Desmond will be succeeding Pierre Naudé in leading the bank technology provider.

Truth.Fi will offer ETFs, cryptocurrencies and crypto-related securities.

Banks and credit unions also extended financial relief to Californians affected by the fires, which have killed 28 people and burned thousands of homes.

The Consumer Financial Protection Bureau issued separate policy statements on "sandbox approvals" and no-action letters for fintechs — measures whose longevity is questionable with the incoming Trump administration.

The company's closure comes in a year when it touted successful capital investments but also faced growing legal scrutiny.

The pro-business, deregulation-friendly administration is taking office at a time when economic conditions are improving for fintechs and their investors.

Esusu, Foyer, Divvy Homes and Tomo Mortgage are among the fintechs trying to give first-time homebuyers a break, alongside community development financial institutions like Southern Bancorp. 

The strategic investment in the shared appreciation platform comes after capital raises at similar businesses last month.

Companies announced new product rollouts and capital raises last month, but some are also facing lawsuits as the industry encounters heightened attention to the lack of consumer protections.

Federal Reserve Gov. Michelle Bowman said a lack of banking experience among regulatory officials has led to unintended consequences. She flagged mergers, fintech partnerships and liquidity proposals as prime examples.