Xalles Capital, a wholly-owned subsidiary of Xalles Holdings, is creating a virtual growth center for fintech firms. Xalles Capital expects between 10 to 20 companies to be admitted to the program during its first year.
According to a report from Capgemini and Efma, 70% of fintech companies don’t culturally or organizationally see eye-to-eye with their bank partner, while only 6% of banks have achieved the desired ROI from collaboration.
FinTech company Green Dot appointed Dan Henry CEO and president. Henry will join the board of directors as well. Henry previously served as CEO of Netspend.
BB&T made a $5 million investment in Enigma, a DaaS company headquartered in New York City. This is the first outlay of BB&T’s previously announced $50 million fintech commitment.
The Wall Street Journal reported that banks are increasing offers of consumer loans to individuals with poor credit histories to complete with fintech lenders.
According to a KPMG report, investment in U.S.-based fintech companies surged to $14.2 billion across 427 deals during the first half of 2018.
The Office of the Comptroller of the Currency will begin accepting applications for national bank charters from non-depository fintech companies engaged in the business of banking.
The SEC charged Michael Liberty, founder of the fintech startup now known as Mozido, with a scheme to trick hundreds of investors into investing in his shell companies instead of Mozido.
In the past decade, growth in financial technology has spawned a new generation of online lenders. These lenders use the latest technology to underwrite and finance small business loans. Customers can apply online and receive funding in 24 hours in some cases. ABF Journal Editor Nadine Bonner speaks with executives from three fintech companies that specialize in small business loans.