General News

March 13, 2023 @ 9:59 pm By Omar Faridi  |  

SpotOn, the software and payments partner for restaurants, is providing restaurants with actionable next steps based on the National Restaurant Association’s annual State of the Restaurant Industry Report. As noted in the update, SpotOn has “outlined opportunities for restaurant operators to cut costs, carve out… Read More

March 13, 2023 @ 7:47 pm By JD Alois  |  

Perhaps a bit late, Fitch Ratings has downgraded and withdrawn Signature Bank’s (SBNY) ratings. Signature Bank was shuttered this past weekend by the New York Department of Financial Services. Signature, active in the crypto sector, suffered a similar shortcoming to Silicon Valley Bank as it… Read More

March 13, 2023 @ 4:53 pm By Omar Faridi  |  

Equifax Inc. (NYSE: EFX) has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) in connection with the company’s acquisition of Boa Vista Serviços, which is reportedly the second-largest credit bureau in Brazil. Equifax and Boa Vista Serviços “entered into a Merger… Read More

March 13, 2023 @ 9:18 am By JD Alois  |  

Securities and Exchange Commission (SEC) Chair Gary Gensler has issued a curt statement warning against nefarious activity taking advantage of the current banking crisis. Gensler stated: “In times of increased volatility and uncertainty, we at the SEC are particularly focused on monitoring for market stability… Read More

March 13, 2023 @ 8:45 am By Omar Faridi  |  

This past January, Anchorage Digital marked the second anniversary of their federal bank charter. According to Anchorage Digital, it was “a moment of pioneering progress for any digital asset bank, and it coincided with their announcement of another milestone for their compliance and bank program:… Read More

March 12, 2023 @ 11:16 pm By Omar Faridi  |  

wefox, which claims to be one of the world’s leading Insurtech firms, has announced the appointment of Dr. Günther Blaich as the Country Lead for Germany. Effective immediately, Dr. Blaich will be “responsible for leading wefox Germany and driving the company’s growth and profitability strategy.”… Read More

March 12, 2023 @ 6:47 pm By JD Alois  |  

The US Department of Treasury, FDIC and Federal Reserve have joined to protect all account holders at the Silicon Valley Bank (NASDAQ:SIVB), which was taken over by the federal government on Friday. The exceptional action means that accounts holding over $250,000 will have access to… Read More

March 12, 2023 @ 3:16 pm By Omar Faridi  |  

Pacaso, the real estate platform that helps people buy and co-own a luxury second home, shares a significant moment for co-ownership with the passage of Utah SB 271. The passage of the bill, sponsored by Sen. Michael McKell and Rep. Val Peterson, means the benefits… Read More

March 11, 2023 @ 1:35 pm By JD Alois  |  

The demise of Silicon Valley Bank (NASDAQ:SIVB) has shocked everyone. Last week, SVB announced that it was raising both debt and equity capital to shore up its balance sheet.  The bank that provides services to almost half of all venture-backed tech firms gave the all-clear… Read More

March 11, 2023 @ 10:35 am By Omar Faridi  |  

Railsr, the embedded finance platform, has today announced that it has been purchased and re-capitalized by a consortium “led by D Squared Capital, and that a change of control has been agreed with the Financial Conduct Authority in the UK.” This move “ensures business continuity… Read More

March 10, 2023 @ 12:33 pm By Omar Faridi  |  

Banking as a Service (BaaS) company Synctera announced that it is partnering with the National Bank of Canada in order “to help companies build and launch FinTech apps and embedded banking products in Canada.” Synctera announced “a $15 million strategic investment, led by NAventures (the… Read More

March 10, 2023 @ 9:09 am By JD Alois  |  

Yesterday, CI received multiple texts from Fintech insiders that expressed their worries about Silicon Valley Bank (NASDAQ:SIVB), a bank favored by startups. Shares in the bank tanked by over 60% yesterday as investors rushed for the exit. The cause of concern was the announcement by… Read More

March 9, 2023 @ 12:53 pm By JD Alois  |  

NMB Bank, a commercial bank headquartered in Dar es Salaam, Tanzania, has listed its first “gender bond” on the Luxembourg Green Exchange (LGX). The bond holds a face value of  TZS 74 billion or the equivalent to USD $ 32 million). In a special event… Read More

March 9, 2023 @ 11:07 am By Omar Faridi  |  

Lumen Technologies (NYSE: LUMN) has partnered with Syndio, which claims to be one of the world’s leading workplace equity analytics platforms, in order “to advance its pay equity goals.” Kate Johnson, president and CEO, Lumen, said: “We are committed to rebuilding Lumen starting with our… Read More

March 9, 2023 @ 9:12 am By Omar Faridi  |  

Grasshopper, the “client-first” digital bank built for the business and innovation economy, recently announced steady growth and solid momentum for the year ending 2022. The bank has reportedly “expanded its management team, relaunched last March with a new vision, and has built strong lines of… Read More

March 8, 2023 @ 11:57 pm By Omar Faridi  |  

Deep Instinct, the first company to apply deep learning to cybersecurity, today announced an investment from PayPal Ventures. This investment further “validates confidence in Deep Instinct’s unrivaled ability to see cyber threats well before other solutions can.” The funding will help further “accelerate Deep Instinct’s… Read More

March 8, 2023 @ 4:22 pm By Omar Faridi  |  

Opkit has launched with an automated health insurance verification platform that is purpose-built for the new telehealth companies and virtual medical clinics that are “providing care for a wide range of patients across the United States.” The startup, which “participated in Y Combinator, is emerging… Read More

March 8, 2023 @ 8:35 am By Omar Faridi  |  

Northern Trust (Nasdaq: NTRS) announced that UK-based asset manager Redwheel is now using its data aggregation tool, developed by its strategic partner, Equity Data Science, Inc., in order “to enhance ESG integration across its investment business.” Founded in 2000 and formerly known as RWC Partners,… Read More

March 7, 2023 @ 8:07 pm By Omar Faridi  |  

Lightico, a provider of digital customer interactions, announced its integration with Innovis, a leading provider of fraud prevention solutions, “to provide its authentication tool, FailSafe®, to manage fraud risk.” The phone ID verification tool will “assist current and future Lightico customers with fraud detection and… Read More

March 7, 2023 @ 10:09 am By JD Alois  |  

The French Autorité des Marché Financier (AMF) has launched a “mystery shopper” campaign to gain first-hand experience as to how banks are treating their customers. What the regulator uncovered clearly fell short of what old banks should be doing. The AMF notes that it has… Read More