Revolut under legal scrutiny for biometric data practices in Illinois
The Paypers
JANUARY 15, 2024
UK-based fintech company Revolut has been accused of violating the state of Illinoi’s Biometric Information Privacy Act (BIPA).
Fintech Deals to Watch: Fall Festivities
Gonzobanker
SEPTEMBER 21, 2023
Fiserv partnered with Central Payments LLC , a BAAS provider for fintech, and sold its Frontier Reconciliation and Accurate Reconciliation solutions to Trintech. Card issuer and processor Marqeta acquired Power Finance , an embedded fintech credit card program. an embedded payments platform for fintechs.
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Community Banks Debut FinTech Alliance
PYMNTS
NOVEMBER 13, 2018
Collaboration amid competition has been a hallmark of the financial services space, as traditional financial institutions (FIs) join forces with FinTech startups. The group, to be known as Alloy Labs Alliance, according to a press release , is being managed by FinTech Forge. Guidelines From The UK. and MarketInvoice.
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North Lane, daVinci Payments Finalize Merger; Form Syncapay
PYMNTS
DECEMBER 10, 2020
Syncapay Chairman and CEO Juli Spottiswood said in the announcement that the closing of the deal between the two companies brings together two FinTech firms to speed digital payment expansion via an “unparalleled payments platform.”. Terms of the arrangement were not made public.
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CFPB, CFTC Develop FinTech Regulatory Sandbox
PYMNTS
MAY 30, 2018
The Consumer Financial Protection Bureau (CFPB) has announced that it is working with the Commodity Futures Trading Commission to develop a regulatory sandbox for FinTech firms. “We A sandbox provides relief from certain regulatory requirements so FinTech startups can test products and government authorities can offer guidance.
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Seven US States Seek To Simplify FinTech Licensing
PYMNTS
FEBRUARY 6, 2018
Reuters reported news on Tuesday that banking regulators from seven states across the United States are working to, as the newswire reported, “streamline” the FinTech reporting process, with an eye on those tech firms having an easier road toward offering their products and services across the nation.
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This SoftBank-Backed Fintech Company Raised $150M To Expand Its Investment App
CB Insights
JULY 15, 2021
Illinois-based M1 Finance is a robo-advisory investment app. The post This SoftBank-Backed Fintech Company Raised $150M To Expand Its Investment App appeared first on CB Insights Research. M1 Finance , a robo-advisory investment platform, has raised $150M in Series E that drew participation from SoftBank Group among other investors.
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The United States Of Fintech Startups
CB Insights
NOVEMBER 6, 2019
The fintech space is gaining momentum. Last year saw a double record of $46B invested across over 2,800 deals to fintech startups — a 92% uptick in funding year-over-year. GET THE 83-PAGE q2 2019 FINTECH TRENDS REPORT. Q2’19 fintech funding topped $8.3B, boosted by a record quarter of $100M+ mega-rounds. KEY TAKEAWAYS.
The United States Of Fintech: The Most Well-Funded Fintech Startup In Each State
CB Insights
OCTOBER 26, 2017
Following our previous mapping of the most well funded startups in each state and most well funded food & beverage startups in each state , we used CB Insights database to identify the most well-funded private fintech startup in each state. FINTECH TRENDS Q3 2017 RESEARCH BRIEFING. Click on the image below to enlarge.
Auto-Tracking Road Warrior Employees As The Wheels Go ‘Round
PYMNTS
OCTOBER 29, 2018
In Illinois, and a handful of other states, changes in how employees are reimbursed for business-related expenses herald changes on a broader scale, and in how firms use technology to make sure that expenses are being recorded accurately. Miles To Go For Mileage Reimbursement.
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How Credit Unions Face — And Embrace — Digital Disruption
PYMNTS
APRIL 22, 2019
That would seem to apply to credit unions (CUs), and to Consumers Credit Union of Illinois specifically, one of the largest CUs around, which has been in business since 1930 (before the Great Depression reached its worst depths). The rise of FinTech is putting pressure on all financial institutions to innovate, or risk losing customers.
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State Regulation, Conference of State Bank Supervisors, Financial Services, FinTech, Charles Clark, Washington State Department of Financial Institutions, License, Regulation, Bank of Indonesia, FinTech, Bitcoin, Cryptocurrency, News
PYMNTS
FEBRUARY 15, 2018
Through the Conference of State Bank Supervisors, Georgia, Illinois, Kansas, Massachusetts, Texas, Tennessee and Washington are looking to standardize the ways firms across traditional financial services and FinTech upstarts apply for, and are granted, licenses. As was widely reported this past week, seven of them are trying to do so.
