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Goldman Sachs Group Inc. and Apple Inc. will pay more than $89 million to resolve a long-running investigation into their credit-card joint venture after the top US consumer watchdog said the pair misled customers and mishandled disputes. The Consumer Financial Protection Bureau said customer service breakdowns and misrepresentations affected hundreds of thousands of Apple Card […]
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Goldman Sachs is trimming its consumer business in the third quarter, turning its attention to bread-and-butter segments including wealth management, dealmaking and trading. “We have been pretty clear with our messaging that we continue to narrow our consumer footprint,” Chief Executive David Solomon said today during the bank’s third-quarter earnings call. In its most recent […]
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Vaidik Trivedi
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Financial institutions are looking to real-time, data-driven insights to suggest actions clients can take to benefit from last week’s interest rate cut by the Federal Reserve. Banks have already been strengthening their client relationships by leaning on data and analytics to offer clients specific products that help them save for retirement or home purchases. Now […]
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Vaidik Trivedi
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TD Bank named Raymond Chun its incoming chief executive today after current CEO Bharat Masrani announced plans to retire in April. Chun, who serves as the bank’s group head of Canadian personal banking, will become chief operating officer Nov. 1 as he plans to step up as CEO on April 10, Masrani said today during […]
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San Francisco-based Wells Fargo appointed Tracy Kerrins as head of consumer technology and leader of the bank’s new generative AI team, according to a July 30 release. Kerrins, who joined Wells Fargo in 2019, has been CIO for consumer technology and enterprise functions technology. “Our new generative AI team will work closely with our data […]
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Fintech funding hit a four-year low globally in the first half of 2024, but nearly three-quarters of the money raised went to North America, followed by Europe. North America firms raised 69% of the $51.9 billion in H1 global funding, followed by the Europe Middle East and Africa (EMEA) region, which got 21%, according to […]
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The Consumer Financial Protection Bureau is facing additional challenges that call into question the legality of the bureau’s funding. The Supreme Court upheld the CFPB’s funding mechanism in May. In several recent lawsuits, companies sued by the CFPB for violations argue that the bureau is using funds it should not have. The Dodd-Frank Act requires that the CFPB is funded from “the combined earnings […]
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Amanda Harris
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Regional banks are deploying technology to keep up with client demand and compete with major financial institutions. The $62 billion Valley Bank joins other financial institutions, including the $18 billion Alliant Credit Union, $40 billion EverBank and $170 billion Navy Federal Credit Union, in investing in tech stacks to keep up with digital demands from […]
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Vaidik Trivedi
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Open banking regulation is quickly approaching but financial institutions are asking the Consumer Financial Protection Bureau to extend the timeline for implementation. FIs are expected to have an open banking framework in place within six months, according to the CFPB’s proposal. However, trade groups including American Bankers Association and The Clearing House, are requesting that […]
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Revolut Ltd. said a secondary share sale that allowed the company to give employees liquidity for their stakes valued the company at $45 billion.
The round was led by investors Coatue, D1 Capital Partners and Tiger Global, according to a statement. Morgan Stanley served as sole placement agent on the deal.
The new valuation is up from a $33 billion price tag that Revolut garnered in 2021. Unlike many of its rivals across the fintech landscape, Revolut hasn’t had to raise money in recent years, allowing it to avoid the sharp declines in valuation that many of its peers suffered as high interest rates forced investors to reconsider their support for the space.
Klarna Bank AB, for instance, was last valued at $6.7 billion valuation in a 2022 funding round, which was a far cry from the $45.6 billion valuation it received from investors just a year earlier. The Stockholm-based company is also in early talks with investors to gauge their interest in buying up existing shares of the company on the secondary market.
Revolut’s announcement caps a process where the company was in talks with investors to sell about $500 million of existing shares, Bloomberg News previously reported. It also comes just weeks after Revolut received a long-awaited banking license from UK regulators.
Coatue has a “high level of conviction” in its investment in Revolut, Philippe Laffont, founder and portfolio manager for the investment firm, said in the statement. Revolut Chief Executive Officer Nik Storonsky said he was “delighted” to provide employees with the liquidity.
