​

​

Hi all, Julie here.

I’m simply excited to relax this weekend rather than pack boxes and load them into a car or U-Haul. Moving 4 miles vs across the country is definitely easier, but I still have some lovely bruises on my arms and legs from all of it. What are you guys up to this weekend? If you have some free time, you should definitely check out my latest podcast with Matt Harris of Bloom Credit. We dove into what Square buying Afterpay meant for those companies, their customers, and the future of credit reporting. It’s already one of our most listened to episodes.

Today's Partner, Socure

Have you heard? Socure, the leading provider of digital identity verification and trust solutions, yesterday announced the introduction of several technologies as it further expands its KYC solution, used by 4 of the top 5 banks, 100 of the largest Fintechs, and 7 of the top 10 credit issuers.

Socure’s reinvented KYC solution enables progressive organizations to onboard customers in the hard-to-identify demographics faster, reduce abandonment and drop-off rates, and verify key population segments that are signing up for services for the first time. Their unique, unparalleled accuracy and coverage deliver auto-approval rates of up to 98% for mainstream populations, and up to 94% for the hard-to-identify populations such as Gen Z, millennial, credit invisible, thin-file, gender neutral, and new-to-country.

So, is your KYC/CIP vendor helping or hurting your growth? Schedule a call to gauge where your solution stands now.

*See important disclosures​

Company News

Bloom’s New Furniture

Speaking of Bloom, the company launched “Furnish by Bloom Credit” to expand its offerings to allow customers to report back consumer activity to all three credit bureaus at once. The API platform helps businesses easily integrate with credit bureaus to access consumer data. This new feature will hopefully help with mistakes on credit reports. Something that shocked me was that a Consumer Reports study found more than 34% of consumers discovered inaccuracies on their credit reports in 2020, and that increased dramatically during the pandemic.

Sable and Wise Partner Up

Fintech platform Sable is partnering with Wise to give customers the option to transfer money directly through its platform. Sable, which offers people without credit history or a SSN a one-stop shop for checking and credit, will ensure customers receive the lowest cost possible and offer to cover the difference if the customer finds a better remittance rate. Gotta love more folks embedding fintech and working together to add new offerings!

Robinhood’s Rollercoaster

I mean, the stock has been more volatile than Dogecoin...First it went down, then it skyrocketed, then it went down a bit again because early backers were taking profits. And now I think it’s up for the day? It’s less decisive than me at an ice cream parlour. If shares rise above $120, the Co-Founders are in for a big payday.

Funding and Deals

Sentilink’s New Round

Congrats to Fintech Today Community Member SentiLink on its new funding round! The identity verification technology startup announced a $70M round led by Craft Ventures. FTT member Naftali Harris co-founded SentiLink in mid-2017 after working as a data scientist at Affirm. He got the idea for the company while at the BNPL company, where he realized how big of a problem identity verification was and how poorly it was done. SentiLink now works with more than 100 financial institutions, including 3 of the top 10 banks in the U.S. And of course with the rapid rise in e-commerce over the past year, its revenue grew by “5x” over the last year.

Crypto Watch

Coinbase Makes An Acquisition

Cryptocurrency exchange Coinbase has agreed to buy Dallas-based Zabo. The startup, which helps financial companies give their customers a better overview of their crypto investments, is sort of like the crypto version of an aggregator like Plaid. Coinbase is already a go-to source for all things crypto, so it makes sense that it would want to be able to be the one-stop shop for consumer crypto investing and trading.

Brooks Resigns From Binance.US

Soooo I was about to press send on this newsletter, and then former OCC head Brian Brooks, who had joined Binance.US as its CEO in April, sent out this tweet:

Greetings #crypto community. Letting you all know that I have resigned as CEO of ⁦⁦⁦@BinanceUS⁩ . Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!

I have no inside info at this time, but I'm working on it cause I love some good gossip. Ping me with your hot tips 😎

Share Fintech Today, get exclusive rewards! Have friends who'd love our newsletter too? Give them your unique referral link (below) and get an awesome reward when they subscribe. https://sparklp.co/d848d352 PS: You have referred 0 people so far ⚡️ Powered by SparkLoop

Julie VerHage-Greenberg is the co-founder of Fintech Today, where she focuses on editorial content and brand. Prior to joining, she was Bloomberg’s first fintech reporter, covering Robinhood from before it was a billion dollar company, breaking the news that Plaid was acquiring Quovo, and interviewing executives on Bloomberg TV and at several large conferences.

Thanks for reading! If you loved it, tell your friends to subscribe ;)

113 Cherry St #92768, Seattle, WA 98104-2205