The US Weekly Newsletter powered by Marcel van Oost

• Venmo and Cash App competitor Zelle is closing in on its $1 trillion payments volume target.

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?? NEWS HIGHLIGHT

• Genesis to pay $21m SEC fine.

Genesis has agreed to pay a $21 million civil penalty to the Securities and Exchange Commission (SEC) for the unregistered offer and sale of securities.

The SEC charged Gemini and Genesis’ crypto asset lending program, Gemini Earn, in January 2023.

According to the SEC’s filing, in November 2022, Genesis announced that it would not allow the Gemini Earn investors to withdraw their crypto assets because Genesis lacked sufficient liquid assets to meet withdrawal requests following volatility in the crypto asset market.

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??INSIGHTS

• On March 13, the US House of Representatives passed a measure that would force TikTok to spin off from its parent company, ByteDance, or else face a nationwide ban in the United States.

President Biden has indicated that he would sign the bill if it also passes in the Senate, doing so in the name of safeguarding US consumer data from Chinese government influence. But questions remain many of which directly impact the future of FinTech.

READ MORE.

NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS

???? NATIONAL HIGHLIGHTS

?? Chime ordered to pay $2.5 million for poor complaint handling.

?? Coinbase’s top lawyer blasts SEC after judge rebukes agency for ‘gross abuse of power’

?? Stax Payment founders launch AI-powered credit underwriting platform Worth AI.

?? Tandem Unveils Goals Feature Set, Announces $3.7M in Seed Funding Led by Corazon Capital.

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Join my Angel Investors Syndicate!

FINTECH

Adyen, the global financial technology platform of choice for leading businesses, has signed a new sublease to a 150,000-square-foot office building at 505 Brannan Street. The lease will extend through December 2032.

FIS Offers Greater Card Fraud Detection through New Artificial Intelligence Collaboration. FIS has announced that its SecurLOCK? card fraud management solution is poised to deliver an increase in accurately identified and prevented fraudulent card transactions.

Robinhood launches to UK customers. This is the first step outside the US for the firm, after it shot to global infamy in 2021 as the central player in the so-called meme stock frenzy.

Thredd Announces Expansion Into the United States Card Issuing Processing Market. Thredd, has announced its official entry into the United States debit and prepaid card issuing market with long-standing partner, B4B Payments.

PAYMENTS

Stripe officially launches Apple Pay Later support, now enabled by default for merchants. The feature gives users a way to easily split in-app and online Apple Pay purchases into four equal payments across six weeks, with no fees or interest.

OPEN BANKING

The Financial Data Exchange (FDX) announces a significant milestone at its Spring Global Summit in Washington, DC, reporting that 76 million consumer accounts are now actively utilizing its FDX API for secure open finance data sharing.

DIGITAL BANKING

Miami-based Onyx Private, a Y Combinator-backed digital bank that provided banking and investment services for high-earning Millennials and Gen Zers, is terminating its bank operations.

Chime Expands Availability of In-App Tax Filing Pilot Program. With this feature, eligible Chime members can file both state and federal taxes directly through the Chime app.

CRYPTO

Figure raises $60M in bid to build a ‘differentiated’ crypto exchange. Blockchain-focused Figure Technologies has secured $60 million in a bid to build a decentralized competitor to the largest centralized crypto exchanges.

DONEDEAL

Ascent secures venture funding to modernize underwriting infrastructure and deliver financial portability. The platform positions banks and credit unions to act as trusted partners in helping consumers and small businesses navigate the financial marketplace.

MOVERS & SHAKERS

Stash, last valued at $1.4B, lays off 25% of staff. The layoffs impact about 80 people, bringing its total headcount to around 220. At its peak, Stash had a roughly 500-strong workforce. CEO Liza Landsman announced the layoffs in a note to employees.

Intuit Adds Proper Finance Team Members to Small Business Group. The team members will join Intuit’s FinTech and Small Business and Self-Employed Group (SBSEG) Money teams, helping to “accelerate innovation,”.

Former Wells Fargo head of SMB banking joins Uplinq as strategic advisor. In this role, Derek Ellington will work closely with current and prospective Uplinq clients, as well as Uplinq’s internal team, to help advance the company’s mission of expanding access to fair and ethical credit for small businesses globally.

Amount, a FinTech powering banking technology for consumer and small business account opening, loan origination and financing, announced Len Eschweiler as Chief Revenue Officer. His appointment coincided with the launch of Amount’s unified, cloud-based platform, designed to revolutionize account origination.

FinTech with a niche programming language taps Stripe alum to lead expansion. David Bai joins Mercury from crypto giant Opensea, where he was a director of engineering for its core product team.

Grasshopper Expands Fund and Sponsor Banking Team with Addition of Gabrielle Piasio. Piasio's hire reinforces Grasshopper's commitment to expanding its footprint in the private equity market with a focus on delivering an outstanding, digital-first experience.

Varo Bank Welcomes Allen Parker as Chief Financial Officer, Promotes Raktim Mitra to Chief Lending Officer. Parker's Experience at General Electric, Amazon, and Zillow, Combined with Mitra's Lending Roles at Goldman Sachs and Lending Club, Bolsters a Robust Leadership Team.