banking

Instant bank transfers are coming to PayPal and Venmo

 PayPal announced this morning a plan to speed up money transfers between its service, Venmo and users’ bank accounts for those with supported MasterCard and Visa debit cards. This new “instant transfers” service will be available at a rate of $0.25 per transaction, and will deliver funds in a matter of minutes, instead of the day or so it typically takes when using PayPal… Read More

Global risk analysis gets an artificial intelligence upgrade with GeoQuant

 The global risk analysis used by big banks, hedge funds, and governments to inform their decision-making around everything from foreign currency investment to foreign aid is getting the machine learning treatment with the launch of the new startup GeoQuant.  Read More

Klarna gets a full banking license, gears up to go beyond financing payments

 After Anders Holch Povlsen and his firm Brightfolk bought up a stake of at least $225 million in Klarna earlier this month, today the profitable Swedish payments startup, now valued at over $2.25 billion, is stepping up its game. Klarna has announced that it has picked up a full banking license from Finansinspektionen, the Swedish Financial Supervisory Authority. The license will give… Read More

Intel and Big Banks Put $100 Million in Finance Tech Firm R3

Investors include HSBC, Bank of America, Wells Fargo, and more.

Sequoia-backed startup Empower aims to replace your bank’s app

 Empower, a startup looking to help millennials better manage their finances, is today launching its mobile app for iOS devices. The new application combines the ability to see an overview of your day-to-day transactions and spending behavior, with other tools to transfer money between accounts, automate your savings, and soon, pay bills and pay down your debt. The ultimate goal, explains… Read More

Aspiration can now tell you the ‘social impact’ of your monthly spending

 Looking for some insight into the societal cost of buying a cup of coffee, a double cheeseburger, or a pack of cigarettes? Well, financial services startup Aspiration now has an app for that. The fascinating fintech company that was co-founded by former Bill Clinton speechwriter Andrei Cherny just launched a new feature inside its mobile banking app that tracks a customer’s… Read More