US SEC Sues Over Alleged $650 Million Global Crypto Fraud
Marcel van Oost - FinTech News USA
Connecting the dots in FinTech...
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Patreon confirmed upcoming changes to its iOS app, which will see fees for new subscriptions go up because Apple is enforcing its App Store rules on digital purchases. Apple is requiring Patreon to adopt the in-app purchase system, a process that Patreon started at the beginning of the year.
In January 2024, Patreon started using in-app purchases and paying Apple a 30 percent fee on digital products, but beginning in November, new Patreon memberships will also need to be done through in-app purchase and will be subject to the fee as well. Right now, when you subscribe to a creator through Patreon, Patreon directs you to a purchase flow that skirts built-in App Store payments, and Apple does not take a 30 percent cut.
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NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS
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?? Lili Teams With Dun & Bradstreet on Business Banking.
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FINTECH
Robinhood results beat estimates on meme-stock, crypto-trading boom. Shares of the company rose 2.6% in extended trading after the brokerage also teased the launch of an upcoming desktop version of its popular mobile trading application. Robinhood's transaction-based revenue surged 69% to $327 million in the quarter.
Marqeta posted second-quarter results that showed total processing volumes (TPVs) surged 32% to $71 billion. During the conference call with analysts, CEO Simon Khalaf noted that as had been seen in past quarters, “consumers continued to branch out in financial services looking for alternatives to traditional banks.”
The Timberwolves and WNBA’s Minnesota Lynx have agreed to a multiyear corporate sponsorship deal with the Minneapolis-based buy-now-pay- later company Sezzle Inc., which includes the new jersey patch sponsorship. Terms of the sponsorship deal were not disclosed.
a16z-backed FinTech Tally, which raised $172M in funding, is shutting down after running out of cash. In a LinkedIn post shared earlier Monday, founder and CEO Jason Brown said the “sad and difficult” decision to close down Tally was not the outcome the company had “hoped for,” but that “after exploring all options,” it was “unable to secure the necessary funding to continue our operations.”
DIGITAL BANKING
The middleware-or-direct debate persists in the banking-as-a-service space. Two new clients of Unit, Lincoln Savings Bank and Vantage Bank, believe these layers of technology help them scale their programs and manage risk efficiently.
Google integrates GoHenry into smartwatch for kids. The collaboration advances Google's Tap to Pay capabilities in its Fitbit Ace LTE devices and enables kids under 13 years old to use a smartwatch to spend their own money safely and responsibly in the digital world.?
Americans are holding a whopping $7.162 trillion in uninsured cash in their bank accounts, according to an under-the-radar report from the Federal Deposit Insurance Corporation (FDIC). The agency reports that unprotected cash in US banks increased in March for the first time since Q4 2021.
Constellation partners with SavvyMoney to Offer Enhanced Credit Decisioning, Analytics and Financial Wellness Solutions to Constellation Digital Banking Platform Users.
CRYPTO
Ripple just got fined $125 million, after a federal judge found that 1,278 sales of the XRP token violated securities laws, but its CEO still calls it a ‘victory’ against the SEC for one reason.
Crypto exchange activity hits $845 billion in July, up 105% from 2023. The total volume of the largest centralized platforms has maintained multi-month highs, growing by over 100% compared to last year. However, it's impossible to ignore the 60% decrease compared to the record-breaking March.
Crypto exchange FTX ordered to pay $12.7 billion to customers, US CFTC says. The repayment order implements a settlement between the CFTC and the bankrupt crypto exchange, which has committed to a bankruptcy liquidation that will repay customers whose deposits were locked during its late 2022 collapse.
Robinhood CEO says firm has responded to SEC on crypto scrutiny. “We’ve spent a lot of time making sure that the response is as high-quality as possible,” he said, adding that he had no further updates to share.
DONEDEAL
New York-based Cents, an all-in-one business management platform powering the way laundry business operators SMBs grow, manage, and understand their businesses, has just raised $40 million in Series B funding. In addition to the financing, Cents has acquired Laundroworks, a hardware-based payments system powering how consumers pay for laundry at laundromats and shared laundry rooms within multi-family buildings, hotels, universities, and more, to reinforce its existing hardware product line.
PayZen secures $32M Series B, $200M debt facility to grow its ‘care now, pay later’ product. The round values the company upward of $200 million, according to a person familiar with the deal. This arrangement also seems to benefit healthcare systems.
MOVERS & SHAKERS
US personal finance outfit NerdWallet is reducing the size of its 730-strong full-time workforce by about 15% as part of a restructuring plan to slash operating expenses. The job cuts will lead to a pre-tax restructuring charge in the third quarter of $8 million to $10 million in severance payment and employment benefits.
Robinhood welcomes Jeff Pinner as Chief Technology Officer. Jeff is a deeply respected innovator who will help accelerate Robinhood’s product roadmap, scale their infrastructure, enhance customer experiences, and drive operational efficiencies.?