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AT&T is selling its Mexico wireless unit for $2 billion
Grupo Televisa and Fintech Holdings will each own 50% of the consortium acquiring AT&T Mexico, with the deal expected to close in early 2027
US commodities regulator proposes new federal crypto oversight rules
The U.S. Commodity Futures Trading Commission proposes new federal rules for crypto exchanges offering leveraged trading to streamline regulation.
Small Businesses Skip the Cross-Border Plumbing Big Companies Can’t Escape
Conventional wisdom says large corporations should dominate cross-border payments. They have global banks, treasury teams, negotiated FX rates,
How Americans’ Financial Health Is Faring In The “K-Shaped” Economy
Hey all, Jason here. Money20/20 is still two weeks away, but I’ve already started packing (not procrastinating for once!). My calendar is already filling up with various sessions I want to catch, meetings, and of course happy hours, dinners, and other side events. If you’ll be in Vegas and want to catch up, let me know by replying to this email, and we can try to find a time amidst the chaos of the Venetian. A big if not totally unexpected piece of news dropped on Friday: the Independent Community Bankers of America, a trade group that represents smaller U.S. banks, filed a lawsuit against the OCC and Comptroller Jonathan Gould, arguing that the regulator’s move to grant trust bank charters to firms seeking to use them to conduct substantial non-fiduciary activities exceeds the authorities granted to the OCC by Congress. I haven’t had time to fully digest the legal filing or speak to folks in my network about it, but you can expect to see coverage and analysis on it in next week’s newsletter. Subscribe or Support by Upgrading The NerdCon agenda just dropped. It’s stacked. Partner content: Nubank built an AI-first bank. Chime built its own banking core. Figure and Valon are rebuilding the mortgage stack. At NerdCon, you’ll hear from the people behind those bets: what they chose, what they learned, and what they’re still figuring out. The agenda is live, with leaders from Nubank, Chime, OpenAI, Remitly, Mercury, Figure, Valon and more. Follow the mainstage conversations, bring the problem your team is wrestling with to a hands-on workshop, or pull up a chair at a roundtable. Pick your quests. Meet us in San Diego, November 18–20. Fintech Business Weekly readers save 20% with code FBW20. Explore the Agenda Things To Know & Other Good Reads Federal Reserve Board finalizes changes to enhance the transparency and public accountability of its stress test and reduce volatility in its stress test-related capital requirements (Federal Reserve Board of Governors) FDIC Announces Conclusion of Independent Monitorship (FDIC) Modernizing Financial Regulation: Initial Observations from eSLR (Fed Vice Chair for Supervision Michelle Bowman) The Data Version of Godzilla versus Kong: FRED Takes on AI (Fed Governor Christopher Waller) Financing the AI buildout (Brookings) Q3’26: Rules for Banks but Not for Crypto (Fintech Takes Banking) The Inevitability of Local Stablecoins (Lombard Notes) Delusions of AI Governance: The Human-in-the-Loop Comfort Blanket (Fintech Snark Tank) Stripe agrees to acquire Parafin to expand revenue opportunities for platforms and help small businesses grow (Stripe) Listen: Fighting Fraud in the Age of AI, with SEON’s Tamas Kadar (Fintech Business Weekly) How Americans’ Financial Health Is Faring In The “K-Shaped” Economy If there is one overarching theme across the economy and politics in the U.S. at the moment, it’s “affordability.” The term is vague enough to encompass a panoply of factors shaping Americans’ day-to-day lives: rising costs for the hallmarks of being “middle class,” including healthcare, housing, childcare, and education, inflation and rising interest rates, and a job market with the specter of AI hovering over it. At the same time, policy shifts under the Trump administration have resulted in reduced subsidies to those who get health insurance under the Affordable Care Act and new restrictions on qualifying for Medicaid and SNAP, the impacts of which have yet to be fully felt. These factors are contributing to declining consumer confidence and general dissatisfaction with the economy, despite continuing GDP growth and stock market records. This divergence is encapsulated in the idea of the “K-shaped” economy, in which a small proportion of Americans have seen their wealth balloon, while the majority of American households struggle to preserve the lifestyle they have. Perhaps the greatest determinant of which branch of the “K” a household is on is whether their wealth and income are primarily derived from employment vs. from assets. Nearly two decades of low interest rates and, more recently, elevated rates of inflation have benefited asset owners, while those whose income is primarily or solely derived from labor have largely seen real purchasing power stagnate or decline. This is reflected in recent Bureau of Labor Statistics data showing that labor share of U.S. GDP — the fraction of economic output that accrues to workers as compensation in exchange for their labor — dropped to just 52.8% in Q2 2026, the lowest since the BLS began keeping records. In 1947, approximately 2/3rds of economic output accrued to workers; even as recently as 2001, labor’s share of GDP was 64.1%. Against this backdrop, we’ve seen the rise of more credit and credit-like products: cash advance apps, “no-fee” overdraft, earned wage access, and buy now pay later, which are often used as small-dollar short-term borrowing mechanisms to meet immediate consumption needs