REPORT
Stablecoins may play a role in the future of finance, but absent robust regulatory frameworks, they will introduce significant risks.
👀 NEWS HIGHLIGHT
The new feature manages investment portfolios on behalf of customers to remove the friction from investing with lower fees than traditional companies.
Based on responses from customers, the Robo-advisor will provide users the opportunity to invest in one of five diversified portfolios based on their risk tolerance.
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📰 ARTICLE
A new education center in the city aims to produce employees who are equipped to work in financial technology
👨💻 BLOG
Fintech Meetup causes shutdown of Fintech Nexus event & captures its exhibitors, sponsors, attendees.
Sources tell me that Fintech Meetup, which seemingly came out of nowhere to become a force in fintech events, will be announcing that it has entered into an agreement with Fintech Nexus.
💡INSIGHTS
By the end of 2023, Apple will have converted 45.8% of its US customers into Apple Pay users. It will add a net 13.6 million more users by 2027 as its financial services strategy unfolds.
Pursuing a strategy like banking as a service is a major undertaking with many moving parts. This overview of the process offers insight on what financial institutions must do to ensure success.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️Plaid launches anti-fraud network.
⭐️Robinhood to acquire X1, adding credit card to its product lineup.
⭐️Brex refocuses on startups with hire of SVB veteran, ex-a16z operating partner.
⭐️Robinhood lays off about 7% of its full-time employees. About 150 employees are being laid off, according to an internal company message.
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DIGITAL BANKING
Sendwave has launched a banking product for migrants in the United States. The company is offering select customers a FDIC-insured bank account with an accompanying debit card.
Square announced the beta launch of new banking and spend management solutions for its U.S. sellers, including new credit tools and features that help businesses simplify their cash flow management and consolidate their finances.
PAYMENTS
Cross River Bank and Fintainium have partnered to expand payment solutions for businesses. This will reportedly facilitate electronic funds transfer, provide fraud prevention solutions, and expedite fund disbursement to prepaid debit cards.
Google Workspace has partnered with Stripe to help business accept payments through Google Calendar.
Mastercard and Subaio joined forces and now offers simple, secure way to identify and unsubscribe from recurring payments via banks’ trusted apps and online servicing.
Apple, Google likely targets in consumer watchdog payments rule. A US financial regulator will soon have the chance to police big tech companies such as Apple Inc.
BNPL
PayPal Holdings announced a deal in which KKR-managed funds and accounts will purchase up to €40 billion of buy now, pay later loan receivables originated in Europe.
Buy now, pay later programs boomed during the pandemic as consumers looked for an accessible alternative to credit cards. But even as their customer bases grow, these companies are struggling to turn a profit.
CRYPTO
FTX begins talks to relaunch international cryptocurrency exchange. The failed crypto company has been holding talks with investors about backing a potential restart of the FTX.com exchange through structures such as a joint venture
INVESTMENT
Fortis has announced it has expanded into Canada and has acquired SmartPay for an undisclosed sum.
Ramp has acquired Cohere.io, a startup that built an AI-powered customer support tool.
Fivvy, has successfully secured a $4M investment from Global Ventures. The company intends to utilize the funding to initiate operations in collaboration with banks across Latin America.
Maza raises $8m to expand credit access to US immigrants.
Wells Fargo is backing a new $70 million “equitable access fund” from Hello Alice and the Global Entrepreneurship Network (GEN) that will target underserved high-potential but credit-challenged small business owners.
FRAUD PREVENTION
Jack Henry announced the launch of Payrailz® Fraud Monitor, a cloud-native, AI-based feature of the Payrailz Digital Payments Platform that provides real-time fraud detection when payment transactions are initiated.
FINANCIAL LITERACY
Goldman Sachs is likely to take a large write-down for its 2021 CEO David Solomon’s acquisition of fintech lender GreenSky after seeking to unload the business.
MOVERS & SHAKERS
JPMorgan Chase appoints Teresa Heitsenrether to lead AI efforts.
Provenir has appointed Carol Hamilton as chief product officer (CPO) to lead global product strategy and growth.