American Banker takes a look at some of the better know digital banks and how they are trying to build...
An article in Forbes earlier this month about the traction of digital banks caught my attention. A survey of U.S....
Making news this week was Chime, Generative AI and Ocrolus, ChatGPT, JPMorgan Chase, the CFPB, the OCC, PayPal,the European Central Bank, Stripe and more.
This week, we look at:
Chime, eToro, and Wise targeting the public markets through IPO and SPACs, and their operating performance
The overall growth in fintech mobile apps, their install rates and market penetration (from 2.5 to 3.5 per person), and whether that growth is sustainable
The implications for incumbents from this competition, and in particular the impact on money in motion vs. money at rest
Broader financial product penetration and an anchoring in how the technology industry was able to get more attention that we had to give
Digital banks secured $3bn in 2019 as venture capitalists poured money into banking startups looking to upend the traditional banking...
Every year Forbes gives us insight into fintech companies with their Fintech 50 list; 2019 was a huge year for...
ValueWalk has analyzed the recent CB Insights report on fintech funding as well as the Forbes 50 report on the...
Chime CEO Chris Britt said the digital bank has surpassed 4 million customers, up from 1 million at this time...
In news of cross-selling financial products across categories, roboadvisor Wealthfront has gathered a nifty $1 billion of deposit assets for its 2.29% interest-yielding non-bank cash account. Given that the firm has a little over $10 billion in managed investment assets, charges somewhere between 0 and 25 bps on those assets, and took years of wiggly pivoting to get to the current stage, it is fair to consider this influx a big win in terms of client traction. It is also $22 million of annual interest payments. A couple of things come to mind that are worth pulling apart.
Chime has come a long way since its founding a decade ago, but co-founder Chris Britt said the company is only getting started.