Category: Finance

Innovation in payments will charge ahead in 2023, though not in the same way it has in the past few years. With venture capital firms tightening purse strings and startups floundering, legacy players are likely to pick off some industry small fry. Meanwhile, other fintechs may close down amid challenging economic conditions, including rising borrowing […]

Dive Brief: In a filing with the Securities and Exchange Commission Monday, PayPal said its chief accounting officer, Jeffrey Karbowski, has resigned to take a job with another company and will exit Feb. 10. He has been hired by the streaming company Netflix, according to a report in Variety. In his wake, PayPal’s Acting Chief […]

In predicting hot spots for the year ahead, sometimes it’s worth seeing what was written a year ago. While some of early 2022’s concerns — COVID-related ones, perhaps — seem of their time, others surprisingly grew legs. When Banking Dive included crypto on its list last year, the paramount concern seemed how to regulate it. […]

Dive Brief: Goldman Sachs plans to slash 3,200 jobs this week as the investment bank braces for economic headwinds, Bloomberg reported Sunday, citing a person with knowledge of the matter. More than one-third of the cuts will be from within the bank’s core trading and banking units, the source told the wire service. Goldman is […]

And then there were three. Jon Pruzan, Morgan Stanley’s chief operating officer, is leaving the bank at the end of the month, according to a message to staff seen Monday by Bloomberg and Reuters. Pruzan was one of four executives seen as a potential successor to CEO James Gorman, who has led Morgan Stanley since […]

Funding Circle, a London-based small business lending platform, named Steve Allocca as its U.S. managing director, the company announced Thursday. Allocca, who will report to CEO Lisa Jacobs, will play an important role in spearheading the company’s growth and expansion by serving more small businesses across the U.S., the company said. “I am excited to […]

New York City-based Metropolitan Commercial Bank will exit the crypto world, it said Monday, following a year in which the sector saw volatility in token prices and the downfall of several prominent exchanges. Metropolitan served as a banking partner for now-bankrupt crypto exchange Voyager Digital, and faced a spotlight in July, when it clarified to […]

Dive Brief: Corporate virtual card services provider Extend will expand its 90-employee workforce by 20% this year as it stretches its international reach, and potentially adds consumer card services later in 2023, CEO Andrew Jamison said in an interview last week. The New York company entered Canada last month by way of an agreement with […]

PayPal was regaining its footing last year after falling short of growth goals in 2022, but now it faces an e-commerce slump. Some industry observers are wondering out loud whether a new CEO will step in for the challenge. PayPal CEO Dan Schulman tried to reset the company’s priorities last year, but the worsening economic […]

Montreal-based fintech Nuvei has agreed to buy the Atlanta-based payments company Paya for $1.3 billion, the companies announced Monday. Nuvei, which enables companies to accept payments and offers payout options, plans to incorporate Paya’s integrated payment capabilities into its global platform, according to their Monday news release. Paya offers integrated payments in business-to-business, healthcare, nonprofit and education verticals, […]