The CFPB will supervise tech companies with digital wallets, like Apple Pay, Google Pay, and Venmo, with 50M+ annual transactions, treating them more like banks
the Biden/Warren crew just enacted this to stop @X from becoming a payments juggernaut. Wow, a whole new 259-page rule aimed at X...yet more lawfare against you.👊 (Congress can & probably will CRA thi...
TabaPay, which offers instant payment services, agrees to acquire assets of banking-as-a-service startup Synapse, after Synapse filed for Chapter 11 bankruptcy
We are excited to announce that TabaPay is acquiring the assets of Synapse. TabaPay, Inc. : TabaPay to Acquire the Assets of Synapse Financial Technologies, Inc. X: Rohit Mittal / @rohitdotmittal : Fo...
Internal documents suggest personal finance app Eco, offering 2.5%-5% “rewards APY”, misrepresented its practices as funds likely went to risky crypto entities
Startup Idea №1: — We provide an API for charitable funds … Tweets: Jason Mikula / @mikulaja : Fintech Biz Weekly exclusive WHISTLEBLOWER REVEALS: a16z- & Peter Thiel-backed Eco lied, said it earned...
Documents: besides FTX, US bank Silvergate has been used by 12+ crypto companies that were fined, closed, bankrupt, or under investigation, including Binance
The good news about the collapse of Sam Bankman-Fried's cryptocurrency empire is that its failure did not send shock waves through … Tweets: @smdiehl , @theraheelhasan , @mikulaja , @intelligencer , @...
All three founders of online trading service Pipe are stepping down as the company looks for a “veteran” CEO; Pipe raised $250M at a $2B valuation in May 2021
Setting the scene — The co-founders of revenue-based financing … Nancy Dahlberg / Refresh Miami : Pipe co-founders step down and search for ‘veteran’ CEO is launched Jeff Kauflin / Forbes : Three Co...
Meta plans to shut down Novi, its digital wallet pilot, on September 1, 2022; users will no longer be able to add money to their accounts starting on July 21
The first half of the year was all about inflation … Duncan Riley / SiliconANGLE : Meta to shut Novi cryptocurrency wallet in September Rhiannon Bevan / TheGamer : Meta Ends Its Crypto Experiment, Sup...
Filings for Q1 2022: Varo, the first US neobank to be granted a bank charter, had a high $84M burn rate and 98% of its income came from interchange and fees
What the Regulators Should (and Shouldn't) Do to Encourage Competition — Hey all, Jason here. Happy Memorial Day, for my American readers! Tweets: @akindolu , @mikulaja , @cplimon , @dgwbirch , @al...
The US CFPB orders online payday lender LendUp to shutter lending operations after finding it repeatedly lied to and illegally cheated its customers
it has been a long time coming. In other news, anyone looking to buy my shares of LendUp? Rohit Chopra / @chopracfpb : We will be working to provide redress to borrowers cheated by @LendUpCredit throu...