or pay other bills (eg utilities, cell phone, other debt payments). With the markers of a middle class existence and, increasingly, basic financial stability seemingly out of reach for many, it should be no surprise there’s been an increase in “financial nihilism,” something industry peers like Alex Johnson and Frank Rotman have discussed and analyzed the roots of. The explosion of gambling and gambling-adjacent products and services — often marketed under the guise of being an “investment” — is inextricably intertwined with the rise of financial nihilism. Crypto, sports betting, and, more recently, prediction markets offer an escape or even hope of sorts, like a contemporary, digital version of a scratch-off lottery ticket, while leaving the overwhelming number of people who use such products worse off. Share of Households That Are Financially “Vulnerable” Ticks Up The Financial Health Network’s 2026 Financial Health Pulse® report adds context on how American households are faring. (I linked to this report in last week’s newsletter, but wanted to take time to further unpack the data in the report this week.) The Financial Health Network publishes the report annually, providing insight into how Americans’ financial circumstances are changing over time. The 2026 report is derived from a survey fielded in April and May 2026. The report leverages survey responses to assess indicators of financial health across spending, saving, borrowing, and planning/protecting and to determine a zero to 100 “FinHealth” score. Those with scores between 0 and 39 are considered “Financially Vulnerable,” consumers with scores ranging between 40 and 79 are defined as “Financially Coping,” and those with scores of 80 to 100 are “Financially Healthy.” The report found that moderate improvements in 2025 were reversed, with the share of respondents considered financially “vulnerable” rebounding to 17%. The longitudinal data reflect the impact of pandemic-era programs, like expanded unemployment, cash stimulus payments, and pauses of federal student loan payments. The positive impacts of those programs, as reflected in the Financial Health Pulse reports, had largely disappeared by 2023. While pandemic-era inflation — to be fair, in part caused by the various support and stimulus measures — had come down from as high as 9% in 2022, it has rebounded since the start of Trump’s second term, with tariffs and energy market disruptions owing to the war in Iran pushing prices back up. Specific indicators in the survey that deteriorated from 2025 to 2026 include the share of respondents spending less than their income over the past 12 months, the share paying all bills on time over the past 12 months, the share that have a manageable amount or no debt, the share that are “moderately” or “very” confident their insurance is adequate to cover them in an emergency, and the share that “somewhat” or “strongly” agree that their household plans ahead financially. Unsurprisingly, lower- and moderate-income households are more likely to struggle to pay their bills on time and have any funds leftover to save. The share of low-income households whose income exceeded their spending dropped from 35% in 2025 to 31% in 2026, while the share of upper-income households whose income exceeded expenses remained unchanged at 63%. Households with student loans or revolving credit card debt reported having “a bit more” or “far more” debt than was manageable at rates far higher than those not carrying these types of debts. The share of those with student loan debt indicating their debt load was too high to manage increased from 50% in 2025 to 55% in 2026, while the share of those with revolving credit card debt saying the same ticked up from 51% in 2025 to 54% in 2026. Households that had student loans were markedly more likely to be financially “coping” or “vulnerable” vs. those without student loans. In 2026, 27% of households with student loans were considered financially vulnerable, a jump of 6% points vs. 2025. Households without student loans saw just a 1% point increase (not statistically significant) in those considered financially vulnerable. Households’ perception of the affordability of categories of goods and services paints a stark picture, with less than one-fourth considering higher education affordable, about a third deeming childcare affordable, and less than half viewing healthcare as affordable. Fintech Business Weekly is made possible by the generous support of paying subscribers — bringing you independent analysis of banking, fintech, and crypto without fear or favor. You can support my work by becoming a paying subscriber if you aren’t already. Paying subscribers enjoy: access to the entire archive of nearly six years of newsletters extended versions of the weekly newsletter, with additional content and analysis and (for founding member tier) quarterly personal 1:1 fintech Q&A / strategy calls with me, tapping into my unparalleled knowledge of the intersection of banking and fintech and experience working in the sector, including helping to launch Goldman Sachs’ retail bank Marcus Support Fintech Business Weekly You can also support Fintech Business Weekly by sponsoring a newsletter or podcast, putting you in front of 93,000+ of the most influential decision makers in banking, fintech, and crypto. Learn more about sponsor opportunities or request a media kit by dropping me an email. Democratic Senate Report Highlights How Iran Uses Tether to Evade U.S. Sanctions Iran uses stablecoins, specifically Tether, to evade sanctions, fund regional proxies, and to purchase military drones, a report released last week by the Senate Permanent Subcommittee