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☆ Where Steve Cohen's Point72 Ventures sees opportunities in fintech, from generative AI to solving gamers' payments woes
▼ + stars: | 2023-07-27 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

Tripp Shriner is a managing partner at Point72 Ventures, the VC arm of Steve Cohen's hedge fund. Point72 Ventures is now actively looking for new fintech investments after what it said was "a quieter period"— it last invested in payment startup Pagos' $34 million Series A in February. "We're still early, getting toward the check-writing side of things," Tripp Shriner, managing partner and fintech investor at Point72 Ventures, told Insider. The investment themes lay the groundwork for where Point72 Ventures will spend its time and money in the coming months and years. Point72 Ventures' approach to AI is largely guided by how financial firms want to use the tech.

Persons: Tripp Shriner, Steve Cohen's, Fintechs, We're, Shriner, it's Organizations: Point72 Ventures, Point72, Mastercard Locations: fintech, KYC

☆ Point72 Ventures fintech investor breaks down what's next for Steve Cohen's firm, from generative AI to solving gamers' payments woes
▼ + stars: | 2023-07-26 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

Tripp Shriner is a partner at Point72 Ventures, the VC arm of Steve Cohen's hedge fund. "We're still early, getting toward the check-writing side of things," Tripp Shriner, partner and fintech investor at Point72 Ventures, told Insider. The investment themes lay the groundwork for where Point72 Ventures will spend its time and money in the coming months and years. Point72 Ventures' approach to AI is largely guided by how financial firms want to use the tech. However, success would depend on financial firms' willingness to adopt such a fundamental change.

Persons: Tripp Shriner, Steve Cohen's, Fintechs, We're, Shriner, it's Organizations: Point72 Ventures, Point72, Mastercard Locations: fintech, KYC

☆ Inside the Morgan Stanley team on the hunt for more partners like OpenAI that can grow into crucial tech buildouts
▼ + stars: | 2023-07-21 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

Morgan Stanley wants more partnerships with tech vendors focused on cloud, data, and AI. Two years before OpenAI ballooned into the artificial intelligence juggernaut it is today, Sean Manahan's team at Morgan Stanley met with what was then an up-and-coming research nonprofit. For its part, Morgan Stanley is capitalizing on its ties with OpenAI to supercharge the bank's lucrative wealth-management business. Morgan Stanley's tech strategy is about 80% buy to 20% building tech inhouse and the pipeline of tech vendors has exploded. Morgan Stanley, like every other finance firm on the Street, has also moved to the cloud.

Persons: Morgan Stanley, Sean Manahan, OpenAI, Sean Manahan's, OpenAI's ChatGPT, Manahan, he's, Morgan Stanley's, it's, fintechs, They're, VCs, Morgan Organizations: Stanford, Microsoft, Investors, Amazon Web Services, Google, Apple

☆ AmEx's profit view dampens strong results from record card spending
▼ + stars: | 2023-07-21 | 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

"Results were strong, though spending growth is moderating from unsustainably high rates in 2022," said Edward Jones analyst Kyle Sanders. These worries took the shine off a record quarter in which spending surged to $426.6 billion despite rapid interest rate hikes by the U.S. central bank ushering in an end to easy money. "Our base is changing in terms of more Millennials and Gen Z who will grow with us. Millennial and Gen Z were its fastest-growing customer base as their combined spending surged 21% in the U.S. from a year ago. Despite that, AmEx just reaffirmed its per-share profit forecast of $11 to $11.40 for 2023 after reporting a market-beating profit of $2.89 per share.

Persons: Edward Jones, Kyle Sanders, Gen Z, Stephen Squeri, Gen, Jeff Campbell, AmEx, Campbell, Christophe Le Caillec, Manya Saini, Anil D'Silva, Arun Koyyur Organizations: American Express, U.S, RBC Capital Markets, Reuters, Thomson Locations: U.S, Bengaluru

☆ US banks' second quarter earnings: the results in charts
▼ + stars: | 2023-07-21 | 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: +3 min

The results follow a tumultuous first quarter in which Silicon Valley Bank and two other lenders failed. Signs of a revival in the investment banking sector, as higher rates and economic uncertainty have hampered deals and trading, also drove share gains. The upbeat results sparked a rally in bank stocks with the S&P 500 Banks Index (.SPXBK) gaining 9.3% and the KBW Regional Banking Index (.KRX) rising 13.7% month-to-date. Here are three charts on mid-sized banks' second-quarter results:DEPOSIT LEVELSReuters GraphicsWhile regional bank earnings in recent days have reassured investors that the crisis has subsided, regional banks are being squeezed as they pay customers more to retain their deposits. The KBW Regional Banking Index (.KRX) has rallied 13.7% month-to-date but remains down 13.6% so far this year.

