Happy Friday!!!
Don’t forget to sign up here to have the Uncle Sean Update and the Fintech Cowboys delivered straight to your inbox every week! Here is the Uncle Sean Update for 9/15/23:
With all eyes on the FOMC meeting next week, the BLS August CPI Report came in hotter than expected at 3.7% (expectation was 3.6% and July was 3.2%) due largely to increases in gasoline prices and shelter costs. Core CPI actually slowed to 4.3% (spot on with expectation of 4.3% and July was 4.7%).Worth noting in the BLS report that shelter costs have increased for 40 consecutive months. CNBC has a good summary.
Check out the activity going on in the direct digital bank space this week (Uncle Sean is a big fan of this business model):ZYNLO Bank, the direct digital bank division of PeoplesBank (FDIC 90213), selects Digital Onboarding to “ensure that the accounts acquired via digital channels turn into deep and profitable relationships” which is of huge importance to direct digital banks. Very NICE!!!!Owners Bank, the direct digital bank division of Liberty Bank (FDIC 17943), who had previously announced the launch of small business loans and lines of credit offerings in support of small businesses, now announces the launch of a business credit card designed specifically for small businesses.Panacea Financial, the direct digital bank division of Primis Bank (FDIC 57968), has partnered with Bankjoy for their digital banking platform and integration “with Panacea’s core system via Fiserv Communicator Open.”
jaris (fintech offering turnkey embedded finance solution for small business lending) partners with First Internet Bank to increase business financing capacity to $1B and drive additional product offerings.
Xbox is launching their first-ever credit card in the U.S.. The Xbox Mastercard (issued by Barclays Bank Delaware) will be available to qualified Xbox Insiders on Sept 25 with availability open to the general public in 2024.
Alza emerges from stealth to offer neo / immigrant banking app targeting Latin and Central Americans in the U.S. with an emphasis on cross-border transfers.But hey – if you are subscribed to the FedFis Fintech Analytics© database – you would have known this a couple of months ago (YES – that is an absolutely shameless plug – LOL)… Contact our very own Mr. Bobby Button for more info on this innovative FedFis product! 😊
Colony Bank (FDIC 22257) selects Prelim for digital new account opening and integration for both consumer and commercial accounts.
Unit (BaaS platform) announced a new integration with Knot allowing fintech brands to streamline the process of updating payment information. “Knot’s Card on File Switcher makes it simple for your customers to update their card information, with only a login to the merchant required.” Currently available only to Unit clients on Blue Ridge Bank and Piermont Bank, per the article, with more banks coming soon.
Citi sells its “Bridge built by Citi®” platform to Foro.
And the big boys are taking note…. JPMorgan Chase to offer online payroll processing via partnership with Gusto as the nation’s largest bank tries to target small business customers and compete more directly with fintech companies (Square and PayPal specifically mentioned in the article).
Episode Six (E6) launches Business Now, Pay Later™ enabling financial institutions to offer a turnkey and customizable B2B installment loan solution to SMEs at any point in their purchasing process (with no disruption to the bank tech stack).
The FDIC released their review of failed First Republic Bank. Of course we all know it was a bank run, but the agency also highlighted some internal missteps including a Liquidity Rating of 1 despite vulnerability to interest rate risk and reliance on a high level of uninsured deposits (funding concentration) that should have had a stronger negative impact on ratings (as well as the bank’s Management component).
Notable FinTech funding for the week:Ampla (working capital) picks up a $258M credit facility from Goldman Sachs to build out Ampla Growth Capital.CertifID (wire fraud prevention platform for RE transactions) $20M in Series B funding round.
Random Uncle Sean stuff:
That high pressure heat dome over Texas finally moved and we went from 107 degrees to upper 80’s/low 90’s in a week – we even saw some rain!!!! I felt like a little kid watching the first snowfall of the season.HOLY SMOKES – check out this record setting Alligator Gar caught in Texas!!!! The fish measured 8 feet, 4 inches long, with a 48-inch girth and weighed in at 283 pounds. The most remarkable part is that it was caught on a rod & reel with 6-pound test and took almost three hours to land it!!!! 😮 The fish was photographed and released.First flown in 1959 (yep – 64 years ago), the North American X-15 hypersonic aircraft hit Mach 6.72 (4,534 mph) at an altitude of 354,200 feet withstanding aerodynamic temperatures (friction) in excess of 1,200 degrees F…. Reminds me of Aunt Patty’s driving! LOL!!!!! 😝Here they are…. Dad / bad jokes!!! 😊Bought some fly spray and sprayed it all over myself… I still can’t fly…Bought some thin mints… Yeah – that didn’t work either.Don’t even get me started on smartwater….
Have a GREAT weekend and please stay safe!!!
Uncle Sean
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at smayo@fedfis.com | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | info@fedfis.com #FedFisHasTheData FedFis
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC – we all know he’s a little bit different; but that’s why we love him.
