Even if you are just peripherally aware of crypto you probably heard about the much-hyped Ethereum Merge that took place this week. It was all anyone could talk about on Thursday. There was also big news from Biden Administration on crypto regulation, Walmart’s fintech offering is nearing a beta launch, some fintech companies have figured out profitability and Varo’s CEO discusses his bank’s prospects. Here are what I consider to be the top ten fintech news stories of the past week.
Milk, Diapers and Checking Accounts: Banking Comes to Walmart from Bloomberg – The joint venture from Walmart and Ribbit Capital, known as One, is getting ready to launch its beta. Some of Walmart’s 1.6 million US employees will soon be able to open a One checking account and with 5,335 stores it will have a bigger “branch” footprint than any US bank.
Varo’s CEO on the Neobank’s Missteps & Rebuilding Strategy from The Financial Brand – Speaking of fintechs looking to get to profitability Varo Bank spent $100 million on getting a banking license and are now working their way to breakeven. CEO Colin Walsh expects that to happen in the next couple of years.
JPMorgan Chase acquires payments fintech Renovite to help it battle Stripe and Block from CNBC – In the latest fintech acquisition by JPMorgan Chase, they have agreed to acquire Renovite, a payments startup. The largest bank in the US is also the world’s largest provider of merchant services by transaction volume but they felt the need to increase their fintech payments capabilities to compete with the likes of Stripe and Block.
Amid a market of faltering crypto platforms, EDX Markets is born from Fintech Nexus – Crypto exchanges have been struggling this year but that hasn’t stopped some of the biggest names in finance to launch their own. EDX Markets is a new digital asset exchange launched by Charles Schwab, Citadel Securities and Fidelity Digital Assets.
Fintech Ramp Introduces Network for SMB Lending from Crowdfund Insider – One of the leading small business fintechs Ramp has created a lending network consisting of the likes of SmartBiz Loans, Lighter Capital, Live Oak Bank, Stifel, Capchase and Founderpath giving Ramp customers access to range of small business lending options.