Top 10 Fintech News Stories for the Week Ending October 31, 2020

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

Visa’s Planned Purchase of Plaid Faces Antitrust Scrutiny at the Justice Department from The Wall Street Journal – The Department of Justice is deciding whether it will sue to block Visa’s purchase of Plaid.

SoFi gets OCC’s preliminary approval for bank charter, launches credit card from Banking Dive – SoFi had two big pieces of news this week: they received preliminary approval approval from the OCC for their bank charter and they launched an innovative new credit card.

OCC clarifies who is ‘true lender’ in bank-nonbank partnerships from American Banker – The OCC has finalized its true lender rule and it is pretty simple: a national bank is the true lender if, at the time of a loan’s origination, it is named as the lender in a loan agreement or if the bank funds the loan.

Who Wants A Credit Karma Checking Account? from Forbes – Ron Shevlin shares details of a new study from Cornerstone Advisors that explores the new checking account offering from Credit Karma and finds that three in 10 consumers engage with the firm on a weekly basis.

Ant IPO Sets Off $3 Trillion Scramble Among Small Investors from The Wall Street Journal – The numbers with all aspects of the Ant Group IPO are staggering. The world record IPO is also gaining record interest from individual investors with five million individuals in mainland China placing orders for shares in Shanghai ahead of next Thursday’s listing.

Ping An-backed Lufax defies geopolitical tension with $2.4bn US IPO from The Financial Times – While it is overshadowed by Ant Group, Chinese fintech leader Lufax debuted on the New York Stock Exchange on Friday raising $2.36 billion in one of the biggest listings of the year.

Goldman Sachs made Marcus Insights available to anyone, including consumers who aren’t existing customers from Business Insider – Marcus Insights, the free suite of personal financial management tools, is now available to any iOS, Android or web user.

Shopify Capital Originated $252M in MCAs and Business Loans in Q3 from deBanked – Shopify is quietly becoming a force in small business lending, they are on a $1 billion annual run date now for originations.

BlueVine Takes Wraps Off Small Biz Banking Platform from PYMNTS – Small businesses have more choice than ever before as BlueVine launched its new integrated online banking platform this past week.

Upgrade adds rewards program to its credit card from Techcrunch – Upgrade is making its credit card offering more attractive to its customers with 1.5% cash back. The money is credited not at the time of purchase but when payments are made on the card.

Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech.

LendIt Fintech conducts three conferences a year for the leading fintech markets of the USA, Europe, and Latin America. LendIt also provides cutting-edge content all year long via audio, video, and written channels.

Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.

Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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