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FinTech News
Galileo Officially Launches Galileo Instant for Debit Card Creation
One major trend seen in the FinTech industry in recent years has been the roll-out of branded debit cards. Now, Galileo is looking to make creating such offerings even easier. Recently, the company announced the official launch of Galileo Instant after originally debuting a beta of the program in November of last year. According to Galileo, Instant will allow businesses to launch their own debit cards in as little as...
Economic News
U.S. Unemployment Rate Retreats to 11.1% in June
Last month saw more Americans returning to work, even as the COVID-19 pandemic rolls on. According to the latest Bureau of Labor Statistics report, the United States economy reclaimed 4.8 million jobs in June. That's a notable increase from the 2.7 million added in May (adjusted from the original 2.5 million reported) and, as Axios notes, well exceeds the 3 million jobs that economists had anticipated to see from this...
Personal Finance
FICO Introduces New Consumer Resilience Index
In recent years, there's been plenty of discussion about making changes to the credit score system that most Americans are forced to live by. In addition to some FinTech lenders developing their own decision algorithms, products such as Experian Boost have allowed consumers to provide more information that might help their approval odds. Now the Fair Isaacs Corp. (FICO) has developed a new tool that may assist lenders in their...
FinTech News
Empower Retirement To Acquire Personal Capital for Up to $1 Billion
The FinTech personal finance and investment tracking platform Personal Capital has just announced a big exit. This week, the company revealed that it is being acquired by retirement plan recordkeeper Empower Retirement. This acquisition will cost Empower up to $1 billion, with $825 million coming at closing and a contingency bonus of up to $175 million for planned growth. Incidentally, Personal Capital celebrated that presumed final dollar figure when announcing...
Small Business News
American Express Commits $200 Million to Latest Shop Small Campaign
For some time now, American Express has made its support of small businesses clear. While the credit card company's best-known link to the small business world is their invention of Small Business Saturday — which is celebrated on the Saturday after Thanksgiving each November — their Shop Small efforts are year-round. Now, at a time when many businesses are working to recover from the financial impacts of the COVID-19 pandemic...
Economic News
U.S. Consumer Spending Increased in May, Income Fell
With the United States still navigating unprecedented times due to the COVID-19 pandemic, a new report brings both good and bad news on the economic front. According to the latest figures from the Bureau of Economic Analysis, personal consumption expenditures (PCE) grew 8.2% in May to reach $994.5 billion.
FinTech News
