That lofty figure makes Chime the most valuable American fintech start-up serving retail consumers. Robinhood, the popular free-trading app, raised money last month at an $11.2 billion valuation. The moves show that even as investors punish the shares of established U.S. banks — the KBW Bank Index has lost...
Square Becoming a Bank Is Brilliant. Here’s WhyThe last time any new type of bank appeared was 2010.
It may seem surprising that the fintech disruptor Square is reverting to an old format and become a bank. Square has helped so many small businesses expand their payment methods, embracing fintech ahead of other disruptors.
However, there is much more to this story. In fact, this strategic decision could be one of the best moves the company has made. Square's decision could start a revolution and revamp the entire financial institution structure to address the changes...
Newly Minted Millionaires Could Spark Housing Crisis in San Francisco
San Francisco could be home to "thousands of new millionaires by the end of 2019, and it's sparking a 'housing madness' in the already wildly expensive city," reports Business Insider in a recent article.
Pending ICOs May Spark High-End Housing Rush in San Francisco Bay Area
You wouldn't know it by looking at the compact and aging housing inventory in San Francisco, but the...Historic Korean Peace Declaration Recorded on Ethereum Blockchain
The historic moment when leaders from South and North Korea met on April 27 and signed an agreement for peace between the two nations has now been permanently recorded on the ethereum blockchain.
According to a report from CoinDesk Korea, Ryu Gi-hyeok, a 27-year-old game developer from South Korea, has coded the Panmunjom Declaration, which includes the line "there will be no more war on...
Hedge Funds That Use AI Just Had Their Worst Month Ever
Chalk one up for the humans.
Hedge funds that use artificial intelligence and machine learning in their trading process posted the worst month on record in February, according to a Eurekahedge index that’s tracked the industry from 2011. The first equity correction in two years upended their strategies as once-reliable cross-asset correlations shifted.
While computerized programs are feared for their potential to render human traders obsolete, the AI quants lagged behind their...
The AI Hierarchy of Needs
As is usually the case with fast-advancing technologies, AI has inspired massive FOMO , FUD and feuds. Some of it is deserved, some of it not — but the industry is paying attention. From stealth hardware startups to fintech giants to public institutions, teams are feverishly working on their AI strategy. It all comes down to one crucial, high-stakes question: ‘How do we use AI and machine learning...
Could Google give fintech apps a needed boost?
Fintech companies that have developed products for the under-served have a big challenge — reaching their intended customers.
Google and the Center for Financial Services Innovation are hoping to change that. The tech giant and CFSI, a nonprofit dedicated to promoting financial health, have been collaborating on ways to help customers wade through financial apps in the Google Play store. They are also trying to guide developers on building...
Deep Dive: Payments
Ninety percent of Americans have used a credit card, but far fewer understand the underlying systems enabling their payments. So let’s dive in to see what happens when you swipe your card!
Suppose you purchase some carrots from the grocery store. You take out your credit card to complete the purchase, and see a logo with “Visa” on it. That’s the card association. You’d usually see one of the four...
Report Warns of Small Biz Loan Dangers
If you run a small business, you’re likely seeing a flood of offers for easy-to-get loans–through direct mail, popup adds, even TV ads promising fast money to pay your bills or buy new equipment
You’re not alone. Alternative small business lending has exploded in the last few years as a new industry emerged, referred to as “fintech” (for financial technology).
“It’s been the wild west,” said Karen Gordon Mills, co-author of...
