Here are what I consider to be the top 10 most important fintech news stories of the past week.
TD Bank sues Plaid for trademark infringement, false advertising from American Banker – Well this isn’t good. American Banker is reporting that TD Bank has sued Plaid for trademark infringement and false advertising. And Zach said at LendIt 2 weeks ago that they were getting along just fine with big banks…
Or will CBDCs destroy banking? from The Finanser – I love this article from Chris Skinner about Central Bank Digital Currencies (CBDCs) and the future of banking. He perfectly summarizes why banks will still be important even if CBDCs dominate the future: “The role of banks is to store value, with trust”. Banks are good at that.
Insights: COVID-19 Performance Report, Volume 14 from dv01 – The team at dv01 continue to do great work on their biweekly performance reports. These are going to be such a valuable historical record of this time period. Volume 14 out this week shows a continued decline in total impairments.
Enova of Chicago completes $122 million purchase of OnDeck Capital of NYC from Chicago Business Journal – The first big fintech deal of the pandemic closed this week with shares of OnDeck no longer trading on the NYSE.
PayPal CEO Dan Schulman Explains His Strategy For Investing In Employees’ Financial Health from Forbes – In an internal survey PayPal discovered two-thirds of employees struggled to make ends meet so CEO Dan Schulman did something about it.
Data: London FinTechs Netted $3.6B In VC Investments So Far In 2020 from PYMNTS – The VC money keeps flowing in for London fintechs despite the pandemic.
Robinhood Internal Probe Finds Hackers Hit Almost 2,000 Accounts from Bloomberg – The recent hacks on Robinhood users was worse than initially reported with almost 2,000 users being hit.
“AMERICA IS BETTER WHEN THE BLACK ECONOMY IS BETTER”: WITH GREENWOOD, KILLER MIKE WANTS TO REVOLUTIONIZE BANKING from Vanity Fair – In almost a decade of doing these news round-ups I am pretty sure this is the first time a Vanity Fair article has been featured. But the work Killer Mike is doing in launching the Greenwood digital bank transcends fintech.
PayPal takes aim at Klarna with ‘Pay in 3’ service for UK shoppers from CNBC – There is no hotter sector in fintech than Buy Now Pay Later and PayPal is now taking on the big kahuna in the space in Europe.
LendIt Fintech Europe 2020 Preview from Lend Academy – Our big Europe show is happening on Monday and Tuesday next week, here is what you can expect.