In case you were wondering BNPL is still the hottest sector in fintech. Goldman decided they want in, Capital One is launching a product and more innovation is coming from Curve. Square combining their Cash App with their merchant payments solution is really big news and yes we revisit SPACs as well as DeFi with a cover story from The Economist no less. Here are what I consider to be the top news stories in fintech this past week.
Square announces Pay With Cash App from LendIt Fintech News – I don’t think this news got the attention it deserved. Square is creating its own closed-loop payments network linking its Cash App users with its merchants, bypassing the traditional payments rails.
Fintech Startup Pagaya Reaches $9 Billion SPAC Deal to Go Public from The Wall Street Journal – We haven’t mentioned SPACs for a while but those of us in the marketplace lending space for a while know Pagaya and have been impressed by their work. Still, this is a heck of a valuation for a company that is barely five years old.
CFPB small-business data plan scares banks. Activists say it should. from American Banker – The CFPB wants any lender who originates 25 or more small business loans a year to submit data on the race, sex and ethnicity of the owners of those businesses. Believe it or not, this rulemaking is part of Dodd-Frank, so it has been more than a decade in the making.
The beguiling promise of decentralised finance from The Economist – The cover story this week in The Economist is all about decentralized finance. They explain what it is, why it is becoming popular and its potential to transform the financial system.
London FinTech Curve Launches BNPL Alternative from PYMNTS.com – Curve has an innovative card product (and they are launching in the U.S. soon) and now they have launched a BNPL product in the UK, approved by the FCA, that allows consumers to turn any credit card charge into an installment loan.
Walmart-Litecoin partnership news release pure bull from LendIt Fintech News – We end the roundup this week with a strange story from the world of crypto. Someone issued a press release on Monday claiming that Walmart would be accepting Litecoin which sent the price of the crypto skyrocketing until both Walmart and Litecoin claimed they knew nothing about it…because it wasn’t true.
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.