Vasyl Soloshchuk 🇺🇦🇺🇸’s Post

This week was rich in funding rounds 👍 #wealthtech #startupfunding #techpartnership #AIstartup #wealthtechsolution

Thank you Daniel Tet, MBA for contributing your expertise! 👉 If you consider AWS Activate for your startup, you should read this first: https://lnkd.in/eabKN-VR #AWS #AWSActivate #startupgrowth #scaling #fintechstartup #cloudprovider #startupincentives

Another FinTech suffers a cyberattack 🚨 #tuesday_alert And this attack signals a bigger problem. ⚡️ What happened First Evolve Bank & Trust, now HealthEquity experienced a data breach. In an SEC filing last week, HealthEquity revealed hackers accessed customers' protected health information via a compromised third-party vendor account. Discovered in March, the breach was swiftly addressed, with thorough data forensics completed by June. HealthEquity confirmed this incident is isolated and unrelated to other recent attacks like the one on UnitedHealth Group-owned Change Healthcare earlier this year. PYMNTS describes 2024 as the “year of the cyberattack.” In our increasingly connected economy, we face the big challenge of protecting data while streamlining access to it. That’s why we at INSART are constantly upgrading our cybersecurity measures to protect our clients and ourselves from malicious attacks. Let’s stay vigilant and prioritize cybersecurity! #databreach #cybersecurity #Fintech #dataprotection #cyberattack

Robinhood added "another arrow in its quiver" 👀 #wealthtech #wealthtechnews #robinhood #acquisition #wealthmanagement

4th of July. The freedom is not given for granted, but always has a cost. We should remember that and never forget. Ukrainian soldiers congratulate the people of the USA with the Independence Day in this video.

Who could foresee another dramatic turn in Fintech? Synapse ecosystem is figuring out its post-bankruptcy puzzle, while Evolve Bank & Trust is struggling with a data breach. Meanwhile, Wise is facing a new challenge after the stock crash. Moreover, these three firms are further linked in these calamities. So, what happened? 🔎 It started in late April. After 10 years in operation, banking platform Synapse announced bankruptcy. The reconciliation and refunding process is still on, and Evolve Bank & Trust plays a critical role in it. So, as of last week, the bank has distributed more than $5M to over 3,000 individuals and is bound to continue the cooperation. I shared the updates of the process in a nutshell here: https://lnkd.in/ew87zP88. 🔎 Then, a few weeks ago, Wise's stock price dropped 10%. The fall occurred after the fintech company projected slower growth for this fiscal year. Opinions split on the clear reasons for this one, but there’s a valid perspective here (+comments): https://lnkd.in/e-TetEYa ⚡️ Now, both Wise and Evolve are entangled in another story. Fintech firms, including Mercury, Affirm, Melio, and Wise, among others, are assessing the potential damage from the Evolve Bank & Trust breach, says Tech Crunch. The incident came just weeks after Evolve’s security gaps were revealed, and the Fed urged the firm to strengthen its risk management programs. The breach exposed personal data (account numbers, names, emails, etc.). The affected FinTech companies are still investigating the impact and deciding on the measures together with Evolve. Affirm and Wise, among the few, assured their systems could be safely used. The number of users affected remains unknown for now. Wise has been in partnership with Evolve from 2020 until 2023. No plunges for its stock for now, but who knows what’s next in this sequence. As we stay tuned for updates, I’ll leave a selection of articles on cybersecurity in the comments. They prove useful for fintechs now 👇 #fintechnews #tuesday_alert #techgiants #databreach #cybersecurity #wise #synapse 

Hope Citi will eat this dragon bit by bit, finally 🤞 #wealthtech #wealthmanagemenet #techpartnership #legacytech

Because of Ukrainian soldiers, American soldiers don't need to die fighting against Russian soldiers in some of the European NATO country now.

👋 Please give me a heads-up if you know someone in Fintech looking for end-to-end project management, lowering operational costs, and/or boosting solution scalability. Also, I'll much appreciate you sharing this post! #fintechengineering #solutiondevelopment #scalability #operationalcosts #projectmanagement #financialcompliance

Sad to hear that Fintech Nexus is shutting down as I’m writing this #Tuesday_alert The industry downturn takes its toll, unfortunately. Last June, the team was forced to sell its events business, and now it's closing all the digital online resource for good. I can only imagine how hard it must be. Thank you, Peter Renton, Bo Brustkern, and the whole team, and I wish you only the best in your new beginnings. I didn’t have the privilege of being a Fintech Nexus contributor, but I’ve been quite a reader there 🙌 ⚡️ Talking about shutdowns, did anyone see the latest updates on the Synapse status? The fintech’s bankruptcy in late April has been a tough blow for customers and end users. The progress of customer funds recovery seems almost stuck, says Synapse trustee Jelena McWilliams, the former chair of the Federal Deposit Insurance Corporation (FDIC) and current partner at Cravath, Swaine & Moore LLP. Here are several updates from her latest report: 👍 Good news: - Most end users received funds from demand deposit accounts (DDAs). Evolve Bank & Trust has distributed more than $5M to over 3,000 individuals. - The bank stays determined to continue the cooperation and help more end users. The trustee asked federal banking and securities regulators for assistance in alleviating the situation for the affected customers. - She also obtained administrative access to Synapse’s key database. 👎 Bad news: - Returning funds from “for benefit of” (FBO) accounts remains a challenge as the fintech’s program ledgers do not match the actual fund transfers between Synapse and Evolve. - Evolve says it needs more collaboration and explanations from the Synapse ecosystem to handle the funds reconciliation and distribution. - American Bank, AMG National Trust, and Lineage Bank have shown slower progress than Evolve due to more complexities in returning the funds. - The amount of funds reportedly missing in the Synapse ecosystem is unknown but spans millions in USD. Alas, the funds return process is further complicated by the fact that Synapse held end-user funds in multiple FDIC-insured banks. So, one end user can have $100 in one bank, $1000 in another, and the rest of the funds elsewhere in the ecosystem. Hopefully, the Federal Reserve, FDIC, and OCC will help detangle this funds chain. ❓How much more time will the reconciliation and funds distribution take? What do you think? #fintechnexus #synapsebankruptcy #fundsreconciliation #fundsdistribution #banking #fintech