SpringFour’s Post

📢 New Q&A Alert: In our latest Fintech Explained blog, we sit down with Sharon Carmeli, General Counsel and Chief Compliance Officer at Bluevine, to discuss ways fintech companies instill a culture of compliance throughout the innovation and product development process. Bluevine is on a mission to build the most loved small business banking platform in America, saving entrepreneurs time and money so they can focus on serving customers and growing their companies. Check out an excerpt from our wide-ranging conversation with Sharon about their mission of serving the underserved, what it takes to build a robust compliance practice at a fintech, and Bluevine’s exciting 10-year anniversary. ⚡From your vantage point as General Counsel, how do you infuse the legal and compliance perspective throughout the innovation, planning, and development process at Bluevine? At Bluevine, we’ve adopted the ethos that legal and compliance need to act as a true partner to the business. We need to act as enablers, helping fellow colleagues and departments find solutions, which can be particularly challenging working within a regulatory environment that is evolving as fast as it is in fintech. This requires our legal team to apply creativity and work within set technology, budget, or regulatory parameters to help solve problems and “make it happen” while still maintaining necessary controls. ⚡In your experience working with small businesses, what are some of the pain points they experience, and how are fintechs like Bluevine helping them overcome these challenges? For too long, small businesses have been ignored or undervalued by the traditional banking establishment, which has caused challenges and fragmentation in the way small business owners access financial services. Fintech entered the scene and forced innovation on a banking industry that was simply not incentivized to innovate. ⚡In exciting news, Bluevine just marked its tenth anniversary. How did the company celebrate the anniversary, and what can you tell us about Bluevine’s vision for the next ten years and beyond? We are so excited to be celebrating our 10th anniversary! While our team is super focused on executing the plans for the opportunities that lie ahead, we did take time to reflect upon and enjoy the progress we’ve made and the impact we’ve imparted on the SMB segment over the past decade in business. We are so grateful to our customers, employees, partners, investors, and all those who have supported Bluevine over the past 10 years. Read the full #FintechExplained Q&A here: https://bit.ly/3PQ2LnN

Bluevine has given me the opportunity to experience my first in-house corporate public policy role. Coming from the government and trade association world before, there was a learning curve adjusting this new environment to say the least. Sharon Carmeli's counsel and guidance on how to provide value to the business and navigate internal dynamics has been indispensable. Sharon has shared some of her wisdom on the Financial Technology Association's Fintech Explained blog. This features an excellent Q&A where Sharon shares her approach to building a culture of compliance at Bluevine! Check it out below. If you work in the legal, compliance, or public policy space, it's a must read! 👇

Our General Counsel and Chief Compliance officer, Sharon Carmeli, sat down with the Financial Technology Association to break down the importance of a strong compliance program in order to build trust with our customers, partners, and regulators. Read more👇

Teen fintech Copper Banking had to discontinue his banking and credit products #Copper, a #fintech startup focused on providing banking services to teens, has announced an abrupt discontinuation of its bank deposit accounts and debit cards. This decision comes in the wake of the collapse of their banking middleware provider, Synapse. On May 12, Copper Banking informed its customers that they would need to halt all banking services starting the next day. CEO and co-founder Eddie Behringer explained that Synapse, the middleware provider they relied on, was shutting down its services immediately. Synapse’s bankruptcy proceedings and subsequent liquidation forced Copper to close accounts sooner than anticipated, leaving some customers without access to their funds. Copper is working with AMG National Trust Bank and Synapse to return the remaining funds to its users. Copper Banking aimed to provide financial services tailored for teenagers. Despite the sudden disruption, Copper is not closing its doors entirely. The company plans to pivot by offering a white-labeled family banking product later this year in collaboration with several unnamed large banks across America. This strategic shift, originally planned, was expedited due to Synapse’s sudden shutdown. Despite the challenges, Copper remains operational with a 30-person team and plans to continue hiring. The company raised $29 million in a Series A funding round in April 2022, led by Fiat Ventures, bringing its total funding to $42.3 million. Other investors include Panoramic Ventures, Insight Partners, and Invesco US Private Capital. The sudden discontinuation of Copper’s banking services highlights a broader trend in the fintech industry. Many consumer-focused fintech companies are shifting towards B2B models. Copper's issues follow similar moves by other fintech firms like Onyx Private, which also transitioned from consumer banking to a B2B white-label service model. The article on TechCrunch in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://t.ly/s541W   - Substack: https://lnkd.in/dzfGJzmW

