The announcement is an example of how Green Dot, which swung from a loss to a profit in the fourth quarter, is focusing on technology partnerships with Intuit, Uber and others to boost its bottom line.
For $29 a month, MoneyLion customers will receive a checking account with no minimum balance requirement and will have access to a large a network of ATMs, as well as low-interest personal loans and financial advice.
Online account opening and facial recognition features on mobile apps are among the technologies the bank intends to introduce or improve upon this year, CEO Jamie Dimon wrote in his yearly shareholder letter.
The financial services industry and community reinvestment advocates both praised the Treasury Department’s recommendations for reforming Community Reinvestment Act enforcement.
The Berlin company hopes to shake up the U.S. market with real-time, mobile-first, millennial-friendly banking, and the new infusion of cash from Allianz and Tencent will help.
The estimated costs of recent digital glitches at BB&T, TD and Wells Fargo are in the hundreds of millions of dollars, but contractual and economic realities make it hard for banks to sue vendors for the money or fall back on insurance policies.
The founders of Seed are hoping to bring to small-business banking what their previous company, Simple, brought to personal financial management: much-easier-to-use technology.
