Remove FDIC Remove Fintech Remove Mobile Remove Online
article thumbnail

FinTech LendingClub Buys Radius Bank For $185M

PYMNTS

FinTech LendingClub is purchasing Radius Bancorp for $185 million in cash and stock, according to a report by CNBC. LendingClub provides personal lending online, and it wants access to funding that is more stable and not as expensive. This is the first time a FinTech has purchased an actual bank. billion in assets.

Fintech 242
article thumbnail

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

Bank Innovation

Payment processor Square has withdrawn its application to become a deposit-taking bank, a move similar to online lender Social Finance or SoFi, which withdrew its application last fall.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

FDIC 210
Insiders

Sign Up for our Newsletter

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

article thumbnail

For America’s Unbanked, Mobile And Digital Save The Day

PYMNTS

FDIC) study found that the number of unbanked U.S. Mobile Wallets Get Their Moment. Mobile payments capabilities are a prime avenue for this population and others to access hot banking tech, or to just get paid faster. consumers are now using some kind of P2P mobile application, such as Venmo.”. What are those challenges?

Mobile 202
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). HMBradley offers FDIC-insured accounts through Hatch Bank based in California, and rates of about 3 percent on its savings accounts.

Fintech 236
article thumbnail

Today In Payments: COVID-19 Triggers Job Losses; JPMC First Big Bank To Shutter Branches As Virus Spreads

PYMNTS

FDIC Approves Square for Banking License. The Federal Deposit Insurance Corporation (FDIC) granted Square a banking license to operate a de novo industrial bank in Salt Lake City. Fiserv Acquires Bypass Mobile. It will keep its drive-through windows open. Putting the Move on the Moving Industry’s Gig Worker’s Pay.

FDIC 130
article thumbnail

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. […].

Company 199
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 FI said earlier this month it would be working with Funding Circle and providing funds to be lent to SMBs through the online platform.