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Fintech

Fintech

Capital One plans to acquire Discover in $35 billion deal

 Capital One Financial Corporation and Discover Financial Services announced that they have entered into a definitive agreement under which Capital One will acquire Discover in an all-stock transaction valued at $35.3 billion. The deal is subject to regulatory and shareholder approval. Capital One is headquartered in northern Virginia, with Discover based in a Chicago suburb. Capital One is a hybrid bank with branches, credit...

Updated: Chase opens branch in Dover

Chase quietly opened a branch in Dover on Jan. 30, days before a ribbon cutting for its Rehoboth area office. The opening brought the branch count in Delaware to 11, with Chase now having offices in all three counties. The address of the Dover bank is 837 N. Dupont Highway on the north end of the capital city. Last...

Chase opens branch near Rehoboth

Chase this week opened a branch near Rehoboth Beach at 19068 Coastal Highway. The opening increased the number of Chase branches to 10 at a time when other banks have been consolidating locations as more people do their banking via mobile devices and receive pay or retirement checks via direct deposit. Parent JPMorgan Chase is the...

Wells Fargo Fairfax employees seek union vote

Wells Fargo employees at a branch in northern Delaware have filed a petition for a union vote. Banking Dive reported workers at the Fairfax branch near the Delaware headquarters made the filing with the National Labor Relations Board. They cited issues with staffing and working conditions as the reason to seek representation through the Communications Workers of America. The CWA...

Florida fintech company opens dozen-employee office in Wilmington

Novo, a financial solutions platform for small businesses, has chosen to expand in Wilmington. Novo has built a platform for small businesses that combines a checking account with financial applications. Novo is headquartered in Miami and recently opened a U.S. location in Wilmington. The company is operating from the Stat International space on Orange Street in downtown Wilmington. ...

Former Rehoboth financial adviser, firm agree to $1.5 million settlement over ‘cherry picking’ allegations

The principal and a former Rehoboth Beach investment firm agreed to a $1.5 million settlement with the Securities and Exchange Commission. According to the SEC, Marguerite Cassandra Toroian and Bell Rock Capital agreed to pay $883,597, prejudgment interest of $185,451, and combined civil penalties of $440,000. The SEC’s complaint alleged that, from at least January 1, 2011, through December 31, 2015,...

Best Egg partners with rent processing platform in offering flexible payments

North Wilmington-based Best Egg, announced a partnership with Zego, a property management automation platform, to provide renters with flexible payments. Best Egg Flexible Rent will be available to more than 12 million residential units whose monthly rent payments are processed through Zego. Best Egg Flexible Rent allows qualified renters to break up their rent into smaller payments aligned with...

Citizens closing two Newark-area supermarket branches

Citizens Bank will close two supermarket branches in the Newark area. The Philadelphia Business Journal, citing federal filings, reported that a branch at an Acme store in University Plaza, south of Newark and another Acme in Suburban Plaza on the southwest end of the college town will close. Citizens continues to operate supermarket branches at Acme...

UD Fintech center goes into full operation

A brief ribbon-cutting ceremony was held last week to mark the official entry of University of Delawre faculty, staff and stiudents at the FinTech Innovation Hub on the University of Delaware’s Science, Technology and Advanced Research (STAR) Campus. “What is really amazing about this gem is the fact that we already have collaborative hubs on the STAR...

State Chamber to hold economic conference in Dover, Oct. 5

Delaware is small but diverse. As you travel around our three counties, you discover a lot to be learned from the success of our neighbors. We all benefit in the end if we engage in conversation and collaboration to generate job creation. The innovations created from these partnerships will help businesses thrive in Delaware. On October 5, the Delaware State...

Personnel file: Sept. 28, 2023

CorriXR Therapeutics, Inc., a Delaware-based cancer-focused biotherapeutics company developing breakthrough technology that overcomes drug resistance in solid tumors, announced that Deborah Moorad, has been named the company’s new chief executive officer. Moorad, who previously served as CEO of Nature Technology Corp., and is an Entrepreneur-in-Residence at Cortado Ventures, succeeds co-founder Eric B. Kmiec, Ph.D., who has been appointed chief...

Discover launches $36 million fund to aid Delaware fintechs, start-ups, businesses, lower income residents

Discover Bank has launched the Discover Financial Health Improvement Fund, to support startups and early-stage technology companies that are developing solutions to improve the financial health of low- and moderate-income people, communities, and small businesses in Delaware. Discover Bank made an initial capital commitment of $36 million. “We continually explore innovative ways to support our communities in...

Federal consumer bureau warns consumers, businesses on dangers of parking funds in payment apps

The Consumer Financial Protection Bureau has warned businesses and individuals that digital payment apps may not be safe in the event of financial problems, since the funds may not be held in accounts with federal deposit insurance coverage. “Popular digital payment apps are increasingly used as substitutes for a traditional bank or credit union account but lack the same protections to ensure that...

Lender Marlette Holdings changes corporate name to Best Egg

North Wilmington-based Marlette Holdings, Inc., owner of the Best Egg financial platform announced the official change of its name to Best Egg, Inc. This strategic move underscores the company's commitment to market clarity, consistency, and alignment with its well-established Best Egg brand, a release stated. Best Egg has focused on using customer insights, and harnessing data...

WSFS rolls out Philadelphia Union debit card

Wilmington-based WSFS Bank and the Philadelphia Union soccer team have launched a co-branded debit card. The card features the Philadelphia Union logo and colors The card is available to new and existing WSFS Bank Customers via online account opening or in-person at any WSFS Banking Office. The card allows access to more than 600 WSFS ATMs in the region. WSFS was...
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