Remove Capital Remove FDIC Remove Fintech Remove Mobile
article thumbnail

Square Will Reapply for Banking License with the FDIC After Last Week’s Withdrawal

Bank Innovation

It plans to reapply with the FDIC, but did not reveal […]. Payment processor Square has withdrawn its application to become a deposit-taking bank, a move similar to online lender Social Finance or SoFi, which withdrew its application last fall.

FDIC 210
article thumbnail

Challenger Banks Raise Record Funds To Take On Traditional FIs

PYMNTS

Digital banking startups are popular in Europe, dangling low fees and mobile apps to attract more customers. Challenger banks have raised $100 million worldwide in the second quarter and are the fastest-growing FinTechs, Lindsay Davis, a senior intelligence analyst at CB Insights, told the FT. .

FDIC 164
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

FIs Or FinTechs: Who Will Power Banking?s Big Digital Shift?

PYMNTS

And, they said, traditional players can find competitive strength by linking up with firms that had previously been viewed as foes (that would be FinTechs). If you talk to a bank CEO, they will tell you that most of them want to grow deposits, unless you are big enough that you worry about allocating capital.

Fintech 236
article thumbnail

Accion and VC Quona Raise $141M To Fund Unbanked Focused Startups

PYMNTS

Aiming to back and support FinTech startups focused on the underserved, Accion International and VC Quona Capital raised $141 million in funding. The Accion Frontier Inclusion Fund is setting its sights on emerging markets in Sub-Saharan Africa, Latin America and Asia that have shown the most potential for inclusive FinTech.

FDIC 100
article thumbnail

Community Banks Aim To Amplify Competitive Edge With FinTechs

PYMNTS

SMBs demand access to robust solutions, from mobile banking to advisory services. INTRUST Bank recently announced it is also taking part in the trend of collaborating with FinTechs. The FDIC’s Advisory Committee on Community Banking offered a platform through which community bankers could highlight these challenges. “I

article thumbnail

Can Banks Solve their Small-Dollar Loan Problem with Fintech Partnerships?

Bank Innovation

Aura, a San Francisco-based fintech offering affordable loans to low to moderate-income households, wants to partner with banks to offer those loans to consumers who have traditionally been unable to secure them from larger institutions.

article thumbnail

Lender Kabbage Furloughs Workers, Warns Of SMB Cash Shortfall

PYMNTS

government’s $2 trillion stimulus package allows a number of entities — FDIC banks, credit unions and, most notably for this discussion, FinTechs such as Kabbage — to make loans to smaller firms. The availability of capital also may be less robust than it once was.

Lending 151