Lending

The fintech is working with Discover, Ally and Alliance Data to offer a wider range of products on top of interest-free installment loans.

The e-commerce giant has threatened to ban Visa cards in the U.K., and its partnerships with the likes of Affirm and Venmo give it alternative ways to accept payments — and the means to make good on that ultimatum.

Year to date Jun. 30, 2021. Dollars in thousands.

The Illinois bank is acquiring about 1,800 loans to insurance agents. As part of the deal, a team of Allstate specialists will join the bank's insurance agency finance business.

Fintechs have begun offering consumers installment-lending options to pay for airfare, putting competitive pressure on banks and credit unions that rely on travelers for significant credit card volume.

The bank tapped Antony Stephen, former head of Amazon Payments Europe, to oversee its move into small buy now/pay later loans. It is also reportedly seeking a partnership with the e-commerce giant in the U.K.

The partnership — combining one of the biggest buy now/pay later lenders with one of the major digital payment companies — gives merchants a compelling new offering that could enable Klarna to take wallet share away from traditional card issuers.

Businesses trying to meet a surge in demand for consumer goods are knocking on community banks' doors to finance expansions.

New enlistees typically lack credit histories, so the $1.2 billion-asset lender is using other transaction data to underwrite loans. It's a common practice among large banks and fintechs but rare for a community bank.