Top 10 Fintech News for the Week Ending September 12, 2020
These are what I consider to be the top 10 fintech news of the past week.
Fintech can come out of the shadows from The Wall Street Journal: An opinion piece by Brian Brooks, Acting Director of the OCC, on why fintech letters make sense and why arguments from states like New York are invalid.
Citigroup’s Fraser will be the first woman to lead a large Wall Street bank from The New York Times – Finance has been a long time coming to embrace diversity, but we finally have the first woman to run a large bank. Jane Fraser will take over as CEO of Citi when Michael Corbat retires in February.
Starting bets that people will save money for a chance to win $ 10 million from American Banker – Yotta Savings is still fledgling with only 6,500 clients, but they have a unique approach, offering one raffle ticket for every $ 25 their clients save with the chance to win up to $ 10 million.
SoFi launches 20-year partnership with the Los Angeles Rams to kick off inaugural season at SoFi Stadium from Crowdfund Insider – Soccer season kicks off this weekend and with it the new SoFi Stadium will host its first event, albeit no fans.
Fiserv adds Buy Now, Pay Later option from PYMNTS – It seems like every week someone else gets into the buy now, pay later trend. This week it was Fiserv’s turn.
Online loans hold up better than expected from American Banker – While the crisis is still far from over, the performance of online lending platforms has exceeded expectations given the economic challenges of the past six months.
Exclusive: Klarna Talks To Investors About Fundraising At Over $ 10 Billion Valuation – Sources From Reuters – Europe’s buy now pay later king, Klarna, raised money at a valuation of $ 5.5 billion last year, but are now looking to add more funds to their coffers with a valuation close to double.
Stash sees subscriptions, deposits increase as customers switch to ‘save’ mode Banking Dive – Stash, the banking and investment fintech, now has more than 5 million accounts and has increased assets under management by 60% so far this year as consumers save more.
Nat Hoopes leaves the Market Loan Association From Lend Academy: Marketplace Lending Association’s first CEO leaves after four years and joins Upstart as Vice President and Head of Public Policy and Regulatory Affairs.
Mastercard launches CBDC testing platform for central banks from Finextra: Central bank digital currencies will be a hot trend this decade and Mastercard has created a virtual test platform to help central banks explore digital currencies.