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☆ Yonder, a London fintech startup offering rewards for credit card spending, has raised $30.1 million using this 11-slide pitch deck
▼ + stars: | 2024-09-19 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewYonder, a London-based fintech startup, has raised $30.1 million in new funding. Founded in 2020 by former staffers at credit scoring startup Clearscore, Yonder offers users a credit card with rewards such as meals at high-end restaurants, tickets to events, and points toward flights. This story is available exclusively to Business Insider subscribers. Yonder claims its latest raise is a significant up round, resulting in a post-money valuation of more than $132 million.

Persons: —, we've, Tim Chong, Chong Organizations: Service, Business, RTP Global, Northzone Locations: London, Manchester, Birmingham, Bristol, Bath

☆ Dutch neobank Bunq goes on hiring spree, targeting digital nomads, as other fintechs slash jobs
▼ + stars: | 2024-09-12 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Dutch digital bank Bunq is plotting re-entry into the U.K. to tap into a "large and underserved" market of some 2.8 million British "digital nomads." "Bunq focusses on digital nomads who tend to roam the world," Ali Niknam, Bunq's CEO and co-founder, told CNBC via emailed comments. And in the U.K., Bunq is awaiting a decision from financial regulators on an application to become a licensed e-money institution, or EMI. Many of these positions will be part of a "tailored digital nomad" program that allows staff to work from anywhere in the world, Bunq said. Bunq earlier this year reported its first full year of profitability, generating 53.1 million euros ($58.51 million) in net profit in 2023.

Persons: Pavlo Gonchar, Bunq, Britain's, Ali Niknam, Niknam, Coinbase, Klarna, Bunq's Niknam Organizations: Getty Images, CNBC, European Union, U.S, EMI, PayPal Locations: United States, Amsterdam, Sofia, Istanbul, Munich, Paris, Dublin, Madrid, London, New York City

☆ Klarna rival Zilch posts first profit and appoints ex-Aviva CEO to board ahead of IPO
▼ + stars: | 2024-09-03 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

British financial technology firm Zilch on Tuesday reported its first-ever month of profit, marking a key milestone for the company as it looks toward an eventual initial public offering. Competitors Starling and Monzo, meanwhile, took more than three and four years to make their first profit, respectively. Others have managed to hit profitability faster. Zilch also said it topped £100 million ($130 million) in annual revenue run rate, doubling from the run rate it reported last year. Philip Belamant, Zilch's CEO and co-founder, told CNBC Tuesday that, despite the current high-interest rate environment, the firm was able to hit profitability by growing its business rather than cutting back like other fintechs have done.

Persons: Zilch, Starling, Monzo, Philip Belamant Organizations: CNBC

☆ Tesla's unique approach to sales is giving it headaches
▼ + stars: | 2024-08-02 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

The big storyFor saleGetty Images; Jenny Chang-Rodriguez/BIOne of Tesla's biggest assets is its willingness to try new things, but its unique approach to sales is also what's giving it headaches. AdvertisementA key issue is Tesla's inability to evolve its sales tactics as the EV market rapidly changes . Business Insider's Grace Kay spoke to more than a dozen current and former employees in Tesla's sales division about how the company has tried to kick-start its sales unit . Not unlike its cars, Tesla's sales approach is innovative compared to the rest of the automotive industry. It's a great strategy when the cars sell themselves — which Teslas did for a while — since you don't need to maintain a traditional sales structure.

Persons: —, Jenny Chang, Rodriguez, It's, Elon Musk, Insider's Grace Kay, There's, Teslas, Justin Sullivan, Fintechs, chatbots, Rebecca Zisser, Goldman Sachs, James Knightley, Andy Jassy, Mike Blake, Chelsea Jia Feng, Venu, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, EV, Tech, Citadel, ING Economics, Big Pharma, Pfizer, Novo Nordisk, Department of Labor, Chevron, ExxonMobil Locations: New York, London

☆ How thousands of Americans got caught in fintech’s false promise and lost access to bank accounts
▼ + stars: | 2024-07-02 | by ( Hugh Son | ) www.cnbc.com time to read: +10 min

Craft had her wages deposited directly into a Yotta account and used the startup's debit card to pay for all her expenses. CNBC reached out to fintech customers whose lives have been upended by the Synapse debacle. Instead of spending years and millions of dollars trying to acquire or become banks, startups got quick access to essential services they needed to offer. They account for 60% of all new fintech account openings, according to data provider Curinos. The FDIC's exact language about whether fintech customers are eligible for coverage: "The short answer is: it depends."

