Elliott will advance the firm's strategic initiatives and business development initiatives and ensure that customer experiences are seamless.

The agreement with D2 Asset Management doubles the firm's previous commitment to Unlock, as current economic trends provide momentum for the growing sector.

Small-business owners will be given the option to tap into anywhere from $50,000 to $500,000 in financing.

The Consumer Financial Protection Bureau said it would undertake a rule to regulate large participants in the personal loan market and consider a joint rulemaking with the Federal Reserve on check and ATM hold times.

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

The company, which helped consumers strategize their credit card payments and pivoted to a B2B model earlier this year, has sold its intellectual property two months after it folded.

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.

The company has signed an agreement to sell Continental Finance its entire card portfolio.

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.

At a New York event, industry practitioners shared how they are addressing cultural, compliance and logistical objections to making loans based on bank account data.