Don’t forget to sign up here to have the Uncle Sean Update and the Fintech Cowboys delivered straight to your inbox every week! Here is the Uncle Sean Update for 9/15/23:
With all eyes on the FOMC meeting next week, the BLS August CPI Report came in hotter than expected at 3.7% (expectation was 3.6% and July was 3.2%) due largely to increases in gasoline prices and shelter costs. Core CPI actually slowed to 4.3% (spot on with expectation of 4.3% and July was 4.7%).Worth noting in the BLS report that shelter costs have increased for 40 consecutive months. CNBC has a good summary.
Check out the activity going on in the direct digital bank space this week (Uncle Sean is a big fan of this business model):ZYNLO Bank, the direct digital bank division of PeoplesBank (FDIC 90213), selects Digital Onboarding to “ensure that the accounts acquired via digital channels turn into deep and profitable relationships” which is of huge importance to direct digital banks. Very NICE!!!!Owners Bank, the direct digital bank division of Liberty Bank (FDIC 17943), who had previously announced the launch of small business loans and lines of credit offerings in support of small businesses, now announces the launch of a business credit card designed specifically for small businesses.Panacea Financial, the direct digital bank division of Primis Bank (FDIC 57968), has partnered with Bankjoy for their digital banking platform and integration “with Panacea’s core system via Fiserv Communicator Open.”
jaris (fintech offering turnkey embedded finance solution for small business lending) partners with First Internet Bank to increase business financing capacity to $1B and drive additional product offerings.
Xbox is launching their first-ever credit card in the U.S.. The Xbox Mastercard (issued by Barclays Bank Delaware) will be available to qualified Xbox Insiders on Sept 25 with availability open to the general public in 2024.
Alza emerges from stealth to offer neo / immigrant banking app targeting Latin and Central Americans in the U.S. with an emphasis on cross-border transfers.But hey – if you are subscribed to the FedFis Fintech Analytics© database – you would have known this a couple of months ago (YES – that is an absolutely shameless plug – LOL)… Contact our very own Mr. Bobby Button for more info on this innovative FedFis product! 😊
Colony Bank (FDIC 22257) selects Prelim for digital new account opening and integration for both consumer and commercial accounts.
Unit (BaaS platform) announced a new integration with Knot allowing fintech brands to streamline the process of updating payment information. “Knot’s Card on File Switcher makes it simple for your customers to update their card information, with only a login to the merchant required.” Currently available only to Unit clients on Blue Ridge Bank and Piermont Bank, per the article, with more banks coming soon.
Citi sells its “Bridge built by Citi®” platform to Foro.
And the big boys are taking note…. JPMorgan Chase to offer online payroll processing via partnership with Gusto as the nation’s largest bank tries to target small business customers and compete more directly with fintech companies (Square and PayPal specifically mentioned in the article).
Episode Six (E6) launches Business Now, Pay Later™ enabling financial institutions to offer a turnkey and customizable B2B installment loan solution to SMEs at any point in their purchasing process (with no disruption to the bank tech stack).
The FDIC released their review of failed First Republic Bank. Of course we all know it was a bank run, but the agency also highlighted some internal missteps including a Liquidity Rating of 1 despite vulnerability to interest rate risk and reliance on a high level of uninsured deposits (funding concentration) that should have had a stronger negative impact on ratings (as well as the bank’s Management component).
Notable FinTech funding for the week:Ampla (working capital) picks up a $258M credit facility from Goldman Sachs to build out Ampla Growth Capital.CertifID (wire fraud prevention platform for RE transactions) $20M in Series B funding round.
Random Uncle Sean stuff:
That high pressure heat dome over Texas finally moved and we went from 107 degrees to upper 80’s/low 90’s in a week – we even saw some rain!!!! I felt like a little kid watching the first snowfall of the season.HOLY SMOKES – check out this record setting Alligator Gar caught in Texas!!!! The fish measured 8 feet, 4 inches long, with a 48-inch girth and weighed in at 283 pounds. The most remarkable part is that it was caught on a rod & reel with 6-pound test and took almost three hours to land it!!!! 😮 The fish was photographed and released.First flown in 1959 (yep – 64 years ago), the North American X-15 hypersonic aircraft hit Mach 6.72 (4,534 mph) at an altitude of 354,200 feet withstanding aerodynamic temperatures (friction) in excess of 1,200 degrees F…. Reminds me of Aunt Patty’s driving! LOL!!!!! 😝Here they are…. Dad / bad jokes!!! 😊Bought some fly spray and sprayed it all over myself… I still can’t fly…Bought some thin mints… Yeah – that didn’t work either.Don’t even get me started on smartwater….
Have a GREAT weekend and please stay safe!!!
Uncle Sean
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at smayo@fedfis.com | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | info@fedfis.com #FedFisHasTheData FedFis
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC – we all know he’s a little bit different; but that’s why we love him.
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