NerdWallet buys SMB loan marketplace Fundera; BMO's AI tool predicts overdraft risks

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NerdWallet, a credit card comparison website, has acquired Fundera, a Chicago-based small-business loan marketplace. Terms of the deal weren’t disclosed.

The move will enable San Francisco-based NerdWallet to expand its reach to millions of SMBs that use Chicago-based Fundera’s loan-finder platform. Fundera offers links to 75 lenders including American Express and PayPal, according to a press release.

Fundera, launched in 2014, was honored this year among Arizent’s Best Fintechs to Work For. Fundera was also one of the first fintechs helping banks distribute $349 billion in government loans to small businesses when PPP loans were initially offered via the CARES Act earlier this year.

Crystal ball

Bank of Montreal has added an AI-powered feature to its personal financial management platform that can warn consumers when their bank account is about to go negative.

BMO’s CashTrack Insight uses AI and machine learning to look seven days ahead and forecast when consumers’ spending patterns suggest they are likely to overdraw their savings or checking account, according to a press release.

Toronto-based BMO introduced BMO insights in late 2019 to help consumers manage personal finances and hit goals with banking and credit card accounts.

Collab against crime

The European Commission has asked global e-commerce and tech companies to collaborate in the fight against ongoing coronavirus-related scams that compromise consumers’ ID and payment credentials.

Fraudsters are dangling bogus COVID-19 cures and PPE deals to consumers while attempting to steal their email addresses and passwords, TechCrunch reports. The EU sees a way to block these crimes if major tech platforms find ways to share relevant data.

Amazon, Alibaba, eBay, Facebook, Google, Microsoft, Rakuten and Verizon Media/Yahoo are among organizations the EU hopes to engage in a coordinated response to the scams.

Crypto crackdown

The Canadian Revenue Agency is seeking a judge’s help in auditing consumers’ cryptocurrency activity to see if they failed to pay taxes on gains.

The agency wants access to seven years of client data from crypto exchange Coinsquare, according to a Coindesk report.

The move echoes the U.S. IRS' 2018 pursuit of cryptocurrency trading records of 13,000 high-spending customers of crypto exchange Coinbase.

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