Search Results for "Robinhood"
6 results for "Robinhood"
Deals 6
Talos Raises $150M Series B Extension for Digital Asset Infrastructure
Talos, an institutional digital asset infrastructure and data provider, raised a $150M Series B extension at a ~$1.5B post-money valuation. Investors include Robinhood Markets, Sony Innovation Fund, and a16z crypto. The round underscores growing institutional demand for digital asset trading and data infrastructure.
FDIC Issues Consent Orders to Piermont Bank and Sutton Bank Over BaaS Failures
The FDIC issued consent orders against Piermont Bank and Sutton Bank for compliance failures related to their BaaS partnerships, particularly around Bank Secrecy Act obligations. Sutton Bank, which partners with fintechs including Robinhood, Square, and Upgrade, was required to collect customer data retroactively back to July 2020. The actions signal intensifying regulatory pressure on sponsor banks operating in the BaaS space.
Chime Holds 60% of US Digital Banking Market Without Bank Charter
Chime commanded approximately 60% of the US digital banking market as of May 2020, operating entirely through bank partnerships rather than its own charter. This underscored the dominance of the BaaS partnership model for scaling consumer fintech. The report also noted the broader landscape of fintech charter challenges.
Robinhood Withdraws OCC National Bank Charter Application
Robinhood withdrew its application for an OCC national bank charter on November 27, 2019, amid persistent regulatory challenges facing fintechs seeking full banking status. The withdrawal highlighted the difficulty for non-bank fintechs in obtaining bank charters in the US. The move underscored broader tensions between fintech innovation and traditional banking regulation.
Visa and Mastercard Invest in Plaid's $250M Series C Round
Visa and Mastercard both made strategic investments in Plaid as part of its $250 million Series C round, valuing the fintech infrastructure company at $2.65 billion. Plaid provides APIs that connect fintech apps to users' bank accounts, serving 80% of major fintech firms including Venmo, Robinhood, and Chime. The co-investment by both card networks signals their intent to benefit from the growth of the fintech ecosystem reliant on bank-account connectivity infrastructure.
Plaid Raises $250M Series C at $2.65B Valuation for Banking API Platform
Plaid, a banking API infrastructure company, raised $250 million in a Series C round at a $2.65 billion valuation, led by Mary Meeker of Kleiner Perkins. New investors included Andreessen Horowitz and Index Ventures, bringing total funding to $310 million. Plaid's APIs connect fintech apps like Venmo, Robinhood, and Coinbase to over 10,000 U.S. and Canadian banks, powering apps used by 25% of U.S. bank account holders.