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The Latest Breaking News from fintech

Clusters of pandemic relief loans went to the same Chicago addresses, including homeless shelters, Sun-Times finds

One Paycheck Protection Program loan recipient who used a Salvation Army address said he was a farmer. A dozen others said they operated barber shops or beauty salons. Most got loans of about $20,000, the maximum based on a yearly income of at least $100,000.

Chicago Sun-Times

UK fintech firm Wise accused of stifling competition by rival startup

Atlantic Money writes to CMA to raise concerns about being blocked from Wise price comparison sites

The Guardian - UK

Wise under fire as London fintech accused of hiding prices of cheaper rivals

Competitor Atlantic Money is understood to have written to regulators to express its concerns

Evening Standard

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read the most diverse news in one place.

America’s biggest banks are teaming up to take on Apple Pay and PayPal with a new digital wallet. Analysts think it could flop

The company behind the popular payment service, Zelle, is launching a new wallet to compete with payment behemoths PayPal and Apple Pay.

Fortune

Buy now, pay later could change your credit score under plans by London fintech Zilch

The London fintech is set to begin sharing customer data with credit ratings agencies

Evening Standard

This fintech company lost $1B in value as investors fled the sector. Here's what it did next

For months, the recriminations for investors have been everywhere. We had a tech bubble burst 20 years ago. How did we let it happen again?

Tribune News Service

Addepar latest fintech to cut people

In addition to the job cuts, Addepar has seen some senior executives leave recently.

Fortune

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Fintech firm Revolut assembles behavioural team after criticism of its corporate culture

Exclusive: Company denies creation of team to track overhaul is part of effort to secure UK banking licence

The Guardian - UK

After the asteroid: What’s next for fintech in 2023? - Roll Call

Steve McLaughlin, the founder and CEO of FT Partners, talks about what to look out for in fintech in 2023 and beyond.

Roll Call

Millennial founder who sold her fintech to JPMorgan sued for inventing customers

Charlie Javice launched Frank six years ago to help students grappling with the soaring cost of college tuition to afford higher education, but Chase alleges 93% of her customers were fictitious.

Fortune

The top trends in fintech for 2023, according to VCs

8 top venture investors predict the top trends in fintech—from A.I. to CFO tools.

Fortune

200% jump in funding for Scotland’s fintech cluster

On the fifth anniversary of its founding, FinTech Scotland notes significant growth at the SME end of the sector

Insider UK

Billionaire Jack Ma to cede control of China’s Ant Group

Business magnate Jack Ma who controlled over 50 percent of the fintech giant’s shares will now hold just 6.2 percent.

Al Jazeera

FinTech West appoints senior Natwest and PwC leaders to board

The Bristol-based organisation was founded by firms operating in the city to bring together companies in the South West’s growing financial tech sector

Birmingham Post

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Birmingham Post

EY to establish fintech research and technology hub in Bristol

The aim of the hub is to help "ramp up" capabilities in financial services design, data analytics and engineering

StockNews.com

Is SOFI a Penny Stock You Should Want to Buy?

Financial services company SoFi Technologies (SOFI) recorded impressive growth across its business segments. However, the company’s losses widened, and analysts seem bearish about its earnings growth prospects due to its bleak fundamentals and the potential recessionary pressures. Thus, is it wise to buy this under $5 fintech stock? Read more…

Fortune

8 venture investors predict the top trends in fintech for 2023

Top VCs think that while valuations might have gotten overblown in 2022, there’s still plenty of opportunity to invest going forward. Here are the trends and companies they’re most excited about.

The Times of India

India’s $50 billion fintech industry faces a tough 2023, Bain says

India’s $50 billion fintech industry will face hurdles in the form of tougher regulatory scrutiny and tighter liquidity leading to higher cost of capital for some companies next year, Rakesh Pozhath, partner at consulting firm Bain Company, said.

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The Conversation

Small loans: microcredit means more people can borrow money – but more scrutiny is also needed

Undoubtedly, financial technology (fintech) is driving greater financial inclusion. Innovations are giving people more access to financial services through mobile and computing services, the internet, and payment cards. One of these services is microcredit: small loans for individuals and informal businesses.

Evening Standard

London fintech Updraft raises £108 million to grow lending business

Lending firm Updraft today became the latest London fintech to ramp up its expansion plans after it completed a £108 million debt and equity raise to scale up operations.

Asharq Al-Awsat

‘Tarabut Gateway’ CEO: Open Banking Has Tripled in The Middle East

Abdulla Al-Moayed, CEO and founder of the Dubai-based fintech company Tarabut Gateway, revealed that open banking has become a strategic option for growing digital transformation in regional countries as they move towards digital payments and cashless societies. Banking through fintech in the Middle East has tripled at a time when…

The Times of India

RBI to promote innovation in financial sector, says governor Shaktikanta Das

MUMBAI: Reserve Bank governor Shaktikanta Das on Wednesday assured financial technology companies (fintech) that the central bank will continue to adopt a participative and consultative approach to facilitate innovation in the financial sector.

Evening Standard

London fintech Checkout.com sees valuation plunge to $11 billion

The Shoreditch-based business had been valued at as much as $40 billion in January

Reason

Congress Has a New Scapegoat for COVID Fraud: Banking Apps

Fintech platforms facilitated fraud in the Paycheck Protection Program, according to a new congressional report.

Chicago Tribune

FTX collapse shakes up Chicago crypto market, where its US trading platform was going to be the next big thing

CHICAGO — When the FTX.US headquarters opened in a gleaming new Fulton Market tower in May, Mayor Lori Lightfoot and her retinue stopped by to officially welcome the cryptocurrency exchange to Chicago, a city positioning itself as a financial center for the booming digital assets.

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