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The CEO of Swedish FinTech Trustly says going public is not yet on the company’s radar.
Speaking to CNBC Thursday (May 30), Johan Tjarnberg said that although his company just recorded a 51% increase in operating profit, it still has to sell its business model to investors before it can consider a public listing.
“We need another year or two to really demonstrate to the market that open banking...
A chain is only as strong as its weakest link, as the saying goes. And as the fallout from Synapse’s chaotic bankruptcy continues, containing the impact of its collapse across the financial services and FinTech supply chain ecosystem is top of mind for both the over 100 affected firms and industry observers alike.
That’s because the implosion of Synapse, a middleware firm whose services allowed...
Amazon Prime Air has been granted approval by the Federal Aviation Administration (FAA) to expand its drone delivery operations.
This approval allows Prime Air to scale its operations to more locations in the United States, bringing the company closer to its goal of delivering packages to customers in 30 minutes or less using highly autonomous drones, the company said in a Thursday (May 30) press...
OpenAI is making a move with its next-generation artificial intelligence model, but the company’s newly formed safety committee has some experts raising eyebrows.
The tech giant’s announcement Tuesday (May 28) that it is training a cutting-edge AI while launching a safety board might seem like a responsible step. Still, the devil is in the details: The committee appears stacked with OpenAI...
Amazon sellers are reportedly increasingly turning to Google Ads to boost their business and stand out in the crowded marketplace.
With the emergence of startups specializing in mining Google queries for potential buyers, sellers can now target specific demographics and send them to Amazon, creating a valuable pipeline for new customers, Bloomberg reported Thursday (May 30).
Amazon has become a...
The Consumer Financial Protection Bureau (CFPB) is investigating junk fees that increase the closing costs on mortgages.
Closing costs have risen sharply in recent years, the CFPB said in a Thursday (May 30) news release announcing the inquiry. From 2021 to 2023, median total loan costs for home mortgages increased by more than 36%. In 2022, the median closing cost was $6,000.
“Junk fees and...
Swift is partnering with a group of banking giants to combat cross-border payment fraud.
The global messaging service announced in a news release Thursday (May 30) that it is launching a pair of artificial intelligence-based experiments to help its member banks recognize fraud.
“Fraud cost the financial industry $485 billion in 2023 alone,” Swift said. “AI has a strong role to play in reducing...
Amazon announced an expanded partnership with Grubhub to enhance the restaurant delivery experience for its customers.
The collaboration allows Amazon customers in the United States to order from hundreds of thousands of restaurants across all 50 states with Grubhub directly on Amazon.com and the Amazon Shopping app, Amazon said in a Wednesday (May 29) press release.
Prime members can get a free...
Kohl’s is looking to boost its sagging sales by promoting value to consumers who have been buffeted by high interest rates and inflation.
During the quarter ended May 4, the retailer’s net sales decreased 5.3% year-over-year and its comparable sales declined 4.4%, according to a Thursday (May 30) earnings release. Kohl’s attributed the drop in part to a reduction in clearance sales, which more...
Cost-conscious customers from all income levels are helping drive sales at Burlington Stores.
The off-price retailer saw its total sales increase by 11% during the first quarter of the year, according to earnings released Thursday (May 30).
Speaking during a call with analysts, CEO Michael O’Sullivan said the uptick came as consumers from “all income groups” were feeling pressured.
The company...