Issue 278 · Aug 6, 2020 Weekly edition · 3 min read

Fintech News

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Now That The Fintechs Can Be Banks, What Happens Next?

Last week, neobank Varo announced that it had been granted a national bank charter by the OCC, with additional approval from the FDIC and Federal Reserve to open its own retail bank.

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In this issue · 11 items

Two Reasons Crypto’s Bull Market Is Coming Coindesk — Anil Lulla is the co-founder and COO of Delphi Digital, a research firm dedicated to advancing the development of the crypto market. Open story ↗ BankThink Banks, fintechs must reframe data privacy debate American Banker — Financial services innovators are at risk of losing access to data that’s critical to their businesses if Congress passes a proposed data privacy bill or one of several like it. Open story ↗ Google is teaming up with six more banks to support its digital banking efforts Business Insider — While Google and its partners should benefit from the collaboration, a successful move by Google into banking could spell disaster for US neobanks. Open story ↗ N26 vs. Revolut: The battle of the challenger banks EU-Startups — Dubbed as “challenger banks” not that long ago, the digital banks N26 and Revolut have acquired over 15 million registered users (10 million for Revolut and 5.5 million for N26) as of the first quarter of this year, putting both on a hyper-growth track. Open story ↗ Could Digital Currencies Make Being Poor Less Costly? Havard Business Review — By definition, blockchain technology cuts out middlemen. In relying on networks of users and collective trust, it reduces the need for centralized networks and data storage. Open story ↗ Women Are Leading Latin America’s Fintech Revolution Yahoo Finance — Finance services is an industry that has been particularly male-dominated, with women holding less than 10 percent of senior positions. Open story ↗ How Fintech can help the Healthcare Industry Finextra — Fintech has been a major factor on the financial market for a while now, and it’s becoming quite hard to ignore its presence and wide sweeping effects. Open story ↗ 'Smartbank' Sync. raises £5.5 million seed round Finextra — Sync., a multicurrency bank account aggregation and personal financial management service founded by Revolut's former head of product design and strategy, has closed a £5.5 million seed round as it prepares to launch in Europe. Open story ↗ PayPal poaches Wells Fargo’s innovation executive Peggy Mangot for venture capital team CNBC — Mangot recently joined the online payments giant as operating partner of PayPal Ventures, according to people with knowledge of the move. Open story ↗ Fintech Scales Vertical SaaS a16z — Today, about 90% of public SaaS companies and the 2019 Forbes Cloud 100 have subscription-based revenue models. Now new fintech infrastructure companies have made it possible for SaaS businesses to add financial services alongside their core software product. Open story ↗ PayThink Better data is key to beating bias in small-business lending Payments Source — After nearly a decade of business ownership gains for both women and identifiable minority business owners, the recession following COVID-19’s arrival is set to devastate that growth. Open story ↗

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Now That The Fintechs Can Be Banks, What Happens Next?

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