#CryptoCurrency / Legally speaking, is digital money really money?

Close to 80 percent of the world’s central banks are either not allowed to issue a digital currency under their existing laws, or the legal framework is not clear, according to research conducted by the International Monetary Fund. To legally qualify as currency, a means of payment must be considered as such by the country’sContinue reading “#CryptoCurrency / Legally speaking, is digital money really money?”

#CryptoCurrency / Former Canadian Prime Minister Lists Bitcoin as Possible Future Reserve Currency

Stephen Harper, an economist and the former prime minister of Canada, said bitcoin could potentially see use as a reserve currency, but it isn’t going to supplant the U.S. dollar’s international role. In an interview with Cambridge House’s Jay Martin on Sunday, Harper acknowledged the U.S. dollar had been on a downtrend but said thereContinue reading “#CryptoCurrency / Former Canadian Prime Minister Lists Bitcoin as Possible Future Reserve Currency”

#PFM / New York cash advance app Brigit reveals $35m Series A

Brigit automatically transfers up to $250 into a user’s account to help them avoid overdraft fees. It claims to save them – on average – $514 a year in overdraft fees. The cash advance provider, offering an alternative to payday loans, charges $9.99 a month for its Plus Plan, which offers instant credit, as wellContinue reading “#PFM / New York cash advance app Brigit reveals $35m Series A”

#PropTech / Prospective UK challenger Perenna lands $10m ahead of Q3 launch

Perenna was created by three co-founders. Former BNP Paribas bankers, Arjan Verbeek and Hamish Peacocke, alongside Colin Bell, who built the specialist lender Interbay which eventually sold to One Savings Bank. Perenna wants to offer 30-year fixed-rate mortgages – a product which isn’t currently available in the UK, where terms tend to only stretch two,Continue reading “#PropTech / Prospective UK challenger Perenna lands $10m ahead of Q3 launch”

#BankTech / Goldman Sachs Taps Marqeta to Power Checking Accounts for Marcus

The new digital checking accounts will launch for Goldman’s Marcus clients later this year, though there is no word on the exact timing. Marcus currently offers limited consumer banking tools, including savings, certificates of deposits, and loans. The bank also partnered with Apple in 2019 to serve as the banking partner behind the Apple creditContinue reading “#BankTech / Goldman Sachs Taps Marqeta to Power Checking Accounts for Marcus”

#BigTech / Five Things You Need to Know about Walmart’s Foray into Fintech

What is Walmart doing? Walmart announced on Monday that it is building a fintech startup that will “develop unique and affordable financial products for Walmart employees and customers.”… Why are they doing it? Walmart already offers financial services to its customers in the form of products like its prepaid debit solution, the Walmart MoneyCard, asContinue reading “#BigTech / Five Things You Need to Know about Walmart’s Foray into Fintech”

#BankTech / Blend Raises $300 Million for Mortgage and Consumer Banking Services

Blend offers banks no-code, drag-and-drop workflows to help them customize the end user experience and launch new products quickly in response to consumer demand. The company launched in 2012 with a focus on helping banks revamp the mortgage application process for consumers. Last September, Blend introduced a consumer banking suite, a set of tools toContinue reading “#BankTech / Blend Raises $300 Million for Mortgage and Consumer Banking Services”

#PropTech / Perenna raises $10m to bring fixed for life mortgages to the UK

Taking inspiration from the Danish mortgage model, Perenna is building a lender which will use long-term covered bonds to finance its products. This, says the startup, means it will be able to issue 30-year fixed-rate mortgages at highly competitive rates, while giving customers the flexibility to port their mortgage should they want to move andContinue reading “#PropTech / Perenna raises $10m to bring fixed for life mortgages to the UK”

#Digital Banking / Fintech Challengers in the US Grew Customer Base by Nearly 40%, UK Digital-Only Banks Report Growth as Well

US-based digital bank Chime, which currently leads the challenger banks, saw its client base grow from 8 million to 10 million in only a year. Meanwhile, Acorn saw an increase from 6.2 million to 8 million customers, and neobanking platform Dave’s user base grew from around 5 million to 7 million in just the pastContinue reading “#Digital Banking / Fintech Challengers in the US Grew Customer Base by Nearly 40%, UK Digital-Only Banks Report Growth as Well”

#PropTech #DLT / Figure Lending lands $100M funding facility

SoFi co-founder Mike Cagney’s latest digital mortgage operation Figure Lending closed on a $100 million funding facility from JPMorgan Chase… The warehouse facility will allow the company, a subsidiary of Figure Technologies, to originate conventional loans as well as jumbo loans… “This facility with J.P. Morgan will help us continue to innovate in the lendingContinue reading “#PropTech #DLT / Figure Lending lands $100M funding facility”