Financial Services

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.

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.