As lawmakers working on a stimulus bill, US TechFin lenders have commenced lobbying the US government to part of the federal stimulus plan for businesses hurting from the coronavirus slowdown.
On Friday 19 March, in response to the COVID-19 economic crisis, Financial Innovation Now (FIN) called on Congress to help small businesses immediately by using alternative lenders to help distribute loans digitally. There is a concern that many small businesses will run out of working capital in less than three weeks. This concern is driven by (1) these businesses not being well served by traditional financial institutions and (2) will not benefit from existing federal small business loan programs soon enough. FIN sent a letter to Congress on Friday asking that its members be included in any emergency U.S. government funding. “Small businesses are not well served by traditional financial institutions, nor will existing federal small business loan programs deliver funds soon enough,” the letter reads. “Any federal small business loan program must leverage digital advances in the marketplace to ensure that stimulus can reach those business most in need.” wrote Brian Peters, FIN's Chief Executive. Mr Peters' letter adds that "FIN companies alone have made over $10 billion available in the past several years. Alternative online lenders have the reach, relationships, and digital capabilities to reach those businesses most vulnerable – right now." Source: hhttps://financialinnovationnow.org/news/ and https://www.cnbc.com/2020/03/23/tech-lenders-push-for-a-piece-of-the-coronavirus-bailout.html Posted by Peter Oakes (www.peteroakes.com / Twitter @oakeslaw @US_Fintech @FintechUK_HQ @FintechIreland) #FintechUS #USFintech See also www.UKFintech.com www.FintechIreland.com
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Yesterday (23 March 2020) we reported that Revolut, one of Europe’s biggest fintech (financial technology) firms, has launched a “money management” product for children, which can be monitored by parents via the app.
Today Fintech Revolut announced that its financial app used by more than 10 million people worldwide, has landed in the United States. This development is owed to its partnership with Metropolitan Commercial Bank for the banking infrastructure — deposits are FDIC insured up to $250,000. Revolut is promising Americans that they can open a Revolut account in minutes, directly from their Android or iOS smartphone. Of course, like all those opening accounts, new American customers will need to provide some valid identification documentation. In just a few years, Revolut has managed to attract over 10 million customers by building a financial hub that lets you spend, send, receive and manage money from a single app. The company recently raised a $500 million funding round, valuing the company at $5.5 billion. Tens of thousands of U.S. customers have signed up to the waiting list and they’ll now be able to access all of Revolut’s core features. One of Revolut’s key features is that customers can convert from one currency to another based on interbank rate with a low fee — sometimes without any markup for popular currencies and small transactions (more details on foreign exchange fees here). Customers can hold foreign currencies in your Revolut account or send money to another Revolut user or a bank account in another country. Here's a list of what Revolut is promising:
Source: https://blog.revolut.com/revolut-launch-united-states/ and https://techcrunch.com/2020/03/24/revolut-launches-its-neobank-in-the-us/ Posted by Peter Oakes (www.peteroakes.com / Twitter @oakeslaw @US_Fintech @FintechUK_HQ @FintechIreland) #FintechUS #USFintech See also www.UKFintech.com www.FintechIreland.com Revolut, one of Europe’s biggest fintech (financial technology) firms, has launched a “money management” product for children, which can be monitored by parents via the app.
The online-only bank, which claims more than 10 million users worldwide, announced Wednesday it was launching Revolut Junior, an app aimed at kids between the ages of 7 and 17. The accounts will come with their own bank card for the child to use. Revolut was founded in 2015 and has added features like cryptocurrency trading and savings products to its app over the years in an effort to become profitable. However, Revolut’s losses doubled in 2018 to £32.8 million ($42.4 million). Source: https://www.cnbc.com/2020/03/18/revolut-junior-british-challenger-bank-launches-accounts-for-children.html Posted by Peter Oakes (www.peteroakes.com / Twitter @oakeslaw @US_Fintech @FintechUK_HQ @FintechIreland) #FintechUS #USFintech See also www.UKFintech.com www.FintechIreland.com |
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