By most measures, 2022 was a difficult year for companies that enable digital payments, resulting in a slew of job losses among technology workers.
There have been more than 90,000 layoffs in the technology sector, according to Crunchbase. That includes challenger banks and digital payment companies, including high-profile firms like Stripe, Brex and Klarna.
“In my personal experience, having lost my job in the past, you learn that you are not infallible,” said Charles Rosenblatt, president of PayQuicker, a payment company that supports disbursements. “This helped me become a much more humble employee, which I think is an important quality for both an employee and an employer.”
Some of these workers may find their skills in demand, since there are fintechs and legacy card companies that are aggressively adding staff to gain an advantage in the year ahead.
Here are some payment companies and fintechs that have announced large-scale hiring plans.
The $23 million deal, announced more than a year ago, was terminated following regulatory delays.
Consumer advocates urged a district court to dismiss a lawsuit against the Consumer Financial Protection Bureau, alleging that discrimination is an “unfair,” practice under the Dodd-Frank Act.
A consumer financial-health checkup from the CFPB, a Mid Penn M&A deal in Jersey and more in banking news this week.
The Federal Trade Commission, in a consent agreement, instructed Mastercard to allow other debit networks to decipher ‘tokenized’ card account data used for online payments.
In his first American Banker interview since becoming CEO two years ago, Thomas Cangemi talks about the company’s transformation into a full-service commercial bank now that it has completed its twice-delayed acquisition of Flagstar Bancorp.
The Paycheck Protection Program proved successful in providing small-business owners with funds to keep workers employed — but it was also a magnet for criminals. Here is a rundown of fraud probes, prosecutions and potential long-term consequences for commercial lending.
Brown has helped the online bank weather the pandemic. His next challenge: a looming economic downturn