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Digital IDs Help Open Banking Reach Its Fullest Potential
PYMNTS
JULY 10, 2020
As financial institutions (FIs) work with FinTechs, they need to know that these tech-nimble startups are not only enabling access to customers’ account data but also in a manner that embraces KYC and AML. For instance, he pointed to statewide initiatives in California and Illinois that have focused on biometrics.
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Lack Of Trade Credit Insurance Hampers US Supply Chains
PYMNTS
SEPTEMBER 22, 2020
A sizable share of the aluminum sold by the Illinois-based firm arrives in the auto sector, a space in which the number of policies has dwindled. But the figure also presented an opportunity for FinTechs when the market was ready for banking change and virtualization. Credit insurance is popular with U.S. Imperial Zinc Corp.
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State And Local Governments Wrestle With Faster Payments
PYMNTS
JANUARY 27, 2020
A crowd of FinTechs and challenger banks entering the disbursements space isn’t accelerating adoption to the extent needed, because it’s hard to differentiate them. Illinois printed and mailed $1.3 Illinois could have saved an estimated $1 million by digitizing its payments. Not all states feel the same.
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COVID-19 Sees More Online Grocers Accept EBT SNAP Payments For Food
PYMNTS
OCTOBER 23, 2020
Instacart said it would be rolling out the pilot program at more than 60 ALDI locations in Georgia, with plans to expand that to more than 570 stores in Illinois, California, Florida and Pennsylvania in the coming months. In May, global payments processor and FinTech Fiserv announced it was also taking part in the USDA’s pilot program.
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Figure CEO: Figure Pay, National Bank Charter Will Boost Financial Inclusion
PYMNTS
NOVEMBER 23, 2020
While many digital-first companies springboard from payments into lending, Figure Technologies , a FinTech focused on home improvement, debt consolidation and retirement products that leverage blockchain protocols, is branching out from lending into payments. Blockchain and a bank charter might do much to boost financial inclusion.
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NEW REPORT: Post-Hurricane, CUs Provide Some Calm After The Storm
PYMNTS
NOVEMBER 14, 2018
Citizens Equity First Credit Union (CEFCU) of Peoria, Illinois recently announced that it would work with technology provider Stakana Analytics to pilot the company’s predictive analytics platform. Thankfully, at least one CU is turning to the alternatives: artificial intelligence (AI) and machine learning (ML) technologies.
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Fintech needs more regulatory 'sandboxes'
Payments Source
MAY 3, 2018
Although there's often a tension between regulation and innovation, the sandbox concept can help startups, regulators and incumbent banks better navigate experimental financial technologies.
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Scottsdale Community Bank: Making microloans
Independent Banker
JANUARY 31, 2023
We are changing the face of business banking in Arizona by combining cutting-edge fintech technology with true relationship banking.” William Atkinson is a writer in Illinois. “We are a dynamic bank for a dynamic community, and we conduct business in one of the fastest-growing areas of the nation,” Weisz says. “We
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172 The United States Of Artificial Intelligence Startups
CB Insights
MARCH 13, 2019
Nuro is followed by Illinois’ Avant ($655M) and Massachusetts’ Indigo Agriculture ($617M). They include cybersecurity company StackPath ($180M) and fintech companies Opera Solutions ($122M) & Petuum ($108M). The California-based startup is developing autonomous vehicles, with a focus on last-mile delivery.
Maine amends Consumer Credit Code to target loans made using bank partnership model
CFPB Monitor
AUGUST 5, 2021
The new Maine anti-evasion provision regarding when a purported agent or service provider will be deemed a lender subject to Article 2 closely tracks the anti-evasion provision in the Illinois Predatory Loan Prevention Act which became effective in March 2021. .
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Blockchain Tracker: Banks’ Experimentation With Blockchain Tech
PYMNTS
JULY 20, 2017
However, they are also looking to leverage additional advantages, including increased competitiveness with FinTechs and the ability to use the technology to create new business models.”. The report shared, “Most banks are exploring the use of blockchain technology in order to streamline processes and cut costs. From the U.K. receiving £3.6
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Retail banking trends to look out for in 2023
Independent Banker
OCTOBER 31, 2022
We are continuing to explore relationships with fintechs, especially as it relates to fraud prevention and providing more value to our customers,” says chief deposit officer Dan Hancock. William Atkinson is a writer in Illinois. In the future, we also will consider expanding into other parts of the state.”.
