Fold is dealing with some pretty crazy fraud problems. I don’t imagine them lasting more than another couple months. Fintech checking accounts aren’t profitable without another form of revenue.
Discussion
What fraud problems? First I’ve heard of it.
They aren’t public, but based on my experience in the banking industry I can tell from the actions they’ve taken.
It’s a new fintech, their KYC let in a bunch of fake users and stolen identities that they have been trying to clean out of their system.