FinTech
Synapse bankruptcy trustee says $85 million of customer savings is missing in fintech meltdown
Jelena McWilliams, chair of the Federal Deposit Insurance Corporation (FDIC), during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, D.C., U.S., on Tuesday, Aug. 3, 2021. Al Drago | Bloomberg | Getty Images There is an $85 million shortfall between what partner banks of fintech middleman Synapse are holding and what depositors […]
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Fintech firm Nium cuts valuation by 30% in new funding round, eyes 2025 IPO
Westend61 | Westend61 | Getty Images AMSTERDAM, Netherlands — Financial technology startup Nium told CNBC Wednesday it raised $50 million in new funds from investors, and is targeting an initial public offering in the next 18 months. The fundraising round was led by an undisclosed Southeast Asian sovereign wealth fund and backed by venture capital […]
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Bitcoin miners sink millions into AI businesses, seeking billions in return
Core Scientific’s 104 megawatt Bitcoin mining data center in Marble, North Carolina Carey McKelvey AUSTIN — For five years, bitcoin miner Core Scientific has quietly been diversifying out of mining and into artificial intelligence, a market that will require immense amounts of power to handle the training of AI models and the massive workloads that […]
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Digital lender Monzo posts 1st entire year of gain immediately after a lot more than doubling earnings
A Monzo debit card becoming utilised at a payment terminal. Monzo Monzo, the British electronic challenger bank, on Monday noted its initially entire 12 months of profitability. The fintech startup said in yearly economical effects that its pre-tax profits totaled £15.4 million ($19.6 million) in its 2023-2024 fiscal yr, swinging to the black from a […]
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Bunq, the $1.8 billion European neobank, hopes to safe license for United kingdom enlargement this 12 months
Dutch digital financial institution Bunq is plotting re-entry into the U.K. to tap into a “massive and underserved” industry of some 2.8 million British “electronic nomads.” Pavlo Gonchar | Sopa Photographs | Lightrocket | Getty Visuals PARIS — Dutch electronic financial institution Bunq is hoping it will regulate to protected a banking license from U.K. […]
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Savings app CEO says 85,000 accounts locked in fintech meltdown: ‘We never imagined a scenario like this’
Oscar Wong | Moment | Getty Images When Adam Moelis co-founded a fintech startup named Yotta in 2019, he wanted to give Americans a new way to save money to help them cushion the ups and downs of life. Instead, his company has inadvertently been a source of deep pain for thousands of customers who […]
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Binance’s ex-CEO begins prison sentence in California
Former Binance CEO Changpeng Zhao, center, departs federal court in Seattle on April 30, 2024. Jason Redmond | AFP | Getty Images Binance’s billionaire founder Changpeng Zhao has reported to a low-security federal prison in Lompoc, California. CNBC reached out to Zhao’s defense team at Latham & Watkins to confirm that the former crypto chief is […]
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Fintech targeted by climate skeptics banks $37 million from likes of UBS, Commerzbank
From left to right: Johan Pihl, Doconomy’s chief creative officer and co-founder, and Mathias Wikstrom, chief executive officer and co-founder. Doconomy Swedish climate-focused financial technology startup Doconomy told CNBC on Thursday that it’s raised 34 million euros ($36.9 million) from leading European banks, including UBS and Commerzbank. Doconomy, which offers tools to help bank customers […]
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BlackRock-backed fintech Trustly says IPO still at least one year out even as profits jump 51%
Trustly CEO Johan Tjarnberg. Trustly The boss of Swedish financial technology startup Trustly says an initial public offering for the company is still a year or two away from happening, even after a 51% jump in operating profit. In an exclusive interview with CNBC, Johan Tjarnberg, CEO of Trustly, said that his firm still needs […]
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FTX exec who turned on Sam Bankman-Fried sentenced to 7.5 years in prison
Ryan Salame, former co-chief govt officer of FTX Digital Markets Ltd., arrives at federal court in New York, US, on Tuesday, Might 28, 2024. Yuki Iwamura | Bloomberg | Getty Photos Ryan Salame, a previous best lieutenant of FTX founder Sam Bankman-Fried, has been sentenced to 90 months, or 7 and a 50 % many […]
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