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Daily Tearsheet: Dave going public, BNPL as the new challenger bank, how alternative data helps against loan application fraud, and more

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Daily Tearsheet: Dave going public, BNPL as the new challenger bank, how alternative data helps against loan application fraud, and more

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The Banking Podcast Ep. 17: The story of Dave going public and BNPL as the new challenger bank

In episode 17 of Tearsheet’s Banking Podcast, Josh Liggett, investment team principal at OurCrowd joins co-host Zack Miller, Tearsheet’s Editor in Chief, to discuss Dave’s challenges as a public neobank and what that means for the rest of the industry.

Zack and Josh also talk about BNPL, MetaBank, and Apple and its acquisition of Credit Kudos.

Watch/listen/read more

How data is helping B2B fintech lenders step up to address loan application fraud

SMBs are increasingly turning to fintechs to provide more agile loan approvals with less stringent background checks than regular banks.

This is fintech’s great advantage over traditional financial institutions, but it comes with the added tendency to attract high-risk borrowers. 

When it comes to processing SMB loan applications, it’s essential to know if they will be able to tell if the applicants are who they say they are and can cover the loan payments. Alternative data can help create better predictive models in three key areas for fintechs: risk modeling, fraud detection, and lead scoring.

Read more (sponsored by Explorium)

The latest briefing

Green Finance Briefing: The new SEC proposal and fossil fuel financing

Climate-related risk disclosures are one step closer to becoming a reality in the US. Last week, the Securities and Exchange Commission issued a new proposal requiring companies to begin quantifying and reporting their greenhouse gas emissions.

This marks a step forward for embedding climate risks into business decisions, in a time when US banks are the top financiers of the global fossil fuel industry. 

Read more (exclusive to Outlier members)

Just look at the charts

1. The surge in climate risk reporting

SourceGordon Hayes

2. US online shopping payment preferences

SourceeMarketer

Today’s stories

Chase and Amazon reach agreement on Amazon Prime Rewards card
There was plenty of noise about Amazon exiting its co-brand relationship with Chase Visa, but the matter is now settled (PaymentsJournal)

MoonPay joins forces with OpenSea
NFT marketplace OpenSea is teaming up with MoonPay to enable direct credit card payments for the purchase of NFTs (PYMNTS)

‘Biggest fraud in a generation’
The prevalence of Covid relief fraud has been known for some time, but the enormous scope and its implications are only now becoming clear with the looting of the PPP Covid relief plan (NBC News)

Is Goldman Sachs a buy? 
Goldman is leveraging its strong brand to gain traction in the consumer market. The bank is adapting to new opportunities and dipping its toes into crypto (The Motley Fool)

BNPL could be a mixed bag for consumers
A recent survey finds that one in four BNPL users are “financially vulnerable” (deBanked)

Stay ahead of the game with Outlier — Tearsheet’s exclusive members-only content program and join the leading financial services and fintech innovators reading us every day.

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