The Fintech Times

AUGUST 15, 2024

The Fintech Times Bi-Weekly News Roundup takes a look at the latest fintech stories from around the world on Thursday 15 August 2024. Partnerships Arch Insurance, a global specialty insurer, has partnered with digital risk processing platform Cytora to further digitise its risk intake and streamline underwriting workflows.

FinTech 58

FinTech Advisors Payee Automation 58

Finovate

APRIL 10, 2024

Empower also announced it closed the acquisition of Philippines-based consumer credit and lending fintech Cashalo. Empower , a fintech helping to extend credit to underserved consumers, announced plans to acquire underserved credit card provider Petal. credit card market. and billions worldwide. . and billions worldwide.

Credit Cards 52

Credit Cards Underserved Underwriting Acquirers 52

Payment Savvy

SEPTEMBER 5, 2024

This junction of finance and technology is often called “fintech.” ” But what is fintech? The following post will define fintech, discuss the types of companies involved, and comment on how this new industry fundamentally changes the face of banking, investment, and doing business. What Does Fintech Mean?

FinTech 52

FinTech Online and Mobile Banking Payment APIs and Integration Cryptocurrency 52

Finovate

MAY 16, 2024

The score combines consumer-permissioned open banking data with data from Experian, Equifax, or TransUnion to improve lenders’ underwriting efforts. The new credit scoring model is available as a pilot for banks, fintechs, and government lenders.

Underwriting 52

Underwriting Adjustments Financial Inclusion Underserved 52

PYMNTS

OCTOBER 19, 2020

Although the COVID era continues to have an outsized impact on small businesses, frontline lending experts say SMBs have recently begun to catch a break when it comes to getting loans through FinTechs and other non-bank lenders. And the cost of underwriting a large borrower vs. a small SME was virtually the same.”.

AI 120

AI B2B Underwriting Non-Bank 120

PYMNTS

JULY 16, 2019

FinTech Lendbuzz has announced Monday (July 15) that it has secured an additional $150 million in debt and equity financing led by 83North, with participation from existing investors. “We developed a unique underwriting platform based on alternative data points to evaluate credit risk. with 27 million being working professionals.

Finance 49

Finance FinTech Underwriting Credit Risk 49

Fintech Finance

MARCH 21, 2024

Pockit , the UK fintech providing vital financial services to people whose needs aren’t met by the traditional banking system, has announced the official launch of its Income Advance product, enabled by its partner SteadyPay. The post Pockit Launches Income Advance Product appeared first on Fintech Finance.

Product 52

Product Underwriting On-Demand Underserved 52

PYMNTS

OCTOBER 22, 2018

In a press release , Tala said the undisclosed investment from PayPal will help the company bring visibility and access to underserved regions in emerging markets across the world. Tala’s Android-based app analyzes device and behavioral data to instantly underwrite the consumers and create a loan offer.

PayPal 77

PayPal Underserved Underwriting Consumer 77

Fintech Finance

APRIL 17, 2024

Designed as a one-stop payment hub, ARISE is an easy-to-use, powerful payment solution for SMBs — a category long underserved by the payments industry. The post Aurora Payments Launches ARISE, a One-Stop Payment Platform for Small and Medium Businesses appeared first on Fintech Finance. Watch a short video about ARISE here.

Stop Payment 52

Stop Payment Payment APIs and Integration ISVS Payments 52

PYMNTS

MARCH 7, 2017

On Monday (March 6), CFPB Director Richard Cordray presented at the LendIt USA Conference, providing attendees with an overview of where the bureau stands on FinTech innovation. In his keynote speech, Cordray shared how the CFPB is working to help facilitate FinTech innovation in a way that is beneficial for both providers and consumers.

CFPB 49

CFPB FinTech Consumer Protection Underserved 49

FICO

MARCH 25, 2020

The introduction of the score has enabled Home Credit to underwrite and evaluate new clients with a thin file more objectively. This has been a big focus for the business in response to strong market demand for consumer loans in China. For its achievement, Home Credit was awarded the 2019 FICO® Decisions Award for Financial Inclusion.

Risk 97

Risk Financial Inclusion Point-of-Sale (POS) Risk Assessment 97

PYMNTS

SEPTEMBER 17, 2019

Currently, more than 200,000 customers use FairMoney to access financing, with the company’s algorithm using data from a user’s smartphone to underwrite those loans. Our vision is to build a holistic financial platform for underserved customers in emerging markets,” explained FairMoney CEO Laurin Hainy in a statement.

