Financial Services

Volt lands white-label mortgage deal with AFG: The neobank’s partnership with the platform, which also includes an equity investment, continues its switch to Banking as a Service—and could grow its loan book before it builds out deposits.

PrimaryBid partnered with Euronext to offer French retail investors early access to IPOs, but fintechs should ensure users understand that these present potentially highly risky investments.

Ally axes overdraft fees: The bank, which waived overdraft fees due to the pandemic, said it will dump them for good—and if its banking peers join in, they could trigger a frenzy to eliminate the revenue source.

Temenos Virtual COO—which incorporates explainable AI, to help its banking clients’ business customers make financial decisions—lets banks use the technology for complex operations.

Starling gets accreditation for UK business lending program: The credential to lend originates from a UK government’s Recovery Loan Scheme, a successor pandemic-era assistance program. But the program’s initial weak reception may push the neobank to speed up its post-pandemic customer retention plans.

Wefox has raised a $650 million mega-round following strong revenue growth in 2020. And doubling down on further European expansion will tap into the growth of the European insurtech space and drive profitability.

The pandemic paradoxically helped pad consumer’s bank accounts—and banks now face the reckoning that fees are unlikely to return to historic levels.

Telehealth contributed to higher consumer satisfaction with health plans amid the pandemic, per new J.D. power data—but long-term adoption of the tech remains uncertain as congress has yet to make pandemic-era telehealth regulations permanent.

Open finance provider Belvo raises $43 million: The Latin American financial data aggregator, which started operating in three of the region’s markets last year, will use its proceeds to scale and deepen offerings—giving its fintech customers chances to collect data to improve their own products.

Starling to cease thwarting transfers to crypto exchanges: The UK-based neobank will lift its ban on moving money to crypto exchanges, which it imposed due to concerns about financial crime—in contrast to its competitors’ courtship of crypto.