Banking

Cross River Bank Raises $100 Million

December 11, 2018
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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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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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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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richardbransonmoney2020

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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Colin Walsh-2

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 […]

Varo Money Likely to Become First All-Mobile US Bank

September 7, 2018
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Colin Walsh Varo

Varo Money announced on Tuesday that it was granted preliminary approval by the Office of the Comptroller of the Currency (OCC) for its application to form a de novo (new) national bank, paving the way for the company to become the first all-mobile bank in the U.S. Varo Money has no physical branches. All of […]

The Seven-Minute Loan Shakes Up Washington And The 50 States

August 19, 2018
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moneyacrossthecountry

This story appeared in deBanked’s Jul/Aug 2018 magazine issue. To receive copies in print, SUBSCRIBE FREE It takes seven minutes for Kabbage to approve a small-business loan. “The reason there’s so little lag time,” says Sam Taussig, head of global policy at the Atlanta-based financial technology firm, “is that it’s all automated. Our marginal cost […]

Survey Indicates That Senior Loan Officers Have Eased Standards

August 10, 2018
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Federal Reserve Building

Domestic banks eased standards or terms on commercial and industrial (C&I) loans over the past three months, according to a July 2018 Federal Reserve survey that gathered information from senior loan officers at banks. The survey received responses from 72 U.S. banks. In the survey, banks cited increased competition from other lenders as a reason […]

Signature Bank Expands West

August 6, 2018
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Signature Bank in NY

Signature bank announced last week that it received approval from both the New York State Department of Financial Services and the Federal Deposit Insurance Corp. (FDIC) to begin operating in California. The Bank already opened an accommodation office at the beginning of the year as it began preparations to introduce its single-point-of-contact banking model on […]

Trade Group Urges FDIC to Reject NelNet Bank Application

August 3, 2018
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Independent Community Bankers of America

On Wednesday, the Independent Community Bankers of America (ICBA) asked the Federal Deposit Insurance Corp. (FDIC) to deny Nelnet’s application to become an Industrial Loan Corporation (ILC) bank. ILC banks are special purpose banks that are not required to adhere to the same regulations as other banks, yet they can bear the same risk of […]

Can Fintech Startups Become Banks? OCC Opens The Gates

August 1, 2018
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opening of the gates

Yesterday, the U.S. Treasury Department released a report that prompted the Office of the Comptroller of the Currency (OCC) to say that it would start accepting applications from fintech for special purpose national bank charters. This is boon for fintech companies that, until now, have mostly been prevented from applying for national bank charters because […]

nCino Partners With Santander

July 24, 2018
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Santander Bank

Pierre Naudé, CEO, nCino nCino partnered with Santander Bank last week, its latest in a string of partnerships with major banks. “Innovative institutions such as Santander Bank understand the importance of ensuring the customer experience is as fast, easy and intuitive as possible,” said Pierre Naudé, CEO of nCino. “[Santander] also recognizes that a shiny […]

Texas Man Defrauds Banks with Cattle

July 18, 2018
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funny cow

A Texas man was arrested last week on allegations of using 8,000 heads of cattle he did not own as collateral for outstanding loans of more than $5.8 million, according to Dallas News. The arrest was the culmination of a 16-month investigation carried out by the Texas and Southwestern Cattle Raisers Association. They were contacted […]