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Daily Tearsheet: Klover CEO on making banking free, Square ends 2021 as the top SMB digital lender by volume, and more

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Daily Tearsheet: Klover CEO on making banking free, Square ends 2021 as the top SMB digital lender by volume, and more

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Unlocking the value in consumer data: Klover CEO Brian Mandelbaum on making banking free

As banking evolves, user data is playing an increasingly central role in how providers interact with their customers, and also how they fundamentally design their business models. 

One fintech with data at the center of its business model is Chicago-based Klover, which is on a mission to make modern financial services free and open for all by leveraging user data — or as the firm calls it — by “gamifying zero-party data”.

Klover believes that it is fundamentally building a new category of consumer banking. This new business model unlocks the value trapped in transaction data in exchange for free products and services. 

The firm makes money from its business partners while keeping its services free for users. 

Read more

Data snack: Square ends 2021 as the top SMB digital lender by volume

Square Loans, Block’s small business lending division, ended 2021 with $2.5 billion in loans originated – a new annual record – placing it ahead of rivals PayPal and OnDeck for the first time ever in the digital SMB lending space.

The fintech’s record numbers compared to $1.8 billion of loans at both PayPal and OnDeck.

Square was also the only one to have exceeded pre-pandemic loan origination volumes.

Read more (exclusive to Outlier members)

The latest briefing

Marketing Briefing: How a fintech focused on creators goes about creating a standout image

Lumanu is a fintech app focused on Gen Z creators — like influencers, photographers, and designers. The app offers tools like payments, project organization, and expense tracking.

The trick to establishing Lumanu’s brand identity has been about matching the company’s tone with the creative inclination of its core user base.

In a lot of ways, Lumanu has taken a different approach than many of its competitors. 

Read more (exclusive to Outlier members)

Just look at the charts

1. Fintech and insurtech’s market performance in 2021

SourceBCG

2. True digital natives

SourceCrunchbase

Today’s stories

UBS expands flexible working options
In an extension of its current hybrid work arrangements, UBS is offering a 100% remote work option for eligible US-based employees (Financial Advisor IQ)

Currencycloud debuts weekend FX trading
Visa’s Currencycloud has launched a new tool called Weekend FX, which will enable clients to offer competitive FX rates around the clock, including on weekends (PYMNTS)

Bitcoin hot tub, anyone?
Here are some of the innovative and sometimes hilarious functions bitcoin miners have found for their rigs (CoinDesk)

Alviere adds crypto offerings
Alviere announced a partnership with Coinbase Prime to add crypto services to its embedded finance platform, The HIVE (Finextra)

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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