Persons: Natasha Craft, Craft, fintech, Adam Moelis, Sankaet Pathak, Michele Alt, Scott Sanborn, Sanborn, LendingClub, she's, Rick Davies, Taylor Stitch, " Davies, He's, he's, Davies, hasn't Organizations: FedEx, CNBC, Federal Deposit Insurance Corp, Synapse, Indiana FedEx, Disney, Bank, Trust, JPMorgan Chase, Klaros, PayPal, Getty, Financial Technology Association, D.C, Block, Regulators, Federal Reserve, FDIC, Oakland, San, OCC Locations: Mishawaka , Indiana, Craft, Oakland , California, New York City, Santa Barbara , California, Maryland, Bristol , Connecticut, Seattle, Tennessee, Yotta, Boston, Washington, fintechs, Silicon, San Francisco

☆ Fintech has hit a bottom after plunge in valuations and squeeze on funding, execs and VCs say
▼ + stars: | 2024-06-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

Executives and investors at the Money20/20 event in Amsterdam last week told CNBC that valuations have corrected from unsustainable highs from the industry's heyday in 2020 and 2021. Iana Dimitrova, CEO of embedded finance startup OpenPayd, told CNBC in an interview at the firm's booth that the market has "recalibrated." "Value is now ascribed to businesses that manage to prove there is a solid use case, solid business model," Dimitrova told CNBC. In 2021, global fintech funding reached an all-time peak of $238.9 billion, according to KPMG. Nanu added that the trend mimics the "craziness" fintech saw in terms of frothy valuations in 2020 and 2021.

Persons: Long, Dimitrova, Horacio Villalobos, Revolut, Prajit Nanu, fintech, Nanu, OpenPayd's Dimitrova, OpenPayd, Crypto, Andrea Pirlo, Fintech execs, they're, James Black, IVP, We've, Black, Charles McManus, Chris Ratcliffe Organizations: Bloomberg, Getty, AMSTERDAM, CNBC, RAI, KPMG, Companies, U.S ., ClearBank, Global Summit Locations: Amsterdam, Lisbon, Portugal, fintech, Italian, stablecoins

☆ Mastercard to phase out manual card entry for online payments in Europe by 2030
▼ + stars: | 2024-06-11 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

LONDON — The experience of paying for products and services online could feel a lot different in the coming years. Starting from 2030, Mastercard will no longer require Europeans to insert their card numbers manually when checking out online — no matter what platform or device they're using. Mastercard will announce Tuesday in a fireside chat with CNBC that, by 2030, all cards it issues on its network in Europe will be tokenized. The firm says it's been working with banks, fintechs, merchants, and other partners to phase out manual card entry for e-commerce by 2030 in Europe, in favor of a one-click button across all online platforms. Cards stored in a merchants' page or electronic wallet via tokenization can be automatically updated wherever they're stored when they're replaced or renewed.

Persons: it's, they're Organizations: Mastercard, CNBC Locations: Europe, fintechs

☆ Fintech firm Nium cuts valuation by 30% in new funding round, eyes 2025 IPO
▼ + stars: | 2024-06-04 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

The fundraising round was led by an undisclosed Southeast Asian sovereign wealth fund and backed by venture capital firms BOND, NewView Capital, and Tribe Capital. That marks a 30% discount to its previous valuation of $2 billion, which the firm notched in 2022 when it last raised external venture capital. Nanu said his company's down round was the result of a broader depression in public market valuations of fintech companies. He noted the example of Stripe, which raised a $95 billion valuation in the heady days of 2021 before slashing its value to $50 billion and then boosting its valuation to $65 billion in secondary share transactions. "Banks have gone from, crypto is hot, to not crypto, to crypto," he added.

Persons: Prajit, Nanu, he's, Banks, It's, Bitcoin Organizations: Westend61, Getty Images, CNBC, NewView, Tribe Locations: Getty Images AMSTERDAM, Netherlands, U.S

☆ Here's the pitch deck Footprint, a startup helping Wall Street verify customer identities, used to raise $13 million from VCs like QED and Index Ventures
▼ + stars: | 2024-05-21 | by ( Bianca Chan | ) www.businessinsider.com time to read: +1 min

Footprint is a startup that helps financial firms onboard customers and verify their identities. It raised $13 million in a Series A, announced today, that was led by QED Investors. Here's the pitch deck and 5-page memo that Footprint used to win over investors. AdvertisementA startup looking to be Wall Street's one-stop shop for onboarding new customers just raised $13 million. The round was led by QED Investors, and included investment from Index Ventures and Palm Tree Capital, among others.