— By Aisha S Gani (Bloomberg News)
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Armed Forces Bank is investing in its digital banking channels to ensure that its military-focused client base has 24/7, global access to banking capabilities. “The families and individuals we serve often operate in different time zones and may never visit one of our branches,” Tom McLean, senior vice president and regional military executive, told Bank […]
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Whitney McDonald
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Bank of Nova Scotia agreed to buy a minority stake in KeyCorp, which was among the US regional banks hit hardest in last year’s tumult, for about $2.8 billion as part of a focus on North America. Scotiabank will acquire 14.9% of Cleveland-based KeyCorp by buying shares at $17.17 each, representing an 11% premium to […]
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Banks are modernizing and digitalizing their platforms and offerings as users demand more online and mobile banking experiences.
According to Bank Automation News’ proprietary Transactions Dashboard, banks have consistently invested in digital banking solutions since the start of the year.
The Transactions Dashboard has tracked 17 digital banking deals in 2024, including:
The dashboard is an interactive tool that allows readers to digest transactions data in a new way. The proprietary Transactions Dashboard lists the technology selected or acquired by financial institutions. The database, with data going back to 2022 is updated weekly and is available exclusively to Bank Automation News subscribers.
Among top dealmakers on the dashboard are JPMorgan Chase and tech provider Jack Henry.
Since the start of the year, Jack Henry has been selected by:
Thirty-seven of the 69 FIs signed on to Jack Henry’s Banno Business platform during the company’s fiscal third quarter of 2024, which ended March 31, a Jack Henry spokesperson, previously told BAN.
Similarly, JPMorgan bank teamed up with payments technology provider PopID for its biometric payment solution earlier this month and invested an undisclosed amount in French payments network Cartes Bancaires to compete with Visa and Mastercard.
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ClearBank Ltd. said it received a banking license allowing the fintech to offer real-time clearing and settlement services to clients across Europe, marking the UK company’s first step toward global expansion. The European Central Bank authorized the permit, under the supervision of De Nederlandsche Bank, ClearBank said in a statement Friday. The license allows the […]
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Truist is tapping Wells Fargo CIO of Consumer Technology Steve Hagerman to fill its chief information officer role. Hagerman was the “right person at the right time for our enterprise technology team,” a Truist spokesperson told Bank Automation News, noting that selecting a new CIO was a “thorough process.” The announcement, made today, follows […]
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Whitney McDonald
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TD Bank is taking a conservative approach to AI for consumer-facing operations as it taps the tech for back-end efficiencies. “We are very knowledgeable about the benefits of the AI and what that might bring,” Christopher Fred, head of U.S. credit cards and unsecured lending at TD Bank, told Bank Automation News. “We are looking […]
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Standard Chartered Plc will take a stake in United Fintech Group, becoming the fourth large bank this year to invest in the London-based company as it negotiates new acquisitions to serve the capital markets industry. Standard Chartered will get board observer rights and may later receive a rotational board seat, the two companies said on Thursday. […]
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Bloomberg News
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Financial institutions are investing in their mobile and digital experiences as consumers flock to online channels for self-service banking. “Consumers are really demanding more and more and expecting that the mobile banking experience at their fingertips is largely the gateway into the relationship now with the [financial institution],” Allison Cerra, chief marketing officer at Alkami […]
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Whitney McDonald
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Cambridge Savings Bank is executing a three-year digital roadmap with automation, client experience and modern platforms at the forefront of the effort. “Our mandate is digitize everything right now as much as we can,” Chief Operating Officer Kevin McGuire told Bank Automation News. As the Cambridge, Mass.-based bank kicks off the plan, the mandate is […]
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Whitney McDonald
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Paris-based BNP Paribas is working with telecom service provider Orange to provide its 21.8 million customers with personal financing solutions, according to a June 26 release. The “tailored financing” will provide customers with loans up to 3,000 euros ($3,200) to buy mobile phones, according to the release. “If you look at the core activities where […]
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