Persons: Banks, Manya Saini, Michelle Price, Barbara Lewis, Nick Zieminski Organizations: Bank, Banks, Federal, Reuters Graphics, Bank of America, Graphics, Graphics Bank, Thomson Locations: Silicon, KBW, Bengaluru

They are a key source of financing for some fintech lenders, which have fewer funding options than banks. As the end of pandemic stimulus and rising inflation led delinquency rates to normalize, investors shunned the fintech ABS market late last year. Fintechs like Upstart (UPST.O), Affirm (AFRM.O) and OneMain Financial (OMF.N) say they are boosting credit quality, in another example of how lenders have been pulling back amid uncertainty over the economic outlook. Still, analysts say it is a sign the fintech ABS market is recovering. For fintech loans to borrowers with weighted average credit scores between 660 and 710, annualized net losses rose by 1.88% month-over-month to 16.61%.

Persons: Sanjay Datta, Datta, Max Levchin, Doug Schulman, OneMain, Finsight, Robert Wildhack, Kroll, Hannah Lang, Matt Tracy, Josie Kao Organizations: Wall Street, OneMain, AAA, Autonomous Research, Kroll Bond Rating Agency, Thomson Locations: Washington

INVESTMENT BANKING GAINSInvestment banking was a standout, with net income surging 76% to $2.7 billion. The gains were driven by higher interest payments and leasing revenue, the company said. In another surprise bright spot, the bank's sales and trading revenue outperformed expectations to post a 3% increase in revenue to $4.3 billion. Revenue from fixed income, currencies and commodities trading rose 7% to $2.7 billion from a year earlier. The financial health of consumers underpins BofA's consumer banking unit, where revenue rose 15% to $10.5 billion.

Persons: Wells, Brian Moynihan, David Fanger, BofA, Alastair Borthwick, Borthwick, Manya Saini, Saeed Azhar, Lananh Nguyen, Anil D'Silva, Nick Zieminski Organizations: YORK, Bank of America's, Wall, U.S, . Bank of America, JPMorgan Chase, Federal Reserve, " Bank of America's, Investment, Bank of America, Thomson Locations: U.S, dealmaking, Bengaluru, New York

July 18 (Reuters) - Bank of America (BAC.N) beat Wall Street estimates for second-quarter profit on Tuesday as it earned more from customers' loan payments, while its investment banking business fared better than expected. The bank reported a 7% rise in investment banking fees to $1.2 billion, driven by higher interest payments and leasing revenue, the company said. The bank reported a profit of 88 cents per share in the second quarter, beating analysts' average expectations of 84 cents, according to IBES data from Refinitiv. BofA's net interest income (NII) rose 14% to $14.2 billion in the second quarter. The financial health of consumers underpins BofA's consumer banking unit, whose revenue rose 15% to $10.5 billion.

Persons: Brian Moynihan, Wells, JPMorgan Chase's, Jeremy Barnum, Manya Saini, Saeed Azhar, Lananh Nguyen, Anil D'Silva Organizations: Bank of America, JPMorgan Chase, Federal Reserve, JPMorgan, U.S, Thomson Locations: U.S, Refinitiv, dealmaking, Bengaluru, New York

July 14 (Reuters) - Wells Fargo (WFC.N) raised its annual forecast for net interest income (NII) after its profit surged 57% in the second quarter, sending its shares modestly higher. Wells Fargo reported profit of $1.25 per share for the three months ended June 30, beating analysts' average estimate of $1.16 per share, according to Refinitiv data. Shares of Wells Fargo rose 1% to $44.17 in midday trading. Wells Fargo is still operating under an asset cap that prevents it from growing until regulators deem that it has fixed problems from a fake accounts scandal. In January, Wells Fargo said it will slim down its home lending business by reducing its mortgage servicing portfolio and exiting the correspondent lending business.

