Lawmakers are seeking documents from two companies — Blueacorn and Womply — over concerns about the suspected scale of fraud in Paycheck Protection Program loans they processed.

Professional Holding CEO Dan Sheehan is dismissive of off-the-shelf bank technology. “Whatever we’re getting in a box, the next hundred competitors are going to be able to get.”

Republicans on the House Small Business Committee question the wisdom of having the Small Business Administration depart from its traditional model of backing loans made by private-sector lenders. But agency Administrator Isabella Casillas Guzman says the plan is necessary to fill "large gaps" in credit availability to the smallest companies.

Acquiring the company, which has a namesake savings app, would allow the Silicon Valley lender to accelerate its plan to offer more consumer banking services. The deal comes less than six weeks after Oportun withdrew its application for a bank charter, which it plans to refile.

After more than a year of collaboration, the Minneapolis bank is buying the company to enhance its corporate expense and travel management offerings.

Patriot National Bancorp was exploring a digital pivot, and American Challenger Development Corp. had been seeking a bank charter in its quest to become open an all-digital bank. They decided it was quicker to join forces.

Mainstream lenders have long been reluctant to make short-term consumer loans because the costs involved make them expensive for borrowers. Upstart says its technology will enable partner banks to offer loans at annual percentage rates below 36%.

The data aggregator is recruiting partners such as Railsbank, Silicon Valley Bank and Marqeta for a project designed to make certain digital transactions easier to complete.

The bank is partnering with Anthemis to match investors with female entrepreneurs, who according to Findexable research attract just 1.5% of investment in the sector.