Financial Affairs

Plaid deploys revenue verification tool

In today’s top digital banking news, Plaid features Plaid Income with the aim of streamlining the income verification process, while Revolut Bank has rolled out services to 10 more European countries. Additionally, Hippo Enterprises Inc. plans to go public by merging with a blank check company.

Plaid Launches New Tool to Streamline Revenue Verification

Plaid, the newcomer to fintech, is launching Plaid Income, which aims to simplify the income verification process. For example, the product would make it easier for consumers to obtain loans or rent apartments. The company noted that income and employment verification is essential to processing loan applications, although it is usually a tedious and time-consuming process. However, the new Plaid Income offering provides a simplified method of income verification that seeks to ease friction for lenders and those looking for loans.

Revolut Expands Digital-Only Banking Services to 10 More European Countries

Revolut Bank has announced that it has launched services in 10 other European countries. The UK-based company said customers in those countries can now benefit from its “specialized European banking license” along with a “deposit guarantee scheme,” according to a press release. Slovenia, Slovakia, Romania, Malta, Latvia, Greece, Estonia, Cyprus, Croatia and Bulgaria are the 10 new European markets for the fintech company. The news comes as Revolut rolled out to Lithuania and Poland in 2020.

Hippo, home insurance company, plans to merge with PSPC to go public

Hippo Enterprises Inc., the home insurance group, intends to go public by partnering with Reinvent Technology Partners Z, a specialist acquisition company (SPAC). “Through this strategic partnership with Reinvent and an incredible team of world-class entrepreneurs, investors and employees, we look forward to transforming the owner experience and accelerating our growth,” said the CEO and Hippo co-founder Assaf Wand. . The board of directors of Reinvent and Hippo have unanimously given the green light to the operation.

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