Persons: Wells, NII, Charlie Scharf, CRE, Michael Santomassimo, Wells Fargo, Scharf, We're, JPMorgan Chase, Noor Zainab Hussain, Manya, Saeed Azhar, Lananh Nguyen, Arun Koyyur Organizations: Federal Reserve, U.S, Wells, U.S . Consumer Financial, JPMorgan, First, Bank, Manya Saini, Thomson Locations: U.S, Wells Fargo, Bengaluru, New York

July 14 (Reuters) - Wells Fargo (WFC.N) raised its annual forecast for net interest income (NII) after its profit surged 57% in the second quarter, sending shares up 4% in premarket trading. NII climbed 29% to $13.16 billion, benefiting from higher interest rates as Wells Fargo and other banks raised their borrowing costs following a series of rate hikes by the Federal Reserve to tame inflation. Wells Fargo reported profit of $1.25 per share for the three months ended June 30, beating analysts' average estimate of $1.16 per share, according to Refinitiv data. REAL ESTATE WOESThe provision for credit losses included a $949 million increase in the allowance for potential losses in commercial real estate (CRE) office loans, as well as for higher credit card loan balances. Wells Fargo is still operating under an asset cap that prevents it from growing until regulators deem that it has fixed problems from a fake accounts scandal.

Persons: Wells, NII, Charlie Scharf, CRE, Michael Santomassimo, Wells Fargo, Scharf, JPMorgan Chase, Noor Zainab Hussain, Manya, Saeed Azhar, Lananh Nguyen, Arun Koyyur Organizations: Federal Reserve, U.S, Wells, JPMorgan, First, Bank, Manya Saini, Thomson Locations: U.S, Wells Fargo, Bengaluru, New York

☆ Will Smith-backed U.S. broker Public launches in the UK in first foray overseas
▼ + stars: | 2023-07-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

Gabby Jones | Bloomberg | Getty ImagesAmerican stock brokerage startup Public launched its services in the U.K. Thursday, marking its first international expansion its launch in 2017. The app, backed by celebrities including Will Smith and skateboarding legend Tony Hawk, will offer U.K. users commission-free trading in over 5,000 U.S.-listed stocks during the country's regular trading hours. Bibas said that, for now, the U.K. is the only country Public is focusing on for its international expansion. In the future, it hopes to take learnings from its U.K. launch to open in other European markets. Freetrade, the U.K. brokerage startup, slashed its valuation by a whopping 65% last month to £225m in a crowdfunding round, citing a "different market environment."

Persons: Gabby Jones, Will Smith, Tony Hawk, AJ Bell, Hargreaves Lansdown, Leif Abraham, Public's, Abraham, Jannick Malling, PFOF, Dann Bibas, Bibas, he's Organizations: Bloomberg, Getty, Public, CNBC, Jannick, GameStop, Citadel Securities, European Union, Khepri Advisers, Financial, Authority, Accel, Tiger Global Locations: U.S, Abraham, Denmark, Germany, New York, Copenhagen, London, Amsterdam, Covid

☆ India central bank looking to enhance fintech regulations, deputy governor Rabi Sankar says
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, July 7 (Reuters) - The Reserve Bank of India (RBI) is working on regulations that will be more "developmental" for financial technology, or fintech, companies, a deputy governor of the central bank said on Friday. "We are working on regulations (that) would be specific to fintech entities and the fintech ecosystem," T Rabi Sankar said at an event in Bengaluru. The central bank has been monitoring the fintech space lately to ensure financial stability and mitigate risks related to cybersecurity and prevent fraud. The RBI is talking to fintech companies and any regulations in that regard will only be after "close consultation" with the industry, he added, without providing a timeline for the same. Fintechs need to devote their attention to governance, compliance, business conduct, and adopting risk mitigation practices for long-term business stability, Sankar said, adding that any innovation should be "responsible and beneficial."

Persons: T Rabi Sankar, Sankar, Siddhi Nayak, Janane Organizations: Reserve Bank of India, Siddhi, Thomson Locations: MUMBAI, Bengaluru

☆ Brookfield to buy annuities provider American Equity in $4.3 bln deal
▼ + stars: | 2023-07-05 | 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

July 5 (Reuters) - Canadian investment firm Brookfield (BN.TO) on Wednesday agreed to buy the remaining stake in American Equity Investment Life Holding (AEL.N) that it did not already own, valuing the long-sought-after annuities provider at $4.3 billion. It represents a 35% premium to AEL's last closing price on the New York Stock Exchange before media reports of a possible takeover bid from Brookfield emerged. The deal consists of $38.85 in cash and the rest in shares of Brookfield Asset Management's (BAM.TO). AEL shares had touched a record-high of $53.68 when the bid was announced on June 27 and have been trading around the same levels. If the deal is terminated, AEL has agreed to pay Brookfield Reinsurance a termination fee of $102 million.

