Chime to drop “bank” from its promo items: The neobank reached a settlement with a California regulator that took action against it for not having a license—but the ordeal may spur more challengers to acquire banking charters as a way to build trust with customers.
Citigroup mulls entering crypto space: The banking giant is thinking about launching crypto services for clients, such as trading and custody, due to growing demand.
The UK’s under-35s are 21% more likely to want to share bank data to prove their creditworthiness than in May 2020, presenting partnership opportunities for fintechs with lenders.
Tide offers SMBs protection from late payments: The UK-based neobank is launching an invoicing feature that includes protection against delinquent payers—giving it a chance to convince SMB customers it acquired during the coronavirus pandemic to stick around.
U.S. Bank tests hybrid branches to complement digital channels: With digital banking becoming dominant, the bank’s new branches eschew routine banking services and instead dedicate employees to assisting with complex products.
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Andreessen Horowitz to raise $1 billion for third and biggest crypto fund: The VC firm follows its peers in doubling down on the crypto sector, suggesting global blockchain funding will reach a new record this year.
Hundreds of US retail banks to take plunge into Bitcoin trading: Banking tech provider FIS and crypto custodian NYDIG are teaming up with smaller incumbents to offer Bitcoin trading—enabling established banks to compete with challengers like Revolut and Venmo.
Pennyworth unveils beta app for “aspiring-affluent” users: The UK-based neobank, founded by Barclays alumni, is making a play for people who bring in more than £40,000 ($51,294.55) annually by offering both savings accounts and financial planning.