Finance

Capital One acknowledges ‘outage’ as users report issues accessing deposits

Published

4 months ago

January 17, 2025

Capital One said an unspecified technical issue was hampering customer account access Thursday, as some users reported issues with direct deposits.

In response to complaints on social media platform X, a Capital One representative said the bank was experiencing a “tech outage” that was affecting “a variety of functions,” with no timetable for a restoration of services.

Just before noon Thursday, the company released an official statement about the problem.

“We are experiencing a technical issue with a third-party vendor that is temporarily impacting some account services, deposits, and payment processing for portions of our consumer, small business, and commercial bank,” it said.

Late Thursday, the vendor, Fidelity Information Services (FIS) released a statement saying it was working to restore applications affected by a local area power outage at one of its data centers. An FIS spokesperson did not respond to multiple follow-up questions.

According to Downdetector.com, which tracks reports of user complaints about digital services, the issues began around 6 a.m. ET, with some 2,000 reports observed.

The site indicated the frequency of reports had started leveling off around 9 a.m. ET, but by 4 p.m., there had still not been a significant reduction in complaints registered.

The issues at Capital One come a day after Citibank acknowledged a problem affecting customers’ ability to access their accounts from mobile devices, as well as an apparent issue related to fraud alerts. While the mobile access issue appeared to have been resolved, a Citi rep said on X on Thursday it was still working to fix the fraud-alert item.

Earlier this month, the Consumer Financial Protection Bureau sued Capital One, alleging it misled customers about its savings-account offerings. Capital One has denied the allegations.

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Business Finance News

Finance

Klarna doubles losses in first quarter as IPO remains on hold

Published

5 hours ago

May 19, 2025

Business Finance News

Sebastian Siemiatkowski, CEO of Klarna, speaking at a fintech event in London on Monday, April 4, 2022.

Chris Ratcliffe | Bloomberg via Getty Images

Klarna saw its losses jump in the first quarter as the popular buy now, pay later firm applies the brakes on a hotly anticipated U.S. initial public offering.

The Swedish payments startup said its net loss for the first three months of 2025 totaled $99 million — significantly worse than the $47 million loss it reported a year ago. Klarna said this was due to several one-off costs related to depreciation, share-based payments and restructuring.

Revenues at the firm increased 13% year-over-year to $701 million. Klarna said it now has 100 million active users and 724,00 merchant partners globally.

It comes as Klarna remains in pause mode regarding a highly anticipated U.S. IPO that was at one stage set to value the SoftBank-backed company at over $15 billion.

Klarna put its IPO plans on hold last month due to market turbulence caused by President Donald Trump’s sweeping tariff plans. Online ticketing platform StubHub also put its IPO plans on ice.

Prior to the IPO delay, Klarna had been on a marketing blitz touting itself as an artificial intelligence-powered fintech. The company partnered up with ChatGPT maker OpenAI in 2023. A year later, Klarna used OpenAI technology to create an AI customer service assistant.

Last week, Klarna CEO Sebastian Siemiatkowski said the company was able to shrink its headcount by about 40%, in part due to investments in AI.