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Today In Digital-First Banking: Monzo’s First Female CEO Will Lead American Expansion; Figure Creates SPAC To Further Blockchain Lending

In today’s top digital-first banking news, Carol Nelson will head up American expansion for Monzo as its first female chief executive, while Figure is launching a special purpose acquisition company (SPAC) to raise $250 million. Plus, Opportunity Financial (OppFi) has entered into an agreement with a SPAC to become a public firm.

UK FinTech Monzo’s First Female CEO Will Head American Expansion

Carol Nelson, Monzo’s strategic adviser, will head up American expansion for the British financial technology firm as its first female CEO. Nelson has a decade of experience as chief executive of Cascade Bank and longtime expertise as senior vice president of Bank of America. She dedicated the past year working as a strategic advisor to Monzo U.S. and could take the top spot as soon as next week.

Figure Sets Up Blank-Check Firm To Advance Blockchain Lending

Figure, blockchain mortgage lender, is rolling out a blank-check company in an effort to raise $250 million. Michael Cagney, the co-founder and CEO of Figure, filed a prospectus with the U.S. Securities and Exchange Commission (SEC) to roll out a SPAC called Figure Acquisition Corp. The firm harnesses its own blockchain named Provenance to partially automate the issuance of loans and mortgages.

Everyday Credit FinTech OppFi Will Go Public Via SPAC

Opportunity Financial (OppFi), the financial technology platform, has entered into a deal with FG New American Acquisition Corp. (FGNA), a SPAC, to become a public firm. OppFi offers financial products such as loans to individuals who have had difficulty obtaining them from traditional providers. OppFi facilitated more than 1.5 million loans during the past nine years.

BitPay Rolls Out Apple Pay Support For US Prepaid Cardholders

U.S. cardholders of the BitPay Prepaid Mastercard can add their cards to their Apple Wallets and make payments through Apple Pay. “Adding Apple Pay and soon Google and Samsung Pay makes it easy and convenient to use the BitPay Card in more places, from day-to-day items to luxury purchases,” BitPay CEO Stephen Pair said in a press release.

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About: Buy Now, Pay Later: Millennials And The Shifting Dynamics Of Online Credit, a PYMNTS and PayPal collaboration, examines the demand for new flexible credit options as well as how consumers, especially those in the millennial demographic, are paying online. The study is based on two surveys, totaling nearly 15,000 U.S. consumers.

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