Pipe Dream or Near-Term Reality?

December 18, 2018
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open banking

This story appeared in deBanked’s Nov/Dec 2018 magazine issue. To receive copies in print, SUBSCRIBE FREE Some alternative funders are anxious for “open banking” to become the gold standard in the U.S., but achieving widespread implementation is a weighty proposition. Open banking refers to the use of open APIs (application program interfaces) that enable third-party […]

Entegra Bank Chooses Velocity Solutions to Power Its Small Business Digital Lending

December 18, 2018
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bank sign

Velocity Solutions announced today that its Akouba digital lending platform was selected by Entegra Bank to power the bank’s digital lending for its small and medium-sized business customers. Akouba provides community and regional banks with origination and underwriting services. “We selected Akouba not only for their cutting-edge technology and willingness to work with us, but […]

Cross River Bank Raises $100 Million

December 11, 2018
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Cross River Bank

Cross River Bank, which provides banking services to fintech companies, announced last week the completion of a funding round of roughly $100 million. This was comprised of a $75 million equity investment from KKR, along with capital from Andreessen Horowitz, Battery Ventures, Rabbit Capital, and funding from new investors CredEase and Lion Tree. This adds […]

Trump Administration Criticizes Postal Banking Concept

December 9, 2018
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Post Office

Earlier this week, a Trump administration report diminished the idea of having the United States Postal Service take on the role of a bank. “Given the USPS’s narrow expertise and capital limitations, expanding into sectors where the USPS does not have a comparative advantage or where balance sheet risk might arise, such as postal banking, […]

Signature Bank Partners with trueDigital

December 4, 2018
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Today, Signature Bank unveiled a proprietary digital payments platform for its commercial clients, according to a statement released by the bank. The platform, called Signet, is designed to allow Signature Bank’s commercial clients to make real-time payments in U.S. dollars, every hour of the year. “The ability to transmit funds between approved, fully vetted commercial […]

Numerated to Improve Online Lending for Regional Banks

November 30, 2018
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becoming a bank

On Wednesday, Numerated announced that it had closed $8 million in financing, bringing its total to $17 million. Numerated is a platform that helps banks make automated credit and lending decisions. “We’ve seen a tipping point in the market, with banks across the U.S. focused on digitally serving their business segments and out-competing national and […]

Breslow Shows What a Fintech/Bank Partnership Looks Like

October 24, 2018
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Noah Breslow CEO OnDeck (center) at Money2020

In the wake of OnDeck’s announcement of ODX, a new subsidiary that will service banks, OnDeck CEO and Money 20/20 veteran Noah Breslow took to the stage for a discussion with his new business partner, Lakhbir Lamba, Head of Retail Lending at PNC Bank. PNC will now be using ODX to originate lines of credit […]

Branson Adds Charm, Not Expertise, to Money 20/20

October 23, 2018
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Money 20/20’s keynote speaker, serial entrepreneur and philanthropist Sir Richard Branson, delivered inspiration and laughs to a packed audience yesterday. He was interviewed by Nuno Sebastiao, CEO of Feedzai, which fights financial crime. While over 20 years ago Branson founded Virgin Money, a sizable UK-based bank, he demonstrated clear discomfort and disinterest in talking about […]

OnDeck (ODX) Adds PNC Bank as Second Bank Client

October 22, 2018
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pnc bank

PNC Bank announced today that in 2019 it plans to offer fully digital business lines of credit by using OnDeck’s Platform-as-a-Service solution, ODX, a new subsidiary of the online lender. Last week, OnDeck announced the creation of ODX, which is an OnDeck subsidiary that will focus soleIy on helping banks become faster, more efficient online […]

Square Expands into Consumer Lending, Keeps Banking Hopes Alive

October 16, 2018
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Outside the Square Headquarters in San Francisco

Square is no stranger to payments and is looking more and more like a bank every day. Square Capital already facilitates loans to small businesses, and now they’re expanding into consumer loans. Meanwhile, it’s been several months since Jack Dorsey’s fintech startup withdrew its application to become an Industrial Loan Company (ILC), but Square’s banking […]

OnDeck Launches New Subsidiary

October 16, 2018
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Noah Breslow, Brian Geary, ODX

OnDeck announced today that it has created a new subsidiary, called ODX, which will help banks become more efficient online lenders. OnDeck’s CEO Noah Breslow told deBanked that ODX is an expansion of OnDeck’s successful partnership with JPMorgan, which started in 2016. “We created what at the time was I think a pretty groundbreaking partnership […]

Nelnet Withdraws Application in Latest Controversy Over ILC Banks

October 2, 2018
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nelnet booth at LendIt Fintech 2018

Nelnet announced that it has withdrawn its application with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to establish Nelnet Bank, a Utah-chartered industrial bank, or an ILC (Industrial Loan Company) bank. This could have been made possible through an existing, yet controversial, policy established over 100 years ago […]

Will a Bank Fund Me in 24 Hours? (U.S. Bank Announces High-speed Digital-only Loan Process)

September 25, 2018
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US Bank

Yesterday, U.S. Bank announced that it has created a fully digital application process that allows a small business to borrow up to $250,000 in one day or less. “We created this new digital experience to deliver on our commitment to continuously improve the way we serve our customers,” said Tim Welsh, U.S. Bank vice chairman […]

Varo Money Chief Eyes Next Year for Bank Launch

September 10, 2018
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San Francisco-based Varo Money just cleared a major hurdle in its pursuit to become a bank. Varo Bank N.A. received the preliminary green light from the Office of the Comptroller of the Currency (OCC) to form a de novo national bank. It brings Varo one step closer to becoming the maiden all-mobile national bank in […]