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Welcome to your daily FinTech news!
NEWS HIGHLIGHT
Marqeta and Plaid are teaming up! This is a sign that fintech is maturing. Marqeta and Plaid are making it easier for consumers to authenticate bank accounts and move funds between them, the first official product partnership between two fintech trailblazers that already share some business customers. Link here.
#layoffs
- Varo Bank’s Layoffs extended their runway by just nine days. Varo, the first US neobank to win a de novo charter, has laid off about 10% of its staff in a bid to extend its runway. As first reported by Jason Mikula in his Fintech Business Weekly newsletter, the fledgling bank was on track to run out of cash by the end of this year, based on its net loss and equity capital reported in its first quarter call report. Link here.
#partnerships
- Barcelona-based community fintech 11Onze teamed up with Tuio, to offer a unique market proposal – 11Onze Segurs. It’s a tech-driven, agile, transparent, affordable home insurance service for its members. The home insurance policy is between 15 and 20% cheaper than the average policy on the market. It offers a monthly subscription of as little as 5 euros per month. Link here.
#inclusion
- UK HSBC is set to stop collecting data on the gender of customers of some of its products in order to be more inclusive towards non-binary and trans people. References to gender have been removed from, among other offerings, the HSBC Kinetic app-based business banking account. Link here.
This ends Your Daily Fintech News.
