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Feb. 8, 2019
Updated at 7:50 p.m. EST
Wells Fargo CEO Tim Sloan issued an apology and offered to extend banking hours after a smoke condition and power outage damaged the lender's digital banking operations, ATM machines and temporarily halted credit card payments.
Wells Fargo officials said a smoke condition at a data center on Thursday led to an automatic power shutdown, following what it called a routine maintenance operation, according to the announcement. The bank acknowledged that customers were unable to see payroll deposits and account balances on the mobile and online banking systems and at ATM machines, however, they said the deposits were processed in the background.
Officials said the problems were corrected, but warned that some customers may still not be able to see their balances online. Consumer credit card balances and mortgage balances may not be visible online as well.
"I apologize to our customers and team members for the inconvenience caused by yesterday's system issues," Sloan said in the announcement. "While we restored operations throughout the day and continue to address customer concerns, our recovery from those issues was not as rapid as we or our customers would have expected."
He said the bank would review the system issues in detail to make sure they don't happen again. He added that customer service representatives would be available to help customers in branches and on the phone 24 hours a day.
In addition, bank branches would be open an additional hour today and Saturday, Feb. 9, in situations where the branches normally have Saturday hours.
The bank said it would refund any fees incurred as a result of the outage as well.
The San Francisco-based bank operates in 5,500 branch locations and has 13,000 ATM machines. The bank has 29.2 million active mobile and online banking customers.
Topics: Mobile Banking
Companies: Wells Fargo & Co
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Feb. 8, 2019
Jetty, a fintech startup focused on rental expenses, including insurance and security deposit costs, has raised $25 million in Series B funding led by Khosla Ventures.
The funding will be used to make further investments in technology and personnel, according to a press release. Keith Rabois, managing director of Khosla, will join the Jetty board of directors. Existing investors Valar Ventures and Ribbit Capital, also participated in the round of investment, which brings total funding to $40 million since launch.
"As growing metropolitan areas struggle to build enough housing supply, no financial services have helped mitigate the impact to consumers," Rabois said in the release. "Jetty is focused on improving the lease-signing experience by providing a suite of financial services from a security deposit replacement to a renters insurance product for both renters and their property managers."
Jetty has worked with a number of leading property management companies, including Lefrak, Rose Associates, LivCor, Beam Living and others, comprising about 500,000 rental units nationwide. The security deposit replacement product has helped save customers about $1,350 on move-in costs.
Topics: Financial News, Mobile Apps
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Feb. 8, 2019
U.K.-based fintech OakNorth Holdings has raised $440 million from the Softbank Vision Fund and Clermont Group and will use the proceeds to expand its lending business into the U.S.
The Manchester, England-based challenger bank has grown into one of the fastest growing lending platforms for small businesses and entrepreneurs in the U.K., using artificial intelligence to help speed the process of obtaining financing for new companies.
OakNorth will not be doing balance sheet lending, but rather will help U.S. banks with their SME loan origination and credit capabilities, Valentina Kristensen, a spokesperson for OakNorth, told Mobile Payments Today via email.
"So if you’re a U.S. lender who wants to get serious about commercial lending to small and medium sized growth businesses, we can help you originate and underwrite deals faster and more efficiently, as well as maintain a clearer view of how each business in your portfolio is performing," Kristensen wrote.
The company has a team in place in New York City for Oak North Analytical Intelligence, which is the platform it licenses to other banks with about 15 staffers. The plan is to expand to about 40 people by the end of 2019, she said.
The company said it has made $3.7 billion in loans to British businesses since September 2015 without a single default or late payment, according to a company release.
Topics: Financial News, Mobile Banking, Region: Americas, Region: EMEA
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