High Alpha startup Castiron lands $6M in seed funding
High Alpha launched Castiron in October. The startup offers a platform for culinary artisans to sell their products, connect with customers and run their businesses.
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Longtime Financial Center CEO Ryan retiring
J. Kevin Ryan, CEO of Indianapolis-based Financial Center First Credit Union, is set to retire after 40 years in the industry, the credit union announced Tuesday.
Safeway supermarkets switches to employee-owned structure
The former owner of the five-store local chain said he made the switch to reward employees, who also will benefit from significant state and federal tax advantages.
Private equity firm that focuses on small companies inks 12 deals since 2018 launch
Monument Microcap Partners has also added three partners and two other employees, plus a branch office in the metro Detroit area.
Navient settles predatory student loan claims for $1.85B
Navient, a major student loan collecting company, agreed to cancel $1.7 billion in debt owed by more than 66,000 borrowers across the United States and pay over $140 million in other penalties to settle allegations of abusive lending practices.
Hoosier technology sector shatters investment record
TechPoint, the state’s not-for-profit tech accelerator, said the state saw more than $958 million in venture capital investment last year, which is nearly triple the previous record set in 2019.
Startups raked in $621 billion in 2021, shattering funding records
In 2021, investors more than doubled the amount of cash they handed out to startups, according to new data from research firm CB Insights.
Question for Fed: Has it waited too long to fight inflation?
On Wednesday, the government is expected to report that consumer prices jumped 7.1% over the past 12 months, which would be the steepest such increase in decades.
Stocks end 2021 on weak note, but still notch huge yearly gain
The market kept setting new highs all year despite plenty of challenges, including rising inflation, global supply chain disruptions and outbreaks of more contagious variants of the COVID-19 virus.
CEO LaMothe set to step down at Elevate Ventures
During Chris LaMothe’s tenure, Elevate Ventures has grown to 16 funds with $150 million in assets under management and has invested nearly $125 million in about 450 startups
Treasury awards $8.7B for lending in minority communities
The funds from the Emergency Capital Investment Program, which was created this year, will go to 186 community-based financial institutions.
Loan defaults at record lows, despite impact of pandemic
Indiana bankers cite federal COVID-19 relief measures as a big reason—but not the only one.
Tech firm Genesys lands $580M in funding
The company, which offers cloud-based software and other products for call-center operators, has a significant presence in Indianapolis but it’s unclear how the recent investment might affect local operations.
Prosecutors to ask for eight-year prison sentence for former financial exec
A sentencing hearing is scheduled Thursday for BancServ Partners LLC founder Kerri Agee, who was found guilty on fraud and conspiracy charges in August.
Capital One drops all overdraft fees, latest bank to do so
A number other banks have announced this year—Ally Bank and regional banking giant PNC for example—that they would end overdraft fees or create programs that would greatly lower the chance a customer would get hit with an overdraft fees.
Analysis: Biden’s Federal Reserve pick reflects political balancing act
By picking Jerome Powell to stay on as chair of the powerful Federal Reserve, President Joe Biden is trying to navigate hazardous crosscurrents between economic and political forces.
Two Democratic senators oppose Powell as Fed chair
Their opposition comes as President Joe Biden is expected to announce within days whom he will choose for the nation’s most powerful economic position.
Fishers-based Formstack lands record $425M equity investment
The equity investment is by far the largest single capital raise by an Indiana-based technology company in the state’s history, according to Indianapolis-based TechPoint, a not-for-profit that supports the state’s tech industry.
Nominee for U.S. banking regulator faces hostile opposition
Saule Omarovaa’s previous criticism of the banking industry makes the banks fearful she will be a tough regulator for Wall Street. They also are wary because of academic writings in which she has proposed substantial overhauls to how banks operate in the U.S.
STAR Bank debuts Bitcoin services for its mobile banking customers
Fort Wayne-based STAR, which has 13 banking offices in the Indianapolis market, said it sees a business opportunity in Bitcoin and plans to add additional cryptocurrency services as demand warrants.