👀 NEWS HIGHLIGHT
The SBA’s decision to grant Funding Circle one of the first SBLC licenses since 1982 is part of the Biden-Harris Administration’s efforts to modernize the agency and address persistent gaps in access to capital impacting small business owners and to grow the economy.
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🧐 ANALYSIS
Despite inflation's stranglehold, Federal Reserve Chairman Jerome Powell earlier this month highlighted a resilient U.S. economy, buttressed by an unyielding consumer spending spree.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ Apple Card architect heads to lightspeed to hunt for fintech deals.
⭐️ Neu launches credit card for college students.
⭐️ Intuit is winding down personal-finance app Mint.
⭐️ Remittance app Sendwave hit with CFPB penalty.
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PAYMENTS
Bloom Credit announced the launch of a new service that enables the reporting of rental payment data to the major credit bureaus, including Equifax, Experian, and TransUnion.
Adyen is partnering with U.S. fintech company Plaid to let businesses accept payments directly from shoppers’ bank accounts—and avoid paying credit-card transaction fees.
CRYPTO
Bankman-Fried wraps testimony in FTX criminal fraud trial: His decision to testify is seen as a Hail Mary from his defense team.
PayPal received a subpoena from the US Securities and Exchange Commission’s division of enforcement related to its work on a dollar-linked stablecoin.
INVESTMENT
Dwolla announced the expansion of its latest solution, Dwolla Connect, by integrating it with the open finance ecosystem.
Zilch has secured an investment from eBay in a deal valuing it at $2bn (£1.65bn).
Usio announced it launched its first card program administered by one of the country’s largest states.
Amazon and Affirm announced an expanded partnership that makes Affirm the first pay-over-time option available at checkout on Amazon Business.
M&As
Nasdaq completed its biggest ever acquisition, adding software provider Adenza to help transform the trading and markets firm into a full-fledged financial-services company.
FRAUD PREVENTION
Charlie’s senior-focused banking puts new funding toward stopping fraud.
MOVERS & SHAKERS
ACI Worldwide appoints Abe Kuruvilla CTO.
PayPal announced the appointment of Jamie Miller as Executive Vice President and Chief Financial Officer (CFO) of PayPal, effective Nov. 6, 2023.