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“Hard times don’t last, tough people do”: A day in the life of Luvleen Sidhu, CEO and Founder of BMTX
After graduating from Harvard in 2008, Luvleen Sidhu joined Lehman Brothers – her first day on the job was the day the company went bankrupt. As she entered the building to start her career, bankers were coming out of the building with boxes.
This experience left a mark – it was something shocking to see on TV, but witnessing it in person had an even deeper impact. He exposed the fragility of the global financial system and how the lives of millions of people can be affected by decisions made on Wall Street.
Today, Luvleen Sidhu is the youngest female founder to go public with a company as President, CEO and Founder of BMTXformerly known as BankMobile.
The life of a banking executive comes with challenges, and Luvleen discusses her professional journey, her love for spirituality, and empowering more women to thrive in male-dominated industries.
How Atomic uses payroll data to create opportunities for banks, fintechs and their customers
If a bank or fintech company wants to make a loan to a consumer, they’re likely looking at information contained in a pay stub.
The idea of using paycheck data to access financial products and services has been around for a while – in 2019, research from CB Insights pointed to the fintech trend”unbundle the salaryto help consumers deal with debt or payday loans, and give them more choices to improve their financial health.
But banks aren’t really capable of doing this on their own, according to Lindsay Davis, head of markets at Atomic.
Speaking at Tearsheet’s DataDay conference, Davis explained how payroll data can be used by financial providers to unlock more opportunities.
Just look at the charts
1. Digitization turns the “unbanked” into the “banked”
Source: Richard Tourin
2. Europe is becoming a fintech hub
Source: Timo Dreger
JPMorgan versus Goldman Sachs versus fintech
What will happen now that two very large incumbent banks, JPMorgan and Goldman Sachs, are happily pouring huge sums of money from their heavy balance sheets into tackling fintechs? (AltFi)
The CFPB ends the special regulatory treatment of Payactiv
The CFPB has ended Payactiv’s sandbox approval order for its earned wage access products, as the fintech prepares to change its pricing model (PYMNES)
Stake, a fintech for tenants, gets $12 million Series A
With Stake, tenants earn money when they take positive steps, like signing a lease and paying rent (Finextra)
No respite at the end of the term
Midway through 2022, the Fintech IPO index ended the week down 2.3% and is down 42.8% year-to-date, ending a quarter that topped the worst half of the markets for decades (PYMNES)
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