The transfers are among the fastest and least expensive in the region. The quicker service will please users but the fintech faces a challenge in trying to differentiate itself from rivals, analysts said.

The retailer is funding a challenger bank called One that would be formed from the combination of several fintech firms. The startup would have a strong product set and cash position but could struggle to stand out in a crowded neobank field.

Esusu, a financial technology company that aims to help bridge the racial wealth gap by reporting rent payments to credit agencies, has become one of only a few Black-owned startups to reach a valuation of $1 billion after closing a Series B round led by SoftBank Vision Fund 2.

The Consumer Financial Protection Bureau's inquiry into buy into the installment products should make sure fintechs abide by the same underwriting requirements as banks in this growing market.

Affirm Holdings, known for its buy now/pay later options, beefed up its app as the firm works toward a crypto offering.

Goldsmith, the grandson of City National Bank’s co-founder, is set to retire as its chairman. In an interview, he betrayed no regrets about the company’s sale to Royal Bank of Canada, which was propelled by a similar logic about the need for scale that drives many deals today.

Venture capitalists agree in spirit with an idea floated by the Securities and Exchange Commission that large private companies should divulge more about their finances. But they warn financial services innovation could be stifled if the requirements are too stringent.

Consumers and their credit scores could be put at considerable risk unless regulators establish meaningful safeguards.

The nonprofit received a $1.5 million grant to monitor, evaluate and strengthen consumer protections in the digital financial marketplace. Here's what it's doing with the funds.

The U.K. neobank has expanded its U.S. customer base to 300,000 mobile users and diversified its product line to include basic banking, crypto trading and investing.