Startups scramble to assess fallout from Evolve Bank data breach

Evolve Bank and Trust disclosed a cyberattack and data breach in which stolen customer and partner data were reportedly posted by the LockBit ransomware group on a dark-web leak site; multiple fintech partners (including Affirm, EarnIn, Marqeta, Melio and Mercury) are investigating potential customer impact. The incident could affect numerous fintechs that rely on Evolve for banking services, and the bank had previously been ordered by the Federal Reserve to strengthen fintech risk management, which may influence remediation and downstream risk.