Investment

Agencies supervising lenders should make it clear that the transition to less discriminatory algorithms won’t be used to punish banks for their previous use of older, less effective systems.

The buy now/pay later startup Zilch has raised a further $50 million, upping the total raise for its Series C fundraising to $160 million as it plans bolster U.S. expansion plans. 

Fraudsters sometimes target customers of credit unions and smaller banks because the institutions lack the cybersecurity resources of larger players.

With global tensions rising over Ukraine, the cutthroat competitiveness of the U.S. financial sector is yielding to partnership over the conviction that a cyberattack against even a group of minor banks — or a third-party service provider — could imperil everyone in a highly connected system.

Rakefet Russak-Aminoach, who led the Israeli bank for seven years, now funds and helps build fintechs that work with other fintechs and banks.

The data breach, which occurred over a two-day period last December, is the largest disclosure by a mortgage lender this year.

A recent survey indicated banks and other firms continue to grapple with the cybersecurity challenges of remote work. To defend their data, they’re looking far beyond the traditional VPN.

Codat, a software startup that connects small businesses with financial institutions, raised $100 million in an equity funding round led by JPMorgan Chase’s growth-equity arm.

A recent campaign targeting Quickbooks users claimed customers had their accounts suspended because of problems verifying their business information. It’s the latest example of scams that slither through multiple lines of defense.

Banks and fintechs wonder if regulators are getting more comfortable with machine learning-based ways of assessing credit, or if agency oversight will mean a crackdown.