Stripe has, for some time, been one of the leading fintech companies globally when it comes to scale.
But the numbers it revealed today in its annual letter are truly staggering. It processed $1 trillion, around 1% of global GDP, through its platform in 2023. It crossed that milestone just 15 years after it was founded.
While check usage has been in decline for years, for many businesses it is still a primary method of payment.
According to the Federal Reserve we processed over three billion commercial checks in 2023 valued at over $8 trillion.
We had an update from the Federal Reserve on FedNow this week. There are now 400 banks participating in the instant payments network as either a sender or receiver.
They launched last July with 35 institutions and have been growing steadily since then. The last public statement that I have heard was when FedNow chief, Mark Gould, spoke at the American Fintech Council's Policy Summit in November when they had 200 banks on the platform.
If you are not paying attention to Nubank, it is time you did.
Last week the Latin American fintech leader released their Q4 and full-year earnings and it was another very solid report.
In June of last year, Robinhood announced it was acquiring the credit card startup X1.
Today, we learned about the fruits of that transaction: a new Gold Card from Robinhood.
By Peter Renton Since Visa announced late Monday their new $100 million fund focused on generative AI startups much has been written....
The buy-now-pay-later industry continues to grow in popularity. And part of the reason is consumers are starting to understand that most of BNPL stands outside the traditional credit scoring system.
Yesterday, the SEC announced that it is suing Kraken for operating as an unregistered securities exchange. This follows similar actions in June against the two largest crypto exchanges, Coinbase and Binance.
It was three ago last week when LendingClub closed its acquisition of Radius Bank. At that time LendingClub entered into an operating agreement with the OCC that imposed capital restraints and growth limits on the fintech pioneer.
Fraud is going to be top of mind for all financial institutions in 2024. Banks and fintechs alike are constant targets of fraud attacks.
It was interesting to read this morning about the experience of Regions Bank when it comes to check fraud.