This week's list of top stories in fintech:

Jack Dorsey’s Square changes corporate name to Block

• Crypto-focused business called TBD
• Square Crypto, a separate part of the company “dedicated to advancing Bitcoin,” will change its name to Spiral
• Shares are down roughly 2% so far this year, as investors rotate away from higher-growth tech names.

Capital One says it is ditching all consumer overdraft fees, giving up $150 million in annual revenue

• Customers who paid the fees will be automatically rolled over into a free overdraft protection service early next year, the bank said. Those who opt out of the service will simply have overdrawn transactions declined at no fee.
• Overdraft service will be similar to Chime’s

Why New York Community Bank is minting stablecoins

• “We see a ton of disruption out there,” Kaplan said, from decentralized finance and fintech companies. “If NYCB and other banks don't lean into that and become part of it, they're going to be excluded from it and potentially become a dinosaur.”
• Figure is working with NYCB and a consortium of other banks.
• Provides instant settlement for between banks

Facebook’s top crypto executive David Marcus is leaving the company

• What is the over/under of him starting his own company? What’s his non-compete?
• What does this mean for Facebook’s crypto efforts for the metaverse?
• Libra->Diem->Novi - lots of false starts
• Probably frustrated by the slow moving Meta project

‘Winner-Take-Most’: Anthony Noto’s Ambitions for SoFi Take Shape

• Spending $625 million over two decades for naming rights to the stadium of the NFL’s Los Angeles Rams and Chargers.
• Users surged to 2.9 million as of Sept. 30, but it includes people who don’t make any money for SoFi.
• “When you do need a second product, we have better odds of you choosing us so that we get that second relationship with you, which produces revenue with no second customer acquisition costs,” said Noto
• “I decided that SoFi could be positioned as the company that could be the winner-take-most in financial services; it had all the right ingredients that I had seen in other places that I could build off of”

Thought Machine now a cloud banking unicorn thanks to JP Morgan, Standard Chartered, and ING

• A swathe of new investors joined Thought Machine’s cap table, with a $200m Series C funding round that pushes the cloud banking provider’s valuation to more than $1bn.
• Nyca Partners, Standard Chartered, ING and JP Morgan Chase
• “We set out to eradicate legacy technology from the industry and ensure that all banks deployed on Vault can succeed and deliver on their ambitions,” said Thought Machine’s CEO and founder Paul Taylor. “These new funds will accelerate the delivery of Vault into banks around the world who wish to implement their future vision of financial services.”

Fundbox, a fintech focused on SMBs, raises $100M at a $1.1B valuation

• Fundbox announced it has raised $100 million in a Series D round at a valuation of $1.1 billion.
• Healthcare of Ontario Pension Plan (HOOPP) led Fundbox’s Series D financing, which brings the company’s total equity raised to $410 million since its 2013 inception.
• The startup, which saw a pandemic-related boost in business, crossed $100 million in annual revenue run rate earlier this year

Digital Bank Nubank Cuts Valuation Target From $55 Billion To $42 Billion

• Brazilian digital bank Nubank amended its Form-1 with the U.S. Securities and Exchange Commission a week ahead of its initial public offering to reduce the price range of its shares from $10 to $11 each to $8 to $9. Now the company is planning to sell 289.2 million shares, which will start trading on Dec. 8. 
• This cut would bring their valuation down from an expected $55 billion to about $42 billion, which would still place it ahead of the world’s most valuable digital bank, European fintech Revolut, valued at $33 billion. Even with the lowered valuation, Nubank could be worth more than its largest domestic rival, Itau Unibanco, which has a market capitalization of $37.5 billion. 
• it trimmed the price range to be “more aligned with the current conditions in the financial markets”
• The company’s revenue for the first half of 2021 was more than $716 million