Top Headlines in Fintech #001

“That is potentially catastrophic.” - JPMorgan’s Jamie Dimon on the possibility of a U.S. debt default 

While the economy has managed to stave off a recession so far, it continues to face headwinds such as rising interest rates and stubbornly high inflation, setting the stage for volatile financial markets. As if that weren’t enough, the United States is also eerily close to a potential default on its debt, something that JPMorgan CEO Jamie Dimon said would be “potentially catastrophic.”

Dimon, who has a love/hate relationship with fintech, added that he doesn’t believe that a U.S. default will occur, saying the closer it gets, the more panic that would spread across the financial markets. Nevertheless, these are precarious conditions for businesses to navigate on a global scale. Despite the uncertainty, fintech companies have been on offense and are far from buckling under the pressure.

Fintech Nexus USA Awards

Fintech Nexus USA, the industry’s premier event, unfolded at the Javits Center in New York City last week. Awards were given to recognize some of the standout companies and individuals in this space:

BMTX’s Luvleen Sidhu, the recipient of the Executive of the Year award, stated, “I’m excited to be a woman on this stage and representing fintech. And it’s just another reminder to reach our potential and keep going.”

Takeaway: For business leaders who missed out on this year’s event, Fintech Nexus LatAm will occur on December 13-14, 2023. Or you could plan now for next year’s US show. Participants use this platform as an opportunity to raise their brand in the fintech industry. It’s a good place to network, learn and share ideas with other market leaders. 

Venture Capital

There’s a new fintech accelerator in town. The Mint is a San Francisco-based fintech accelerator that was launched by Better Tomorrow Ventures. The folks behind this accelerator describe themselves as “fintech builders,” and together they’ve backed over 100 fintech businesses so far. 

Digital Payments  

Vestwell: JPMorgan has selected retirement plan digital record keeper Vestwell to oversee its 401(k) program for small businesses. JPMorgan Asset Management’s head of retirement, Steve Rubino, said the firm has been experiencing rising demand for its retirement services. 

Walmart: Walmart is eyeing Mexico’s fintech market with big plans for its digital payments app Cashi. Walmart de Mexico, the company’s Mexican subsidiary, has acquired payments app Trafalgar in a move that will pit it up against some heavy hitters in the region. Walmart is eyeing services such as money transfers, withdrawals and remittances via the Cashi app in Mexico. Walmart’s fintech aspirations have been met with regulatory resistance in the U.S. market. 

Executive Shuffle

Revolut: UK-based neobank Revolut has experienced an executive shakeup. After slightly more than two years with the company, CFO Mikko Salovaara has stepped down, citing personal reasons. Revolut has been mired in regulatory issues in its pursuit to obtain a banking license in the region. 

Takeaway: This is a reminder that fintech talent has options and that it’s not a bad idea to think outside the box when it comes to retention and hiring. FYI, women executives are underrepresented in the fintech industry, comprising just 7% of the fintech industry, IMF data reveals.

Stock Roundup 

Takeaway: Fintech valuations remain under pressure. This could influence the timing of a startup’s capital raise or a decision about entering the publicly traded markets. The IPO market, particularly in Asia, is continuing to improve after last year’s drought. 

However, it will be a while before a full-fledged recovery is underway. According to Dealogic data, there were nearly two-dozen fintech IPOs in 2021 that raised a combined $10.9 billion. Last year, there was only one new offering for a tally of $144 million raised. 

Fed Talk 

The Federal Reserve is readying the launch of its FedNow payments service this summer. FedNow is a real-time payment service that allows participants (financial institutions and service providers) to send money instantly. According to reports, Wal-Mart and Kroger have expressed interest in participating in the FedNow program with the aim of giving their customers additional payment options outside of traditional payment infrastructure.  

Takeaway: The Fed’s program is something for all businesses to be aware of, especially considering the government’s plans for a dollar-backed central bank digital currency (CBDC).


As the Chinese proverb states, “When the winds of change blow, some people build walls and others build windmills.“ During these unprecedented times, fintech leaders are the builders, keeping their heads down while focusing on innovation and efficiency. 

Much of the fintech industry will remain resilient while some market participants may emerge unscathed though none are likely to be unchanged amid the economic turmoil. 

Given the unique needs of fintech executives, it’s more important than ever to have the right support in your corner when it comes to business finances. 

Whether you’re a startup, SMB or enterprise in need of online banking, automated bill payments, seamless invoicing or flexible financing, Aion is here for you. Spend less time managing your business finances and more time growing the business. Get started with a free business banking account today.