Canada’s incumbent banks lose ground in customer satisfaction: The Big 5 Canadian banks saw lower overall satisfaction as a group in J.D. Power’s annual survey—but this poses little risk to their market positions, given the strong satisfaction with their direct bank units and their hard-to-replace legacy offerings.
Digital billing platform snapped up rival OODA Health for $450M—tech like this could not only help patients improve financial literacy, but also help hospitals better comply with CMS’ price transparency mandates.
Rho adds to business banking lineup with SMB credit card: The accounts payable assistance provider is offering a credit card with adjustable terms that’s targeted to small and medium-sized businesses—and enters a crowded field for the product.
eBay seeks to plug small business financing gap with an embedded lending product for its UK SMB sellers. eBay and other ecommerce firms will likely add more financial services, like accounting solutions, to better serve their user bases.
N26 directed to fix anti-money laundering controls: The Germany-based neobank will have to bolster measures in its home market under an order from financial regulator BaFin—potentially casting a shadow over its product and market growth plans.
Big banks to pool their users’ deposit data for credit card issuance: A group of about 10 banks, including JPMorgan Chase, U.S. Bank, and Wells Fargo, are planning to share each other’s customer deposit records as a way of underwriting for potential customers who lack credit scores—a move that could pose a competitive threat to niche neobanks.
The insurtech achieved a $2 billion valuation following a mega-raise with participation from Jay-Z, and it should add a B2B offering to profit from insurers’ own digitization efforts.
The UK neobank and cloud solutions provider will offer accounting and compliance services to Tide clients—a move that could elevate Tide’s popularity with fledgling businesses.
eBay rolls out lending to UK SMBs: The ecommerce giant is partnering with embedded finance platform YouLend to extend loans to its sellers—giving the former a chance to make itself stickier for platform sellers and the latter access to data and loan growth.