Yesterday, the CFPB proposed supervision of “larger nonbank companies that offer services like digital wallets and payment apps.”
It’s almost a year since those fateful few days that toppled the crypto king from his throne, and at last, Sam Bankman Fried’s trial is over.
It has been almost two weeks since the SEC approved Bitcoin ETFs and we now have some data on the 10 ETFs that have been trading since then.
The two biggest and oldest names in finance are leading the way: BlackRock and Fidelity. Each fund has attracted more than $1 billion in inflows.
For the past two decades, the investment banking ecosystem in fintech has been dominated by one player: Steve McLaughlin's FT Partners. Now, that is not to say that other investments have not done deals. The really big deals are often done by the likes of Goldman Sachs, Morgan Stanley, or JPMorgan Chase.
The slow-moving dumpster fire that is the Synapse-Evolve meltdown has turned into a nightmare for many fintech customers.
Synapse acted as a middleman between banks and fintechs, but there have been several disagreements between Synapse and these banks and fintechs. Consumers who assumed their money was safe are caught in the middle.
The CFPB has just released a 90-page report on the use of overdraft and Non-Sufficient Fund fees and it paints a bleak picture for those consumers that are struggling financially.
This is happening even though the CFPB has been attacking these kinds of "junk fees" over the last couple of years.
The fintech space, and the tech space more broadly, is enamored with company valuations. The term unicorn arose out of that fascination.
For some time Fnality has focused on the development of a wholesale payments system built on blockchain. Today, they closed a funding round to help launch.
It has been the talk of the crypto world all week. SEC watchers noticed early this week that the regulator appeared to be getting ready to approve an ETF for funds holding Ethereum.
BaaS fintech Synapse is having a rough year. Synapse and its clients need to be removed from Evolve's platform by December 31.