Fintech

More shoppers than ever are on track to use ”buy now, pay later” plans this holiday season, as the ability to spread out payments looks attractive at a time when Americans still feel the lingering effect of inflation and already have record-high credit card debt. The data firm Adobe Analytics predicts shoppers will spend 11.4% […]

Walmart Inc. and one of its financial technology partners allegedly opened expensive bank accounts for delivery drivers of the world’s largest retailer without their consent, a US consumer protection agency said on Monday. The Consumer Financial Protection Bureau sued Walmart and Branch Messenger Inc., claiming they required those in the Spark Driver program to be […]

The year 2024 marked another period of consolidation and strategic growth for Brazil’s digital banking platform Nubank (NYSE: NU). The firm surpassed 100 million customers and reaffirmed its prominent position in the market by expanding its presence in the “high-income segment, pursuing international growth” with a focus on Mexico, and further diversifying its existing portfolio […]

After several slow quarters, we’re seeing a pick up in funding to digital banking startups. In the past three months, investors have plowed close to $1.2 billion into a geographically dispersed group of online banking providers, Crunchbase data shows. Three of the largest funding recipients — One, Tyme and Current — announced new rounds this […]

Global payment provider, Mastercard is aiming to bring one billion people and 50 million micro, small and medium enterprises (MSMEs) into the digital economy by 2025. Taking a step towards achieving this goal, it has partnered with Boost, the business-to-business (B2B) commerce platform, to drive the growth of firms operating in last-mile fast-moving consumer goods […]

As the banking and payments sector stands on the cusp of 2025 on a new regulation-averse government worldview, one of the issues that bears watching is the partnerships between banks and FinTechs. As a group, they have created new ways of moving money, across apps, platforms and mobile devices. FinTechs have largely been untested in terms of risks or controls, and in some cases — such as […]

Ant Group, the fintech affiliate of Alibaba Group Holding, said it had no immediate plans to revive its initial public offering (IPO), dispelling market speculation it would soon go public. The Chinese company shocked investors in November 2020 by cancelling its US$39.7 billion IPO in Hong Kong and Shanghai less than 48 hours before market […]

A federal regulator sued JPMorgan Chase, Wells Fargo and Bank of America on Friday, claiming the banks failed to protect hundreds of thousands of consumers from rampant fraud on the popular payments network Zelle, in violation of consumer financial laws. Also named as a defendant in the lawsuit is Early Warning Services, a fintech company […]

Careem Pay has rolled out a new service enabling UAE-based Lebanese residents to send money back home, following a partnership with Lebanon’s Purpl digital wallet. The remittance solution enables users to send transfers from AED into USD directly to mobile numbers connected to a Purpl wallet, circumventing the need for a traditional bank account. The […]

For the first time, UK neobanks have edged out traditional legacy banks in app downloads, marking a shift in consumer banking preferences, according to a recent study by global software company SplitMetrics. Its data reveals that UK neobanks boast an estimated 71.78 million Android users, narrowly surpassing the 71.58 million users of legacy banks. This year […]