Sells, American Banker's Digital Banker of the Year for 2020, says he will help the New York fintech startup create digital currency products for banks.
Fintech success stories have encouraged investors to back more startups, but newcomers will be hard-pressed to attract enough customers to compete while keeping expenses down.
The company aims to help borrowers apply for home loans in as little as 15 minutes by automating immediate validation of bank information used in qualification.
Visa insists that the Department of Justice, in objecting to its proposed $5.3 billion purchase of Plaid, fundamentally misunderstands the changing role of data in the payments industry.
Figure Technologies would only accept uninsured deposits, so it would not be subject to Fed or FDIC oversight. A major concern for banks is that the effort could open the door to incursions by bigger tech companies.
The 5-year-old company, which recently raised $131 million, says its strong growth reflects the timeliness of its mission: helping consumers who live paycheck to paycheck build wealth.
CEO Wendy Cai-Lee says Piermont Bank can do it all for financial technology firms: be their commercial banker, be their banking-as-a-service provider and develop APIs and other cutting-edge products for them.
