Banking platform aims to close racial gaps in business
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Guava, a banking platform for Black business owners, announced a $2.4M pre-seed round led by Heron Rock. Guava will officially launch in 2023.
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Fintech News Stories
Starling scraps European banking plans
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Starling, the UK-based challenger bank, withdrew its application for a European banking license four years after its initial application to the Irish Central Bank. The bank is now eyeing growth through its banking software subsidiary, Engine, and by expanding its lending initiatives.
Read MoreBuilding a financial ecosystem for SMBs with ForwardAI
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In an interview with The Financial Revolutionist, Co-Founder and CEO of ForwardAI Nick Chandi outlines the market need ForwardAI addresses, describes the competitive dynamic between accounting platforms and banks, and envisions the future of SMB financial advisory services.
Read MoreVoyager’s misleading marketing in regulators’ crosshairs
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Crypto firm Voyager Digital, which filed for bankruptcy last week, previously told customers that their deposits were FDIC insured through a partnership with Metropolitan Commercial Bank. However, customer funds are only protected if Metropolitan Bank fails, not if Voyager fails; the FDIC is now investigating Voyager’s false claims.
Read MoreFormer OCC head talked big bank out of gun control measure
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Brian Brooks, former acting Comptroller of the Currency during the Trump administration, said the head of “one of the two largest banks in the United States” was considering a ban on gun purchases using the bank’s debit and credit cards. Brooks convinced the bank CEO to not go ahead with the move.
Read MoreCredit unions risk major climate-related losses
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A report by the Filene Research Institute and Ceres Accelerator for Sustainable Capital Markets suggests more than 60% of credit unions risk climate-related losses. These credit unions represent over $1.2T in assets.
Read MoreIs State Street about to acquire Credit Suisse?
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After a third straight quarter of losses at Credit Suisse as well as an upcoming round of layoffs, the Swiss blog Inside Paradeplatz has reported that State Street may make a bid for Credit Suisse at 9 francs per share.
Read MoreFrench bank eyes decarbonization as competitive edge
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La Banque Postale, the 16-year-old banking branch of France’s postal service, is the world’s first bank to set a hard deadline on financing for oil and gas. It will discontinue investments in those companies by 2030.
Read MoreDigitizing bank security with old-school practices
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The Royal Bank of Canada announced that it will combat fraud by combining card and biometric authentication with a PIN authentication via mobile apps. Canadians lost more than $300M to fraud in 2021, as compared to $80M in 2020.
Read MoreSWIFT, Capgemini eye interoperable CBDCs
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The international payments network, in partnership with Capgemini, a French IT services company, is testing how to interlink domestic Central Bank Digital Currencies (CBDCs) for international payments.
Read MoreSmall businesses are people, too, with Grasshopper Bank
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In an interview with The Financial Revolutionist, Danielle Kane, Director of Small Business Banking at Grasshopper Bank, explains the bank’s lean partnership model, describes how small businesses can operate like consumers, and hints at the bank’s long-term goals.
Read MorePlaid ups the ante against Stripe
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Plaid announced that it’s launching products that offer identity verification, which hopes to make account linking and identity verification a simultaneous process. The company is also moving into ACH payments.
Read MoreAlly moves into human advisory services
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Ally Financial announced the launch of a new wealth management offering, which provides access to human advisors, rather than robo advisors, for clients with more than $100,000 in investable assets.
Read MoreCompliance as a gateway to growth with Federico Baradello (Finalis)
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In an interview with The Financial Revolutionist, Federico Baradello, Founder and CEO of Finalis, dives into his company’s mission, outlines how compliance can be a strategy for growth, and encourages other entrepreneurs to find “unsexy” but promising niches to disrupt.
Read MorePreparing for a business exit with James Jack (UBS)
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In an interview with The Financial Revolutionist, James Jack, Head of the Business Owners Client Segment at UBS, suggests ways fintechs can learn from the experiences and strengths of banks like UBS.
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