Hello Fintech Friends,

Welcome to the 2,179 new readers who’ve joined us since last week. You’re joining 137,000+ other subscribers surfing the AI wave. Today's newsletter is brought to you by our friends at Silicon Valley Bank.

📢 We're launching a new podcast: In early 2025, Jillian and Julie will be talking to the biggest names at the intersection of artificial intelligence and financial services. Who do you most want to see as a guest?

(Btw... speaking of AI x fintech, check out the new Stripe launch from this week below.)

Julie VerHage-Greenberg on LinkedIn: Drumroll please! Jillian Williams and I are hosting a new podcast series…

Drumroll please! Jillian Williams and I are hosting a new podcast series for This Week in Fintech about all things AI and Fintech! We'll dive into…

LinkedInJulie VerHage-Greenberg

📝 We also had two new guest writeups this week:

The stablecoin adoption journey: how (and why) fintechs are integrating stablecoins

Slowly, slowly: then all at once – Hemingway’s ‘law of motion’ explains how big changes often unfold. It’s a familiar story in fintech. Consider digital wallets or contactless payments: what began as cautious, incremental adoption eventually reached a tipping point, changing the way many of us pay. In 2024,

This Week in FintechChris Harmse

Rome wasn’t built in a day

In 2020, I wrote “All Roads Lead to Rome,” where I explored the state of consumer fintech and predicted where things might go. Since then, it feels like everything has changed. We’ve seen regulatory shifts, new and fading players, macroeconomic changes, emergent platforms and technology arise, and ecosystems such

This Week in FintechBrandon Jacoby

Please enjoy another week of fintech and banking news below.

(👍👎 Have feedback for us? Let us know!)

What happens when the wow-factor of AI wears off?

SVB’s new Future of Fintech report identifies how a new generation of fintech companies is creating more value per dollar invested than legacy AI companies, creating waves of optimism through the space. Yet, when the novelty of a new product wanes, what will matter most? Read the Future of Fintech 2024 report

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🍻 Upcoming Events

💼 Fintech Job of the Week

Founding Senior Product Engineer at TrueBiz | Y Combinator

The Role We’re seeking an experienced full stack remote product engineer to join our team to help drive the development of innovative web presence review and monitoring tools. You’ll play a key role in building out features that automate classification, fraud detection, IP infringement, and more for businesses around the world. If you love tackling complex problems and building impactful features in a fast-moving startup environment, we’d love to have you on the team. What You’ll Be Doing You’ll take full ownership of designing, developing, and maintaining complex systems, features, and infrastructure, driving key aspects of our product. You’ll engage closely with current and potential customers, gaining a deep understanding of their challenges and finding innovative solutions to address them. You’ll be instrumental in shaping both our engineering practices and broader company culture, helping to create an exceptional work environment. Who You Are You have strong full stack development experience and are familiar with tools like Python, Django, PostgreSQL, AWS, OpenAI, Scrapy, TypeScript, and React—or equivalent technologies. You’re committed to building high-quality software, while being pragmatic about trade-offs, understanding when perfection is needed and when efficiency is key. You take pride in owning projects from start to finish and are comfortable picking up new technologies or working across the stack when necessary. You have a customer-centric approach, love to learn, and enjoy sharing your knowledge with others. You’re an effective communicator, able to simplify complex ideas in both spoken and written form. You’re self-driven and have thrived in a remote work environment, managing your time and priorities effectively while collaborating with a distributed team. Culture and Benefits Be part of a collaborative and innovative team where your contributions truly matter Work remotely with a talented, fully US-based team Join team retreats at Airbnb destinations 3-5 times a year Comprehensive healthcare benefits including medical, dental, and vision Enjoy open PTO for a flexible and balanced work-life Gain ownership in a fast-growing startup and directly shape its future success

Y Combinator

Founding Business Development Executive at TrueBiz | Y Combinator

The Role We are looking for an entrepreneurial sales professional to drive our sales pipeline and refine our GTM strategy. Your initial focus will be on leading our outbound lead generation efforts across various platforms, working closely with our CEO to enhance our existing strategies. As you grow in your role, you will have opportunities to lead a team of SDRs or transition into an Account Executive position. Ideal Candidate Background: You have at least 3 years of experience in a Go-to-Market role within a B2B environment, ideally in fintech or identity verification. Ownership: You’re comfortable with and passionate about owning the outbound process, even in a senior capacity where extensive cold outreach is required. Communication: You possess a strong ability to articulate ideas clearly and concisely, whether it’s pitching a new client or collaborating with team members. Creative: You’re not shy about using innovative and non-obvious methods to identify and seize new opportunities, demonstrating a knack for thinking outside the box. Proactive: You have a bias for action—quickly translating ideas into tangible actions and demonstrating proactive problem-solving skills in dynamic situations. Curious: Eager to learn and continuously seeking out new methods to enhance sales strategies and personal knowledge, you thrive in environments where you can explore and grow. Culture and Benefits Join a dynamic and experienced team that values collaboration and innovation. Destination Airbnb company work retreats 3-5 times a year Healthcare, dental, vision, etc. Open PTO Remote work with a fully US based team The opportunity to get ownership in a fast-growing startup and contribute directly to its future success Apply To apply for this role please find our CEO’s email and send him a succinct email including: Why you’re ideal for this role The brief story of your most successful or creative outbound opportunity Your resume Your LinkedIn profile No agencies or recruiters, please.

