Technology

N26 GmbH is holding discussions with investors to raise several hundred million dollars in a fundraising that could value the German fintech at about $10 billion, according to people familiar with the matter.

As the Federal Reserve mulls whether to establish its own digital currency, Chair Jerome Powell told lawmakers that cryptocurrencies designed to have the stability of bank deposits and money market funds should be regulated accordingly.

The card brand is working with 70 cryptocurrency companies to meet consumer demand for paying in bitcoin and other digital currencies at the point of sale. It had little choice given that most retailers don't accept crypto directly and are in no rush to do so.

For the first time, the FDIC, Federal Reserve and OCC have combined efforts to advise banks on risk management procedures when working with nonbank partners.

This has been dubbed the "summer of quitting," and three neobanks are aiming to capitalize on the trend by developing apps that provide budgeting, invoicing and tax calculation to meet the specific needs of contract workers.

Apple Inc. is working on a new service that will let consumers pay for any Apple Pay purchase in installments over time, rivaling the buy now/pay later offerings popularized by services from Affirm Holdings Inc. and PayPal Holdings Inc.

The two payment providers are teaming up to support real-time payments for contractors globally. The move is designed to capitalize on Marqeta's recent initial public offering.

The card network and telco are designing systems that use 5G to support more payment processes hosted in the cloud rather than on local hardware. The goal is to make services such as autonomous checkout available to small businesses.

Fintech companies with narrow-purpose banking charters pose a safety-and-soundness risk and should be denied access to the payment system and other perks unless they meet the same strict regulatory criteria as traditional financial institutions, trade groups for banks and credit unions told the Federal Reserve.

The fintech, which arranges point-of-sale loans in partnership with merchants, was fined $2.5 million by the Consumer Financial Protection Bureau and ordered to refund up to $9 million to consumers who received loans they never applied for.