Last week, the Reserve Bank of India, the country’s central bank, banned loading pre-paid payment instruments using credit lines. The regulatory shift effectively outlaws the business strategy of major BNPL providers in the country.
Read MorePayPal announced the launch of its “PayPal Pay Monthly” service, which lets customers pay in monthly installments for purchases between $199 and $10,000. WebBank is the lender for the service.
Read MoreThis morning at its 2022 Worldwide Developers Conference (WWDC), the computing giant introduced attendees to Apple Pay Later, a proprietary buy now pay later (BNPL) service. Goldman Sachs is the lender for the instalment loans.
Read MoreVisa announced that it’s added a BNPL option to its “Visa Ready” program. Unlike traditional BNPL solutions, Visa’s product also lets consumers opt into BNPL installments at point-of-sale through virtual cards, not just online.
Read MoreIn the fall of 2021, the Seattle-based proptech abandoned its home-flipping blitz and laid off 2,000 employees. It’s now ramping up for another moonshot project: building a super app for real estate.
Read MoreAnalysis by The Markup, a data-driven newsroom covering Big Tech, suggests Utah’s decision to move payday disputes to online courtrooms has increased default judgments against defendants. Defaulting on these loans can lead to garnished wages and a lower credit score.
Read MoreFIBR Tech Ltd., which provides online lending to businesses, and ANNA Money, a business account and admin service provider, have announced searches for new buyers. Both businesses are currently owned by ABH Holdings, which includes sanctioned Russian billionaires as its owners.
Read MoreThe PAVE report could drastically change how homes are bought and sold in the U.S. and address a long history of discrimination against minority homeowners—especially if PAVE’s recommendations are codified into law. That’s a big if when Congress has a hard time agreeing on, well, almost anything.
Read MoreThe Bilt Mastercard lets renters earn rewards on rent payments, and use rewards points for down payments. For the first time, tenants can also pay rent through credit cards without transaction fees.
Read MoreAccording to the Financial Health Network, more than 70% of pay-advance users have taken out several advances in a row. Predatory data collection and obscure cash-limit algorithms further affect consumers within this $12B industry.
Read MoreAn interagency panel, the Property Appraisal and Valuation Equity task force, released a plan for addressing discrimination in the appraisal industry. The group first convened last summer.
Read MoreOn Wednesday, the Consumer Finance Protection Bureau (CFPB) announced that discrimination associated with any financial product is illegal. The Bureau has primarily concerned itself with discrimination in credit.
Read MoreThe trading platform’s new offering would let users generate passive income by loaning out their stocks to other financial institutions. It’s set to roll out in the first half of 2022, according to a Robinhood spokesperson.
Read MoreAgrotoken, an Argentinian startup tokenizing grain by the ton through cryptocurrency, announced that its soy-, corn- and wheat-backed coins will be accepted as collateral by Santander. Agrotoken has also launched a 1,000-farmer test with Santander.
Read MoreThe personal finance giant announced today that it’s acquiring banking-software maker Technisys SA through an all-stock deal worth $1.1B. SoFi’s stock has slid more than 30% since the beginning of the year.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
