Flint Capital’s Post

BNY Mellon recently partnered with fintech startup MoCaFi, to help the #underserved to access bank services. 🔑 ‘5.9m million households, or 4.5% of the US population were #unbanked in 2021 according to a study from the Federal Deposit Insurance Corporation, while 14.1% of the US population is underbanked.’ 🔑 ‘MoCaFi’s platform consists of a prepaid Mastercard, FDIC-insured bank account, money management app, credit-building bill payment and personal wealth coaching.’ 🔑 ‘MoCaFi adds that connecting underserved populations to the banking ecosystem will help lower fees for #underbanked Americans, who typically have to pay higher fees when cashing checks or purchasing money orders.’ 💸MoCafi has raised a total of $43.3m across 8 funding rounds. The latest Series B funding was raised in May 2023, and investors included Wells Fargo, BNY Mellon, Commerce Ventures, Truist Ventures. Other investors include Portfolia, Citi Impact Fund and Partnership Fund for New York City. 🗞️By Louis Thompsett FinTech Magazine https://lnkd.in/dj8VMPut 👏 For the #FinancialInclusionChallengers reimagining inclusive financial services 🚀 Wole Coaxum I Megan Lyons I Dan Rosen I Lorine Pendleton I David Lane I Peter Moran I Frederick O. Terrell I Qiana Patterson I Barbara Yastine I Team MoCaFi … #fintech #financialservices #finance #digital #startup #venturecapital #usa #financialinclusion #banking

After years of leaning on other players to deliver its products, Toronto-based challenger bank KOHO has taken a step towards becoming an actual bank. Douglas Soltys and I spoke with Koho founder and CEO Daniel Eberhard about why Koho has decided to take this route, what the process looks like, and what obtaining a bank licence could mean for Koho, other #FinTech startups, and consumers and competition in Canada’s banking industry. #CDNtech

In an interview with DigFin Group, 费轶明 Michael Fei PAObank's Chief Executive and Executive Director, discussed challenges SMEs face in the market and how PAObank can better serve them by offering innovative banking services. At PAObank, serving SMEs goes beyond just having technology. It requires the use of real-time data and efficient business processes, such as fast loan approvals and reducing paperwork, to cater to the specific needs of SMEs from different industries. PAObank will continue to focus on its specialties and to provide more values to SMEs by offering more and tailored financial solutions.   To learn more about PAObank's approach to serving SMEs and their leadership in this space, you can read the full article here: https://lnkd.in/gva2pFth #PAObank #FirstSMEvirtualbank #BestvirtualbankforSMEsinHK #virtualbank #SMEbank #SMEbanking #FinTech #Leadership

Australian fintech Tic:Toc rebrands to Tiimely highlighting growth in enterprise sector: Australian fintech Tic:Toc rebrands as Tiimely, illustrating growth in their enterprise business accounting for 40% of total revenue. #finpeform #fintech

HES Fintech Welcomes Andrew Clouston as our New Market Advisor/Partner for the ANZ Region We're thrilled to announce that Andrew Clouston is joining the HES Fintech family as our Market Advisor/Partner for Australia and New Zealand. With a decade's worth of tackling some of the most demanding challenges in financial technology, Andrew has consistently proven his ability to innovate and evolve within the industry. His unique background as a founder who has built and delivered cutting-edge technology for tier-one banks, along with his innovation leadership as a bank executive in tech selection, makes him an indispensable asset for our drive into the Australian market. His expertise comes at a crucial time as we continue to dismantle the complexities that have long been a hallmark of financial services technology. With Andrew's strategic guidance, HES Fintech is poised to propel Australian lenders into a new era with our AI-driven loan origination, management, and servicing solutions. Why Australia and New Zealand? The ANZ region is a thriving hub for financial services, with a strong demand for innovative #fintech solutions. Coupled with rigorous financial regulations, companies here are in urgent need of technologies that not only enhance efficiency but also ensure compliance and data protection. That’s where HES Fintech steps in. Our AI-driven solutions transform the traditional #loan processing landscape. From origination to servicing, our tools are designed to streamline operations while adhering to the strictest compliance and security standards. Please join us in welcoming Andrew to our team. Together, we look forward to forging a path of fintech innovation in Australia and New Zealand. #FinancialInclusion #HESLoanBox

From the Consumer Financial Protection Bureau: "The proposed rule would prohibit NSF fees on transactions that are declined instantaneously or near-instantaneously—that is, those declined with no significant perceptible delay after the consumer initiates the transaction. This prohibition would cover transactions involving the use of debit cards, ATMs, or certain person-to-person apps. The proposed rule would declare that charging such fees would constitute an abusive practice under the Consumer Financial Protection Act. " I am super in favor of this. Matthew Goldman said it best "Users should not accidentally overdraft when they can be prevented from doing so." Remember a time when you couldn't overdraft your account? I can. It is odd that banks allow you to spend beyond your means and profit from it. It makes sense from a business perspective, but it seems a little... I hate to say it... predatory. I know it is convenient for the cardholder and saves the embarrassment of standing in line and having the cashier tell you it was declined. I've been there. Most of all, it can allow you to purchase essentials when you don't have the funds available. But the reality is that other financial products have better consumer terms, like a credit card.

Please read our CEO's news on Mint regarding Fintechs and NBFCs can solve credit issues for SMEs and MSMEs. https://lnkd.in/gT-2ekHU #nbfc #fintech #SMEs #MSMEs Vikas Singh Brajmohan Singh

Citi sells SMB lending platform to Foro Holdings. American bank Citi announced the acquisition of its SMB lending platform to Foro ( Bridge), a Charlotte-based commercial lending services provider. In handing off its platform to the lending firm, it became an investor in the North Carolina firm to further support its growth. TTV Capital, U.S. Bank, and Correlation Ventures signed on as additional investors in the product housed at Foro. “We developed Bridge to simplify and modernize the lending process for both borrowers and lenders. Our goal is to democratize access to capital for SMBs by providing a digital tool to connect with a range of lenders..” Bridge co-founder Rohit Mathur said, “with the support of Foro, Bridge will continue to grow and provide innovative solutions for the lending market.” Bridge, marketed as Bridge built by Citi, was an internal product created in 2021 to connect small and medium-sized businesses with lenders across the United States. Since its inception, the platform has grown from 18 to over available 75 lenders, according to the company. ‣ Source: https://lnkd.in/dS-YSbt2 ‣ Join 50k other FinTech Fanatics and sign up for my daily FinTech Newsletter here: https://lnkd.in/eVNvGnDW #fintech #donedeal #acquisition #citi #fintechindustry #fintechinnovation #financialtechnology #financialservices #fintechnews