This week's list of top stories in fintech:

SEC rejects VanEck ETF that sought to track bitcoin directly

• News came out late Friday last week
• Application by the Cboe CBZ Exchange filed in March
• SEC wants Cboe to do more to prevent fraudulent trading to protect investors
• Several other bitcoin ETF applications are pending

German Digital Bank N26 to Withdraw From the U.S., Close 500,000 Accounts

• N26 will discontinue in the US early next year
• In Jan 2019 CEO said they have a “huge shot to be the leading mobile bank in the U.S.”
• Have had regulatory issues in Germany
• Will try to redeploy U.S. employees in other areas

Credit card start-up Upgrade jumps 83% in valuation in just four months to $6.28 billion

• Closed $280m Series F led by Coatue Management and DST Global
• Revenue climbed 70% from June to October, valuation climbed 83%
• Main product is now the Upgrade card, the fastest growing credit card in the country.
• Be ready to go public in 2023

Visa Tumbles on Amazon Ban in U.K. as Fight on Card Fees Expands

• Amazon will stop accepting UK Visa cards in January 2022 (credit cards only)
• They cited the cost of accepting card payments
• Amazon offering £20 to switch
• Brexit meant that transactions between UK and EU no longer capped

Oportun to Purchase Digit, become Neobank

• Digit being acquired for $213 million.
• 100 employees will become part of Oportun
• Digit gas 600,000 customers who have saved $7b since inception.
• Both Oportun and Digit use Metabank as their bank partner
• Oportun withdrew OCC application in part because of this acquisition.

BlockFi Faces SEC Scrutiny Over High-Yield Crypto Accounts

• SEC looking at whether BlockFi yield account is a security and should be registered.
• BlockFi have not been accused of wrongdoing.
• NJ, KY, AL, VT are also looking at BlockFi.
• Have 500,000 retail accounts, on pace to have $475m in revenue in 2021

Fintech claims 88% of US consumers versus 95% by traditional banking: new Plaid report

• New report from Plaid called The Fintech Effect
• Online survey of 2,000 adults in US and UK
• Focused on the benefits and value fintech brings for users.
• Use of fintech in US rose from 58% to 88% of entire population. 48% use every day.
• 7 in 10 feel more confident about their finances because of fintech

Crypto.com buys naming rights to Lakers' Staples Center in a $700 million deal

• Staples Center will be renamed on Christmas Day
• 20-year deal for $700m
• Crypto.com has 10m users 
• Crypto companies are making inroads with sports sponsorships.

Americans’ Shadow Financial Lives: Why Banks Don’t Know Jack (Or Jill)

• Millennials can have 30-40 financial providers
• The great unbundling has already occurred
• Banks have been left behind here.
• Now, we need tools to help consolidate or simply all these disparate accounts