Here are what I consider to be the top 10 most important fintech news stories of the past week.
It’s Official: American Express is Acquiring Kabbage from Lend Academy – It is barely a week after the rumors started but it is now confirmed that American Express will be acquiring Kabbage.
Online loans defy fears of mass delinquencies from The Financial Times – Many thought the unsecured personal loan space would struggle during a recession as defaults skyrocket. So far, the opposite is proving to be true (at least for now).
The Bank Partnership Model Affirmed in Settlement With Colorado from Lend Academy – This groundbreaking settlement resolves the “true lender” issue in Colorado and could be used as a regulatory framework across the country.
Life as a Loan Shark from The Humble Dollar – Interesting perspective from a community banker that bought a payday lender to try to serve his town’s unbanked population. He couldn’t make it work.
States sue FDIC over ‘rent-a-bank’ partnerships from American Banker – It was a busy week for “true lender” issues. As several states have sued the FDIC over the issue arguing it will lead to more predatory lending.
The Fed And Digital Currencies – What’s Possible? from Forbes – A Middlebury professor analyzes a recent speech by Federal Reserve Board governor Lael Brainard on Central Bank Digital Currencies.
Why Amex is buying Kabbage from American Banker – Penny Crosman digs into the Amex-Kabbage deal to discover the motivations for the acquisition.
Exclusive: Wirecard UK to be bought by Railsbank after downfall of parent company from Sifted – The Wirecard fire sale has begun with competitor Railsbank picking up Wirecard UK for an undisclosed amount.
At least 67 Fintech Unicorns Operating Globally, with North America Leading the Way, and Asian, European Markets Growing Fast from Crowdfund Insider – There are now at least 67 fintech unicorns, globally, that are valued at a combined $244.6 billion, according to a recently published infographic by CBInsights.
Starling, Revolut and Monzo’s annual results compared from Sifted – Each of the leading UK digital banks have things they do well but they are all still losing boatloads of money.