Top 10 Fintech News Stories for the Week Ending August 15, 2020

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

AmEx in Advanced Talks to Buy SoftBank-Backed Kabbage from Bloomberg – Last week we learned that Kabbage was for sale and this week it was revealed that the leading suitor is American Express and the price may be as much as $850 million.

Facebook Financial formed to pursue company’s commerce ambitions from American Banker – Facebook has formed a new group to run all of their payments projects and it will be run by David Marcus, who is also in charge of their Libra project.

Coinbase to Offer Bitcoin-Backed Loans to US Customers from Coindesk – the biggest name in cryptocurrency has entered the lending space allowing customers to borrow against 30% of their bitcoin holdings.

Customers Bancorp to sell BankMobile for $140M from Banking Dive – Customers Bank is spinning off BankMobile to a special-purpose acquisition company (SPAC) for $140 million and it will be listed on the New York Stock Exchange.

BankThink: PPP had its strengths. Its successor can be stronger. from American Banker – Sam Graziano, the CEO of Fundation, has some interesting ideas for the next round of PPP.

Deadline for the Global Covid-19 Fintech Survey is Fast Approaching from Lend Academy – The most important survey in the history to fintech is coming to a close on Monday, August 17; please take the survey if you have not already done so.

China to Expand Testing of a Digital Currency from The Wall Street Journal – China is expanding its digital currency pilot program to include a number of large cities including Beijing.

Where Fintech Ranks on the Inc 5000 List for 2020 from deBanked – The Inc. 5000 list was released this week with dozens of fintech companies making the list.

PayActiv Secures $100M in Series C Funding from FINSMES – One of the leaders in the earned wage access space, PayActiv, has received a big cash injection with the close of their $100 million Series C led by Eldridge.

Square’s Cash App tests new feature allowing users to borrow up to $200 from TechCrunch – Cash App, the peer to peer payments service from Square, is getting into small dollar lending, testing a $20 to $200 loan with 1,000 users with a flat 5% fee.

  • 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.