on Investigations says. The report was authored by committee ranking member Senator Richard Blumenthal (D-CT) and the minority staff. Crypto and stablecoin proponents will often push back on criticism that criminals make use of these assets by arguing that, on an absolute dollar basis, far more illicit funds flow through traditional banking systems and payment rails than via crypto and stablecoins. And while that is likely true, it elides the reality presented in news story after news story: whether state actors — Russia, Iran, North Korea — or criminal groups, those looking to engage in illicit transactions increasingly favor stablecoins and, specifically, Tether (USDT). The report from the Senate Permanent Subcommittee on Investigations released last week adds context to how Iran uses Tether has a lynchpin in its shadow banking system. The report analyzed 846 wallets that have been sanctioned or targeted for seizure, finding that 84% of them transacted exclusively or primarily in Tether. The ability to create near limitless, anonymous wallets and to move funds effectively instantaneously and irreversibly have made crypto a favored financial mechanism for bad actors. Stablecoins solved key drawbacks of bitcoin, namely, the original cryptocurrency’s highly volatile value in dollars. And while Tether (the company) has the technical ability to “freeze” or destroy funds, the company is often limited and reactive in its approach to doing so, the Senate report argues. Tether, which is nominally based in crypto-friendly El Salvador, “has stated that its compliance with OFAC sanctions is ‘voluntary’ and that it follows ‘OFAC guidelines,’” the Senate report says. Owing to these favorable attributes, Tether “became a primary cryptocurrency for Iran, Hamas, Hizballah, and the Houthis beginning in 2023 and has expanded in scale since,” according to the report. Tether’s role in Iran’s shadow banking system, the report says, is enhanced by crypto exchanges like Bybit, Kyrrex, OKX, Gate, and Binance, and through “over the counter” exchanges and hawala networks. The consequences of these financial flows aren’t hypothetical. The Senate report links Tether as a funds transfer mechanism to Iranian proxies in the region, including Hizballah, the Houthis, and Hamas. Tether has also been used to make payments to secure components necessary to manufacture drones, the report says. The report concludes by arguing that “[s]tablecoin issuers with a significant nexus to the United States, particularly those that offer dollar-denominated stablecoins, should be subject to American sanctions law rather than being allowed to hide behind foreign jurisdictions.” Stablecoin issuers like Tether must be held accountable for repeated failures to prevent illicit finance and sanctions violations by law enforcement, the Department of Justice, the Securities and Exchange Commission, and OFAC, the report argues. [Paying Subscriber Exclusive] OUSD Goes Live, Make Your Own Neobank, U.S. Sanctions Russia’s A7 Network As “Transnational Criminal Organization” OpenUSD, the stablecoin issued by the Open Standard consortium that includes Stripe, Visa, Mastercard, core providers, crypto firms, and numerous banks, went live last week. Social commerce platform Whop raised eyebrows in fintech by offering creators on its platform the ability to launch their own neobanks, which the company describes as “great businesses that are easy to run,” in just 15 minutes. And OFAC and FinCEN target Russia’s “shadow banking” A7 Network — more on these stories after the paywall.
Egypt’s first fintech unicorn plans to sell 20% of local business in Cairo stock market debut
Egyptian fintech MNT-Halan plans to offer 320 million shares, or 20% of its local business, in a proposed October listing on the Egyptian Exchange
Tenet Adds First U.S. Exclusive Commercial Lender to Business Hub and Welcomes New West Coast Business Development Manager
Toronto, Ontario--(Newsfile Corp. - October 1, 2026) - Tenet Fintech Group Inc. (CSE: PKK) (OTCID: PKKFF) (FSE: P0T) ("Tenet" or the "Company"), an innovative analytics service provider, owner and operator of the Cubeler Business Hub, today announced that New York based commercial lender Premium Merchant Funding ("PMF") has signed on to be the first commercial lender on the Business Hub exclusively dedicated to lending and extending credit to U.S. based small and medium-sized enterprises.While..
Mona raises $3.5m to widen small business capital access
Mona has raised $3.5m to scale its AI platform helping small businesses access capital and coaching. Read more now.
Optimi Health Appoints Melanie Pump to Board of Directors
Seasoned finance executive brings more than 25 years of leadership experience across technology, digital infrastructure, software, fintech and emerging growth companiesVANCOUVER, British Columbia, Sept. 29, 2026 (GLOBE NEWSWIRE) -- Optimi Health Corp. (NASDAQ: OPTH) (CSE: OPTI) (FSE: 8BN) ("Optimi" or the “Company"), a commercial-stage manufacturer and clinical-stage developer of regulated psychedelic drug products, today announced the appointment of Melanie Pump to its Board of Directors (the "
High-level Lithuanian delegation visits Miami to strengthen links in tech and business
In the European Union, Lithuania stands out as the country that issues the most licenses for fintech companies and as a growing hub for diverse tech ventures.
Fintech After the Midterms: 3 Thoughts on How Politics Might Impact Policy
If the polls—and the prediction markets—are any indication, then the Democratic Party stands a better than even chance of taking control of the US House of Representatives after the mid-term elections in November.