Persons: Jon Bayer, Manya Saini, Nivedita Bhattacharjee, Arun Koyyur Organizations: Equity Investment Life, AEL, Elliott Investment Management, Prosperity, Brookfield, New York Stock Exchange, Brookfield Asset, FIA, Athene, Massachusetts Mutual Life Insurance, Thomson Locations: Brookfield, Athene Holding, Bengaluru

☆ US bank stocks rise as lenders sail through Fed's stress test
▼ + stars: | 2023-06-29 | 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: +4 min

This year's test, which was devised before the latest banking crisis, checked if banks would stay above the minimum 4.5% capital ratio during economic stress and macroeconomic instability. Banks will disclose their new stress capital buffer in the coming days and Well Fargo expects a reduction in the capital requirements for JP Morgan, BofA and Goldman. Goldman Sachs analysts said market focus will likely return quickly to potential increases to stress capital buffer and tougher regulations against the backdrop of Basel III revision. Citigroup (C.N) rose 0.7%, but trailed its peers as analysts said higher stress capital buffer would hamper its efforts to boost profitability. "Citi will now have the highest CET1 requirement among our banks at 12.3%," J.P. Morgan analysts wrote in a client note.

Persons: Charles Schwab, Morgan Stanley, Goldman Sachs, Banks, JP Morgan, BofA, Goldman, Wells, J.P, Morgan, It's, Brian Jacobsen, Manya Saini, Niket Nishant, Chuck Mikolajczak, Arun Koyyur Organizations: Big, JPMorgan Chase, Bank of America, Fargo, JP, Reuters Graphics Reuters, Wall Street, Jefferies, Citizens, Citigroup, Citi, Bank of New York Mellon, US Bancorp, RBC Capital Markets, Wealth Management, Reuters, Banks, Thomson Locations: Wells Fargo, Basel, U.S, Menomonee Falls , Wisconsin, Bengaluru

☆ US bank stocks rise as lenders sail through Fed's stress tests
▼ + stars: | 2023-06-29 | 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: +3 min

Of the six regional lenders that were part of the test, Bank of New York Mellon (BK.N) and US Bancorp (USB.N) added 1.5% and 0.8%, respectively. J.P. Morgan downgraded the bank to 'neutral' in anticipation of an increase in capital requirements hurting its profitability. Citigroup (C.N) rose marginally, but trailed its peers as analysts expect that an increase in its stress capital buffer would hamper its plans to improve profitability. "Citi will now have the highest CET1 requirement among our banks at 12.3%," J.P. Morgan analysts wrote in a client note. Meanwhile, the S&P 500 Banks Index (.SPXBK), tracking a basket of large-cap bank stocks, is up 0.9% quarter-to-date, but has fallen 12.2% so far this year.

Persons: Charles Schwab, Morgan Stanley, Goldman Sachs, Jefferies, J.P, Morgan, Raymond James, Manya Saini, Niket Nishant, Arun Koyyur Organizations: JPMorgan Chase, Bank of America, Bank of New York Mellon, US Bancorp, Reuters Graphics Reuters, Wall Street, RBC Capital Markets, Citizens, Citigroup, Citi, Silicon Valley Bank, Banks, Thomson Locations: Wells Fargo, U.S, Silicon, Bengaluru

☆ EU proposes payments sector shake-up, legal backing for digital euro
▼ + stars: | 2023-06-28 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, June 28 (Reuters) - The European Union on Wednesday proposed injecting more competition into the payments sector, giving legal backing to a digital euro, and preserving the role of cash as fewer people use coins and notes. EU states and the European Parliament have the final say on the package, with some changes likely. "We are going to clearly identify the obstacles that the fintechs should never have been encountering," an EU official said. Electronic payments in the EU has grown from 184.2 trillion euros ($201.7 trillion) in 2017 to 240 trillion euros in 2021, accelerated by COVID-19. The European Central Bank is due in October to decide whether to push ahead with a digital euro.

