Nubank reaches 100 million customers (TWIF 5/10)

Hello Fintech Friends,

🎉 We are excited to announce our Boston Happy Hour with Silicon Valley Bank on Thursday, June 20th at 5:30 pm. Be prepared for food, drinks, networking and great discussions; click here to register.

📅 We actually have a whole slate of fintech events coming up – read on below to see the calendar.

Please enjoy another week of fintech and banking news below. (👍👎 Have feedback for us? Let us know!)

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Visa launched a set of new tools for issuers that use generative AI components to identify and score enumeration attacks. The VAAI Score will help reduce fraud and operational losses by assigning each transaction with a risk score in real time to detect and prevent enumeration attacks in card-not-present transactions.

JP Morgan is offering faster payments in the US through its new integration with Visa's Direct network, while the bank unveiled a new IndexGPT bucketed investing tool and its retail arm Chase rolled out a series of payments-oriented tools aimed at small-to-medium-sized businesses.

FIS launched Atelio, its own new banking-as-a-service offering built on top of the technology from BaaS platform Bond which it acquired last year.

Australian bank NAB partnered with fintech Banked to launch Pay by Bank on open banking rails to settle near-instant transactions.

German bank KfW is issuing its first blockchain-based digital bond in the form of a crypto security.

Mastercard is working with some of the biggest US banks – including JP Morgan, Citi, US Bancorp, Wells Fargo, and network Visa – to test a private blockchain network for settling US dollar transactions.

The US' Small Business Administration is reviving a proposal to not just certify banks to make government-backstopped loans, but to be able to make the loans itself to small businesses.

The US Federal Reserve is seeking feedback on its proposal to extend its Fedwire Funds Service and National Settlement Service hours, which are currently Monday through Friday (excluding holidays).

The UK's Vodafone is looking to bring blockchain technology to smartphone users by integrating cryptocurrency wallets with SIM cards, as it looks to raise $3 billion in debt for its India division.

The Bank of Namibia is consulting with NPCI International Payments to help the country develop an instant payments system.

French bank Société Générale and the International Finance Corporation signed an agreement to bolster sustainable finance in developing countries.

Delinquent mortgages are trending up across the US.

The US' CFPB is getting nervous about credit card company mega-mergers in the country.

UK bank TSB will close 36 branches and cut 250 jobs this year.

Startup and small business-focused neobank Mercury* launched its own bill payment and corporate expense management platform.

Global neobank Revolut launched its own standalone crypto exchange for professional traders in the UK.

Consumer roboadvisor and investing app Wealthfront launched an automated bond ladder to maximize treasuries yield on user cash.

Real-time paymetns provider Orum* launched a no-code solution to enable fintechs to verify bank accounts in 15 seconds or less.

Anti-money laundering provider Unit21 launched ACH Risk Scores and Action Event Rules.

Crowded, a fintech provider to nonprofits, launched international currency transfers, enabled by Visa Direct and Cross River's BaaS.

Payment facilitator Worldpay launched the capability for customers to enable Tap-to-Pay on iPhone.

📺

Sponsored Content

Raising debt capital is a crucial requirement for card, lending, and neobank startups, but most fintech operators don’t come from a capital markets background. That’s why Finley and Cross River Bank put together this comprehensive guide to raising debt capital. It outlines the people, processes, and partners you need to assemble to execute a debt capital raise. Download your free copy here.

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

Following its most recent earnings announcement, with $1 billion in net profit on $8 billion in revenues, Brazilian neobank Nubank announced that it surpassed 100 million customers in Brazil, Mexico, and Colombia.

Meanwhile, US neobank Dave reported first quarter results, including record revenues of $74 million and $13 million of EBITDA.

UK neobank Zopa announced that, in the four years since it received its banking license, it has amassed £4 billion in customer deposits.

Buy-now-pay-later provider Affirm's revenue jumped 51% year-over-year and it narrowed its expected losses.

Self-custodial crypto wallet developer Exodus Movement received approval to list its common stock on the New York Stock Exchange, only to have the SEC indefinitely postpone it.

European business banking provider Tide partnered with Adyen's new banking-as-a-service business to launch German small business accounts.

Instant money movement provider TabaPay's proposed deal to acquire banking-as-a-service platform Synapse fell through yesterday, as Synapse cannot locate over $50 million in user funds that it alleges that startup neobank Mercury improperly moved out of its accounts.

Robinhood's crypto division received a Wells Notice from the SEC alleging that it may be running an unlicensed securities exchange.

BlueSnap and its former CEO reached a $10 million settlement with the FTC for knowingly processing payments for "deceptive and fraudulent" companies.

The CFPB is requiring neobank Chime to provide $1.3 million in redress for delaying consumer refunds.

Investing platform SoFi's retail brokerage was fined $1.1 million by Finra over ID verification failures that enabled thieves to steal $8.1 million.