Welcome to our dedicated page for Pathward Financial news (Ticker: CASH), a resource for investors and traders seeking the latest updates and insights on Pathward Financial stock.
Pathward Financial, Inc. (NASDAQ: CASH) is a unitary savings and loan holding company and a full-service banking subsidiary of Meta Financial. Operating under the brand name Pathward®, Pathward Financial is both a community-focused financial institution and a nationwide payments company. It serves its diverse clientele through three main segments: Consumer, Commercial, and Corporate Services/Other, with the majority of its revenue stemming from the Consumer segment.
Pathward® N.A., a national bank and a subsidiary of Pathward Financial, Inc., plays a significant role in enhancing financial inclusion across the United States. The company aims to empower both individuals and businesses by providing increased financial availability, choice, and opportunities via its strategic business lines - Banking as a Service and Commercial Finance.
Recently, Pathward Financial has bolstered its position in the financial technology sector through key partnerships. A notable collaboration includes supporting Finix, a payments technology provider, in the launch of Finix Payouts, a new product designed to streamline business-to-business payments. This partnership aims to simplify and expedite the money transfer process for businesses of all sizes by leveraging Mastercard Send™ and Visa Direct for rapid payouts.
Pathward’s collaboration with Finix showcases its commitment to innovation and financial accessibility. This initiative allows the company to offer enhanced services like real-time bank account validation, flexible payment maximums, and embedded compliance, which are crucial for businesses needing efficient payment solutions. By integrating technologies that facilitate quick, secure, and reliable money movement, Pathward Financial enhances its service offerings and strengthens its market position.
Furthermore, Pathward Financial’s strategic focus includes expanding its community-oriented services while leveraging technological advancements to meet the evolving needs of its customers. By combining traditional banking services with cutting-edge payment solutions, Pathward aims to provide comprehensive support to its customers, including individuals and businesses, thus promoting financial inclusivity and empowerment.
Pathward Financial, Inc. (Nasdaq: CASH) has won the 2024 Finovate Award for Best Banking as a Service Provider through its subsidiary, Pathward, N.A. This prestigious award recognizes companies driving fintech innovation forward. Will Sowell, Pathward's Divisional President of Partner Solutions, expressed honor in receiving this national recognition and highlighted the rapid evolution of the payments ecosystem.
Pathward leverages its expertise and regulatory framework to help payments innovators scale their financial solutions across offerings such as issuing, acquiring, money movement, and lending. The company's capabilities include prepaid cards, deposit accounts, payments processing, and consumer solutions. Anthony Sharett, President of Pathward and Pathward Financial, emphasized their commitment to providing financial access for all.
This award, coinciding with Pathward's 20th year in payments, demonstrates the company's strong commitment to partnership and ability to collaborate on innovative financial solutions.
Pathward, a pioneer in partner banking, celebrates its 20th year serving the payments industry by renaming its 'Banking as a Service' business line to 'Partner Solutions'. This change reflects Pathward's commitment to collaboration and expertise in the payments arena.
The transition to Partner Solutions emphasizes Pathward's core differentiators, including industry experience, operational excellence, committed partnership, and a mature risk and compliance infrastructure. These elements are important for payment innovators in today's evolving marketplace.
Partner Solutions offers a diverse portfolio including issuing, acquiring, digital payments, solutions for financial institutions, professional tax solutions, and consumer credit capabilities. The launch represents a new era for Pathward, highlighting their dedication to providing forward-thinking banking products for future consumers.
Pathward's Vice President of Solutions for Financial Institutions, Brittany Kelley, has been named to American Banker's 2024 list of The Most Influential Women in Payments: Next. This prestigious recognition celebrates high-achieving women under 40 who are on track for C-suite positions in the financial services industry.
Kelley, who joined Pathward 16 years ago, has demonstrated remarkable growth and versatility throughout her career. She has held various roles within the company, including Customer Service, Accounting, Treasury, Investor Relations, and Strategic Planning. Her leadership was instrumental in launching Pathward's new product suite for financial institutions.
Outside of work, Kelley has been involved with the Greater Sioux Falls Chamber of Commerce Young Professionals Network and volunteers as a coach for Girls on the Run, showcasing her commitment to community engagement and youth empowerment.
Pathward Financial, Inc. (Nasdaq: CASH) and MoneyLion (NYSE: ML) have extended their partnership until 2029, adding three years to their collaboration that began in 2020. The partnership's most notable product is RoarMoney, a Demand Deposit Account offered through MoneyLion's mobile application. Pathward, a national bank focused on financial inclusion, provides Banking as a Service solutions to enable payments innovators like MoneyLion to meet customer needs.
