Issue #270 - Monzo is about to lay off 120 employees

As big data continues to improve and advance, it has given way to epic fintech opportunities. Read on for more information.

While the activities of a small handful of European and Australian digital banks garner much of the world’s attention, it is in fact a Brazilian fintech which is currently stealing the lead in digital banking.

Varo Money, the mobile banking startup, raised $241 million in venture funding with proceeds going to meet the capital requirements necessary to operate a national bank, develop new products, and otherwise support growth.

More than 80 percent of the fees were paid by just 9 percent of account holders, according to the Center for Responsible Lending.

The biggest cryptocurrency by market value fell 8% from $10,137 to $9,298 in less than 5 minutes during Tuesday’s U.S. trading hours, dashing hopes for a continued upward move.

Who is the biggest mortgage lender in the U.S.? If you guessed Wells Fargo, JP Morgan Chase, or Bank of America, you’d be wrong. Late in 2017, Quicken Loans passed Wells Fargo (NYSE: WFC) to become the highest volume mortgage lender.

Like Plaid and Quovo in FinTech, offering access to and manipulation of clean data will expedite the creation of myriad new products.

Fintechs and insurtechs will be able to test their products and services for 24 months without a financial services license from the Australian Securities and Investments Commission.

Anyone eagerly anticipating Goldman Sachs’ foray into digital advice will have to wait a while longer.