China’s recent financial instability has provided a boon for the safe returns offered investors by P2P lending. And China Rapid Finance is a beneficiary. The renminbi was weakened in early August, and the Shanghai stock market dove nearly 10% later this month. But P2P lending is going strong, returns are steady, and defaults are low,Read More
Bankers need but one mantra today: “my bank is a technology company, my bank is a technology company.” And exhale. The truth is this concept appears to be incredibly difficult for the vast majority of American banks to fully grasp even today — unlike European banks, for example. Why exactlyRead More
Wall Street has given investors a wild ride in recent days. That is, with the exception of fintech investors. The Bank Innovation portfolio of stocks, which includes 25 fintech companies, has dropped in value 2.24% since July 20. That compares to a loss of 9.83% for the Nasdaq since that date.Read More
The mobile banking apps of the 10 largest banks in the U.S. just don’t measure up. The average iOS iTunes score for those apps is short of the average score for the most popular fintech apps — make that, well short. On a scale of one to five, with five being theRead More
Bank Innovation today formed a wide-ranging partnership with LeumiTech, the high-tech services unit of Israel-based Bank Leumi, for its upcoming Bank Innovation Israel. Bank Leumi is Israel’s second-largest bank by assets.
Robinhood, a startup promising free stock trades, made a strong showing in rankings for Google Play store finance apps, coming in at No. 7, putting it ahead of Google Wallet, Venmo, Citibank, and US Bank. Based in Palo Alto, Calif., Robinhood has $66 million in funding and is commonly citedRead More
When will the first fintech unicorn rear its head in Israel?
There’s a new startup looking to solve a problem in financial services every day — and each week we’re picking three of them for a closer look. Of the three startups we’re profiling this week, two aim to solve consumer pain points — bill payment and credit card debt — whileRead More
Payments are spread across just about every line of business in banking, but SunTrust Banks is taking steps to pull them together. The bank is developing an enterprise payments hub that will tie the payments arms of different areas of the bank into a central location. From that location, SunTrust can deploy paymentsRead More
Meet the new King of the Fintech Hill: FIS. Today, FIS effectively became the largest financial services technology company in the world by revenue, as it agreed to acquire SunGard for $9.1 billion. Just consider these stats for the new FIS: $9.2 billion of pro forma revenue (FY 2014); 90%Read More
Israel might have one of the hottest startup scenes in the world, but which fintech startup in Israel is the hottest? The DEMOvation Challenge, which officially opens today, will find the answer to that question. The DEMOvation Challenge invites fintech startups to submit entries to win a complimentary demo slot at Bank Innovation Israel 2015, Nov. 10-11 in Tel Aviv.
Banks and marketplace lenders once watched each other with suspicion, but increasingly the two seem to be getting downright cozy. OnDeck CEO Noah Breslow announced on yesterday’s earnings call that SunTrust Banks, Inc. and Bank of America had issued fresh credit facilities to the lender, which specializes in small business loans.Read More