Morgan Stanley sees threats to legacy core providers’ business models
Core banking providers FIS and Fiserv face pressure from banks’ growing in-house tech investments as well as fintech competition, Morgan Stanley reported in a research note this week. The study argued...
View ArticleRebundling of services to continue in 2020, BMO’s Ben Schack says
Throughout 2019, banks continued to partner with startups in their efforts to build multi-service platform offerings. These relationships have been necessary to help institutions evolve their...
View ArticleCentana’s Eric Byunn: The cloud is new territory for many banks
For Eric Byunn, partner at Centana Growth Partners, tech innovation that supports an intuitive and personalized banking experience of the future has room to grow. Byunn will speak at Bank Innovation...
View ArticleBank product development becomes a ‘game of thrones’
Look no further than Citigroup to catch a glimpse of the future of bank product development. In a revealing Meetup fireside chat yesterday evening, Alex Sion and Rachel Moore shared details on the...
View ArticleChallenger bank hype will result in better products, says Edison Partners
The rush to be the best bank-type platform has created a crowded market, both in the business-to-business and direct-to-consumer fintech sectors. Investors are placing their bets on tools that will...
View ArticleWhy a community bank in Missouri is investing in core banking startup Neocova
For Brice Luetkemeyer, president and CEO of Bank of St. Elizabeth, a Missouri-based community bank with $150 million in assets, investing in a core banking startup is critical for its future. Together...
View ArticleBanking ‘brain’ developer Kasisto raises $22M to expand
While the hype around chatbots and digital assistants may have reached a crescendo years ago, banks and the technology companies serving them are now investing in the “brains” behind digital...
View ArticleIntuit nears deal to buy Credit Karma for $7B: WSJ
Intuit Inc. is close to buying Credit Karma Inc. for about $7 billion in cash and stock deal, the Wall Street Journal reported, citing people familiar with the matter it didn’t identify. The purchase,...
View ArticleAlkymi raises $5M for AI based automation solution
New York-based software startup Alkymi recently raised $5 million in a seed round to help financial institutions and other enterprise clients automate back-office workflow. The company, part of INV...
View ArticleSquare revises credit risk model for its SMB lending program
An update to Square’s credit risk model for its Square Capital commercial lending product — first disclosed yesterday — was “a key driver of Capital’s outperformance in the fourth quarter,” the company...
View ArticleCanadian VC Portag3 taps new partner to ‘plant flag in Silicon Valley’
Canadian venture capital firm Portag3 Ventures has appointed Chris O’Neill as partner in an effort to shore up its presence in Silicon Valley. The Toronto-based firm, which recently closed its second...
View ArticleAttending our conferences with flexibility and care
At Royal Media, Bank Innovation‘s publisher, we take great pride in the value of our exceptional industry conferences and the effort we put into their production. We rightly view our more than a dozen...
View ArticleJoin our ‘Fintech in the Age of Coronavirus’ Zoom meeting (Subscribers Only)
How will banking and fintech business models be impacted by this unprecedented coronavirus pandemic? What is the role of innovation in response to these rapidly unfolding events? How will banks and...
View ArticleFintechs seek US government funds to help make business loans
Financial-technology firms including PayPal Holdings Inc. are lining up to help speed lending to small businesses during the coronavirus crisis — and are pushing for a slice of emergency U.S....
View ArticleWeekly Wrap: PPP ramp up dominates the credit industry
The Small Business Administration’s Paycheck Protection Program went live today, and confusion reigned. Despite shelter-in-place mandates for better than 80% of Americans, some banks urged prospective...
View ArticleWeekly Wrap: PPP forces advances in automation, while Moven bails [VIDEO]
This week’s banking innovation continued to be dominated by efforts to automate the Payroll Protection Program loan underwriting — before the PPP funds ran out this week, that is. How will banks...
View ArticleAvidXchange eyes acquisitions after latest funding round
AvidXchange is eyeing additional acquisitions and scalability after scoring an additional $128 million in equity capital on the heels of its $260 million funding round in January, CEO Michael Praeger...
View ArticleVC-backed fintech funding slumps in Q1
The very pandemic that has prompted venture capital firms to pull back from fintech funding may be the ultimate proving ground for fintechs. As venture capital firms around the world pull back from the...
View ArticleCredit Suisse invested $100 million in Ant, expects windfall
Credit Suisse Group AG invested nearly $100 million in Ant Group during its last funding round, according to people familiar with the matter, setting the Swiss bank up for a potential windfall as the...
View ArticleAcrisure buys Tulco’s AI insurance business in $400 million deal
Acrisure LLC, an insurance brokerage, agreed to purchase an artificial-intelligence business from Tulco LLC in a transaction valued at $400 million, the buyer’s largest deal ever. The stock-for-stock...
View ArticleOnDeck’s low price tag may signal problems for fintech lenders
This year continues to see major fintech acquisitions. Enova International announced yesterday it will acquire the small business lending fintech OnDeck for “approximately $90 million” in a deal the...
View ArticleWeekly Wrap: Varo is a bank and a big week for payments startups
Varo Money officially announced today it is shedding the “banking startup” title, as the company has finally received its banking charter after a three-year journey. Whether more fintechs will follow...
View ArticleCB Insights: Fintech funding rebounds in Q2
Fintech funding rebounded in the second quarter, after suffering a dip due to the pandemic, according to “The State of Fintech Q2’20″ report by CB Insights. Funding increased 17% quarter-over-quarter...
View ArticleBanks lean Republican with donation dollars
Commercial banks are leaning right so far this election cycle. According to data from the Center for Responsive Politics (CRP), commercial bank political action committees (PACs) have donated more than...
View ArticleFintech 250 list: top takeaways
CB Insights last week unveiled its Fintech 250 list, which compiles what it deems the 250 best private fintech companies of 2020. “The financial services industry continues to attract tech companies...
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