Skip to content

Fintech Information Roundup for the Week Ending November 10, 2023

It has been a blended earnings season up to now for public fintech corporations. With many corporations reporting this week, we’ve got had some excellent news, some unhealthy information and a few actually unhealthy information. It’s a courageous investor who holds a pool of fintech shares immediately. However our prime story is one other proposed rule from the CFPB (they’ve been very energetic this yr, haven’t they), this one concentrating on Huge Tech. The most important of those behemoths course of extra funds than some nations and the CFPB thinks there needs to be some monetary oversight right here.

Listed below are my prime 5 information tales in fintech this week:

  1. Client Bureau Seeks to Supervise Digital Fee Apps from The New York Occasions – The CFPB has Huge Tech in its sights now because it proposed a new rule that might topic non-banks with cost apps or digital wallets that course of greater than 5 million transactions a yr to the identical supervisory examinations as banks and credit score unions. The rule might affect 17 corporations together with the likes of Apple, Google, PayPal, and Block.
  2. JPMorgan Switches On Programmable Funds Utilizing Blockchain Tech from Bloomberg – JPMorgan continues to be a frontrunner in blockchain expertise because it develops new options for JPM Coin. Purchasers will now have the ability to program their JPM Coin by plugging in a set of situations that can allow them to routinely transfer funds for things like overdue funds and margin calls. JPM Coin is at present transacting $1 billion price of transactions a day on chain.
  3. Plaid Launches Client Reporting Company to Leverage Money Circulate Information for Credit score Danger Insights from Finovate – Whereas Alex Johnson broke this story it didn’t get a lot play within the press which stunned me as a result of I feel this can be a large deal (I’m working alone deep dive on Plaid). Anyway, Plaid is moving into lending with a give attention to money movement information and it’s turning into a shopper reporting company. It will permit Plaid’s clients to make use of this information in underwriting selections.
  4. Andreessen Horowitz Co-Leads $60 Million AI Fintech Funding from Bloomberg – There haven’t been many massive funding rounds to report recently so I’m pleased to function this one. Black Ore has an AI angle which helps clarify the investor enthusiasm and it’s co-founded by fintech pioneer Eyal Shinar, who additionally based Fundbox. The brand new firm is targeted on “transformative AI for monetary providers” and their first product is an AI tax preparation software for accountants.
  5. This was peak earnings week for fintech – Earnings season is in full swing as we had the next corporations reporting this week: Marqeta, MoneyLion, Affirm, Upstart, Oportun (ouch), and Toast. There have been some fairly wild swings in inventory costs in what was one of the crucial unstable weeks for fintech shares in a very long time. The WSJ additionally supplied some perception on Block, PayPal and SoFi, which all reported final week.

Podcasts This Week

Fintech One-on-One – Eric Shoykhet, CEO & Co-Founding father of Hyperlink Cash.
Fintech Espresso Break – Nicky Senyard and Alana Levine of FintelConnect.
Fintech Blueprint – Man Younger, CEO and Founding father of Ethena Labs.

  • Peter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media firm centered on fintech. Peter has been writing about fintech since 2010 and he’s the writer and creator of the Fintech One-on-One Podcast, the primary and longest-running fintech interview collection.

continue reading