The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
Fintech start-up Plaid is revving up its global expansion, which should enable the popular apps it powers to do the same.
After launching in Canada last year, the venture-capital-backed company announced its U.K. launch on Wednesday. Plaid's CEO and co-founder Zach Perret said its presence abroad will make it easier for consumers to connect to U.K.-based fintech apps and for American financial start-ups to expand abroad.
"We're not just talking about launching in the U.K. here, we're talking about launching a full international strategy," Perret told CNBC in a phone interview. "Our hope is that it becomes easier for fintech firms to go international."
Plaid, recently valued at $2.7 billion, already connects U.S. bank accounts to apps like Venmo, Robinhood, Coinbase and Acorns. The firm will bring the same capabilities — including account funding and fast authentication — to British start-ups. The U.K. was an obvious next step, Perret said, thanks to an existing and "incredibly vibrant fintech ecosystem."
So-called challenger banks have thrived in the U.K. under tech-friendly regulation.The Competition and Markets Authority made it easier for these start-ups to enter the retail banking market after 2008, allowing new banks like Revolut to exceed a billion-dollar valuation. Like Revolut, European fintech start-ups Monzo and N26 also have all earned "unicorns" status with valuations topping the $1 billion threshold. All three announced plans to establish U.S. operations this year. Perret said the goal is to provide fintechs with similar "global ambitions" a "fully inclusive platform that covers the U.S. and Canada."
"There's also a lot of growth in China — the eventual plan to expand further internationally," Perret said.
In order to link bank accounts with Venmo and others, these fintech applications rely on a protocol known as application programming interface. Plaid's APIs have attracted investments from the venture arms of Goldman Sachs, Citigroup and American Express. Some say they have helped accelerate the growth of the entire payment sector over the past five years. Other notable backers include Andreessen Horowitz, Index Ventures, NEA, CapitalG — the venture arm of Google — and Kleiner Perkins.
Last year, one-quarter of all Americans with bank accounts used Plaid to connect to a fintech app, up from 13% in 2017, the company said. In January, the start-up raised $250 million at a $2.7 billion valuation and added former Kleiner Perkins partner and infamous tech investor Mary Meeker to its board.
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.