Persons: —, Eli Wachs Organizations: QED Investors, Service, Business, Index Ventures, Tree

☆ Chime: 2024 CNBC Disruptor 50
▼ + stars: | 2024-05-14 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +1 min

Chime, the largest digital-only financial provider in the U.S., has capitalized on distrust of traditional banks and their slowness to digitize. Founded in 2012 in the wake of the financial crisis, Chime calls itself a fintech company, not a bank. "The trust levels that mainstream Americans have in banks is extremely low, and that was part of the opportunity that we pursued," Chris Britt, CEO of Chime, told CNBC. 1 position in the U.S. Now it's out to continue disrupting traditional banking giants Chase, Bank of America and Wells Fargo. Like other fintechs, Chime faces an uncertain public offering market outlook.

Persons: Chris Britt, Britt Organizations: CNBC, Chase, Bank of America Locations: U.S, Wells Fargo

☆ British neobank Monzo boosts funding round to $610 million to crack U.S. market, launch pensions
▼ + stars: | 2024-05-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

MonzoBritish neobank Monzo said Wednesday that it's raised another $190 million, lifting the total it's raised so far this year to $610 million. Singaporean sovereign wealth fund GIC also participated in Monzo's latest fundraise, a source familiar with the matter told CNBC. The total $610 million round marks the single-biggest funding round for a European fintech in the past year, according to Dealroom data. "What I like about how we're approaching this is, at the heart of it, it's not just words," Anil told CNBC in an exclusive interview Tuesday. European expansion is also on the cards, Anil said, although he didn't commit to a date for when this will happen.

Persons: Anil, Monzo, it's, GIC, we've, Monzo's, Revolut Organizations: CNBC, Hedosophia, Barclays, NatWest, BlackRock, JPMorgan, Citibank Locations: U.S, Berlin

☆ Jamie Dimon had a lot to say in his annual letter to shareholders
▼ + stars: | 2024-04-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at Jamie Dimon's annual letter to shareholders and why this edition is so different . The big storyDimon sounds offWin McNamee/Getty Images; Chelsea Jia Feng/BIWhen Jamie Dimon talks, people tend to listen. Dimon's annual letter to shareholders grabs the business world's attention in ways most executives can only imagine. Dimon described the tech as just as innovative and impactful as the printing press, steam engine, electricity, and the internet, writes Business Insider's Jyoti Mann. The polarization of politics was something Dimon touched on in his letter, urging people to resist being "weaponized."

Persons: —, Jamie Dimon's, Jamie's, Win McNamee, Chelsea Jia Feng, Jamie Dimon, Larry Fink, Dimon, Insider's Jyoti Mann, BI's Theron Mohamed, BI's Juliana Kaplan, Alex Brandon, Rebecca Zisser, he's, it'd, David Rosenberg, Jenny Chang, Rodriguez, Elon Musk, Tesla, Musk, Gabor Cselle, Brooks Kraft, Zers, they'll, they've, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, JPMorgan, Democratic, Monetary Fund, Microsoft, Google, Twitter, Brooks Kraft LLC, Getty, Warner Bros, Oxford High, Boeing Locations: Pennsylvania, Asia, Hong Kong, Singapore, Dubai, Abu Dhabi, London, New York

☆ Walmart, Chipotle are splitting the wealth of a record stock market in a way they haven't in decades
▼ + stars: | 2024-03-31 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +9 min

For Chipotle, it's the first stock split in the company's 30-year history, and its announcement echoed Walmart's. Both are hoping, through the availability of an employee stock purchase plan and financial education, they'll get more workers to invest. Chipotle, even further out on the market chart, has shares nearing $3,000 — its stock split is to be effective June 26. ESPP versus fractional sharesEven without a stock split, employees could have already purchased shares of their company, or at least fractional shares, through a brokerage account. Company stock and financial educationSplitting a stock and having a generous ESPP can only go so far when it comes to encouraging employees to buy the company stock.

