Financial Services

Last week, Elon Musk announced that Tesla would suspend Bitcoin payments due to the crypto’s large carbon footprint—fintechs should add less energy-intensive crypto options to alleviate such concerns and keep their user acquisition momentum going.

Temenos gives ability to offer crypto features: The banking software provider is partnering with fintech Taurus to give its client banks the option to offer their own customers crypto features—the latest example of a vendor getting into the space.

ABN Amro, Monzo offer new invoicing features: The established bank and the neobank are offering ways for businesses to improve their invoicing experiences—new features could prove lucrative as companies have struggled with collections amid the coronavirus pandemic.

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.