Banqup and Post Business Solutions partner to revolutionize digital financial workflows for Austrian businesses
LA HULPE, BELGIUM – 21 September 2026, 7:00 a.m. CEST – Banqup Group SA (Euronext: BANQ) (Banqup, Company), a European fintech provider that simplifies financial flows through an innovative secured platform for e-invoicing, e-payment, e-reporting and e-trust solutions with built-in compliance at its core, announces a new meaningful collaboration with Post Business Solutions, an Austrian based leader in innovative digital and physical business process solutions. The new partnership marks a signif
Sioux Falls fintech company among the nation's fastest-growing businesses
A Sioux Falls fintech company that aims to allow easier access to alternative investments is among the fastest-growing businesses in the nation.
Analysis-Crypto Bill's Defeat Shows Limits of Industry's Political Machine
By Hannah Lang and Michelle Price WASHINGTON, Sept 16 (Reuters) - The U.S. Senate's vote against advancing a major crypto bill amid persistent opposition from Democrats and a handful of Republicans marks one of the most significant setbacks for the industry, showing the limits of its muscle in ...
Perk Brings Fintech Product to US
Expansion of Perk Spend follows launch in Europe
Valley National Bank launches new technology platform
Valley National Bank launched Valley Foundry, a new platform to connect with startups and fintechs, advancing technology innovation across its regional markets.
This week in Santa Cruz County business: Paystand branches into AI agents; court hearing for former Scotts Valley executive; Barilla snaps up Goodles
In this week's survey of local business, Jessica M. Pasko reports on the rollout of a new AI tool for Santa Cruz-based fintech company Paystand, notes a court date for a former executive of Scotts Valley's Ambient Photonics and runs down other numbers, names and dates to know.
Revolut takes aim at business banking with FTSE 250 companies
Fintech’s business division has a target of 1mn customers globally by 2027
Celtic Bank Selects Jack Henry to Support Business Banking and Fintech Tech Stack
/PRNewswire/ -- Jack Henry® (Nasdaq: JKHY) announced today that Celtic Bank has selected Jack Henry to support its progressive technology strategy, allowing...
Celtic Bank Selects Jack Henry to Support Business Banking and Fintech Tech Stack
Jack Henry® (Nasdaq: JKHY) announced today that Celtic Bank has selected Jack Henry to support its progressive technology strategy, allowing the bank to choose the right tools to grow its business lines while improving user experience, efficiency, and scale.
Man United announce lucrative new partnership worth millions of pounds
1 Manchester United and SumUp have agreed a deal for the leading global fintech company to become the club’s new sleeve sponsor.United and SumUp partnershipUnited have released a statement, confirmi...
ServiceNow Leads Five Stocks To Watch Near Buy Points
Two fintechs and two medical plays also make the cut.
Tyfone acquires lendtech Attune for Loanovia business
nFinia developer Tyfon acquires digital account opening and loan origination specialist Attune - find out more about the Loanovia integration here.
Online entertainment sites in the context of U.S.-Israel business and technology
How American market scale and Israeli expertise in cybersecurity, AI, fintech and software are shaping the technology behind digital entertainment.
Colorado Sues EarnIn For “Immoral, Unethical, Oppressive and Unscrupulous” Business Practices
Hey all, Jason here. When this hits your inbox, I should be en route to the airport — not to go anywhere myself, just to pick up my better half. I must admit, it’s been strange to be home alone (well, with two dogs) for two weeks! Really lets me “optimize” to spending more time on reading/writing/working, whether that’s healthy or not! Looking forward to getting back into a (somewhat) more balance routine. Subscribe or Support by Upgrading Compare Notes With the People Who Built Modern Fintech Partner content: Remitly CEO Sebastian Gunningham. Increase founder Darragh Buckley. Linda Du, Co-founder & President at Valon. They’ll unpack the decisions behind building and scaling major financial products: what they got right, what broke, what they would do differently, and how AI and new infrastructure are changing the operator playbook. Most events tell you where fintech is going. NerdCon puts the people who built the present in the room and asks them what comes next. Expect an operator-led conversation grounded in real products, real trade-offs and lessons earned the hard way. Fintech Business Weekly readers save 20% on Regular tickets with code FBW20 before standard pricing ends September 11. Meet the Builders Things To Know & Other Good Reads Advent and Stripe Abandon $50 Billion Pursuit of PayPal (Bloomberg) Trump Family’s New Crypto Bank Is Backed by Abu Dhabi Sheikh (Wall Street Journal) The multiplying risks of financing data centres (FT) Let the Bond Market Speak (Wall Street Journal) Did we waste a crisis? Modest proposals to reform deposit insurance. (Fintech Takes Banking) Untangling Guggenheim: How Private Credit Built Its Own Universe (Net Interest) The Hater’s Guide To Circular Financing — Part One (Ed Zitron) Fiat Ventures Rebrands to FGV Capital, Announces $35M Oversubscribed Fund II (BusinessWire) Socure Announces Strategic Growth Investment at $5.2B Valuation and Acquires Agentic Operations Platform Fravity (Socure) Listen: When Consumer Protection Disclosures Work Too Well (Consumer Finance Monitor Podcast) Colorado Sues EarnIn For “Immoral, Unethical, Oppressive and Unscrupulous” Business Practices When Andreessen Horowitz led EarnIn’s $39 million Series B in 2017, Alex Rampell, a partner at the storied venture capital firm, described EarnIn’s small-dollar advance product as “free,” relying on “entirely on voluntary