Apple Inc. (NASDAQ: AAPL), (AFRM) – Fintechs are a threat to conventional lenders – Read how

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  • The global brands of Mercedes and Amazon.com Inc (NASDAQ: AMZN) to IKEA and Walmart Inc (NYSE: WMT) are migrating to software from tech startups from banking and lending to insurance services at the expense of traditional lenders, banks and financial institutions, reports Reuters.
  • The trend will worsen for lenders moving them further away from the financial chain and the data treasure house, the key to customer preferences and behavior.
  • Some newcomers have obtained licenses for regulated services such as loans; they don’t have the scale and the big fundraising funds.
  • The report adds that Stripe, the payment platform behind multiple sites with customers, including Amazon and Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google, was valued at $ 95 billion in March.
  • Affirm Holdings Inc (NASDAQ: AFRM) has partnered with Amazon to offer BNPL products, while Square Inc (NYSE: SQ), now worth $ 113 billion, aims to acquire BNPL company Afterpay Ltd (OTC: AFTPF) for $ 29 billion.
  • Related content: How Affirm’s Amazon partnership could launch actions into high orbit
  • Walmart launched a fintech start-up with investment firm Ribbit Capital, while IKEA acquired a minority stake in BNPL Jifiti.
  • Car manufacturers love Volkswagen AG (OTC: VWGY) Audi and Tata Motors Ltd (NYSE: TTM) Jaguar Land Rover has also tried to integrate payment technology into its vehicles Daimler AG (OTC: DMLRY) Mercedes.
  • Shopify Inc (NYSE: SHOP), valued at $ 184 billion, has provided $ 2.3 billion in loans and generally caters to merchants to meet their needs.
  • However, JPMorgan Chase & Co (NYSE: JPM) had a portfolio of consumer and community loans worth $ 435 billion at the end of June.
  • Interestingly, the Bank for International Settlements has warned watchdogs to control the growing influence of financial technology companies.
  • Always, Citigroup Inc (NYSE: C) collaborated with Google on bank accounts, Goldman Sachs Group Inc (NYSE: GS) offers credit cards for Apple Inc (NASDAQ: AAPL) and JPMorgan acquires 75% of Volkswagen’s payments business.
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