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Consumer Advocates Challenge MoneyLion's Partnership with MrBeast

Citi relaunches mortgage.com, Chime Confidentially filed for an IPO, and more...

TL;DR

MrBeast's new reality show, Beast Games, with a $5 million prize, is stirring ethical debates over fees tied to partner MoneyLion's services." Meanwhile, Citi (re)launched mortgage.com, aiming to dominate the home-buying search landscape by offering tools to educate borrowers about homeownership. Arta Finance is expanding access to private banking using AI, and Chime is preparing for a 2025 IPO. Additionally, Neo Financial bolstered its leadership team, and Affirm expanded its BNPL offerings via Adyen's platforms.

News

(12/23) MrBeast, the YouTube star known for his jaw-dropping giveaways, debuted “Beast Games” on Prime Video—a massive reality competition where 1,000 contestants vie for a $5 million prize. Partnering with fintech app MoneyLion, the show also promotes a $4.2 million sweepstakes with critics raising eyebrows over the app's loan features, which one watchdog called a “debt trap” that “sets people back in their financial goals.” The splashy series has already given away $2 million in its first episode amid MrBeast’s efforts to rebuild trust following controversies surrounding his channel's content and workplace culture. [AP]

Before the release, MrBeast (Jimmy Donaldson) faced misconduct allegations, with contestants claiming basic needs like meals, rest breaks, and hygiene were neglected during filming.

And this isn’t Mr. Beast’s first foray with fintech. Back in 2021, he announced a partnership with Current.

Photo source: Jon Kopaloff—Getty Images/Prime Video (via Time.com)

(12/18) Citi unveiled mortgage.com, a consumer-focused platform with an ambitious goal: to be the No. 1 spot in organic home-buying search within six months. Built with SEO powerhouse Razorfish, the site leverages 1,000 high-demand keywords to attract mortgage and refinance applications. Citi’s previous use of the URL was to redirect to learning center content within the home lending pages on the Citi domain, according to Head of Mortgage Marketing Chip Burgard. The company owned the domain for several years but didn’t have a direct purpose until Q4 2023. Positioned as a trusted educational resource, the platform features tools like real-time rate comparisons and calculators to guide borrowers through homeownership. With a 50-person team driving the effort, Citi hopes to expand its mortgage market share while outpacing competitors like Zillow and NerdWallet. [HousingWire]

(12/19): Chime Financial, the fintech redefining banking with its fee-free, mobile-first services, has confidentially filed for an IPO planned for 2025. Valued at $25 billion in 2021, Chime offers bank-like services through its app, including checking and high-yield savings accounts. Earlier this year, it introduced a feature allowing users to access up to $500 of their paychecks in advance. Additionally, Chime partnered with the NBA’s Dallas Mavericks, with its logo featured on the team’s jerseys. Backed by investors like Sequoia Capital and Coatue Management, the San Francisco-based company aims to capitalize on a resurgent IPO market. [Bloomberg]

(12/18) Arta Finance, the fintech democratizing private banking, is leveraging AI to bring services once exclusive to the ultra-wealthy to high-income earners. Recently promoted CMO Melissa-Ann Chan, one of eight Google alumni who founded Arta in 2021, is spearheading a marketing push across the U.S. and Singapore. By automating portfolio creation and reducing costs, Arta targets "millennial millionaires" and dual-income households with six-figure net worths. As it grows globally, Chan’s 2025 focus includes financial literacy campaigns and mainstreaming wealth management, aiming to crack barriers in a traditionally elite industry. [Ad Age]

(12/18) Affirm and Adyen expanded their partnership to bring Affirm’s flexible payment options to more merchants, including Canada and platform businesses via Adyen for Platforms. Affirm is the first BNPL provider to support Adyen’s platform-focused payment solution, catering to marketplaces and on-demand services. The collaboration began in 2020 and has seen significant growth, with annual volume increasing more than sevenfold from 2021 to 2023. Affirm’s customized payment plans, offering options from six weeks to 36 months at 0% APR, aim to boost merchant sales and enhance customer experiences. [Affirm]

(12/18) Sezzle, the BNPL lender, saw its stock dive over 23% after Hindenburg Research accused the company of risky lending practices and a declining customer base. Sezzle, which offers installment payment plans for high-risk consumers, slammed the claims as "misleading," defending its financial health post-Q3 results. While the stock had soared over 1,000% this year, Hindenburg’s allegations—and a borrowing rate of 12.65%—have sparked market jitters. BNPL remains popular, but critics highlight murky credit practices and lack of reporting transparency. [Reuters] [Report from Hindenburg]

(12/17): Neo Financial, the Calgary-based fintech shaking up Canada’s financial services, has strengthened its leadership with three key hires: Tim Morris as Chief Banking Officer, Rafael Mejia as Chief Growth Officer, and William Tsutsumida as Chief Credit Risk Officer. Morris, formerly of Tangerine Bank, will prioritize a customer-first banking experience. Mejia, who helped Rappi scale to 30 million users, will focus on market expansion, while Tsutsumida brings risk expertise from Nubank Mexico. Co-founder Andrew Chau says the additions position Neo to further innovate and challenge traditional banking. [Fintech.ca]

Other stuff we’re reading and listening to

(12/20) Leap Financial secures $3.5M seed funding led by Fuel Venture Capital to revolutionize cross-border payments with AI-driven remittance solutions. [Business Wire]

(12/19) Israeli fintech Justt raises $30M Series C led by Zeev Ventures to enhance chargeback management and targets profitability by 2027. [Tech in Asia]

(12/19) AtoB partners with Maverik to expand its fuel card network, offering fleet discounts at over 840 Maverik and Kum & Go locations across 20 states. [Business Wire]

(12/19) Uncovering Disparities: The CFPB’s Small Business Lending Study (podcast). [Troutman Pepper]

(12/17): The state of the AI Agents ecosystem reveals an evolving tech landscape, with enterprises exploring everything from single-task Agents to complex multi-agent systems for workflows like tax planning, customer support, and supply chain optimization. Builders face challenges like integrating LLMs with robust architectures and balancing user trust with technical performance, while enterprises wrestle with scaling, ROI measurement, and cultural adoption hurdles. Emerging pricing models—platform fees, outcome-based pricing, or hybrids—reflect a shift toward aligning costs with measurable results. The ecosystem is thriving, but scaling these game-changing systems will be challenging. [Insight Partners]

(12/19): Jack Henry’s CTO Ben Metz is driving a quiet revolution to modernize banking infrastructure, targeting outdated, pre-internet systems still used by many financial institutions. In an interview with a16z’s Angela Strange, Metz discusses how Jack Henry helps community banks overcome historical tech and regulatory challenges by integrating AI and cloud computing. He also offers advice for fintech founders, emphasizing collaboration with smaller banks to reshape the industry. The conversation explores the hurdles and opportunities in transforming core banking systems for a digital future. [a16z]

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