Persons: Huw Jones Organizations: European Union, Commission, Visa, Mastercard, COVID, EU, European Central Bank, Thomson Locations: U.S

☆ Wise shares spike 18% as higher interest rates help fintech triple profits
▼ + stars: | 2023-06-27 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Online money transfer firm Wise's shares soared nearly 18% Tuesday as the company reported a spike in profits thanks to rising interest income. The company said in a statement to the stock market that its profit before tax tripled to £146.5 million ($186.5 million). Wise benefited from surging interest rates, which last week were raised by the Bank of England to 5% as policymakers grapple with persistently high inflation. Like other fintechs, Wise has been able to accrue income from interest on funds sitting in customer accounts. Overall income reported by the firm rose to £964.2 million, up 73% year-on-year.

Persons: Wise, Kristo Kaarmann, Kaarmann, Harsh Sinha, Sinha Organizations: Bank of, Starling Bank, Customs, Financial, BBC Radio, BBC Locations: Bank of England, Abu Dhabi

NEW YORK, June 26 (Reuters) - Goldman Sachs Group Inc (GS.N) plans to add former Bank of America executive Tom Montag to its board, a person familiar with the matter said on Monday, as Goldman's leadership faces challenges over its strategy. The bank's board is gathering in India this week, a second source said. Montag, who has previously worked at Goldman Sachs, is currently CEO of Rubicon Carbon, a carbon-market venture backed by asset manager TPG. The planned appointment was first reported by Bloomberg News, which said that Montag is an ally of CEO David Solomon. Montag, described by his peers as a hard-charging executive, was formerly a partner at Goldman Sachs and jointly led its securities division until late 2007.

Persons: Tom Montag, Montag, Goldman Sachs, David Solomon, Goldman, Merrill Lynch, Solomon, Saeed Azhar, Manya, Arun Koyyur, Emelia Organizations: YORK, Goldman Sachs Group Inc, of America, Rubicon, TPG, Bloomberg News, Bank of America, Manya Saini, Thomson Locations: India, New York, Bengaluru

Artificial intelligence algorithms are increasingly being used in financial services — but they come with some serious risks around discrimination. And the problem of amplifying existing biases can be even more severe when it comes to banking and financial services. As for financial services, Manji said a lot of the backend data systems are fragmented in different languages and formats. "Individuals have little knowledge of how AI systems work and that their individual case may, in fact, be the tip of a systems-wide iceberg. Among the top worries industry insiders expressed are misinformation; racial and gender bias embedded in AI algorithms; and "hallucinations" generated by ChatGPT-like tools.

Persons: Nabil Manji, Manji, they've, we're, You've, Banks, Banking's, Rumman Chowdhury, Twitter's, Chowdhury, Angle Bush, Bush, Frost Li, Li, Niklas Guske, Guske, it's, Goldman Sachs, Kim Smouter, Smouter, ethicists Organizations: Photodisc, Getty, Deloitte, CNBC, Microsoft, Google, Black, Artificial Intelligence, Tokyo University, Apple, New York Department of Financial Services, European Network, United Nations Locations: AMSTERDAM, Worldpay, Amsterdam, Chicago, Loup, United

☆ Meet the 6 JPMorgan execs tapped to lead a new unit that will shape how the country's largest bank approaches AI
▼ + stars: | 2023-06-21 | by ( Bianca Chan | ) www.businessinsider.com time to read: +3 min

The team, led by Teresa Heitsenrether, will be critical in the bank's AI strategy. The D&A organization pulls together AI leaders from across the bank, from research to data use. JPMorgan is unifying its AI braintrust in a newly created unit that will drive strategy, governance, and adoption of the tech at the country's largest bank. Heitsenrether will have some of the bank's highest tech leaders and their respective teams as her deputies, including the bank's head of AI research and head of AI and machine learning transformation and engagement. The D&A organization will be critical to JPMorgan's AI use and strategy, as AI models and tools are computer-intensive and require vast amounts of data.

