Reflect can help Wells Fargo attract new customers and stop its market share from being eroded by fintechs like digital bank Upgrade—which helps customers build credit with a fee-free low-interest credit card that has a built-in installment payment plan. Upgrade’s flexible card was pegged as the fastest-growing US credit card by outstandings, per The Nilson Report.

Fintechs and technology companies that are coming after our business are not as highly regulated, and they can work at a much faster pace than any of the large financial institutions. While that's a challenge for us, it's also an opportunity. In polls, consumers say they still largely believe that banks are about trust and security. Fintechs are still trying to evolve to that point.

The bank will integrate the app’s functions into its product suite over the next several months, and pull in over 130,000 UK customers from the fintech. More on this: RoosterMoney gradually introduces responsible financial habits to its younger users, and allows adults to monitor and control how their children are using the service.

The report focuses on the top 15 lenders of PPP loans in terms of approved amounts, but it also looks at how fintech lenders—such as PayPal and Square—that were approved late into the first round of PPP fared in round two.

Fintechs and technology companies that are coming after our business are not as highly regulated, and they can work at a much faster pace than any of the large financial institutions. While that's a challenge for us, it's also an opportunity. In polls, consumers say they still largely believe that banks are about trust and security. Fintechs are still trying to evolve to that point.

Hippo joins a wealth of fintechs that have opted to take the same path to a public listing: Fintech SoFi and payments firm Payoneer both completed SPAC mergers in June, while insurtech Clover made its public debut in January.

Deeper dive: To learn more about why Revolut faces a tough road ahead in the US digital brokerage space, read this article from our Fintech Briefing.

Issuers are already facing a competitive threat from fintech and neobank startups moving from the checking space into credit cards with products like Petal (which recently closed a $125 million debt facility), Upgrade, and Varo Believe that use alternative mechanisms to define creditworthiness and make underwriting decisions.

Payment and expense management platform PayHawk now lets users add their Payhawk Visa card to Apple Pay, and fintech startup wamo integrated Apple Pay into its app so customers can make QR code payments with the mobile wallet. Cryptocurrency exchange Kraken also recently let users purchase crypto with Apple Pay.

Capital on Tap, a UK fintech that issues cards to SMBs and will launch in the US after bagginga $100 million credit facility.

US neobank Chime, for example, raised an impressive $485 million Series F funding round in September 2020, which translates into a whopping $14.5 billion valuation—making it the most valuable retail fintech startup in the country, per CNBC. Education and AI can help banks boost their digital channels:. Tutorials and other educational materials can help smooth the path to digital adoption.

That in turn will also lend itself to customer retention—particularly as competition picks up from fintechs and neobanks. Leveraging fintechs’ technology through partnerships can be a faster route to rolling out new upgrades than building and testing proprietary features.

Square: The US-based fintech and business neobank said in August 2021 that it’s seeking to acquire Australian BNPL company Afterpay in a deal worth around $29 billion. Goldman Sachs: The banking giant is teaming up with Apple on an upcoming BNPL offering internally called Apple Pay Later. Klarna: The Swedish BNPL company has savings accounts in its product mix in its home market and Germany.

The news: The fintech, which provides point-of-sale payment and credit solutions to small and medium-sized businesses (SMBs), expanded its offering to savings and checking accounts. As part of the move, it is rebranding Square Capital—its lending product—as Square Loans.

Dogecoin support may enhance their value proposition, but fintechs should be wary of exposing inexperienced investors to such a risky asset.

Square: The US-based fintech, which acts as a neobank for small and medium-sized businesses (SMBs), announced in August 2021 that it will acquire Afterpay, an Australian BNPL company, in a deal worth about $29 billion. Afterpay, which operates in several countries, is also planning on entering consumer-side neobanking in its home market.