Robinhood dominated the news this week with two big stories happening on consecutive days: a record FINRA fine and then releasing their S-1 in preparation for their IPO. JPMorgan continues to acquire fintechs and Chime extends its lead as the most popular digital bank. Here are what I consider to be the top 10 most important fintech news stories of the past week.
Robinhood Agrees to Pay $70 Million to Settle Regulatory Investigation from The Wall Street Journal – In their largest fine ever, FINRA agreed to settle with Robinhood for almost $70 million for allegations that the brokerage misled customers, approved ineligible traders for risky strategies and didn’t supervise technology that failed and locked millions out of trading.
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.