Acorns, financial literacy and the evolution of PayPal as a charity platform – Tearsheet


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“Would you rather tell your friends about your weight or your money?” : Kennedy Reynolds of Acorns

Fintechs have come to see customer education as one of their core jobs. An example of such a fintech is Acorns – a digital banking and investing platform with 8.2 million active users.

Acorns customers can invest with whatever little capital they want to get started. Its Round-Up feature allows clients to take the spare change they receive from day-to-day expenses like buying groceries or fuel and invest it in an ETF. The company’s Diversified Portfolio Program allows users to invest in expertly built portfolios with as little as $3 per month.

Through a variety of short and long-term investment opportunities, the company aims to help people build the habit of investing over time.

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Behind PayPal’s Evolution as a Charitable Platform

PayPal has earned a reputation as one of the best digital donation platforms. It supports and promotes 1.4 million associations and causes by helping more than 426 million consumers and merchants in more than 200 markets around the world.

PayPal’s donation programs offer the ability to do personalized fundraising campaigns, where people can donate to any cause they wish to support.

The past two years have been trying all over the world due to the pandemic, which has made it difficult for many people to make ends meet. PayPal has launched and expanded various funding vehicles over time, to help the masses obtain monetary assistance, if and when needed.

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Just look at the charts

  1. Six Wall Street banks that paid nearly $200 billion in settlements

Source: XRP_Cro

2. The evolution of software business models

Source: Timo Dreger

today’s stories

Visa Reduces Interchange Fees for SMBs
Visa will cut consumer credit interchange rates by 10% to help US merchants recover from the pandemic (Reuters)

KeyBank’s formula for success
KeyBank CEO Chris Gorman explains how the company has leveraged technology, ecosystem partnerships and innovative solutions to position itself for the future (The financial brand)

‘fair trade
Fintechs strive to identify and correct unconscious biases and create equal opportunities for women leaders (people matter)

The watchdogs are divided on crypto
Industry regulators in major global financial centers are reluctant to license forward-thinking crypto funds (FinancialTimes)

Banks see fintechs as “enemies”
Despite the competition, there is also some cooperation between banks and fintechs, as banks need fintechs to stay competitive and fintechs can also glean knowledge from banks that have been operating for decades (Tech Crunch)

BlackRock Funds Soar on Ethical Investment Streams
BlackRock manages seven of the ten largest ethically-themed ETFs in the United States and the three largest such funds in Europe (FinancialTimes)

SoFi wants to disrupt traditional banking
SoFi is transforming from a student loan refinance lender to a banking and technology powerhouse, with a national banking charter (The financial brand)

What happened to P2P lending?
While individuals can still invest in consumer loans, most digital credits are secured by larger funding sources (Kiplinger)

Bankjoy adds 16 credit unions to its service
Bankjoy, a Detroit-based digital banking provider, has added 16 credit unions from across the United States to its end-to-end digital services ecosystem (DBusiness)

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