Omer Ismail was a key architect of Goldman Sachs's consumer efforts in recent years and David Stark inked the bank's partnership credit card partnership with Apple.
The fresh funding would recrown the Swedish company as Europe’s most valuable startup after the payments business Checkout.com was valued at $15 billion.
Lost in the debate about whether to make fintechs comply with the Community Reinvestment Act is that many of them already partner with banks to make loans in low-income neighborhoods.
If policymakers are serious about revitalizing low-income communities, they should require all fintechs and other nonchartered lenders to adhere to the Community Reinvestment Act.
MoneyLion and Opportunity Financial are following in the footsteps of financial technology businesses that have raised billions of dollars from special purpose acquisition companies. The quick injection of funds is expected to accelerate their growth as well as make them more competitive with banks and other mainstream financial services firms.
Brex currently relies on bank partners to offer credit cards and cash management accounts to small and midsize businesses. It is looking to charter its own FDIC-insured institution to be a direct provider.
Community development financial institutions would reach even more underserved households and business if they had strong relationships with tech firms and national banks. Here's how the Office of the Comptroller of the Currency can foster such partnerships.
Mike Cagney’s blockchain lending startup Figure Technologies plans to raise $250 million through a new blank-check company, according to an SEC filing.
Opportunity Financial, which offers consumer installment loans in partnership with banks, is merging with FG New America Acquisition Corp., a special-purpose acquisition corporation. The deal is expected to close in the second quarter.
