Issue 270 · Jun 4, 2020 Weekly edition · 3 min read

Fintech News

Also this week there is a new issue of FinTech Weekly. The first top story of the week is about Monzo. If the economic situation doesn't improve, 120 employees will be laid off. We also have an interesting article about

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41% of businesses plan to scrap banking provider due to slow support during COVID-19

New research from Encompass Corporation reveals that 42 per cent of business decision-makers have waited over two weeks for a business loan application from their banking provider.

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In this issue · 11 items

Big Data Advances Lead To Impressive Fintech Opportunities Smart Data Collective — As big data continues to improve and advance, it has given way to epic fintech opportunities. Read on for more information. Open story ↗ Brazil’s Nubank reaches 25m customers across Latin America altfi — While the activities of a small handful of European and Australian digital banks garner much of the world’s attention, it is in fact a Brazilian fintech which is currently stealing the lead in digital banking. Open story ↗ Monzo to lay off up to 120 employees as the ‘economic situation’ remains challenging Tech Crunch — Monzo, the U.K. challenger bank, continues to be faced with tough decisions linked to the coronavirus crisis and resulting economic downturn. Open story ↗ Varo Money Raises $241 Million As It Moves Closer To Becoming A National Digital Bank Forbes — Varo Money, the mobile banking startup, raised $241 million in venture funding with proceeds going to meet the capital requirements necessary to operate a national bank, develop new products, and otherwise support growth. Open story ↗ Banks Took $11 Billion in Overdraft Fees in 2019, Group Says The New York Times — More than 80 percent of the fees were paid by just 9 percent of account holders, according to the Center for Responsible Lending. Open story ↗ Miners Are Selling More of Their Bitcoin. That May Actually Be Bullish Coindesk — The biggest cryptocurrency by market value fell 8% from $10,137 to $9,298 in less than 5 minutes during Tuesday’s U.S. trading hours, dashing hopes for a continued upward move. Open story ↗ Women In Fintech Will Play A Crucial Part In The Covid-19 Recovery Plan Forbes — The coronavirus has prompted the U.K.’s biggest government bailout of all time. The bill for subsidies and tax breaks for businesses impacted by Covid-19 has already reached more than £100 billion and will continue to increase. Open story ↗ Fintech Firms Fight Friction To Disrupt Banks Forbes — Who is the biggest mortgage lender in the U.S.? If you guessed Wells Fargo, JP Morgan Chase, or Bank of America, you’d be wrong. Late in 2017, Quicken Loans passed Wells Fargo (NYSE: WFC) to become the highest volume mortgage lender. Open story ↗ The Next Wave Of Healthcare Innovation: FinTech Vs. Healthcare Covid-19 Crisis Innovation Series Forbes — Like Plaid and Quovo in FinTech, offering access to and manipulation of clean data will expedite the creation of myriad new products. Open story ↗ Two fintech initiatives launched to drive growth in Australia Business Insider — Fintechs and insurtechs will be able to test their products and services for 24 months without a financial services license from the Australian Securities and Investments Commission. Open story ↗ Why Goldman Sachs is delaying its robo advisor until 2021 Financial Planing — Anyone eagerly anticipating Goldman Sachs’ foray into digital advice will have to wait a while longer. Open story ↗

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41% of businesses plan to scrap banking provider due to slow support during COVID-19

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