contributions instead of fees.” Rampell favorably compared EarnIn’s approach to typical payday loans, writing, “Payday loans historically have had the potential to be a slippery slope for consumers into financial distress: opaque systems and steep fees that are hard to repay and set individuals back further than where they started. For many Americans living paycheck to paycheck, that kind of slide into debt can be extremely difficult to recover from.” But EarnIn’s product — which, the company says, isn’t a “loan,” legally speaking — ends up being anything but free for most users. While it is technically possible to take a no-fee advance from the company, most users incur “Lightning Speed” (instant funding) fees and/or ostensibly optional tips that combined can equate to annualized percent rates that can reach over 1,000%. With an average term of 9.77 days, even fees and tips that are small on an absolute dollar basis are equivalent to high APRs on an annualized basis. A lawsuit filed last week by Colorado Attorney General Phil Weiser against EarnIn describes the company and its product and business practices quite differently than Andreessen’s Rampell; “EarnIn’s business practices are unfair because they are immoral, unethical, oppressive and unscrupulous,” the complaint, filed in District Court in Denver, Colorado, says. EarnIn’s marquee product, Cash Out, isn’t a loan, the company says, as Cash Out is not “[f]orward [l]ooking” because “[t]he money is transferred based on earnings to date,” does not carry a mandatory fee to access funds, and is “non-recourse,” meaning EarnIn cannot pursue recovery from users who don’t repay advanced funds. EarnIn is sometimes referred to as an “Earned Wage Advance” service. Though, unlike some others in the broader category, EarnIn does not integrate with employers’ payroll or time and attendance systems. Rather, EarnIn attempts to verify a user’s income and employment, by examining direct deposit transaction data in their linked external bank account, by using GPS location and Bluetooth data to estimate a user’s time spent at work, if they work in a fixed location, and/or by having a user provided a work email address. While repayment is theoretically optional, as EarnIn would have no recourse, such as reporting non-payment to the credit bureaus or a collections agency, this is anything but clear to users of the EarnIn app, Colorado’s complaint argues. During the process of taking a Cash Out, users must agree to a preauthorized debit of the amount advanced, plus any expedited funding fee and/or tips. Though users technically can revoke this ACH authorization, the fact that they have this right isn’t presented to users during the Cash Out process, but rather is included in linked terms and conditions few users are likely to actually read. And users who do wish to revoke their ACH authorization must do so three or more days before the scheduled transaction date by emailing EarnIn’s customer support. Similarly, EarnIn’s marketing claims that it carries “no interest” and “no mandatory fees” is technically true, but is not the reality for many of the app’s users, the Colorado complaint argues. Further, EarnIn has extensively marketed to users the ability to “access your pay today,” to get “instant” funds, and to get funds “the same day you work” — when, in reality, this speed of access was only possible by paying the additional, undisclosed Lightning Speed fee. The Colorado complaint highlights this contradiction specifically, noting: EarnIn tells consumers that they can ‘Make any day payday with EarnIn’ and that there no ‘hidden’ or ‘mandatory fees.’ For a consumer to access their pay on the same day requested, they would have to pay the Lightning Speed fee. In the fine print of the advertisement EarnIn discloses that ‘[f]ees apply to use Lightning Speed,’ a direct contradiction to the larger text of the advertisement, and a fact that would not be immediately understood by a consumer as ‘Lightning Speed’ is not defined nor explained. Like other small-dollar lending services, rather than explicitly charge interest, EarnIn collects a markup on the optional Lighting Speed fee, which, given the nature of the transactions, many users opt for, as well as offering users the option to leave “tips.” EarnIn leverages either Real-Time Payments (RTP) rails or push-to-card via debit rails if a user opts for the optional Lightning Speed. But while these capabilities cost EarnIn, on average, $0.075 or $0.20 per transaction, respectively, EarnIn charges users significantly more. Initially, EarnIn charged as little as $1.99 for Cash Outs up to $24. But EarnIn has hiked these fees multiple times, and now charges $4.99 for Cash Outs up to $75 and $6.99 for those over $75. According to the Colorado complaint, EarnIn leverages “dark patterns” to manipulate users and to make it more difficult to avoid tipping. Examples of these “road blocks” highlighted in the complaint include: As of 2023, in the EarnIn app, a consumer attempting to get a loan under the default settings had to make at least eighteen separate taps to complete the transaction and reduce the tip to $0. There is an alternative method to leave a $0 tip, via the “Custom tip” feature, but EarnIn made this option difficult to access by visually deemphasizing it and positioning it near devices’ “home” button. Using language and imagery such as “Tip to pay it forward,” “Your generosity supports the service + helps,” “Your tips make a difference,” and “[t]he APR for this cash out is 0%. Your tips help support us.” While Lightning Speed and tipping are, in theory, both optional, in practice, users nearly always ended up paying something. According to the Colorado suit, users were charged either a tip or an expedite fee for more than 92% of transactions, with an average APR of nearly 388%. And, although the advances are “non-recourse,” EarnIn successfully collects on