Technology

The bank technology provider Amount has acquired Linear Financial Technologies to supplement its consumer and buy now/pay later offerings with digital small-business loans.

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.

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.

The Pennsylvania bank is working with the data provider Enigma and Capital One on a platform they are hoping other banks will use. The technology handles all aspects of the loans and provides data and analytics on borrowers.

The Consumer Financial Protection Bureau is in the early stages of developing a rule that could give bank customers far more say in how their information is being accessed by fintechs and data aggregators. What the final rule looks like will depend on how much consumers already know about the way their data is collected, stored and sold.

Valuations for payment technology companies skyrocketed over the past year, pushed by a wave of public listings and record venture capital investments. Some potential acquirers are waiting for prices to cool.

Challenger banks like Chime and Dave have been helping customers avoid overdraft fees for years. As traditional banks start to do the same, the fintechs say they still offer consumers a better deal.