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151 Fintech Fundings: 26 Companies Raised $530 Million Third Week of July
Fintech Labs Insights
AUGUST 11, 2016
There has been an average of 28 fintech deals per week this year. Fintech deals by size from 16 July to 22 July, 2016: CommonBond. HQ: Chicago, Illinois. HQ: Chicago, Illinois. HQ: Chicago, Illinois. The post Fintech Fundings: 26 Companies Raised $530 Million Third Week of July appeared first on Finovate.
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State Regulators Investigate Payday Advances
PYMNTS
AUGUST 8, 2019
A California-based FinTech firm, Earnin’ offers consumers up to $100 of their paycheck per day in advance of their next payday. The DFS’ investigation will be conducted alongside regulators in Connecticut, Illinois, Maryland, New Jersey, North Carolina, North Dakota, Oklahoma, Puerto Rico, South Carolina, South Dakota and Texas.
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Tech Center: Chicago On Deck
PYMNTS
MARCH 24, 2017
Chicago’s FinTech and Payments sectors saw 32 startups in 2016. PYMNTS: What do you think makes Chicago (or Illinois as a whole) an attractive location for both entrepreneurs and investors? Chicago’s population is 2,720,546 (2015). GDP of Chicago is $640.66 billion (2015). Chicago’s median household income is $48,522 (2015).
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114 Fintech Fundings: 30 Companies Raise $390 Million Week Ending May 13
Fintech Labs Insights
JUNE 6, 2016
Fintech deals by size from May 7 to 13, 2016: Avant (AvantCredit UK). HQ: Chicago, Illinois. HQ: Chicago, Illinois. The post Fintech Fundings: 30 Companies Raise $390 Million Week Ending May 13 appeared first on Finovate. Consumer alt-lender. Latest round: $188 million Debt (for AvantCredit UK). Total raised: $1.92
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Three-state attack on the OCC’s “Madden fix” rule
CFPB Monitor
AUGUST 3, 2020
It amends 12 CFR part 7 and part 160 to add, respectively, Section 7.4001(e) and Section 160.110(d), which provide: Interest on a loan that is permissible under [12 U.S.C. 85] [12 U.S.C 1463(g)(1)] shall not be affected by the sale, assignment, or other transfer of the loan.
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Fintech Fundings: 23 Companies Raise $685 Million Week Ending Dec 18
Fintech Labs Insights
DECEMBER 28, 2015
But if there’s one in the fintech sector, the dozens of investors in these 23 companies didn’t get the memo. In the last full non-holiday week of the year, $685 million poured into fintech companies worldwide. HQ: Chicago, Illinois. FinTech Group. There may be a bubble in tech investing. Source: Crunchbase.
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Fintech Fundings: 19 Companies Raise $1.3 Billion Week Ending Oct 1
Fintech Labs Insights
OCTOBER 1, 2015
Fintech circles were abuzz this week as four massive fundings pushing several companies higher up the billion-dollar valuation ladder (yep, I can avoid the U-word if I really try). student loans, the worldwide fintech total surpassed one billion ($1.254 billion to be precise) thanks to Paytm ($675 million), Avant ($325 million) and 17 others.
CBI gift guide
CB Insights
NOVEMBER 2, 2017
The US of fintech. We mapped the most well-funded fintech startup in each US state. California, New York, Illinois, Georgia, and North Carolina’s most well-funded fintech startups are all valued above $1B. What are you waiting for? Show us what you’ve got. The Industry Standard.
FinDEVr APIntelligence
Fintech Labs Insights
JULY 8, 2015
Be sure to register now for the only event exclusively for fintech developers, FinDEVr 2015 , Oct 6-7 in San Francisco. Rise in tech investment in the UK credited to companies such as Currency Cloud in London’s fintech sector. Alumni updates: Xero releases payroll availability for Nevada and Illinois.
Fintech Fundings: 21 Companies Raise $460 Million Week Ending April 1
Fintech Labs Insights
APRIL 4, 2016
Here are the fintech deals by size from 26 March to 1 April 2016: Ceridian. HQ: Chicago, Illinois. The post Fintech Fundings: 21 Companies Raise $460 Million Week Ending April 1 appeared first on Finovate. Bluefin Payments received $6 million to expand its secure payment system. Latest round: $150 million Private Equity.
