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We’re dishing out a free newsletter for marketing pros at banks and lenders. Inspired by the free toasters banks used to hand out to each new customer, we’re here to help you acquire more customers at scale. We deliver fresh news, data, and insights to help you grow—minus the breadcrumbs.

TL;DR

NerdWallet's Q3 revenue rose 25%, driven by insurance gains, but credit card and loan revenues dropped. SoFi’s Q3 net revenue climbed 30% to $697M, with improved credit performance and boosted guidance. Pagaya acquired Theorem, a machine-learning underwriting firm, while Fintel Connect launched a compliance tool for BaaS banks. The CFPB fined Apple and Goldman $89M for mishandling Apple Card disputes, halting Goldman’s new credit card launches. Green Dot unveiled Arc, an embedded finance platform aimed at capturing part of the growing BaaS demand.

News

(10/29) NerdWallet’s Q3 2024 results delivered $191.3 million in revenue, a 25% increase YoY. CEO Tim Chen highlighted growth in insurance and SMB segments and mentioned an acquisition of Next Door Lending. However, not all areas flourished: credit card (down 16% YoY) and loans (down 28% YoY) revenue fell due to SEO pressures and high interest rates, respectively. Emerging verticals saw a major boost (up 129% YoY), likely driven by a jump in insurance products. CFO Lauren StClair announced her resignation, effective March 2025. [NerdWallet]

(10/29) SoFi Technologies reported its Q3 2024 results, boasting a 30% rise in net revenue, hitting $697 million. The company turned around, with a net income of $61 million, compared to a loss last year. Financial Services and Tech segments led growth, contributing nearly half of the revenue. The Loan Platform Business evolved into an integrated experience offering just-in-time lending, posting record results with $1 billion in personal loan volume generated for third parties. Credit performance also improved, with personal loan delinquencies and net charge-offs decreasing. The 90-day personal loan delinquency rate dropped to 57 basis points from 64 in the prior quarter, while the annualized charge-off rate fell to 3.52% from 3.84%. With a member base jumping 35% year-over-year, SoFi raised its full-year guidance, expecting adjusted net revenue up to $2.55 billion​. [SoFi]

(10/28) Pagaya Technologies just acquired Theorem Technology, a machine-learning underwriting firm, boosting its credit fund platform to over $3 billion in assets. This move is set to enhance Pagaya’s reach in the U.S. lending ecosystem and improve capital efficiency. Both companies see this as a chance to scale up and meet rising investor demand, with the merger expected to bring profitable returns starting in 2025. [Pagaya]

(10/28) Fintel Connect has launched "Fintel Check," an automated compliance tool designed for Banking-as-a-Service (BaaS) banks and middleware providers. This tool helps banks streamline marketing oversight, maintain audit trails, and reduce manual compliance efforts. It aims to make compliance scalable and cost-effective while supporting banks' growth and innovation. [Fintech Global]

(10/23) The CFPB ordered Apple and Goldman Sachs to pay over $89 million for mishandling Apple Card disputes and misleading customers about interest-free installment plans. The companies failed to investigate disputed charges properly, causing some users to face credit issues. The CFPB also found that misleading advertising led to unexpected interest charges on Apple device purchases. Now, Goldman can't launch a new credit card until it demonstrates compliance with regulations. The fines include nearly $20 million in consumer redress and $70 million in penalties. [CFPB]

(10/22) Green Dot has introduced Arc by Green Dot, a new brand offering embedded finance services like banking-as-a-service (BaaS). The platform aims to streamline banking and payment tools for businesses, providing secure, scalable solutions via direct integration with Green Dot Bank. CEO George Gresham highlighted this launch as a key milestone, while General Manager Renata Caine emphasized the platform's flexibility and focus on meeting the growing demand for embedded finance. With 41% of financial institutions adopting such solutions, Arc aims to be a leading player in the evolving fintech landscape. [PYMTS]

Other stuff we’re reading and listening to

An Overview of Section 1033 of the Dodd-Frank Act [Husch Blackwell]

Fintech Leaders Tap Generative AI for Safer, Faster, More Accurate Financial Services [NVIDIA]

Interface.ai emerges as “most valuable AI company in banking” with Avataar-led $30m funding round [Fintech Futures]

Spidr aims to simplify embedded banking with its unified API platform. It just raised $1.7m in seed funding led by Cofounders Capital [hypepotamus]

Acrew Capital and Money20/20’s new AI Adoption Index reveals that 76% of top financial services firms have launched AI initiatives since early 2023 [Business Wire]

The CFPB is suing Climb Credit and its major shareholder, 1/0, for misleading students about partner schools' quality and graduates' job outcomes [Ballard Spahr LLP]

Q2 Holdings has teamed up with Envisant to upgrade Envisant’s prepaid card services using Q2 Fabric, a digital banking platform [Business Wire]

Tim Hong, CPO at MoneyLion, sat with Carlos Caro to discuss their partnership with Plaid, Spark—MoneyLion’s targeting platform, and how they’re enabling cash flow underwriters on Engine [Podcast]

People

(10/29) Lauren StClair (CFO) resigns from NerdWallet effective Q1 2025 [NerdWallet]
(10/29) APCU/Center Parc Credit Union names Amanda Marchese VP of Consumer Lending [CU Insight]
(10/24)Credit Union 1 hired Tina Narron as chief lending officer [CU Times]
(10/24) Sun East Federal Credit Union hired Chelsey Fu as vice president of marketing and growth strategy [CU Times]
(10/24) Truliant Federal Credit Union hired Michael Troutman as COO [CU Times]
(10/23) Xactus appoints Sasha Stair as Chief Marketing Officer [Business Wire]

Quick note from our sponsors

NMG and Fiat Growth are excited to sponsor this newsletter, delivering fintech marketers actionable insights and strategies to drive efficient, cost-effective growth. We’re committed to supporting companies as they navigate data-backed decision-making, strategic partnerships, and marketplace success.

Premium Data

🚧 currently under construction 🚧

We're actively developing this feature. We intend to track the ads the biggest banks and lenders display across customer acquisition channels like Meta, Credit Karma, Google, Experian, and NerdWallet.

For a glimpse into what we’re thinking, check out this post from Carlos Caro