nearly all transactions — 99.18%, according to the complaint, which, Colorado argues, “demonstrat[es] that EarnIn’s advances function as high cost loans, not voluntary payments.” The share of EarnIn users incurring fees — despite the product being marketed as 0% APR — is hard to reconcile with Andreessen investor Rampell’s favorable description of EarnIn vs. “opaque systems and steep fees” associated with payday loans, which, Rampell says, can be “extremely difficult” for borrowers to extricate themselves from. According to Colorado’s suit, EarnIn’s Cash Out product “trapped many consumers in extreme cycles of high-cost reborrowing.” The suit gives an example of one consumer in the state, who took out a whopping 1,151 loans, paying a total of $4,038.50 in Lightning Speed expedited funding fees on loans that averaged the equivalent of 1,421% APR. Another Colorado user, the suit says, took out 1,033 loans, paying $8,561.22 in tips and fees at an average APR of 1,539% . These types of usage patterns demonstrate “the severe and repeated financial harm caused by EarnIn’s illegal lending model,” the Colorado complaint argues. In aggregate, from January 2023 through July 2025, EarnIn extended 3.1 million loans to 56,778 users in Colorado — an average of nearly 55 transactions per person during the time period. EarnIn lent more than $300 million and collected more than $16 million from Colorado users in Lightning Speed fees and in tips. Ultimately, the Colorado complaint argues that “EarnIn’s Cash Outs are loans under Colorado law, and EarnIn’s contention that its product is not a loan based on its disclaimer of any legal repayment obligation lacks any real-world significance given how the Cash Out transactions actually operate in practice.” Colorado further argues that “EarnIn was not working with companies here in providing consumers with funds but acted as a third-party lender and charged illegally high rates, used deceptive design strategies to extract some charges, and trapped consumers in repeat borrowing. Colorado will continue to stand up for consumers and hold companies accountable when they violate our credit laws or attempt to evade them through misleading practices.” Colorado’s suit alleges EarnIn assesses finance charge in excess of that permitted by Colorado law, that EarnIn failed to make legally required disclosures to Colorado borrowers, that EarnIn made supervised loans to consumers without obtaining the requisite license, that EarnIn violated the state’s Deferred Deposit Loan Act, that EarnIn engage in unfair and deceptive trade practices, and that EarnIn made false or misleading statements concerning price. The suit seeks a court order enjoining EarnIn from violating relevant Colorado laws, for EarnIn to refund amounts charged in excess of state law, fees, costs, and penalties, and other relief the court deems to be just. Fintech Business Weekly is made possible by the generous support of paying subscribers — bringing you independent analysis of banking, fintech, and crypto without fear or favor. You can support my work by becoming a paying subscriber if you aren’t already. Paying subscribers enjoy: access to the entire archive of nearly six years of newsletters extended versions of the weekly newsletter, with additional content and analysis and (for founding member tier) quarterly personal 1:1 fintech Q&A / strategy calls with me, tapping into my unparalleled knowledge of the intersection of banking and fintech and experience working in the sector, including helping to launch Goldman Sachs’ retail bank Marcus Support Fintech Business Weekly You can also support Fintech Business Weekly by sponsoring a newsletter or podcast, putting you in front of 93,000+ of the most influential decision makers in banking, fintech, and crypto. Learn more about sponsor opportunities or request a media kit by dropping me an email. Q2 Quarterly Banking Profile: Five Quick Takeaways The FDIC released its quarterly banking profile, which is always worth a read, for the second quarter. The profile provides an aggregate snapshot about the overall health of the 4,238 institutions whose deposits are insured by the FDIC, who, collectively, hold more than $26 trillion in assets and saw a total net income of more than $90 billion in the second quarter. Net income was up 12% vs. Q1 2026, with lower provisions and realized gains on securities helping to drive the improvement, somewhat offset by increases in non-interest expense and applicable income taxes. Overall net interest margin was basically flat quarter over quarter (up 1 basis point vs. Q1 2026), though community banks saw NIM grow by 10 basis points, to 3.81%. Unsurprisingly, given that interest rates haven’t changed, unrealized losses on securities changed little, edging up slightly to $326.7 billion vs. $325.1 billion in Q1 2026. Aggregate credit quality has remained benign, with asset quality actually improving slightly in Q2. Overall, institutions reported a 9 basis point decline in their past-due and non-accrual rate, to 1.44%. Net charge off rate also declined by 2 basis points, to 0.57%. And finally, the FDIC’s deposit insurance fund stands at $161.1 billion, making the DIF reserve ratio 1.48% — above the statutory minimum of 1.35%, but still below the designated target reserve ratio of 2%. [Paid Subscriber Exclusive] Nissan Withdraws ILC App, State Associations Plan BankChain Alliance, FDIC Defines “Unsafe or Unsound Practice” For First Time Automaker Nissan withdrew its application to charter a Utah industrial loan company and its corresponding application to the FDIC for deposit insurance last week, on August 19th. Nissan’s application had been outstanding for more than a year, as it originally applied in June 2025. Recent applications to the OCC to form national banks have been decisioned, one way or the other, substantially more quickly than has historically been the case.
