A broad cross section of news this week as we have N26 calling it quits here, Oportun making a significant acquisition, Amazon pulling the plug on Visa in the U.K., Upgrade closing another large round and BlockFi getting investigated by the SEC. Here are what I consider to be the top ten fintech news stories of the past week.
Oportun to purchase Digit, become Neobank from LendIt Fintech News – Consumer lending fintech Oportun is expanding its capabilities as it announced this week it was acquiring Digit, a leading neobank savings app, for $213 million. This will provide Oportun with some real firepower as it looks to become a leader in the broader digital banking space.
Amazon vs. Visa and the Coming Fintech Wars from BloombergOpinion – In the U.K this week Amazon gave notice that it would not be allowing U.K-issued Visa credit cards as a form of payment on its platform starting in January. This was the most interesting take I read on the issue. Payments are changing and Amazon is the 800-pound gorilla driving some of this change.
BlockFi Faces SEC Scrutiny Over High-Yield Crypto Accounts from Bloomberg – The SEC is investigating BlockFi over its high yield crypto accounts and whether these accounts are actually securities. States such as New Jersey, Alabama, Kentucky and Alabama are doing the same thing. I think this is good news actually. We need to get clarity here from regulators on this popular product (full disclosure: I have a BlockFi account) and the sooner it comes the better.
BM Technologies buys a Seattle Bank from LendIt Fintech News – I thought this was a curious story. BM Technologies was spun out of Customers Bank earlier this year and now they are acquiring a community bank to get back into the banking game.
How to Move Money in the 21st Century from a16z – Payments may well be the most dynamic vertical in all of fintech right now and this interesting primer from Andreessen Horowitz on how money moves gives the lay of the land and what new financial infrastructure is needed here.
Every Thursday 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 – just 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.