Category: digital currencies

JPMorgan Chase reported increased revenue and mobile usership in the fourth quarter of 2022 despite a year-over-year decrease in tech spend. WHY IT MATTERS: The $3.3 trillion bank’s tech spend in Q4 fell 8% YoY to $2.2 billion while total tech spend for 2022 declined 6% YoY to $9.3 billion, according to the bank’s earnings…

Despite the layoffs across the finance industry, there were no signs of a staffing pullback in JPMorgan Chase & Co’s or Bank of America Corp.’s fourth-quarter results. JPMorgan’s headcount rose 2% to 293,723 from 288,474 last quarter, the company said in its earnings release Friday. This is up 8% from 271,025 a year earlier. Overall…

Denmark-based Subaio announced this week that it was teaming up with fellow Danish fintech – and fellow Finovate alum – Aiia. Subaio will leverage its partnership with Aiia to better assess creditworthiness for its new white label offering. The collaboration will streamline creditworthiness assessment through a combination of Aiia’s access to financial data and Subaio’s…

PayPal-owned Xoom has added international money transfers to its Debit Card Deposit product. Leveraging a partnership with Visa, U.S. users can send funds directly to recipients’ eligible Visa debit cards. Debit Card Deposit originally launched domestic transfers in 2020. PayPal’s international money transfer service Xoom added a new debit card feature today that will help…

In 2022, Finovate brought live demos back to London with dozens of innovative companies showcasing their latest technologies. Building on that momentum for FinovateEurope 2023, we’re excited to announce the first wave of demoers. This first group covers the map on fintech themes. Learn how these companies can grow your business, and see a sneak peek…

As the banking space continues to evolve, financial institutions are finding that companies they previously considered rivals may be potential partners.  In a survey of 792 bank decision-makers in 50 countries conducted by France-based Sopra Banking Software, 77% of senior banking executives said they “feel pressured” to partner with fintechs to stay relevant in the…

Payroll and compliance company Deel is acquiring digital governance platform Capbase. Terms of the deal were not disclosed. Deel will leverage Capbase’s expertise to launch a new product dedicated to equity management and issuance. It has been a week of consolidation in the capitalization table management space. Fidelity announced plans to acquire Shoobx this week, and…

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has spent the past year reassuring analysts and investors that the bank’s multibillion-dollar binge on technology ventures is part of a carefully designed plan that will pay off. But a lawsuit filed by the bank against the founder of one of those ventures — a complaint…

The Consumer Electronics Show (CES), a tech event that showcases the latest advancements in consumer electronics and technology, is a must-attend conference for those working in the field of tech. But what if you work at a bank? This year, U.S. Bank sent five representatives to walk the floors of CES to scout out what’s…

Robinhood announced that its Robinhood Retirement offering was now available to all eligible customers. The company, which offered a waitlist for interested customers in December, said that more than one million people have signed up for the new investment service. Robinhood will provide a 1% match for every eligible dollar customers contribute to their Robinhood…