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Bulletin

Uncle Sean's Update - 6/10/22

6/10/2022

 
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​Happy Friday!!!
 
It’s HOT outside!!!!  Here is the Uncle Sean Update for 6/10/22:
 
  • This week we get a double fist bump for the BaaS Association as great things continue to happen in Bankers Helping Bankers:
    • Five Star Bank joins the BHB Banking-as-a-Service (BaaS) platform as a founding member!!! 
    • Doubling down, is Coastal Community Bank announcing that they have also joined the newly launched BaaS Association as a founding member!!!
 
  • I’m sure you saw this everywhere this week like I did, so I’ll keep this short and on point…  At their Worldwide Developers Conference, Apple announced the launch of their Apple Pay Later BNPL product.  CNBC has a really good summary.  No real surprise as we have been tracking this since last July.  However, there are a couple of new developments worth noting:
    • This is a function of Mastercard Installments and Goldman Sachs is the BIN sponsor; although Apple Financing, LLC will do the underwriting, approval, and hold the receivables.
    • Apple Pay Later is merchant agnostic meaning there is no need for ANY integrations as long as the merchant accepts Apple Pay (already accepted at over 90% of US retailers; and it is estimated that there are well over 100M iPhones in the US).
    • Could this be the “Klarna Killer” from a merchant agnostic perspective?  Will this dilute Square’s (Block) $29B acquisition of AfterPay as an ecosystem play?  Time will tell, but Apple certainly has the reach…
 
  • Locality Bank announces a partnership with Hurdlr, an API based solution for Locality Bank’s business customers to seamlessly and “automatically track expenses, income streams, and tax deductions for accounting purposes.” 
 
  • More banks announce changes to overdraft / NSF:
    • Flagstar Bank (FDIC 32541, NYSE: FBC, Total Assets $23B) revamps overdraft program to eliminate NSF and other OD changes beginning Aug 1, 2022.
    • New York Community Bank (FDIC 16022, NYSE: NYCB, Total Assets $61B) announced plans to eliminate NSF and restructure OD beginning Aug 1, 2022.  NYCB will also launch Early Pay in 3Q to allow customers to access their direct deposit up to two days early.
 
  • Custodia Bank (fka Avanti), a Wyoming SPDI for digital assets / crypto, is suing the Federal Reserve for delays (19 months) in processing their master account request.
 
  • PayPal announced that their users can now transfer, send, and receive crypto between PayPal and other wallets and exchanges.  Basically, this allows PayPal customers to:
    • Transfer supported coins into PayPal.
    • Move crypto from PayPal to external crypto addresses including exchanges and hardware wallets.
    • Send crypto to family and friends on PayPal in seconds, with no fees or network charges to send or receive.
 
  • The FTC released a Data Spotlight on crypto fraud losses to consumers based on scams totaling $1B since the beginning of 2021 through March 2022; and is accelerating rapidly:
    • $680M total for all 2021 plus another $329M in 1Q2022….  That’s not good…
 
  • So, this got interesting rather quickly….  Edge announced the launch of the Edge Crypto Mastercard allegedly without any identification or KYC (wait, what???)…  However, there seemed to be little bit of confusion and a Blog update on the Edge website states that the Edge Card has been temporarily removed “and the use of the card inside of our app has been temporarily disabled.”
    • In my best Ace Ventura voice, Alrighty Then!!!!  😲
 
  • Railsbank changes their name to Railsr.
 
  • SEC Chairman, Gary Gensler, is looking to overhaul Payment For Order Flow (PFOF).  While many firms have been quietly looking for alternatives, Robinhood looks as if they may be positioning for a fight.  “It is a really good climate for retail. To go in and muck with it right now, to me, is a little worrisome,” said Dan Gallagher (Robinhood Chief Legal Counsel) at the same industry conference Wednesday.
 
  • Shout out to Michigan as they will soon be the 14th state to mandate personal finance education at the high school level as a graduation requirement – a concept that Uncle Sean is greatly in favor of!!!!
 
  • Notable FinTech funding for the week:
    • Middesk (B2B Identity-as-a-Service API in the smoking red hot identity verification / KYC / KYB space) raised $57M in Series B funding round.
    • Branch (insurtech platform) raised $147M in Series C funding at a $1.05B valuation.
    • Ivella (banking app for couples) raised $3.5M in capital.
    • Finch (API platform for connecting to corporate payroll, HR, and benefits systems) raised $15M in Series A funding round - connects to corporate payroll, HR, and benefits systems $15M in Series A funding round.
    • Proper (fintech sub-ledgering platform) raised $4.3M in Seed round.
    • SecureSave (workplace emergency savings account ESA platform) raised $11M in capital.  If this sounds familiar, it is – a few weeks back we highlighted Transamerica Workplace Emergency Savings Account to which SecureSave was one of the providers.
    • Summer (second home ownership platform featuring financing, rent while you are away, and property management) raised $13.4M in Seed funding $13.4M in Seed funding.
    • Fruitful (financial wellness membership platform) emerges from stealth with raised $33M in equity financing consisting of Seed plus Series A.
 
 
Random Uncle Sean Stuff:
  • It’s a little warm here in Austin – expecting 104 today, 107 on Saturday, and 106 on Sunday – WHEW!!!
  • I am cooking this recipe in my slow cooker right now for me and Aunt Patty today (if it tastes as good as it smells, this will be a hit) - slow cooker shrimp boil.  Couple of quick notes:
    • I added a small bag of Louisiana brand shrimp / crab boil (boil in bag).  I upped the water from 2 cups to 5 (needed more to cover everything).  I added fresh green beans for a twist.  Also used an extra ½ lb of shrimp and doubled up on the red potatoes and onion.
    • I think the above proves that Uncle Sean has a very difficult time following basic instructions  – LOL!!!!
  • Okay – here are a couple of quick Dad Jokes to get you into the weekend vibe:
    • So I was at the store trying on some new shoes and I told the guy helping me that they were a little too tight.  He said, “try loosening the tongue up.”  And so I said, “It’th nho ghood, it’th thtill thoo thight.”  😊  
    • What do sprinters eat before a race? Nothing, they fast!  Hehehehehe!!!!
 
 
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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