Persons: Teresa Heitsenrether, Lori Beer, Jamie Dimon, Daniel Pinto, Goldman Sachs, Heitsenrether, Pinto Organizations: JPMorgan, Wednesday, ChatGPT, Securities Services Locations: Heitsenrether

☆ Here's the 14-page pitch deck a startup helping people build credit through rental payments used to raise $4.5 million from Clocktower VC and Plaid's cofounders
▼ + stars: | 2023-06-21 | by ( Bianca Chan | ) www.businessinsider.com time to read: +4 min

Boom is a startup that helps people build credit by reporting rent payments to credit bureaus. The startup raised $4.5 million in a seed round led by Starting Line. "I started helping them on their housing, find a new rental, build credit, get things removed from their credit report, access rental assistance, things like that," Whiting told Insider. That's when the lightbulb went off to start Boom, a startup that helps people build credit by reporting their rent payments to credit bureaus. Here's the 14-page pitch deck Boom used to raise its $4.5 million seed.

Persons: Rob Whiting, Whiting, Kirill Moizik, helms, Boom . Whiting, Moizik, Boom, Plaid's cofounders Zach Perret, William Hockey Organizations: Boston Consulting Group, Clocktower

[1/2] A U.S. flag flies outside a branch of the Silicon Valley Bank in Wellesley, Massachusetts, U.S., March 13, 2023. REUTERS/Brian SnyderWASHINGTON, June 20 (Reuters) - The U.S. Justice Department antitrust division plans to expand the scope of its bank merger review process, the department's chief said on Tuesday, in a sign the agency may get tougher when scrutinizing such deals. The comments are likely to disappoint the industry, which had been hoping Democratic President Joe Biden's administration would be more open to allowing deals after a spate of bank failures since March. Specifically, Kanter said any merger review for antitrust purposes must go beyond traditional factors like the impact on local depositors and branches, and consider a broader set of issues. "We believe this policy change will not be as negative for bank mergers as it may first appear," he added.

Persons: Brian Snyder WASHINGTON, Jonathan Kanter, Joe Biden's, Kanter, Biden, Isaac Boltansky, Cowen, Jaret Seiberg, Pete Schroeder, Deepa Babington, Michelle Price Organizations: Bank, REUTERS, U.S . Justice Department, Brookings Institution, Democratic, Justice Department, Silicon Valley Bank, DOJ, Thomson Locations: U.S, Wellesley , Massachusetts, Silicon

June 20 (Reuters) - Private equity firm KKR (KKR.N) has agreed to purchase a substantial portion, or up to 40 billion euros ($43.71 billion), of payments company PayPal's (PYPL.O) buy now, pay later (BNPL) loans in Europe, the companies said on Tuesday. After the deal closes, PayPal expects to allocate roughly $1 billion to incremental share repurchases in 2023, contributing to an updated outlook of about $5 billion in total share repurchases so far this year. PayPal last year processed more than $20 billion of BNPL payment volume globally, up nearly 160% from 2021. Since launching its BNPL service in 2020, PayPal has issued more than 200 million loans to more than 30 million customers globally. The company said it will continue to remain responsible for all customer-facing activities, including underwriting and servicing associated with its European BNPL products.

Persons: BNPL, Brett Horn, Horn, Manya Saini, Hannah Lang, Arun Koyyur, Will Dunham Organizations: KKR, PayPal, Morningstar Research Services, Thomson Locations: Europe, France, Germany, Italy, Spain, United Kingdom, Bengaluru, Washington

June 16 (Reuters) - Customers Bancorp (CUBI.N) said on Friday it acquired a $631 million venture banking loan portfolio from U.S. regulator Federal Deposit Insurance Corporation (FDIC) at about 85% of the book value. The portfolio belonged to failed lender Signature Bank, which was put under FDIC receivership in March, a source familiar with the matter told Reuters. Customers Bancorp shares rose on the news to their highest level since early March, and were up 3.3% at $30.23 at midday. On March 12, state regulators closed New York-based Signature Bank, marking this year's second high-profile bank collapse sparked by an exodus of depositors seeking higher returns and safer institutions. Following the bank's closure, the FDIC had announced in April the marketing process for the roughly $60-billion loan portfolio retained in receivership from Signature Bank.

Persons: Michael Perito, Keefe, Perito, Manya Saini, Saeed Azhar, Shailesh Kuber, Richard Chang Organizations: Customers Bancorp, Deposit Insurance Corporation, Signature Bank, Reuters, FDIC, Bancorp, Loans, Bank, New York Community Bancorp, Thomson Locations: Austin, Boston, Southern California, Chicago, New York, Bengaluru

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