Will Sowell, Pathward's Divisional President of Banking as a Service, expressed enthusiasm for continuing to deliver innovative banking solutions to enhance MoneyLion customers' financial experiences. MoneyLion's CEO, Dee Choubey, praised Pathward's compliance culture, regulatory knowledge, and banking experience, highlighting the confidence gained from their collaboration.
Pathward Financial, Inc. (Nasdaq: CASH) has announced that its subsidiary Pathward®, N.A. will sell its commercial insurance premium finance business to AFS IBEX Financial Services, The deal includes:
- Purchase of the loan portfolio ($617.1 million as of June 30, 2024)
- A $31.2 million premium
- Assumption of certain liabilities
- Employment offers to current staff
The transaction is expected to close by the end of fiscal year 2024 and be neutral to fiscal 2024 net income and earnings per share. However, it's anticipated to become increasingly accretive as Pathward redeploys capital into higher-yielding assets. CEO Brett Pharr stated this aligns with their strategy of simplification and optimizing asset mix for fiscal 2025.
Pathward Financial (Nasdaq: CASH) has announced a cash dividend of $0.05 per share for the fourth fiscal quarter of 2024. The dividend will be paid on October 1, 2024 to shareholders of record as of September 10, 2024. As of June 30, 2024, Pathward Financial reported total assets of $7.53 billion and shareholders' equity of $765.2 million. This dividend declaration demonstrates the company's commitment to returning value to shareholders while maintaining a strong financial position.
Ouro and Real Madrid Football Club have launched the Real Madrid Netspend® Prepaid Mastercard® in the United States. The card is now available to fans at Netspend.com/RealMadrid. To celebrate the launch, they are offering exclusive giveaways, including a VIP superfan experience in Madrid. Through August 31, cardholders earn entries for prizes by using their cards. The Grand Prize includes a 4-day trip to Madrid, match tickets, stadium tour, training session, and merchandise. First Prize winners receive an autographed jersey and merchandise.
The card features include no credit check, reloadability at over 100,000 locations, direct deposit capabilities, mobile and web account access, cashback perks, and opportunities for VIP experiences. This launch coincides with Real Madrid's U.S. pre-season tour and recent Champions League victory.
Pathward Financial (Nasdaq: CASH) reported Q3 2024 net income of $41.8 million ($1.66/share), down from $45.1 million ($1.68/share) YoY. Total revenue rose 7% to $176.7 million, driven by net interest income gains, though offset by reduced noninterest income. Net interest margin improved to 6.56%. Gross loans and leases grew by $539.7 million to $4.61 billion. Noninterest expense rose 8% to $123.7 million, with a 3% decline in noninterest income to $65.9 million. The company repurchased 286,920 shares at an average price of $52.24. Fiscal 2024 nine-month tax services revenue increased 3% to $82.0 million, with net income from these services up 33% to $47.1 million. Pathward's allowance for credit losses stood at $79.8 million and the company remains well-capitalized.
MoneyLion Inc. (NYSE: ML) has appointed Brad Hanson, former President and CEO of Pathward Financial, Inc., to its Board of Directors and as Chair of the Audit Committee, effective July 15. Hanson replaces Jeff Gary, who is stepping down from the Board. This strategic appointment brings decades of financial services experience to MoneyLion, a digital ecosystem for consumer finance.
Hanson's expertise in fintech and commitment to financial inclusion align with MoneyLion's mission to improve financial literacy and access. The company is building the first digital ecosystem for consumer finance, blending first- and third-party products, personalized financial tools, and advanced data-driven insights. MoneyLion's Board, led by Chair John Chrystal, includes CEO Dee Choubey and other industry leaders, positioning the company for continued growth in its two-sided consumer finance marketplace.
Clair, a fintech company offering free Earned Wage Advances (EWA), has partnered with Gusto, an integrated payroll and HR platform. This collaboration introduces Clair's new Embedded Offering to Gusto's 300,000 supported businesses, allowing employees to access On-Demand Pay via Gusto Wallet.
Key points:
- Gusto is the first partner to leverage Clair's new Embedded product
- The partnership addresses the growing demand for financial wellness benefits
- Clair's EWA is bank-issued with no interest, powered by Pathward®, N.A.
- Gusto Wallet Premium members can access a portion of their earnings daily without affecting credit scores
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