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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 Payment processor Square has withdrawn its application to become a deposit-taking bank, a move similar to online lender Social Finance or SoFi, which withdrew its application last fall.

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Why The Bank-FinTech Relationship Is More Complicated Than Conflicted

PYMNTS

The ongoing struggle, supposedly existential in nature, that pits upstart, relatively young FinTech firms against arrogantly complacent banks for supremacy in this new and growing world of digital payments and commerce. And that is a bank – one with FDIC insurance and safeguards that keep their money safe. Trust in Banks. Why is that?

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5 Companies that Made Fintech Noise in 2018

Bank Innovation

Bank Innovation’s five picks for companies that made noise in fintech this year may not include any banks, but it does include a company owned by a collection of them. Indeed, as far as innovation is concerned, 2018 was the year of the fintechs and nonbanks -- some friendlier to the traditional players than others. […].

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FDIC Greenlights Mobile-First Fintech Varo Money for Deposit Insurance

The Financial Brand

Fintech's patience paying off as it nears final hurdles, setting stage for major new digital banking competitor. The post FDIC Greenlights Mobile-First Fintech Varo Money for Deposit Insurance appeared first on The Financial Brand.

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

PYMNTS

The pandemic has accelerated the digital roadmap for everyone in financial services, giving rise to more innovation in the past few months than had been seen over the course of several years. HMBradley offers FDIC-insured accounts through Hatch Bank based in California, and rates of about 3 percent on its savings accounts.

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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.

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Today In Digital-First Banking: Green Dot Debuts GO2bank; Stimulus Checks Pose Challenges For TurboTax, H&R Block

PYMNTS

In today’s top news in digital-first banking, California FinTech Green Dot is rolling out the GO2bank mobile banking to help cash-strapped individuals, while stimulus checks are reportedly posing challenges for some users of H&R Block and TurboTax. Green Dot Introduces GO2bank To Help Cash-Strapped Consumers.