May 11, 2023 @ 8:44 pm By JD Alois  |  

Mikko Salovaara has quit Revolut. Salovaara, who was the Chief Financial Officer (CFO), has exited the digital bank after just two years in the leadership post, according to multiple reports. While Salovaara has attributed his exit from the Fintech due to personal reasons, Revolut has… Read More

May 11, 2023 @ 7:32 pm By JD Alois  |  

The Federal Deposit Insurance Corporation (FDIC) Board of Directors met today and announced a proposal aimed at addressing recent shortcomings in the regulatory approach regarding the litany of failed banks. The FDIC rules would assess a fee on large banks to generate revenue to cover… Read More

May 11, 2023 @ 9:17 am By JD Alois  |  

Robinhood (NASDAQ:HOOD) reported Q1 2023 results yesterday which were perceived as better than anticipated by investors. Robinhood said that net revenues increased 16% sequentially to $441 million, with transaction-based revenues increasing as well by 11% to $133 million. Crypto trading, once a big driver of… Read More

May 11, 2023 @ 8:41 am By JD Alois  |  

CI reported last month that Jumpstart Micro, a FINRA-regulated Funding Portal able to list securities under the Reg CF exemption, had been acquired by Issuance. Today, Issuance is officially acknowledging the business expansion, noting it will now be able to raise capital under Reg CF… Read More

May 11, 2023 @ 8:16 am By JD Alois  |  

The Bank of England has increased its benchmark rate by 25 bps as anticipated. According to a statement by the Bank, the Monetary Policy Committee (MPC) voted 7 to 2 to raise rates to 4.5%, with the dissenters preferring to hold rates at 4.25%. Similar… Read More

May 11, 2023 @ 7:54 am By JD Alois  |  

The Republic of Estonia has revealed that 100 active firms are providing digital asset services under new rules designed to incorporate stricter AML/KYC requirements. At the same time, the new rules have invalidated 389 crypto firms which were previously authorized but no longer meet the… Read More

May 10, 2023 @ 6:26 pm By JD Alois  |  

MoneyLion (NYSE: ML), a neobank that offers a diverse portfolio of financial services to consumers, reported Q1 earnings this week deliving a solid increase on the top line but flat GAAP net income results. First quarter 2023 revenues increased 34% to $93.7 million in comparison… Read More

May 10, 2023 @ 1:04 pm By JD Alois  |  

Goldman Sachs (NYSE:GS) provides much of the magic behind Apple’s (NASDAQ:AAPL) Fintech ventures. Not too long ago, Apple announced its anticipated saving plan, offering consumers an APY of 4.15% – higher than many banking firms. While few details are available on the success of Apple… Read More

May 10, 2023 @ 12:48 pm By JD Alois  |  

Argyle says that it has boosted consumer verifications by 100% year over year having added more than 35 new customers for its payroll connectivity platform. Shmulik Fishman, Argyle CEO and founder, said the company has packaged five years of learning into their new platform version…. Read More

May 10, 2023 @ 12:41 pm By JD Alois  |  

Rapid Enterprise, part of Rapid Finance, has announced that its loan origination system (LOS), Decisioneer, is now integrated with Mambu’s cloud-based lending platform. Decisioneer is a service that is designed to accelerate the loan decisioning and underwriting process. Targeting both business and consumer lending, Decisioner… Read More

May 10, 2023 @ 9:00 am By JD Alois  |  

Freeport, a fractional art investment platform, has launched for investors pitching a series of Warhol prints. Fractional investing is growing in interest as alternative asset classes can benefit from technology to simplify the process of purchasing a portion of an asset and potentially benefit from… Read More

May 10, 2023 @ 6:13 am By JD Alois  |  

Estateguru has been approved to operate under European Crowdfunding Service Providers Regulation or ECSPR. Under the new EU legislation, a platform may sell securities online across all EU member states. Issuers may raise up to €5 million. Estateguru was approved by the Estonian Financial Supervision… Read More

May 9, 2023 @ 10:55 pm By JD Alois  |  

Business loan approval for small businesses tanked in April, according to a report. The driver is higher interest rates and banks tightening up their books in the volatile market. According to Biz2Credit Small Business Lending Index, loan approval dropped from 13.8% in March to 13.5%… Read More

May 9, 2023 @ 5:06 pm By JD Alois  |  

Upstart (NASDAQ:UPST), an online lending marketplace that leverages artificial intelligence (AI) has posted Q1 2023 earnings that have topped analyst expectations driving shares higher in after-hours trading. Dave Girouard, co-founder and CEO of Upstart, issued a statement sharing he was pleased with Q1 performance: “Despite… Read More

May 9, 2023 @ 10:28 am By JD Alois  |  

It seems regulators took their time in reviewing and approving, StartEngine’s acquisition of SeedInvest.  The deal between the two OG online investment platforms was announced in 2022 as StartEngine paid $24 in shares to purchase the full-stack securities crowdfunding platform. SeedInvest had previously been acquired… Read More

May 9, 2023 @ 10:10 am By JD Alois  |  

The Bitcoin network has endured rising congestion due to several reasons, including a new NFT-like minting protocol. Binance struggled in recent days to process BTC transactions so much that it had to pause these transfers – a surprising move by the world’s largest crypto exchange… Read More

May 9, 2023 @ 9:18 am By JD Alois  |  

Tomorrow, the House Subcommittee on Financial Institutions and Monetary Policy will hold a hearing on the Federal Responses to Recent Bank Failures. The witnesses scheduled to testify include: Margaret E. Tahyar, Partner, Davis Polk & Wardwell LLP Jonathan Gould, Partner, Jones Day Thomas Michaud, President… Read More

May 8, 2023 @ 11:39 pm By JD Alois  |  

ViewTrade, a FINRA-regulated broker-dealer, has been selected by ONE ZERO, a digital bank, to provide securities trading. ONE ZER, based in Israel, is leveraging ViewTrade’s API and FIX connection to power trading on its platform. Account holders in Israel may now access US markets trading… Read More

May 8, 2023 @ 7:01 pm By JD Alois  |  

Tide has distributed a statement calling for a more aggressive approach to dealing with fraud. Tide is a neobank for small businesses providing accounts in partnership with ClearBank. The company reports having over 500,000 UK SMEs as customers. Tide is asking the UK government to… Read More

May 8, 2023 @ 5:57 pm By JD Alois  |  

Over 150,000 spectators watched Mage, a 3-year-old colt, win the run for the roses at the 2023 Kentucky Derby this past weekend. Mage held 15 to 1 odds in the tight two-minute race. Perhaps watching the race but not in the stands were 4oo investors… Read More