𝗥𝗲𝘃𝗼𝗹𝘂𝘁𝗶𝗼𝗻𝗮𝗿𝘆 𝗢𝗽𝗲𝗻 𝗕𝗮𝗻𝗸𝗶𝗻𝗴 𝗨𝘀𝗲 𝗖𝗮𝘀𝗲𝘀 𝗶𝗻 𝗡𝗼𝗿𝘁𝗵 𝗔𝗺𝗲𝗿𝗶𝗰𝗮 🌎 North America might have been rather slow on the open banking uptake, but things are heating up ♨️. Industry leaders are paving the way for innovation, and regulators are finally taking notice. Here's what's cookin': ↳ Faster, Cheaper Payments: Ditch the cards, embrace instant & cost-effective bank transfers! A2A payments are making faster, cheaper transfers directly between accounts possible, powered by open banking. ↳ Smarter Credit Decisions: Open banking unlocks a treasure trove of real-time financial data, leading to more precise credit decisions and personalized loan offers. ↳ Seamless Onboarding & Fraud Prevention: Open banking bolsters security with faster identity verification and real-time fraud detection. ️GIACT, an LSEG business and Mastercard are teaming up for this! 🫱🏽🫲🏽 Collaborations in the space are already making waves: ▪ Plaid and Adyen are teaming up for a smooth pay-by-bank solution. ▪ J.P. Morgan and Mastercard are making bill payments a breeze. ▪ Propel Holdings joining hands with Flinks to establish direct bank connections in Canada. And that's just the tip of the iceberg! There's even more to explore in our full blog post, including how open banking is streamlining direct deposit switches, the exciting world of recurring payment switches, and the latest regulatory updates in the US and Canada. Ready to dive deeper? Head over to the link to see what the future holds for open banking in North America! ➡️: https://lnkd.in/gJNFCQ3K via WhiteSight _________________________________ Want to stay ahead of the curve in the fast-paced world of fintech? Supercharge your Fintech IQ with WhiteSight Radar, our one-stop shop for exclusive insights and actionable intelligence on the hottest fintech themes! 🚀 WhiteSight Radar delivers everything you need to navigate the ever-changing fintech landscape, including: ➥ Emerging themes: Discover the next big fintech disruptions before they hit the mainstream. ➥ Strategy Teardowns: Unpack the latest fintech strategies of leading companies like Apple, Stripe, Starling Bank, OakNorth Bank, and Toast. PLUS! More in our premium content pipeline - Amazon, Grab, Wise, Shopify, Mercado Libre… the list goes on! ➥ Industry initiatives: Stay informed on key market movements and regulations. ➥ Exclusive content & analyses: Get bespoke research requests and briefing calls with our in-house experts… all just a click away! Steer your course with WhiteSight Radar. Become a member and put expert fintech intelligence at your fingertips! 👉🏽: https://lnkd.in/gVfE8Cwg #fintech #openbanking #openfinance #US #Canada #NorthAmerica

Bloomberg reported that Chime, the leading fintech neobank, is planning to go public in 2025. According to the report, Chime has not engaged investment banks to date. The unnamed source is a “person familiar with the matter” and a representative for the company declined to comment. Chime hasn’t raised funds since 2021 when it was valued around $25 billion. The neobank has not reported on the number of customers it has for the past few years. Chime Has More Than 38 Million Customers Consumer research conducted by Cornerstone Advisors sheds some light on Chime’s customer base and their demographics. According to a July 2023 survey of US consumers, Cornerstone estimates that Chime has more than 38 million customers—more than the number of checking account and/or payments customers of SoFi, Dave, MoneyLion, and Current combined—more than three times greater than Cornerstone’ 2021 estimate. Cornerstone’s numbers don’t jive, however, with what some of the other fintechs have reported publicly. Dave claims that it “serves 10 million members with banking, financial insights, overdraft protection, building credit, and finding side hustles.” That’s similar to MoneyLion, whose Q2 2023 securities filing claimed the company had “nearly” 10 million customers.