Persons: they'll, Michael Kestenbaum, Chipotle, Dan Kapinos, Clemens Kownatzki, Aalap Shah, Pearl Meyer, SoFi, Kownatzki, Larry Fink, Kestenbaum Organizations: Walmart, Companies, West Coast, Google, Pepperdine Graziadio Business, Khan Academy, Lyra Health Partners, Bank of America, Employees Locations: Aon

☆ Here's why Capital One is buying Discover in the biggest proposed merger of 2024
▼ + stars: | 2024-02-21 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

It's a chess move by one of the savviest long-term thinkers in American finance, Capital One CEO Richard Fairbank. Fairbank, who became a billionaire by building Capital One into a credit card giant since its 1994 IPO, is betting that buying rival card company Discover will better position the company for global payments' murky future. The deal, if approved, enables Capital One to leapfrog JPMorgan as the biggest credit card company by loans, and solidifies its position as the third largest by purchase volume. By 2027, the bank expects to add at least $175 billion in payments and 25 million of its cardholders onto the Discover network. The Discover network alone would be worth up to $6 billion if sold to Alphabet, Apple or Fiserv , Sakhrani wrote Tuesday in a research note.

Persons: Richard Fairbank, Marvin Joseph, It's, Fairbank, Sanjay Sakhrani, Sakhrani Organizations: Washington Post, Getty, Capital, Discover Financial, U.S, JPMorgan Chase, Independence, Discover, JPMorgan, Visa, Mastercard, American Express, One's, PayPal Locations: Wall, U.S

☆ A Goldilocks economy could be coming, but a key piece of the puzzle remains elusive
▼ + stars: | 2024-02-06 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at why investors are eyeing an even better outcome for the market than a soft landing . The big storyMarket's sweet spotPiotr PowietrzynskiForget about a soft landing, some market watchers want something just right. For months, investors hoped the Fed's tightening policy would culminate in a soft landing: lowering inflation while avoiding a full-blown recession. But why settle for a soft landing when you can get it all? Liu Jie/Xinhua via Getty ImagesA Goldilocks economy still hinges on the Fed cutting rates, which has proved fleeting for investors.

Persons: —, hasn't, Piotr Powietrzynski Forget, Matthew Fox, Solita, Marcelli, Jerome Powell, Liu Jie, we'll, Powell, Banks, Kenneth Rogoff, Jensen Huang, Rick Wilking, Goldman, Goldman Sachs, Savita Subramanian, Gen, Jenny Chang, Rodriguez, Fintechs, VCs, Sam Altman, Altman, didn't, Scott Winters, Alyssa Powell, Travis Kelce, Experian, It's, EVs, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb Organizations: Service, Apple, Business, Getty, Bank of America, Harvard, Nvidia, CES, Kansas City Chiefs, US Treasury, New York Times, UBS, FAA, Boeing, Max Locations: Americas, Washington ,, Xinhua, Jensen, Las Vegas , Nevada, U.S, China, New York, London

☆ 6 venture investors spotlight the fintechs that could soar in 2024 amid another tough year for startups
▼ + stars: | 2024-02-05 | by ( Bianca Chan | ) www.businessinsider.com time to read: 1 min

Fintech has shown few signs of recovering in 2024 as funding declines and layoffs continue. VCs said they want to pick up deals this year in AI and cost-management tools for software. Investors digging for deals in the fintech industry are zeroing in on a few pockets of resilience. Venture funding to financial-technology startups fell by 50% in 2023 from 2022, according to CB Insights. Only one month into 2024, fintech layoffs have been abound.

Persons: Fintech, VCs, Jack Dorsey's Block Organizations: PayPal, Business Locations: Brex

☆ UAE defies fintech slowdown with a 92% jump in funding — against a global plunge of 48%
▼ + stars: | 2024-01-10 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

The data from Innovate Finance, a financial technology industry body, shows that investment in fintechs last year sank $51.2 billion, down 48% from 2022 when total investment in the sector totaled $99 billion. The total number of fintech fundraising deals also sank considerably, to 3,973 in 2023 from 6,397 in 2022 — a 61% drop. That marks the first time the UAE has made it to the top 10 list of most well-funded fintech hubs in 2023, according to Innovate Finance. "Some of the markets now adopting this technology, we're seeing that reflected in investment numbers," Innovate Finance CEO Janine Hirt told CNBC earlier this week. Hirt noted that the momentum in Asia and the Middle East offered an opportunity for the U.K. to boost cooperation and partnerships with countries in those regions.