Y Combinator

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💬 Quote of the Week

🏦 Financial Services & Banking

🚀 Product Launches

UBS Gets Laser Eyes: Swiss bank UBS piloted a blockchain-based payment system called UBS Digital Cash, aimed at streamlining cross-border transactions for institutional clients. The system uses a private blockchain to enable instant settlement across USD, EUR, CHF, and CNY.

JPMorgan Instant Dollar-Euro Blockchain Trades: JPMorgan launched instant dollar-euro foreign exchange settlement on its blockchain platform, now branded as Kinexys. Using JPM Coin, the platform aims to streamline cross-border payments by enabling real-time transactions and settlements. Initially supporting dollar-euro trades, it may expand to other currencies in the future​.

Mexico's Government Launches App for Receiving Remittances: The Mexican government launched Finvia, a new app to simplify remittance reception for citizens. The platform is intended to reduce fees and increase accessibility for Mexicans receiving money from abroad.

📰 Other News

BlackRock's Money Market Fund ETF Expansion: BlackRock is expanding its reach into the money market fund sector by launching new ETFs. The financial giant aims to capitalize on the high demand for short-term, low-risk investment options amid current economic uncertainties.

Federal Reserve Chair Decision Amid Political Speculation: Amid speculation of a possible return by former President Trump, Federal Reserve Chair Jerome Powell stated he has no intention of stepping down if Trump were to be reelected.

UK Financial Regulations on Critical Third-Party Providers: The UK’s financial regulators introduced new rules for overseeing third-party technology providers crucial to financial institutions, such as cloud computing services.

Metro Bank Fined for Financial Crime Lapses: The UK’s Metro Bank was fined £16.7 million over a four-year failure to adequately monitor and report financial crimes.

Hong Kong Fines Fubon Bank for Regulatory Violations: Hong Kong’s Monetary Authority fined Fubon Bank HK$4 million for violations related to money-laundering controls.

CFPB Fines Navy Federal Credit Union for Overdraft Fees: The CFPB imposed a $95 million fine on Navy Federal Credit Union for improper overdraft and "junk" fees, indicating the agency's crackdown on hidden charges in consumer banking.

💻 Fintech

🚀 Product Launches

April's Embedded Tax Solution: April, an AI-driven tax platform, introduced AprilPro, an embedded tax filing experience designed to integrate with financial services. By leveraging artificial intelligence and input from tax professionals, AprilPro streamlines tax preparation within partner applications, providing real-time tax insights and optimizing tax returns.

PayPal With Your Friends: PayPal launched a feature to give customers an easy way to pool money with friends and family. Rolling out globally across the US, Germany, Italy and Spain, customers can set up a pool in PayPal, invite friends and family to contribute, track group contributions and transfer funds.

Cleafy’s Fraud-Fighting AI Co-Pilot: Cleafy launched a generative AI tool designed to combat online fraud. The solution serves as a co-pilot for cybersecurity teams, utilizing AI to detect and respond to fraud attempts in real-time, thus enhancing defenses against increasingly sophisticated digital threats.

Paystack Transfers in Kenya: Paystack expanded its service portfolio with a new transfer feature for businesses operating in Kenya. This service allows businesses to send payments directly to local bank accounts, enhancing the ease and speed of financial transactions within Kenya’s digital economy.

 Visa and Affirm Partner on Flexible Card: Visa and Affirm partnered to introduce a new card that lets users toggle between paying in full or using Buy Now, Pay Later options.

What happens when the wow-factor of AI wears off?

SVB’s new Future of Fintech report identifies how a new generation of fintech companies is creating more value per dollar invested than legacy AI companies, creating waves of optimism through the space. Yet, when the novelty of a new product wanes, what will matter most? Read the Future of Fintech 2024 report

Want to sponsor a newsletter? See our sponsorship information here.

📰 Other News

Nubank Reaches 100 Million Customers: Nubank, the digital bank in Brazil, surpassed 100 million customers, representing a significant portion of the adult population.

Revolut Expands Crypto Exchange in Europe: Revolut is launching its cryptocurrency exchange in 30 European Union countries, allowing users in these markets to trade a variety of digital assets.

🤝 Partnership Corner

Sure and Checkout.com Partnership: Insurance platform Sure and payment processor Checkout.com are partnering to streamline payment processing for digital insurance, aiming to offer seamless, secure payment options, improving user experience for digital insurance customers​.

American Express and MX Data Sharing Agreement: American Express signed an agreement with MX for customer-permissioned data sharing. This initiative will allow users to securely link their accounts to other financial apps, enhancing data security and access for Amex users​.

👎 The Bad News

Evolve’s Pennies to Yotta and Juno Customers: Amid ongoing disputes involving Synapse, Evolve Bank is providing minimal disbursements ("pennies on the dollar") to users of fintech apps Yotta and Juno. This follows months of blocked access to customer funds.

FTC Lawsuit Against Neobank Dave: The FTC has taken legal action against Dave, a cash advance app accused of misleading marketing practices, hidden fees, and complicated membership cancellations, signaling a crackdown on deceptive practices in fintech.

Marqeta Shares Plunge: Marqeta’s stock dropped by over 30% following a disappointing financial forecast. This slump reflects investor concerns over the company’s future revenue potential and growth outlook​.

Crypto CEO Kidnapped and Ransomed: The CEO of WonderFi was kidnapped and later released after reportedly paying a C$1 million ransom.

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