Fintech Leadership Shakeup: key moves in January 2024 🚀 The fintech world is already buzzing with some exciting changes this January. Big names are moving around and taking on new challenges. Thunes, a cross-border payments infrastructure platform, has appointed Floris de Kort as its new CEO to drive growth. The former CEO, Peter de Caluwe, has been promoted to Deputy Chairman to concentrate on strategy, mergers, acquisitions, and expansion into key markets. Volt.io , a real-time payments gateway, has welcomed Irina Chuchkina as its first Chief Marketing Officer, following her tenure at Thunes, Rapyd, Grab, and Visa. Christophe De la Celle, formerly of Binance and Numeus, has joined the esteemed Selini as Chief Commercial Officer. Digital Bank Chetwood Financial Limited Financial announced Julian Hynd as its new Chief Operations Officer. Capital on Tap, a UK-based SME lender, announced a significant leadership change. Co-founder David Luck has passed the CEO baton to Chief Product Officer Damian Brychcy after more than a decade. Luck will take on the role of Executive Chairman. PayPal has appointed Simon Bladon, former Managing Director of Customer and Digital at Barclays, as its new UK CEO. Alexander Matthey CTO of the Dutch payments giant Adyen, has announced his departure at the end of 2024. Helen Bierton OLY BSc Hons, former Chief Banking Officer at Starling Bank, has joined Lloyd's as its Everyday Banking Director, overseeing retail current and savings accounts. ClearBank has made significant hires, including Megan Cooper (ex - Barclays) as Chief Product Officer and Paul Staples as Group Head of Embedded Banking. Nick Ford joins as Group Head of Channels and Alliances. James Hopkinson, CFO of Metrobank Bank, is set to depart in the first quarter of the year, with Cristina Alba Ochoa stepping in as interim CFO from January 15th. 10x Banking, a core banking platform, has successfully secured a new funding round and appointed Matt Mills as Chief Revenue Officer, who joins from Featurespace. Lean Technologies has announced several strategic hires, signaling the company’s focus on continued success and growth. The new team members include Tewfik Cassis as Chief Product Officer, Nabil Dar as Vice President of Finance, Denis Korchuganov as Head of Engineering, and Rita Sahir as Head of Customer Success. Mangopay has welcomed Liz Oakes, former VP at Mastercard, to its board as a Non-Executive Director. Liminal Custody Solutions has named Amir Tabch as CEO for the Middle East region, bringing over two decades of experience in traditional and digital asset markets. ADVANCE.AI has appointed Dennis Martin as CEO of its credit reporting business. TradeCore has named Igor Jović as its CEO, who was previously a CEO, co-founder, and board member at City Expert. Research credit: Anel Ducic - Senior Consultant - Mana Search #Fintech #moves #leadership

Digital bank Monzo Bank expands fundraising to £500m in deal with top tech investor Monzo, the fintech which has become one of Britain's biggest consumer banking groups, is this weekend putting the finishing touches to an expanded fundraising involving one of the world's best-known technology investors. Sky News has learnt that Monzo has agreed terms with Hedosophia, an early backer of Airbnb and Uber, for it to become a shareholder in the bank. City sources said on Sunday that Monzo could announce as soon as this week that Hedosophia and Singapore's Government Investment Corporation (GIC) were participating in an overall fundraising worth close to £500m. The larger-than-expected round makes it one of the largest ever achieved by a British tech company. One insider said that GIC was investing over £50m, with Hedosophia also committing tens of millions of pounds. Hedosophia, which declined to comment, is an early-growth investor founded by Ian Osborne, who has backed some of the world's biggest tech names over the last 15 years. Among the British tech companies it has backed include Wise, the London-listed money transfer business, and Marshmallow, the insurance group. Monzo's expanded fundraising is likely to mean that it will not require any further capital if it decides, as expected, to go public in the next couple of years. The digital bank, which has millions of customers in Britain, recently secured a valuation in excess of £4bn after concluding the initial phase of its funding round. Founded in 2015, it is now profitable and has diversified into investments and instant access savings accounts. It now ranks as the seventh-biggest bank in Britain by number of customers. The new fundraising was led by Capital G, the independent growth fund of Alphabet, Google's parent company. The company is among a new generation of banks which have emerged since the last financial crisis and begun to accumulate a significant share of the UK retail banking market. Rivals include Starling Bank, which recently named a permanent chief executive to replace its founder, Anne Boden. Revolut, which was valued at $33bn (£26.5bn) in a funding round in 2021, has yet to receive a UK banking licence despite more than a year of talks with regulators. Monzo has recovered spectacularly from a difficult period two years ago, when it emerged that the City watchdog was investigating it for potential breaches of anti-money laundering and financial crime rules. It has historically been loss-making, in common with most start-ups, reporting a loss of £116m in the year to the end of February, but is expected to be profitable this year - a major milestone for a standalone digital bank. Monzo recently revamped its corporate structure as it pursues an international expansion strategy that will serve as the prelude to a stock market listing. Source Sky News #fintech #digitalbanking #funding

