Credit Card News
FinTech News
Wirex Reaches Crowdfunding Goal in Just 90 Minutes
Who needs venture capital firms anyway? Apparently not Wirex as the U.K.-based payments company easily smashed its fundraising goal using the platform Crowdcube. This morning, the startup surpassed its initial ask of £1 million ($1.28 million) in less than an hour and a half. The campaign was opened to the general public following a priority access period for those who pre-registered. Currently, the company has moved to overfunding and is...
FinTech News
IRS Alters 1040 Form to Make Crypto Question More Prominent
Taxpayers who hold, exchange, and transact cryptocurrencies will soon have one fewer excuses for not reporting these activities to the Internal Revenue Services (IRS). According to the Wall Street Journal, the new Form 1040 for the 2020 tax will make it harder to ignore a question about cryptocurrency assets. Now, the question that asks, "At any time during 2020, did you sell, receive, send, exchange or otherwise acquire any financial...
FinTech News
FinTech Credit Card Company Petal Raises $55 Million
Throughout the past few months, at a time when the whole world is feeling disrupted, startups once called "disruptors" have found their services becoming more important than ever. In turn, there seems to be a streak of investments in these companies. Case in point: this week, Petal revealed that it had raised $55 million as part of its latest funding round. According to TechCrunch, the raise actually closed in April...
Economic News
American Net Worth See Record Increase in Q2 2020
Amid all of the uncertainty and lockdowns that the past few months have brought, it seems that the overall value of Americans' portfolios and homes has soared. As Axios reports, new data from the Federal Reserve shows that U.S. household net worth reached $119 trillion during the second quarter of this year. That marked an increase of $7.6 trillion, which amounts to a 6.8% rise. What's more, the spike was...
Small Business News
American Express Details “Coalition to Back Black Businesses” Grant Program
This past week, American Express continued its efforts to support small businesses during these turbulent times. In this case, the company turned its attention to the Black community, helping to form the Coalition to Back Black Businesses Grant Program. The Coalition is a collaboration between four other organizations: the National Black Chamber of Commerce, the National Business League, the U.S. Black Chambers, Inc., and Walker’s Legacy. Amex's $10 million commitment...
Credit Card News
Unique Upcoming X1 Card Opens Waitlist
In recent months, the credit card industry has been throwing out some mixed signals. While reports suggest that some issuers have been slashing limits and even closing accounts, others have been plussing their products or introducing new ones (such as the recent Chase Freedom Flex card announcements). Now comes word of another interesting credit card product that not only comes from a different kind of issuer but also offers some...
Small Business News
