French payments app Lydia, which has over eight million users, announced it will split its mobile banking operations into a new brand, Sumeria. Lydia, launched in 2013, started as a P2P platform but quickly grew to include bank accounts, crypto, personal loans, and stock trading. The decision to spin off its digital banking aspects and create […]
Warren Buffett’s Berkshire Hathaway revealed a new $6.72 billion investment in insurance firm Chubb in a regulatory filing on Wednesday, which propelled the company’s stock to an all-time high. Berkshire owned 25.92 million shares in Chubb as of March 31, according to a regulatory filing that details Berkshire’s U.S.-listed holdings as of that date. Chubb’s […]
Fintech Farm, a London-based startup that helps banks in emerging markets to launch all-digital neobanks, has raised $32 million in funding. The investment comprises an initial Series B round led by London-based venture firm Nordstar and an extension Series B round led by the London Stock Exchange-listed Bank of Georgia. Fintech Farm’s ‘neobank in a […]
In today’s digital age, global interest in chargebacks has surged due to the exponential growth of online commerce. Cardholders are increasingly aware of their rights and are quick to initiate chargebacks in cases of dissatisfaction or suspicion of fraud. As consumers grow savvier, banks and financial firms face complex challenges when addressing their rights. As […]
President Joe Biden is expected to announce new tariffs Tuesday on Chinese EVs, semiconductors, batteries, solar cells, steel and aluminum. The tariffs on EVs will rise to 100%, quadrupling the current tariff of 25%, according to a source familiar with the tariffs. This is the latest bid by the Biden administration to keep China from […]
GameStop stock (GME) soared as much as 110% Monday before paring gains, and it was halted for volatility numerous times after “Roaring Kitty,” the person who is seen as the kick-starter of the meme stock frenzy during the pandemic, posted online for the first time since 2021. The stock crossed above $30 per share on Monday to […]
Nonprofit pro-cryptocurrency group Stand With Crypto has formed a political action committee (PAC) to support candidates who are encouraging of cryptocurrency and blockchain developments in the upcoming US elections. Stand with Crypto has 440,000 members, and aims to raise funds for pro-crypto candidates’ campaigns. Other crypto-focused PACs Fairshake, Defend American Jobs, and Protect Progress have […]
S card giant Mastercard, through a joint venture, has finally begun processing domestic payments in China. This week, the Mastercard NetsUnion JV began processing payments made in China with Mastercard cards issued by the country’s banks. In addition, Mastercard-branded cards will now be accepted for both domestic and international purchases. Michael Miebach, CEO, Mastercard, says: […]
McDonald’s Corp. is asking its U.S. franchisees to consider offering a $5 meal deal in an effort to convince price-conscious customers to return as fast food restaurants see sales dip due to inflation driving more folks to eat at home. The proposed combo could include a McDouble or a McChicken along with fries and a […]
Leave it to Tesla CEO Elon Musk to add more chaos to a situation that he ostensibly created in the first place. In a tweet on X early Friday morning, Musk addressed concerns many have had over his recent move to shrink down Tesla’s (TSLA) Supercharger team. “Just to reiterate: Tesla will spend well over […]
Airlines are increasingly relying on credit card programs and rewards points for profitability, while smaller airlines fight for a way to break into this competitive market. This morning’s U.S. Department of Transportation and Consumer Financial Protection Bureau hearing on airline rewards credit cards focused on the roadblocks consumers face in navigating their points programs, including […]
The Consumer Financial Protection Bureau (CFPB) has taken action against online payments processor Chime for failing to return funds to customers promptly after account closure. Although Chime is not a bank itself, the San Francisco-based company partners with banks to offer financial products like checking accounts and credit cards. Chime’s policy dictates that customers should […]
