Leading the news this week was the incredible demise of Fast that imploded this past week. Also making news was a big M&A deal from Fast archrival Bolt, Jamie Dimon’s shareholder letter discusses tech, the UK go all-in on crypto, the SEC wants to regulate crypto exchanges and more. Here are what I consider to be the top ten fintech news stories of the past week.
Live Fast, Die Young: Behind the Fall of a One-Click Wonder from The Information – I don’t think we have seen anything like this in fintech before. Fast, the one-click checkout company, went from raising money to looking for a buyer, to shutting down all in one week. The demise of Fast lived up to its name.
UK Economic Secretary announces innovative approach to crypto technologies from LendIt Fintech News – I was in London this past week and heard this speech from John Glen live. The UK is going all-in on crypto as they want to attract crypto entrepreneurs with friendly regulation. The devil will be in the details but this was the most positive stance on crypto we have seen from any major government.
Democratic state AGs call on four big banks to eliminate overdraft fees from American Banker – More than a dozen state attorneys general are calling for JPMorgan Chase, Wells Fargo, Bank of America and US Bank to eliminate overdraft fees completely. While these banks have made some moves to reduce overdraft fees they are looking for these banks to join the other top-five bank, Citi, in eliminating them altogether.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.