Fintech That Soared on Trump Sells Core Business for $12 Million
A virtually unknown fintech that catapulted into the headlines and cracked a $1 billion market value after signing a deal with the Trump family’s crypto platform last year has sold its core business for about $12 million.
'Banks Make It Hard'—Wall Street's 36 Million Small Business Problem
Novo co-founder Michael Rangel on why big banks priced out 36 million US small businesses, and why his own fintech still cannot bank crypto companies.
Robinhood shares edge lower after record quarter for prediction markets business
Predictions markets is now the fintech's second largest trading business.
Robinhood shares edge higher after record quarter for prediction markets business
Predictions markets is now the fintech's second largest trading business.
White-Glove FinTech Targets Small Business Cash Flow and Back-Office Pain
Small businesses do not need another financial dashboard. They need someone to notice that cash is running low before payroll is due, that a customer is
Wilmington Small Business Coalition: Building Momentum in 2026 by Heather McWhorter
This article was contributed by Lydia Thomas, UNCW CIE Program Manager. North Carolina continues to be one of the best states to start a business and in 2025, Wilmington, North Carolina earned a spot on the GoDaddy list of the top 10 most entrepreneurial cities in the U.S. While many know Wilmington as small beach town with exceptional food, lots of coffee shops, and fun, vibrant summer activities, a closer look reveals a thriving innovation economy. You’ll find startups emerging across industries including software, healthtech, bluetech, and fintech. At the core of this entrepreneurial ecosystem is the Wilmington Small Business Coalition, with small business advocates and entrepreneur support organizations (ESOs) dedicated to helping founders grow, thrive, and succeed. “No Wrong Door” Established in 2016, the Coalition was designed to make it easier for individuals and small businesses to access resources most suited to their particular needs. The Coalition is designed to have a “no wrong door” entryway into the regional startup ecosystem. Whether you are exploring a new idea sketched on the back of a napkin or leading a more established, growth-stage company, Coalition members can help connect you with the programs, funding opportunities, mentors, and resources best suited to your needs. No matter where you are in your entrepreneurial journey, any Coalition organization can help point you in the right direction. Coalition Members and Leadership Coalition members include the UNCW Center for Innovation and Entrepreneurship (UNCW CIE), AARP, Brunswick Community College Small Business Center, Cape Fear Community College Small Business Center, Cape Fear Region SCORE, Genesis Block Foundation, Network for Entrepreneurs in Wilmington (NEW), Small Business & Technology Development Center (SBTDC), Greater Wilmington Chamber of Commerce, YWCA Living the Dream Center for Entrepreneurship, Carolina Community Impact Fund (CCI Fund), Partner Community Capital, 717mkt Office Collaborative, NC Biotech, and Institute NC. In May 2026, the Coalition held its leadership elections, resulting in the selection of a new executive team. The following officers were elected to serve two-year terms: Chair: Lydia Thomas, UNCW CIE Vice Chair: Diane Lantz, CCI Fund Secretary: Aariene Hansley, Genesis Block Foundation Treasurer: Gloria Monroe, SBTDC Vision for the Wilmington Small Business Coalition In 2026, the Wilmington Small Business Coalition continues its work as a collaborative network of organizations. By connecting programs, expertise, and services across partner organizations, entrepreneurs can more easily find the right support at the right time. Rather than operating in silos, the Coalition aims to function as a unified, cohesive system of support for small businesses and entrepreneurs, ensuring that resources and expertise across partner organizations are visible and accessible. Through stronger collaboration and shared pathways, entrepreneurs can move more seamlessly from idea to startup to growth. Looking to dive into the Wilmington entrepreneurial ecosystem? Connect with any of the Coalition partners to get started! Connect with CIE To learn more about CIE and our services, programs, and events, join the CIE newsletter. You can also follow us on social media: Instagram, Facebook, LinkedIn, TikTok, or YouTube. CIE’s website is uncw.edu/cie. Heather McWhorter is the director of the UNCW Center for Innovation and Entrepreneurship (CIE). CIE supports innovation-forward start-ups and helps to build a vibrant innovation economy for all in southeast NC.