Persons: Janine Hirt, Hirt Organizations: CNBC, Finance, United, East Locations: fintechs, United Arab Emirates, UAE, France, Germany, Asia

NXTP/Handout via REUTERS Acquire Licensing RightsMEXICO CITY, Nov 28 (Reuters) - Latin American venture capital firm NXTP has raised $98 million for a fund targeting technology startups largely in Brazil and Mexico, it said on Tuesday. Despite current macroeconomic headwinds, there is an "enormous" opportunity to invest in Latin American startups, said NXTP managing partner Darly Bendo. "We're seeing really low software penetration in Latin America" ranging from small-and-medium-size businesses to large corporations, he said. NXTP is now eyeing opportunities to invest the funds in startups primarily in Brazil, followed by Mexico. "It's an interesting moment to be investing in Latin America," said Busse, who pointed to buy-in from international and institutional investors in the latest fund as proof of increased demand.

Persons: NXTP, Darly Bendo, Alexander Busse, Bendo, Busse, Kylie Madry, Sonali Paul Organizations: Reuters, REUTERS Acquire, MEXICO CITY, Thomson Locations: Buenos Aires, Argentina, Handout, MEXICO, Brazil, Mexico, America

☆ UK payments report calls for alternatives to Mastercard and Visa
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Thomas White/Illustration/File Photo Acquire Licensing RightsLONDON, Nov 22 (Reuters) - Britain needs a "digital alternative" to relying on Visa and Mastercard for card payments regardless of steps being taken by regulators, a report commissioned by the government said on Wednesday. The conclusions of the Future of Payments Review echo longstanding complaints across Europe about heavy reliance on the American duo for card payments, though calls and attempts to create a 'home grown' alternative have made little progress. Britain's Payment Systems Regulator (PSR) is reviewing the fees card schemes charge, a longstanding battle ground pitching Visa and Mastercard against 'merchants' charged for accepting their cards from customers making payments. Visa welcomed the review's conclusion saying that the UK payments landscape was in a good position. "We are keen to work with Government to ensure the UK continues to be at the forefront of payments innovation", it said.

Persons: Thomas White, Huw Jones, Jose Joseph, Kirsten Donovan, Alexandra Hudson Organizations: REUTERS, Visa, Mastercard, Systems, Government, Alexandra Hudson Our, Thomson Locations: Britain, Europe

☆ Plaid taps Adyen executive to lead its European operations
▼ + stars: | 2023-11-21 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

U.S. financial technology firm Plaid has hired former Adyen executive Brian Dammeir as its new head of Europe, the company told CNBC exclusively. Plaid, which was last valued by investors at $13.4 billion in a funding round, offers technology that enables financial technology apps to retrieve data from people's bank accounts and initiate payments on their behalf. Dammeir told CNBC. Bandourian, a former Booking.com executive, was appointed the company's first head of Europe last year. Payments has been a big focus for Plaid beyond financial data, with payment volumes on the platform having climbed more than 90% in 2023.

Persons: Plaid, Brian Dammeir, Dammeir, Ripsy Bandourian, Keith Grose, Dammeir didn't Organizations: CNBC, San, Plaid Locations: Europe, San Francisco, fintech, Adyen, North America

☆ Defacto provides short-term loans to SMEs. It just raised $10 million with this 20-slide pitch deck.
▼ + stars: | 2023-11-14 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

French fintech startup Defacto has raised a $10 million Series A extension from Citi Ventures. The Paris-based business, founded in 2021, provides short-term loans to small and medium-sized businesses. However, through integrations with businesses like fellow fintechs Pennylane and Qonto, Defacto wants to lower the cost and administration for smaller businesses. The new funding will go towards the continued growth of Defacto's platform as it pushes towards more personalized debt financing for small businesses. Check out Defacto's 20-slide Series A extension pitch deck below:

Persons: Pennylane, Morgan O'Hana, O'Hana, Northzone Organizations: Citi Ventures, Open Banking, Global Founders Capital Locations: Paris, integrations

☆ Fintechs Look to Cost Cuts and Layoffs
▼ + stars: | 2023-11-09 | by ( Angel Au-Yeung | ) www.wsj.com time to read: 1 min

High interest rates have put many financial-technology companies in a tight spot. They are trying to course-correct by cutting jobs and other costs. Investment in private fintech companies fell 46% globally in the third quarter compared with the same period last year, according to research firm CB Insights. The number of deals slid back to 2017 levels.

