Another busy news week in the fintech world. Making news this week was FTX expanding into stock trading, Plaid getting into identity verification, Klarna raising money at a lower valuation, Nubank adds 5.7 million new customers in Q1, Robinhood launching self-custodial wallets and more. Here are what I consider to be the top ten fintech news stories of the past week.
Crypto Exchange FTX Expands Into Stock Trading from The Wall Street Journal – Just a week after we discovered FTX founder Sam Bankman-Fried owns 7.6% of Robinhood he announced his company is getting into stock trading, Robinhood’s sweet spot. Interestingly, FTX will not be generating revenue via payment for order flow, and so this will be a lossmaking service, at least initially.
2022 Online Bank Ranking: Chime At The Top, Current Coming On Strong from Forbes – Ron Shevlin is back with what is becoming an annual report ranking the top digital banks. Chime comes in first with 14.6 million customers, Current is number two with 5 million and Varo rounds out the top three with 4.3 million customers. Interestingly, Current was the fastest growing of the bunch, more than doubling its customer count in 2021.
LendIt Fintech is now Fintech Nexus from Fintech Nexus – We did a rebrand this week so LendIt Fintech is now Fintech Nexus. This name better fits our mission which has expanded beyond lending since we founded the company in 2013.
Every Thursday afternoon, the LendIt Fintech News team and a special guest discuss the news of the week live on LendIt TV, YouTube, LinkedIn, and Twitter. We have now made the show available in podcast format – click on the audio player below.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.