Deluxe makes $625M acquisition to move further away from legacy check-printing business
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This $91 Billion Fintech Startup Is Laying Off 10% of Workers Even Though the Business 'Has Never Been Stronger'
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Lloyds to Offer Stripe’s Payments Software to Business Customers
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FICO Names Eric Lapin VP, Head Of Strategy And Market Intelligence For Scores Business
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College of Business FinTech Summit dives into AI integration, innovative master's program
Students and event speakers exited a third-floor elevator, greeted by a table lined with printed name tags at UCF’s FinTech 2026 Summit — a professional networking event that welcomed about
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3L Kevin Afiesh Learns to Translate Legal Risk Into Business Strategy as FinTech Extern - UC Law San Francisco (Formerly UC Hastings)
3L Kevin Afiesh strengthened his corporate and fintech skillset through an externship at Plaid, gaining real-world experience at the intersection of technology and financial services. 3L student Kevin Afiesh shares how UC Law San Francisco’s Corporate Counsel Externship provided immersive, practice-ready training inside Plaid’s in-house legal department. Reviewed and analyzed technology-focused agreements, including emerging AI provisions and liability terms Explored financial services regulation and data governance within a growth-stage company Learned how internal legal teams shape product, partnership, and compliance planning 3L student Kevin Afiesh: During my externship at Plaid, I worked with the in-house legal team supporting a rapidly growing company at the intersection of technology and financial services. My work focused primarily on corporate, commercial, and intellectual property matters. I helped review and analyze vendor and partnership agreements, paying close attention to emerging artificial intelligence-related provisions and risk allocation terms. I also investigated regulatory and compliance issues involving financial services and data governance, and I researched intellectual property litigation relevant to fintech companies. This work supported legal risk assessment to guide strategic decision making. I learned firsthand how an in-house legal team operates in a highly regulated, innovation-driven environment, where legal analysis is closely integrated with business decision making. I saw how attorneys balance legal risk with commercial priorities and how their advice shapes contracting, compliance, and intellectual property strategy. It reinforced that effective in-house lawyers need to understand both the law and the operational realities of the business. The experience also strengthened my ability to communicate complex legal concepts clearly to non-lawyers and to provide advice that is precise, practical, and commercially aware. Throughout my academic and professional journey, I’ve worked with technology companies at different stages. Plaid added a distinct perspective within the tech ecosystem, showing me how a growth-stage fintech company approaches regulatory complexity, innovation, and risk tolerance. This sharpened my ability to adapt to clients with different structures, priorities, and compliance needs. As I prepare to practice corporate law in the technology industry, this exposure has strengthened my ability to align legal advice with a company’s stage of growth, strategic objectives, and internal dynamics. I would absolutely recommend the Corporate Counsel Externship Program. Working directly with an in-house legal team provided a meaningful sense of day-to-day practice inside a technology company, and the attorneys at Plaid were generous with their time and mentorship. The classroom component was equally valuable. Professors Nira Geevargis and Scott Darling created a thoughtful environment where we reflected on our experiences, discussed real-world challenges, and developed practical skills that complemented our fieldwork. More broadly, UC Law San Francisco’s location offers a clear advantage for students interested in technology, corporate practice, and public-interest work. Proximity to courts, law firms, and innovative companies — combined with programs like the Corporate Counsel Externship and an extensive Bay Area alumni network — make it a strong option for students who want to build their careers in the region. The Evidence of Success series highlights UC Law SF students as they share how the college’s opportunities equip them with the experience, skills, and confidence to excel in the legal profession.
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The Future Of Business To Business Banking: Fintech 50 2026
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FinTechs Target Latin America Small Business Cash Flow Gaps
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House passes budget bill to end partial government shutdown
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Fintech lender SoFi profit jumps on strong growth in fee‑based businesses
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First Entertainment Credit Union and Nymbus launch CineFi
First Entertainment Credit Union, in partnership with Nymbus, has launched a new digital banking unit called CineFi.
Steve Cohen's Point72 sells parts of fintech startups
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Kontigo: Y Combinator's Venezuelan Sanctions Evasion Startup
JPMorgan Served as On-Ramp For Users of Maduro Regime-Linked Crypto Company
Fintech, AI Very Strong in UK: British Business Bank CEO
The UK economy is at risk of its first quarterly contraction since Labour returned to power, after growth disappointed again by shrinking ahead of Chancellor of the Exchequer Rachel Reeves' tax-raising budget. Can the UK's tech sector come to the rescue? British Business Bank CEO Louis Taylor weighs in with Ed Ludlow and Caroline Hyde to discuss on "Bloomberg Tech." (Source: Bloomberg)
This Week in Jacksonville: Business Edition - Jax Hub drives fintech innovation, global partnerships
L Marks CEO Daniel Saunders joins Kent Justice to discuss the launch of Jax Hub, a new corporate innovation initiative based in Jacksonville. Learn how this global program aims to accelerate fintech growth, foster collaboration among local businesses, universities, and international partners, and position Northeast Florida as a leading innovation hub.
Fintech firm Marquis notifies affected business after ransomware breach
Fintech firm Marquis is notifying U.S. banks and credit unions after an August ransomware attack allowed hackers to access files containing customer data, according to a company filing on Tuesday.
LiaFi Introduces TOR Score Dashboard for Small Business Cash Flow Management
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