Fintech Fundings: 25 Companies Raise $810 Million Week Ending Nov 20
Fintech Labs Insights
NOVEMBER 23, 2015
Large swaths of cash flowed into the global fintech sector last week. HQ: Chicago, Illinois. The post Fintech Fundings: 25 Companies Raise $810 Million Week Ending Nov 20 appeared first on Finovate. Source: Crunchbase. LQD Business Finance. Online small business financing. Latest round: $30 million Debt. Source: Crunchbase.
Fintech Fundings: 25 Companies Raise $1.6 Billion Week Ending Aug 20
Fintech Labs Insights
AUGUST 20, 2015
Fintech funding records continue to fall. HQ: Chicago, Illinois. The post Fintech Fundings: 25 Companies Raise $1.6 Last week was the record number of deals, with 27. This week it was the biggest total dollars raised at $1.63 billion, from 25 companies. The vast majority of the money ($1.54 Total raised: $1.75 Total raised: $1.43
Fintech Fundings: 38 Companies Raised $300 Million First Week of June
Fintech Labs Insights
JULY 12, 2016
With 38 deals reported – one shy of the weekly record – fintech companies raised $303 million worldwide the first week of June. Fintech deals by size from May 28 to 3 June, 2016: Partners Life. HQ: Chicago, Illinois. The post Fintech Fundings: 38 Companies Raised $300 Million First Week of June appeared first on Finovate.
Narrative Science Raises $11 Million Series E
Fintech Labs Insights
APRIL 18, 2017
Founded in 2010 and headquartered in Chicago, Illinois, Narrative Science demonstrated its Quill Financial solution at FinovateFall 2013. We featured Narrative Science in our look at artificial intelligence in fintech back at the beginning of the year. Stuart Frankel is CEO.
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17 Fintech Fundings: 22 Companies Raise $300 Million Plus 2 IPOs Raise $5.9 Billion
Fintech Labs Insights
OCTOBER 19, 2015
It was a blockbuster week in fintech with more than $6 billion in new funds flowing to the sector. HQ: Lombard, Illinois. The post Fintech Fundings: 22 Companies Raise $300 Million Plus 2 IPOs Raise $5.9 The vast majority, $5.9 billion, was raised in the IPOs of two mega payment processors, recent FinDEVr alum Worldpay ($3.3
FinovateEurope Sneak Peek: Passport
Fintech Labs Insights
DECEMBER 17, 2015
A look at the companies demoing live to 1,500 fintech professionals. degree from the University of Illinois. Get your tickets to join us in London! Passport is an urban mobility platform helping cities improve their transportation options. The company will be demonstrating its multimodal plan, track, and pay mobile application.
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Fintech Fundings: 36 Companies Raise $480 Million Week Ending March 18
Fintech Labs Insights
MARCH 22, 2016
Here are the fintech deals by size from 12 March to 18 March 2016: Future Finance. HQ: Chicago, Illinois. Ghaio Fintech. The post Fintech Fundings: 36 Companies Raise $480 Million Week Ending March 18 appeared first on Finovate. P2BInvestor added $5 million in debt for its SMB crowdfunding platform. Cumulus Funding.
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Fintech Fundings: 27 Companies Raise $420 Million Week Ending October 23
Fintech Labs Insights
OCTOBER 26, 2015
HQ: Chicago, Illinois. The post Fintech Fundings: 27 Companies Raise $420 Million Week Ending October 23 appeared first on Finovate. Source: Crunchbase. Insurance for small businesses. Latest round: $31.5 Total raised: $31.5 Source: Crunchbase. Smart payment terminal. Latest round: $28 million Series B. Total raised: $28 million.
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Finovate Alumni News
Fintech Labs Insights
JULY 8, 2015
Xero adds payroll availability in Nevada and Illinois. On Finovate.com: 12 New FinDEVr 2015 Presenters Announced. Around the web: Cardlytics wins 2 Silver Stevies at 2015 American Business Awards. ThreatMetrix wins Gold, Silver and Bronze awards in 3 categories at Network Products Guide 2015 Hot Companies and Best Products Awards.
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Fintech Labs Insights
JANUARY 6, 2016
Cachet Financial Solutions to power RDC solutions for Illinois-based Algonquin State Bank. CloudLock and Check Point Partner to attack hybrid cloud shadow IT and malware through detection, quarantine, and eradication. InComm acquires TibiDono, Austria-based marketing and gift card distribution company.
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