PYMNTS
OCTOBER 17, 2017
An industrial bank is an FDIC-insured depository institution that is generally subject to the same banking laws and regulations as any other bank charter type, with the important exception of the Bank Holding Act of 1956. But, as SoFi and now Square have demonstrated, the interest is there, and the FinTechs aren’t going away.
Celent Banking
NOVEMBER 17, 2015
The lack of “just right” solutions for many small business financial problems has been a golden opportunity for FinTech firms. In the FinTech space, much of the focus is on consumer-oriented solutions like Mint for financial management, Venmo for P2P payments, and Prosper for social lending.
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Independent Banker
FEBRUARY 24, 2016
The quickness with which these Wall Street-driven nonbank lenders—variously called peer-to-peer, online marketplace or financial technology (FinTech) lenders—can fulfill borrowers’ requests has enabled alternative lending to double every year since 2010. FDIC-insured deposits largely solve this problem for banks.
CB Insights
JANUARY 5, 2021
In contrast, online banking in the US has surged with 73% of consumers using it regularly, up from 46% in 2010. . Source: FDIC. For more, take a look at our State Of Fintech Q3’20 report. Between 2008 and 2018, the number of commercial bank branches in the US has declined by more than 6%. Alternative services can be costly.
Fintech Labs Insights
NOVEMBER 10, 2023
Leading Digital Consumer Banks (United States)* ranked by our FAB score (Fintech Attention Barometer**) Company FAB Score** Founded HQ Web Visits (Oct ’23) TrustPilot Score TrustPilot Reviews Funding ($M) 1 Wise (Transferwise) 10581 2011 London 38,100,000 4.2 Consumers (Nov 2023) first appeared on Fintech Labs SMB Center.
PYMNTS
JANUARY 31, 2019
is set to see its first new community bank in decades, as the Federal Deposit Insurance Corporation (FDIC) lent its approval for MOXY Bank to launch in Washington, D.C. The FDIC’s announcement said a private placement offering will raise at least $25 million for the bank ahead of its launch. Bloomberg listed Casey G.
PYMNTS
JANUARY 21, 2020
Cashflows was founded in 2010 and became one of the first independent U.K. In October , i2c teamed up with Evolve Bank & Trust, an FDIC-insured financial services organization, to offer an extensive inventory of customizable credit, debit, prepaid and DDA solutions.
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