Chicago FinTech News 06-01-2020

Chicago Payments Forum Meets Virtually. We know you’ve been wanting to talk payments in Chicago, so we’re holding our first virtual meetup 4:30p – 6:00p, Wednesday, June 3. Register on the FinTEx Chicago website at

“Cash is king baby.” Cash shows its twin properties in a payments survey by Grown In, a Chicago-based cannabis newsletter. It’s expensive (dirty and dangerous) yet anonymous. A “vast majority of responders, 88%, were somewhat or definitely likely to switch to a mobile payment option if one was offered,” the survey shows. Topping the list of reasons “handling,” “convenience,” and “security.” The consumers who answered noted that it’s also still a gray market. Cash leaves no traces.

BMO Harris Bank has teamed up with SpringFour, a Chicago FinTech providing information to financially stressed consumers. Bank customers who have fallen behind on their payments have access to a list, curated by SpringFour, of agencies that can provide assistance for repayment and financial wellness. Forbes’s Tom Groenfeldt has the story.

Financial technology company LQD Business Finance has signed a new lease for 8,000 square feet at 370 N. Carpenter in Fulton Market. LQD Business Finance‘s latest offering is a Payroll Protection Plan Managed Services Platform that enables lenders to process applications “while also ensuring that your borrower forgiveness applications are compliant.”

Pangea Money Transfer reports that it’s app climbed to the No. 1 money transfer service on both Google Play and Apple App stores during the month of May.