Anyway you slice it, we have not been doing a good job in stopping money laundering.
It is estimated that we only catch 1-2% of all illicit money flowing through the banking system. Yet as an industry, we spend many billions of dollars in this fight.
Savings and investing fintech Acorns has been relatively quiet since it acquired the UK neobank for kids, GoHenry, six months ago. Now...
Overdraft revenue is on the decline, but recent filings show that JPMorgan Chase and Wells Fargo remain by far the largest generators of the controversial fees.
Yesterday, Apple shared details on Apple Card usage for the first time.
The card was introduced in 2019 and since then it has acquired 12 million users, not a bad effort in less than five years. Users earn Daily Cash rewards when they use the card and Apple reported that the total for 2023 was over $1 billion.
The US dollar stablecoin market has long been dominated by Tether (USDT) and Circle (USDC). Together these stablecoins have a market cap of around $140 billion or so.
While others have tried, notably PayPal last year, there is no other stablecoin with a market cap of more than $3 billion.
The UK has published a number of proposals for stablecoin regulation and how to bring the digital asset into the economy.
More positive signs for fintech as spend management unicorn Ramp closed another large funding round.
The $150 million was officially called a Series D extension, but it comes at a $7.65 billion valuation, a significant improvement over the $300 million raised for the initial Series D, which was at $5.8 billion.
While AI chatbots have been around for several years, with the rapid AI advances of the past 18 months, they are reaching a new level of usefulness.
The fintech space, and the tech space more broadly, is enamored with company valuations. The term unicorn arose out of that fascination.
The OpenAI story was eclipsed yesterday by monumental news in the world of crypto. The world's largest crypto exchange, Binance, has agreed to pay $4.3 billion in fines to the U.S. government for violating anti-money-laundering requirements.