Very interesting to see how things are playing out with all the fintech implosions that are commonplace currently. I think that one of the most troubling aspects that I see here are that the majority of the people damaged here are the ones which are least likely to be able to afford it. This group of people is also least likely to understand the risks and inherent safety in true banking and credit institutions, while simultaneously being most likely to be easily marketed to and influencing their decisions. Your thoughts Robert Goodyear? https://lnkd.in/ej4Fz5Qk

Here are some CEOs I’d like to hear talk at @Fintech Meetup. Find out more about their areas of expertise and professional background 👇 🎤 Stephany Kirkpatrick, CFP®, CEO Orum.io Alumna of Yale School of Management and UCLA, Stephany is a multi-industry entrepreneur with a track record of raising and exiting over $800M in value. Her leadership experience spans start-ups to Fortune 100 companies, focusing on launching new lines of revenue and driving innovation, transformation, and growth strategies. Before founding and leading Orum, a provider of API revolutionizing payments and instant bank account verification,  she was responsible for digital strategy as General Manager at SoulCycle Inc. and was VP of Digital Products at Northwestern Mutual. 🎤 Matt Oppenheimer, CEO Remitly Matt co-founded Remitly to democratize and enhance financial services for immigrants and their families. Now, the company is operating in over 170 countries. Before Remitly, Matt traveled the globe from the UK and Ireland to Kenya as part of Barclays (Director, Head of Mobile and Internet Banking). He mastered business administration and psychology and applied them brilliantly to change the game in banking and payments. 🎤 David Watson, CEO The Clearing House Not just a CEO but also a president, David leads The Clearing House, the leading innovator and operator of U.S. payment networks. Also, he oversees The Clearing House Association, the nation’s first banking trade association. In the past, David changed several C-suite positions at Swift and top management roles at Deutsche Bank. 🎤 Amanda Abrams, CEO Cohen Circle Amanda has 15+ years of experience as an investor, operator, advisor, and lawyer with companies in the public and private sectors. In addition to her CEO responsibilities at a multi-stage investment firm Cohen Circle, Amanda is also a Managing Partner at the company’s affiliated impact fund, Radiate Capital. Previously, she was on the executive management team of the integrated payments company, CardConnect, a Partner in the corporate transactions group at Ledgewood, a Professional Corporation and an Attorney at Morgan, Lewis & Bockius LLP. In 2023, she was recognized by American Banker as one of the most influential women in FinTech. 🎤 Jane Larimer, CEO Nacha Jane Larimer is President and CEO of Nacha, which governs the modern ACH Network. She has also served as the association’s COO and executive vice president of ACH Network Administration. Jane holds a law degree from the University of Florida (Fredric G. Levin College of Law). She was named one of the Most Influential Women in Payments in 2021 by PaymentsSource, which cited the “key payments milestones” she has helped Nacha achieve and her work to advance the ACH Network, among other factors. If you are going to Fintech Meetup, who’s on your “Must Hear” list? Let’s catch up there! #fintechmeetup #techleaders #fintech #banking #clevel #csuite #CEO #fintechevent