Financial Inclusion 46

Financial Inclusion Underserved Small Business Underwriting 46

The Fintech Times

OCTOBER 30, 2024

“With over 20 million underserved adults in the UK, it’s time to rethink access barriers. “Fintechs, alongside banks, must lead the charge in driving regulatory reform that supports new and accessible payment solutions. appeared first on The Fintech Times. Jovi Overo, managing director of BaaS at Unlimint “4.4

Financial Inclusion 58

Financial Inclusion Embedded Finance Non-Bank Consumer 58

PYMNTS

SEPTEMBER 15, 2017

The favored narrative about banks and FinTech startups is generally not a love story. Whereas FinTechs are undoubtedly newer and faster – risen from the digital age to put banks out of business – they aren’t always able to take deposits or keep some of those associated warranties. Usually, it is more of an all-out war story.

Financial Inclusion 79

Financial Inclusion FinTech Credit Cards Caps 79

PYMNTS

FEBRUARY 11, 2019

This latest round brings OakNorth’s total funding to over $1 billion, more than any other FinTech in Europe. OakNorth is delivering a highly differentiated service to a key segment of the market that has historically been underserved by commercial banks,” said Munish Varma, partner at SoftBank Investment Advisers. billion to U.K.

Underserved 53

Underserved Underwriting Finance Origination 53

PYMNTS

AUGUST 7, 2019

Without a regulatory mandate, many in the financial services and FinTech space believe that competition will — and already has — nudged the industry toward embracing data integrations across platforms and service providers in the name of better banking experiences. Bank participation is key to promoting open banking in the U.S.,

Office of the Comptroller of the Currency 72

Office of the Comptroller of the Currency Payment APIs and Integration Federal Reserve Small Business 72

PYMNTS

JUNE 11, 2019

banking industry is an ever-evolving machine, shaped and disrupted by FinTech, regulation and shifting customer expectations. “Consumer banking has become very commoditized, but small businesses are still very underserved.” Overall, he noted, regulators appear keen to continue promoting bank innovation.

Office of the Comptroller of the Currency 60

Office of the Comptroller of the Currency Small Business Payment APIs and Integration Third-Party Service Provider 60

PYMNTS

NOVEMBER 23, 2020

While many digital-first companies springboard from payments into lending, Figure Technologies , a FinTech focused on home improvement, debt consolidation and retirement products that leverage blockchain protocols, is branching out from lending into payments. Blockchain and a bank charter might do much to boost financial inclusion.

Financial Inclusion 86

Financial Inclusion Office of the Comptroller of the Currency Blockchain OCC 86

FICO

MAY 7, 2018

I recently had the opportunity to attend LendIt Fintech USA , a leading event discussing financial services innovation. A key driver of successful financial inclusion is the ability for lenders to effectively gauge the risk of an underserved consumer. It’s also a challenge that FICO is in a unique position to address and at scale.

Financial Inclusion 77

Financial Inclusion Innovation Credit Risk Underserved 77

PYMNTS

JUNE 12, 2018

Now, the tech-driven underwriting models that promised to assess risk more accurately, and extend credit more efficiently, may be confirmation that traditional risk and lending business models may have more going for them than their new, FinTech challengers once thought. The Coming Risk Assessment Reset.

Underwriting 46

Underwriting Risk Assessment Assessments Risk 46

PYMNTS

FEBRUARY 16, 2018

Amid the talk of filling in the small business (SMB) financing gap banks have left since the financial crisis, the rush of FinTechs, alternative and marketplace lenders coming to market may have left another business segment behind: the middle market, particularly the lower middle market. It’s a very manual process — it really struck me.”.

Underwriting 40

Underwriting Small Business Process Automation 40

PYMNTS

MARCH 12, 2019

Commercial Banking announced a partnership with FinTech Neptune Financial (NepFin). As he noted, for the lenders themselves (alternative or traditional), “the cost to underwrite and service those loans is the same.”. It’s about ‘how does data make our lives easier [via] sourcing through underwriting to monitoring?’”.

