Robinhood's compliance issues show the hazards of fintech hypergrowth

What we're reading: ProPublica has a deep dive into the way in which hundreds of customers of Chime, the most valuable American neobank, have been locked out of their accounts.

• The culprit: Chime's algorithms don't seem able to be able to reliably tell the difference between benefits fraud and genuine payments.

What's next: Crypto giant Circle is planning to go public via SPAC, at a valuation of $4.5 billion. The risk factors in its deal sheet include ongoing investigations by both the SEC and OFAC, the Office of Foreign Assets Control.

• Also cited: "The uncertain regulatory status" of Circle's flagship USDC stablecoin, as well as the fact that Circle relies on third parties for complying with know-your-customer regulations.

The bottom line: Fintechs learn from their mistakes. If you're dealing with a startup, you have to expect mistakes — and if it's growing fast, you shouldn't expect that you'll be able to reach a human who can help solve the problem.