Top 10 Fintech News Stories for the Week Ending August 15, 2020

Here are what I consider to be the top 10 most important fintech news stories of the past week.

AmEx in Advanced Talks to Buy SoftBank-Backed Kabbage from Bloomberg – Last week we learned that Kabbage was for sale and this week it was revealed that the leading suitor is American Express and the price may be as much as $850 million.

Facebook Financial formed to pursue company’s commerce ambitions from American Banker – Facebook has formed a new group to run all of their payments projects and it will be run by David Marcus, who is also in charge of their Libra project.

Coinbase to Offer Bitcoin-Backed Loans to US Customers from Coindesk – the biggest name in cryptocurrency has entered the lending space allowing customers to borrow against 30% of their bitcoin holdings.

Customers Bancorp to sell BankMobile for $140M from Banking Dive – Customers Bank is spinning off BankMobile to a special-purpose acquisition company (SPAC) for $140 million and it will be listed on the New York Stock Exchange.

BankThink: PPP had its strengths. Its successor can be stronger. from American Banker – Sam Graziano, the CEO of Fundation, has some interesting ideas for the next round of PPP.

Deadline for the Global Covid-19 Fintech Survey is Fast Approaching from Lend Academy – The most important survey in the history to fintech is coming to a close on Monday, August 17; please take the survey if you have not already done so.

China to Expand Testing of a Digital Currency from The Wall Street Journal – China is expanding its digital currency pilot program to include a number of large cities including Beijing.

Where Fintech Ranks on the Inc 5000 List for 2020 from deBanked – The Inc. 5000 list was released this week with dozens of fintech companies making the list.

PayActiv Secures $100M in Series C Funding from FINSMES – One of the leaders in the earned wage access space, PayActiv, has received a big cash injection with the close of their $100 million Series C led by Eldridge.

Square’s Cash App tests new feature allowing users to borrow up to $200 from TechCrunch – Cash App, the peer to peer payments service from Square, is getting into small dollar lending, testing a $20 to $200 loan with 1,000 users with a flat 5% fee.

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