REPORT
Fintech capitulation is feeding fear on the streets and a rash of hyper-growth enterprises and neo-banking brands are feeling growing pains.
In the latest white paper, a joint survey last year from Amount and LendIt Fintech came back with results from 1,000-plus international banks, fintechs, and financial service providers.
👉Read the full Lendit Fintech News article here.
👀 NEWS HIGHLIGHT
To say that Deel has experienced rapid growth is an understatement.
The company recently made headlines when CEO and co-founder Alex Bouaziz shared that Deel had crossed the $100 million ARR threshold. He also shared in December 2021 that Deel had scaled to $50 million in ARR, indicating that the company had started the year with around $4 million worth of ARR.
The raise means that Deel has more than doubled its valuation to $12 billion.
👉Read the full TechCrunch article written by Mary Ann Azevedo here.
📊 INFOGRAPHIC
2022 Online Bank Ranking: Chime at the top, Current coming on strong.
Read the full article by Ron Shevlin here.
📰 ARTICLE
Fintech has a fragmentation problem — as the number of fintech products has grown, so too has the number of integrations each service has with others.
Developers now oftentimes have to manage numerous third-party integrations with other platforms, such as payments processor Stripe and banking API Plaid, as part of their own company’s fintech stack.
👉 Read the full article here.
👨💻 BLOG
How Block grew to $18B revenue in 13 Years:
👉Read this great long-read Aakash Gupta blog here.
💬 INTERVIEW
Altro has raised $18M to help you build credit just by paying for your Netflix subscription.
“The users would be paying a charge anyway, but a percentage goes to us, rather than the companies,” Broughton told TechCrunch. “We don’t want to charge users for access to something they already have.”
👉 Read the full TechCrunch article here.
💡INSIGHTS
Fintech is a major growth market across the world, but one that is not growing in the same way everywhere. The Statista Digital Market Outlook reveals stark differences in the distribution of fintech segments across the globe.
👉 Read the full article here.
🎤 PODCAST
Expert host, Gwera Kiwana, is joined by Mauricio Magaldi, Global Strategy Director for Crypto at 11:FS, to talk about something exciting we’ve been cooking up here at 11:FS.
👉Listen to the full podcast here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ Coinbase is warning that bankruptcy could wipe out user funds. Link here.
⭐️ Ness raises $15.5M in seed funding. Link here.
⭐️ Tifin valued at $842M in new $109M Series D round. Link here.
⭐️ Connecticut slaps fintech Solo Funds with cease-and-desist order. Link here.
⭐️ Unit closes on $100M at a $1.2B valuation. Link here.
⭐️ Coinbase execuctives dismiss talk of Robinhood acquisition. Link here.
DIGITAL BANKING
FIS embedded finance offering is developed in partnership with Treasury Prime. Link here.
Quontic Bank opens metaverse outpost. Link here.
PAYMENTS
Infinicept raises $23M to accelerate software-led payments. Link here.
Deserve secures a $250M credit facility. Link here.
“Millions” of small and large businesses use PayPal services at POS. Link here.
Google launched Google Wallet. Link here. Also, Chrome browser will now offer users the ability to use a virtual credit card number in online payment forms on the web. Link here.
Bolt built an $11 billion payment business on inflated metrics and investors. Link here.
TCP Software announces an on-demand pay partnership with Clair. Link here.
Synctera expands its partnership with Mastercard. Link here.
Mastercard launches tech that lets you pay with your face or hand in stores. Link here.
SpotOn lands $300M at a $3.6B valuation after doubling ARR last year. Link here.
Square will be debuting new APIs, which it says will help developers and partners build eCommerce solutions. Link here.
BNPL
Affirm stock gained 33.8% in the pre-market on Friday but is still well below its 52-week high of $176.65. Link here.
OPEN BANKING
Cushion announced that it has raised $12 million in Series A funding. Link here.
CRYPTO
Billionaire investor Mark Cuban thinks “crypto is going through the lull that the internet went through,” and he sees what’s likely to happen next. Link here.
Coinbase experiencing major outages as crypto prices plummet. Link here. Also. Cathie Wood's Ark Invest grabs more than half a million Coinbase shares as the exchange's stock plummets. Link here.
INVESTMENT
Atom Finance launches embedded stock and crypto intelligence tech for trading platforms. Link here.
Arrived has raised $25 million in a Series A funding round to give people the ability to buy shares in single-family rentals with “as little as $100.” Link here.
Robinhood shares pop more than 20% after Sam Bankman-Fried buys a 7.6% stake. Link here. On that note, Robinhood’s stock has plummeted 40% this year and the company recently announced a big round of layoffs. Link here.
GREEN FINANCE
Climate First Bank unveils a revolutionary digital solar lending platform. Link here.
INSURTECH
CoverGo raises $15M in series A Fundi. Link here.
Amex Ventures bets $5M on Trellis, which wants to make switching insurance providers easier. Link here.
FRAUD PREVENTION
CertifID raises $12.5M in Series A funding. Link here.
Plaid officially expands into identity and income verification, fraud prevention, and account funding. Link here.
FINANCIAL LITERACY
Greenlight launches credit cards for parents. Link here.
MOVERS & SHAKERS
Scott Young will be joining iCreditWorks. Link here.
KEO World appoints Hernan Lopez Varela as chief strategy officer. Link here.