The Consumer Financial Protection Bureau (CFPB) released a new report to expand "interpretive guidance or rules" related to the BNPL space. The CPFB hopes to align the industry with compliance standards introduced in the Credit Card Accountability and Responsibility Act of 2009.
Read MoreIn an interview with The Financial Revolutionist, PayQuicker President Charles Rosenblatt explains the company’s newest offering, details the conditions that gave birth to PayQuicker, and outlines the future of payments and payouts.
Read MoreStarbucks announced that it will launch Starbucks Odyssey, an NFT-based rewards program and marketplace. Rewards members can buy and sell NFTs to each other and gain access to exclusive rewards, like virtual classes and trips to coffee plantations.
Read MoreJPMorgan announced that it’s acquiring cloud-native payments startup Renovite. The California-based startup will become part of JPMorgan Payments.
Read MoreBNPL giant Klarna announced that its losses have tripled in the first six months of 2022, reporting losses of $581M. Its revenue rose by 24% over the same period.
Read MoreWhatsApp, the messaging platform owned by Meta, announced a shopping feature for India-based consumers to purchase groceries and other items within WhatsApp. The feature is launched in partnership with JioMart, an Indian e-commerce company.
Read MoreIn early July, El Salvador-based payments startup n1co raised $12M in a pre-seed round. The fintech spinoff of super-app Hugo, n1co launched as its own company in early 2022.
Read MoreIn an interview with The Financial Revolutionist, bolt CEO Jim Dwane details bolt’s growth strategy, highlights bolt’s value proposition, and shares his view on bolt’s future.
Read MoreBNPL startups like Billie, Mondu, Tranch, and Two are offering short-term credit to businesses facing cash-flow crunches. The short-term B2B loan industry is currently valued at $700B.
Read MoreCorporate bankers have reported greater interest among business clients to move their supply chains closer to where their consumers are located. Clients are interested in both “onshoring,” which involves returning previously offshored activities to the business’ home country, as well as “near-shoring,” which moves those activities to nearby countries.
Read MoreIn an interview with the Wall Street Journal, Affirm CEO Max Levchin said that a recession will prove Affirm’s underwriting models to be superior to those of banks. Affirm's stock has dropped 77% since its all-time high in November 2021; the S&P 500 has declined 9% in the same time frame.
Read MoreIn an interview with Bloomberg TV, MercadoLibre CFO Pedro Arnt said the company will continue to expand in the credit space. More than half of the Latin America-based e-commerce platform’s revenues now come from its fintech branch.
Read MoreDuring the company’s earnings call, PayPal CEO Dan Schulman told analysts that the company might combine its rewards program with Venmo’s, and may link Venmo and PayPal peer-to-peer (P2P) payments capabilities to boost interoperability. PayPal’s revenue rose 9% in Q2 compared to last year.
Read MoreIn an interview with CoinDesk, Antonio Garcia Pascual, Deputy Chief of the Global Market Analysis Division at the International Monetary Fund (IMF), said crypto’s nosedive hasn’t caused a similar downturn in the “real economy.” The crypto sector’s market cap has slid from $3T to $873B since November 2021.
Read MoreAccording to the Wall Street Journal, Elliott Management, a $50B hedge fund, is considering an activist-investor takeover of PayPal. PayPal’s valuation has slid from $350B to $89B over the past 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.
