Top 10 Fintech News Stories for the Week Ending August 1, 2020

Here are what I consider to be the top 10 most important fintech news stories of the past week.

Enova Acquires OnDeck for $90 Million from Lend Academy – Enova, best known for short term consumer loans, is acquiring OnDeck, one the leading online small business lenders, in a $90 million cash and stock deal.

Varo Becomes First Consumer Fintech to Land a National Charter from Bloomberg – Finally…after three and a half years the regulatory journey of Varo to become a nationally chartered digital bank has reached its conclusion.

Affirm Prepares IPO That Could Value Fintech Firm at Up to $10 Billion from The Wall Street Journal – Preparations are at an early stage but Affirm is working with Goldman Sachs on a potential blockbuster IPO possibly before the end of the year.

Intuit Adds Bank Account to Quickbooks Offerings from Lend Academy – The leader in small business accounting announces a new tech-enabled bank account called QuickBooks Cash with a rich set of features and integrations.

JPMorgan Chase partners with fintech start-up Marqeta to launch ‘virtual’ credit cards from CNBC – Marqeta will be providing JPMorgan Chase its virtual card technology that will allow new Chase business customers to use their card immediately instead of waiting to receive a physical card in the mail.

Banks, credit unions pan OCC idea to create charter for payments firms from American Banker – Just like they did with the fintech charter trade groups that work on behalf of banks and credit unions warned the Office of the Comptroller of the Currency against creating a payments charter.

Monzo: Covid:19 casts ‘significant doubt’ on ability to continue operating from Finextra – Leading UK digital bank Monzo released its annual report this week and the numbers were not pretty. The company reported that in 2019 they lost £113.8 million and the fallout from the pandemic casts “significant doubt” on their ability to continue as a going concern.

Tech unicorn Dave admits to security breach impacting 7.5 million users from ZDNet – Popular digital banking app Dave has confirmed it suffered a security breach after a hacker published details of 7.5 million users on a public forum.

The New Stimulus Is The Right Time For Streaming Wages from Forbes – As Congress is debating another stimulus package to help support consumers and small businesses, now is the perfect time for them to support real-time wage access since mailed payments can take months to reach people.

Consumer lender Oportun hits pause on debt collections from American Banker – Fintech lender Oportun is making two changes in response to the pandemic: it is hitting pause on collection efforts and it will cap interest rates at 36%.

  • 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.

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