Category: FinTech News
FinTech News
FinTech News
Plaid Acquires Competitor Quovo
The FinTech firm Plaid has reportedly purchased rival startup Quovo in what amounts to the company's first major acquisition. According to CNBC sources, the deal was valued at just under $200 million, although terms were not officially made public. This news comes just a few weeks after Plaid raised $250 million in a funding round that valued them at a $2.7 billion. Those who have used apps such as Bumped or Qapital and...
FinTech News
Global FinTech Funding Reaches High in 2018
It seems that every year over the past several has been dubbed "The Year of FinTech" by someone — and often times for good reason. However, if you were considering bestowing such a title to 2018, you'd have one big stat on your side. As Business Insider reports it proved to be a banner year for FinTech funding worldwide, likely besting the past three. Although figures for the full year...
FinTech News
PNC Bank Pilot Tests Cards with Dynamic Security Codes
When U.S. banks and retailers began rolling out EMV chip cards to replace the old standard of magnetic strip swipes, the hope was that the move would reduce fraud. However, while the tokenized transactions that EMV chip payments offer has been said to reduce "card-present" counterfeit fraud, the same cannot be said for purchases made online as card numbers are still entered manually. Now one sizeable bank is testing an...
FinTech News
Robinhood Walks Back "Checking & Savings" Announcement
When Robinhood announced their "Checking & Savings" product this past week — something that they had apparently been working on for over two years — they were probably hoping to grab headlines. However, as it turns out, they may have received more than they bargained for when, after announcing their plans on Thursday, the head of the Securities Investor Protection Corporation (SIPC) publicly voiced concern over Robinhood's plans on Friday. Now the...
FinTech News
SIPC Says "Not So Fast" to Robinhood's Savings Account Plans
Yesterday, the investment app Robinhood made headlines by announcing a new checking and savings product that would pay users 3% interest on their money while skipping many of the fees that traditional banks charge. As part of that announcement, the company said that account funds up to $250,000 would be insured by the Securities Investor Protection Corporation (SIPC). However the head of that organization now says that Robinhood never spoke...
FinTech News
Robinhood Gets Into Banking with Checking and Savings Product
The free investment app Robinhood made a splash earlier this year when it announced it would allow users (in certain states) to trade cryptocurrencies on the platform. Now the FinTech is making big news again, but this time with fiat currency. Today, the company announced Robinhood Checking & Savings and opened the waiting list for users to gain access to the new product. Headlining Robinhood's new checking and savings account...
FinTech News