Organizations: Investment

☆ Robinhood misses Q3 revenue estimates on muted trading activity
▼ + stars: | 2023-11-07 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid Acquire Licensing RightsNov 7 (Reuters) - Robinhood Markets (HOOD.O) missed Wall Street estimates for third-quarter revenue on Tuesday, weighed by a slowdown in trading activity, sending shares of the online brokerage down more than 9% in extended trading. Robinhood was at the center of the 2021 retail trading frenzy, driven by mom-and-pop investors who used the company's commission-free platform to pump money into so-called "meme stocks" during the pandemic-era lockdowns. Reuters GraphicsAccording to company executives, Robinhood often sees lower trading volumes around the holidays in November and December. The company also expects its interest revenue to decline in the current quarter on a sequential basis. Reuters GraphicsRobinhood's net revenue rose 29% to $467 million in the three months ended Sept. 30, but missed analysts' expectations of $478.4 million, as per LSEG data.

Persons: Brendan McDermid, Robinhood, Jason Warnick, Manya Saini, Shilpi Majumdar, Shounak Organizations: Robinhood Markets, Inc, Nasdaq, REUTERS, Reuters, U.S, U.S . Federal, Reuters Graphics, Thomson Locations: New York City, U.S, U.S ., Bengaluru

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsWASHINGTON, Nov 7 (Reuters) - The top U.S. consumer financial watchdog on Tuesday proposed to regulate tech giants' digital payments and smartphone wallet services, saying they rival traditional payment methods in scale and scope but lack consumer safeguards. In a statement on Tuesday, Chopra said the tech sector had expanded into financial services traditionally provided by the closely regulated banking sector. "Today's rule would crack down on one avenue for regulatory arbitrage by ensuring large technology firms and other nonbank payments companies are subjected to appropriate oversight," he said. Representatives of Big Tech companies have previously highlighted their efforts to protect consumer data. The agency said the rule would also foster competition by ensuring that both traditional financial players and the tech sector were equally subject to the same oversight.

Persons: Dado Ruvic, Block's, CashApp, Rohit Chopra, Chopra, CFPB, Lindsey Johnson, Douglas Gillison, Hannah Lang, Chris Prentice, Matthew Lewis, Mark Potter, David Gregorio Our Organizations: PayPal, REUTERS, Rights, Consumer, Apple, Big Tech, Consumer Bankers Association, Electronic Transactions Association, Thomson Locations: Washington, New York

☆ Meet 4 newly promoted Goldman MDs, including a top advisor to Silicon Valley's VCs and the investment bank's talent whisperer for boards
▼ + stars: | 2023-11-06 | by ( Emmalyse Brownstein | Dakin Campbell | ) www.businessinsider.com time to read: +10 min

Last week, Goldman Sachs inducted 608 employees into its exclusive "MD" club. But the investment bank still made a strong showing. Close to half of the new MDs work for Goldman's all-important global banking and markets (GBM) division, which houses the investment bank. Plus, it's one step removed from partner, which is the highest title at the prestigious investment bank below the C-Suite. Last week, she was one of the 186 women to be promoted to managing director at Goldman Sachs.

Persons: Goldman Sachs, David Solomon, Goldman, There's, Chuck Schumer, Michael Bloomberg, Ilana Wolfe, Goldman Sachs Ilana Wolfe, Goldman who's, Wolfe, Stephanie Cohen, what's, She's, Fereshteh Abbasi, wasn't, Fereshteh Abbabi, Abbabi, Abbasi, I've, Matt Margolin Goldman Sachs Matt Margolin, Matt Margolin, Charles Schumer, — Margolin, Mangolin, Bank of America Merrill Lynch, VCs, Margolin, Jane Mandel Goldman Sachs Jade Mandel, Jade Mandel Organizations: Global Banking, Markets, CDC, Wealth Management, University of Pennsylvania, Stanford, Bloomberg, Bank of America, Barclays, Goldman, Goldman ' San, Asset Management Venture Capital, Growth, Equity Fund, Equity Locations: Solomon, Silicon Valley, Iran, New York, New York City, Goldman ', Goldman ' San Francisco, China, Hong Kong, Asia, America

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