Fintech News Issue #235 September 19th, 2019

European banks are playing catch up with their American rivals in tech spending, particularly in cutting-edge areas like artificial intelligence

As two competing giants occupying the same realm of credit cards and electronic payments, it’s not often that Visa and Mastercard both decide to bet on the same company as a means of expanding their businesses.

What are some new and exciting trends in the fintech startup space?

The seventh installment of the All Markets Summit franchise will explore what divides and unites generations in the workplace and across politics, and how collaboration across generations can change business. Speakers include financial luminaries Adena Friedman of Nasdaq, Jes Staley of Barclays, Citigroup Vice Chairman Ray McGuire, CFTC Chairman Heath Tarbert, along with business leaders like Robert Falzon, Prudential's Vice Chairman, Bernard Tyson of Kaiser Permanente, Minneapolis Fed President & CEO Neel Kashkari, and Google Ventures Partner Joe Kraus.

Financial technology firm TransferWise booked a profit for the third year in a row, a rare show of growth for an industry littered with start-ups that have struggled to break even.

The biggest banks on Wall Street are increasingly betting on their potential competition.

Artificial Intelligence is becoming more commonly used in a variety of fintech applications.

British payments technology start-up GoCardless has launched its online direct debit service in the US and will open a new office in San Francisco.

Today’s banks are about as familiar with new business models as Blockbuster was before Netflix emerged, which sheds light on potential economic parallels as fintechs begin partnering with banks.

Most financial institutions continue to play 'catch up' as smaller financial technology providers expand services for retail and small business customers.

Every once in a while, the field of innovation and entrepreneurship sees a new trend taking the lead, influencing the market and dominating the headlines.

For all the talk about how well FinTech start-ups are doing, I hear two regular laments from bank CEOs. First, why aren’t we valued like FinTechs? and second, why aren’t FinTechs regulated like us.

In 2006, LendingClub introduced a then-novel business model: the ability to offer online personal loans to millions of underserved customers.