Underwriting 40

Underwriting Deposit Account Underserved Adjustments 40

PYMNTS

OCTOBER 30, 2018

Underwriting is still very complicated in India, where 20 percent of customers do not have a bank account.”. ” There is a reason, Sinha noted, that the FinTech startup scene in India is so incredibly crowded and competitive as 2018 is closing out its accounts. That is changing, and quickly. percent of the nation’s 512.26

Consumer 49

Consumer Financial Inclusion Underserved Underwriting 49

CB Insights

OCTOBER 10, 2018

What these startups share is the goal of creating customer-centric banking products that target underserved individuals and businesses. This includes the EU’s revised payment services directive (PSD2), the UK’s Open Banking, the Hong Kong Monetary Authority’s virtual bank license, the US OCC’s Fintech Charter, and Brazil’s new banking rules.

Online and Mobile Banking 78

Online and Mobile Banking Debit Card Credit Cards Non-Bank 78

PYMNTS

JUNE 1, 2017

Like FinTech, InsurTech debuts in an industry that has historically been very slow to adopt new technologies. DC: There is significant crossover between FinTech and InsurTech. Another way we’ve overcome the challenge is by getting underwriters involved early in the process. We’ve been able to overcome this in a couple ways.

Underwriting 40

Underwriting Small Business Risk AI 40

Fintech News

FEBRUARY 27, 2024

The fintech industry in the Asia Pacific region is booming, with several high-growth companies potentially eyeing an initial public offering (IPO) as early as 2024. Rapid digitalisation, a young internet-savvy population, and underserved markets make the region ripe for fintech disruption.

FinTech 118

FinTech Risk Compliance Federal Reserve 118

CB Insights

DECEMBER 5, 2017

Slice Labs had earlier entered into an underwriting partnership with Munich Re Digital Partners. USAA has made the greatest number of investments in fintech, where its portfolio companies include bitcoin and ethereum marketplace Coinbase , robo-advisor Personal Capital , and marketplace lender Prosper. Ping An/Ping An Ventures.

Underwriting 28

Underwriting Cybersecurity Innovation Risk 28

CB Insights

JULY 16, 2017

USAA has made the greatest number of investments in fintech, where its portfolio companies include bitcoin and ethereum marketplace Coinbase , robo-advisor Personal Capital , and marketplace lender Prosper , and AI, where it has invested in startups including CognitiveScale , Automat.ai , and Mindmeld. XL Innovate. Number of investments: 7.

Underwriting 28

Underwriting Cybersecurity Risk Innovation 28

CB Insights

FEBRUARY 13, 2020

In an interview at CB Insights’ 2019 Future of Fintech conference, CFO and CPO William Gaybrick indicated that businesses are more constrained by developer resources than by capital. ‘PayFac’ technology simplifies underwriting and onboarding. ‘PayFac’ technology simplifies underwriting and onboarding merchants.

Payment APIs and Integration 98

Payment APIs and Integration Online and Mobile Banking Payments Push-to-Card 98

CB Insights

JUNE 17, 2020

Industry proponents have been making the case for telehealth for years, pointing to its potential to lower costs, ease pressure on overextended healthcare systems, and make care more accessible in rural and underserved areas. Regulation will play a significant role in how opportunities in the fintech space take shape in a post-Covid world.

Posting 101

Posting Technology Online and Mobile Banking On-Demand 101

Fintech Finance

SEPTEMBER 20, 2024

United by a common mission of expanding financial access, this partnership between two of Canada’s leading fintechs will bring more credit options to consumers overlooked by traditional financial institutions.

Underserved 96

Underserved Underwriting AI Product 96

PYMNTS

MARCH 10, 2016

This relationship between PayPal and Village Capital, a venture development organization that finds, trains and funds entrepreneurs working to solve global challenges, aims to improve access to financial services across the globe — or, in this case, the underserved in Latin America, the U.S. Stripe’s In-App EMV Push.

Online and Mobile Banking 41

Online and Mobile Banking EMV P2P Mobile Deposit 41

Fintech Labs Insights

MARCH 14, 2019

Using a classic startup strategy, they identified an underserved segment, VC-backed startups (especially its fellow alums at Y Combinator), and built a card for their needs. And with that momentum, they’ve moved to a second, and much bigger underserved segment, revenue-rich and capital-poor ecommerce companies.

Underserved 12

Underserved Credit Limit Underwriting PayPal 12