👀 NEWS HIGHLIGHT
The offering would have been in partnership with Goldman Sachs, which has worked with Apple on other financial products.
📰 ARTICLE
America’s largest banks are preparing to fire the latest salvo in their efforts to defend their turf from Big Tech groups.
Banking as a service: The role of banks in powering the fintech industry
Licensed and regulated financial institutions are essential partners for financial technology companies that seek to offer the broadest and most robust range of financial services to their customers.
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NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ Revolut is understood to have withdrawn its application for a US banking licence
⭐️ Dwolla changes CEOs, cuts jobs, shifts strategy.
⭐️ Stripe launches the biggest set of upgrades yet for its optimized checkout suite.
⭐️ SEC predicts further crypto charges as enforcement battle continues.
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PAYMENTS
Uber and PayPal have extended their partnership to enhance the payment experience for Uber’s customers and drivers.
JPMorgan Chase to offer online payroll services as it steps up fight with Square, PayPal.
FedNow aims to help individuals and businesses with cash flow and expense reconciliation.
BNPL
IKEA has entered the buy now, pay later (BNPL) space with the help of Afterpay.
OPEN BANKING
Greenlight and Apiture team up to provide family banking solutions.
Researchers with the Philadelphia Fed’s Consumer Finance Institute also discovered a typical BNPL user’s credit score was more than 50 points lower than a non-user’s.
CRYPTO
PayPal has announced its PYUSD stablecoin is now available on Venmo.
BLOCKCHAIN / DEFI
A feud between two crypto kingpins—Sam Bankman-Fried and Changpeng Zhao—that wiped out tens of billions of dollars in market value and is still playing out today.
The managers of bankrupt crypto exchange FTX sued the parents of co-founder and former Chief Executive Officer Sam Bankman-Fried to “recover millions of dollars in fraudulently transferred and misappropriated funds.”
INVESTMENT
Goldman Sachs, in partnership with Apple Savings, has updated its mechanisms to address the withdrawal delays faced by Apple Card users.
Gr4vy announced the expansion of its enterprise-grade cloud vault to merchants of all sizes through a subscription-based, self-service model.
Brex announced the launch of Brex Assistant, a first-of-its-kind, proactive assistant that simplifies expense management for employees and improves their productivity.
Goldman Sachs is in advanced discussions to sell its specialty lender, GreenSky, to a group of investment firms, in a major step away from the Wall Street bank’s failed experiment in consumer lending.
Curve announced that it has raised an additional £58 million extension of its Series C round, bringing its Series C funding total to over £133 million.
Flex secures $20M equity and $100M debt fundraise to build a one-stop-shop financial hub for SMBs
MOVERS & SHAKERS
Alyssa Henry, CEO of Block’s merchant business Square, will leave the company Oct. 2, handing over the post to co-founder Jack Dorsey.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.