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FinTech LendingClub Buys Radius Bank For $185M

PYMNTS

LendingClub provides personal lending online, and it wants access to funding that is more stable and not as expensive. The bank is one of a few smaller lenders that has teamed up with FinTechs who need services only an FDIC-regulated institution can provide. This is the first time a FinTech has purchased an actual bank.

FinTech 97
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The Risks and Rewards of Generative AI In Financial Services

Open Banking Excellence

When generative AI arrived, it already had a huge infrastructure to draw upon, as well as the staggeringly large corpus of human knowledge published online during the past few decades. Salesforce started out in 2014 when we launched the Office of Ethical and Humane Use of Technology. What Is Salesforce AI Cloud and Einstein?

AI 130
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Finovate Global Mexico: Banorte’s Digital Bank, Amazon’s BNPL Partnership with Kueski Pay

Finovate

First up is news that Grupo Financiero Banorte has launched Mexico’s first fully digital bank, bineo. The new digital bank also offers financing products for bineo account holders. The bank also pledges competitive rates and instant access to funds once loans are approved. The company noted that it hopes to add 2.8

BNPL 59
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Stripe Teardown: How The $35B Payments Company Plans To Supercharge Online Retail

CB Insights

As businesses and consumers become more comfortable using credit cards online, the proportion of US commerce that takes place online has steadily increased over the last 20 years. Specifically, the Collisons aimed to more seamlessly connect online businesses and payment processors, allowing more businesses to accept online payments.

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Top News In Payments: SoftBank Reports $6.5B Loss; FIS Sees Strong Merchant Sales In Q3

PYMNTS

And Visa called Tencent’s announcement that it will support international card schemes in its mobile wallet “a great step forward” for the payments industry. The firm went public in 2014 and had just managed its first quarter of profitability in early 2016 when scandal rocked the business.

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Killing The I-Bank: The Disruption Of Investment Banking

CB Insights

In 2006, investment banks were at the top of the finance world. With torrential growth and return on investment (ROI) driven largely by the trading of complex financial instruments, Lehman Brothers, Bear Stearns, Goldman Sachs and others achieved record profits and awarded unprecedented bonuses. Some banks have collapsed.

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iPhone Scam Reveals How Digital Criminals Find Vulnerabilities

PYMNTS

Think of the Apple iPhone, and thoughts are likely to turn to matters involving social media, selfies, family photos, mobile commerce and even payments. The alleged thieves reportedly used “fake IDs and counterfeit debit cards” to pose as authentic customers inside mobile phone stores. Targeting Dead People.

Scams 53