UK digital banking pioneer Monzo reported its financial results for the 2023-24 fiscal year today. The numbers are impressive. Total revenue was £880 million for the year, more than 2x the £356 million from the previous year. Most importantly, the company reported its first full year of profitability of £15.4 million (pre-tax). up from a […]
Hispanics are an emerging American economic force, and demographics show they will be for decades. Tricolor founder and CEO Daniel Chu has a plan to serve them. According to McKinsey, financial services revenue from Hispanics will triple from north of $90 billion to $265 billion by 2030. If the more than 60 million Hispanics in […]
When it comes to the adoption of generative AI in finance, we are still at the top of the first inning. That is why it was really interesting to read Penny Crosman’s article yesterday about what is top is mind for bankers when it comes to Gen AI. The biggest challenge is reliability, with 80% of surveyed […]
As the largest neobank in Latin America with over 100 million clients, Brazilian fintech Nubank, backed by Berkshire Hathaway’s Warren Buffett, has well surpassed the break-even mark, reporting profits exceeding $1 billion. Now, it aims to expand further into the credit market, a crucial area largely untapped by Latin American fintechs yet critical to maximizing […]
Fintech infrastructure is still hot. As earnings season wraps up, we heard from nCino yesterday as they reported on their fiscal first quarter, which ended on April 30. The company reported revenue of $128 million in Q1, up 13% from the same quarter last year. Demand for its single-platform cloud banking solutions and AI offerings remains strong. […]
Enjoying our podcasts? Don’t miss out on future episodes! Please hit that subscribe button on Apple, Spotify, YouTube, or your favorite podcast platform to stay updated with our latest content. Thank you for your support! Anthony Sharett, President of Pathward [Editor’s note: This interview was recorded on April 16, six days before the news of the Synapse bankruptcy and […]
[Editor’s note: I recently appeared on the Podcast Gurus podcast, where I talked about podcasting and how it has impacted our business. My interviewer, Guillaume Jouvencel, penned this article about our discussion.] The Fintech industry is constantly evolving, and podcasts are a great way for people in the industry to share ideas and build a […]
The class-action lawsuit against Navy Federal has financial institutions revisiting their fair lending practices and considering how AI fits in. For Amount’s director of decision science, Garrett Laird, the conversation is nuanced. According to CNN, the close-to-29-point gap in Navy Federal’s approval rates was the widest among the top 50 mortgage lenders in 2022. It […]
Here is another use case for generative AI. BNPL giant Klarna is using Gen AI to run marketing campaigns and generate images. The company is using Gen AI tools such as DALL-E, Firefly, and Midjourney to generate images, which alone saved the company $6 million. But it is not just about saving money. These images are also […]