In the Spotlight - Pandemic Fintech
Robinhood alone saw its customer base soar from 10 MM to 13 MM during the first four months of 2020, an unprecedented surge far beyond anything the company was expecting. With an average age of 33, many of Robinhood's users are much younger than traditional stock investors, and critics say the app seems very much designed to appeal to a generation raised on online games.
Social distancing and sheltering in place are now part of government policy as well as the mainstream dialogue. But there also is the issue of more people spending more time at home, which increases the likelihood of a home accident. Lemonade is capitalizing on this trend. It follows that some home insurance carriers are circulating information about how insureds can stay safe and healthy during this period of social distancing and sheltering in place.
The pandemic’s physical distancing requirements appear to have accelerated transaction volume and overall use of Zelle, the P2P app operated by the bank-owned Early Warning Services LLC. During the first six months of this year — when many consumers were confined to their homes due to local quarantines — Zelle routed $133 BN through its network on 519 MM transactions, up more than 60% over $83 BN sent during the first two quarters of 2019