Thanks to record savings and the COVID-19 Economic Relief plan, many card users were able to keep their credit card debt low and obtain funds from alternative sources.
A number of major banks are eager to lend again after tightening credit at the start of the pandemic.
Chime, one of the fastest-growing fintech companies, agreed to stop using the word “bank” to describe their business.
Ally Financial Inc, one of the major US auto lenders, reported a net income of $796 million.
TrueLayer, a British banking startup, has long-term goal of eliminating the need for credit cards.
Square Financial Services is designed to act as the originator of small business loans to retailers that already use the company’s technology to process card sales. Square already has a well-developed network of small businesses operating on its payment processing platform, and the management’s decision to focus on servicing those clients came as no surprise.
