REPORT
Inflation, the rising cost of goods and PPE (personal protective equipment) purchases represent the largest challenges facing small business owners’ bottom lines today.
👉Download the full Mastercard report “Empowering SMB Growth By Unleashing Its Data” here.
👀 NEWS HIGHLIGHT
Revolut Business has reportedly launched a new cashback offer for US customers.
Businesses of any size – from SMEs to freelancers – “get up to 1.9 % cash back for card purchases,” according to an update shared with CI.
👉Link to the full article here.
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📊 INFOGRAPHIC
Leading applied analytics company FICO released new research on consumer deposit and banking habits.
The new research from FICO found only 42% of Americans contribute to their savings through automatic transfer or direct deposit, down from 47% in 2021.
👉Link to the full article here.
📰 ARTICLE
Robinhood shares jumped after Bloomberg News reported crypto exchange FTX was considering acquiring the trading app.
The stock soared 14% to its session high and was briefly halted after a report that FTX was discussing a takeover plan internally, but no offer has been made to Robinhood, Bloomberg News reported, citing people familiar with the matter.
👉Link to the full article here.
💡INSIGHTS
Identity verification companies help financial institutions make real-time decisions to either approve or reject a prospective customer who signs up for an account.
Identity verification processes are not new, though. Since the 1990’s, banks have been required to verify the identity of each prospective account holder in a process called Know your Customer (KYC).
👉 Link to the full article here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️Klarna’s UK executive Alex Marsh has hit out at Barclays for publishing a report that he called “mind-boggling” and “irresponsible”. Link here.
⭐️Tesla CEO Elon Musk is facing a new class-action suit that alleges his actions involving the meme-themed cryptocurrency Dogecoin constitute a Ponzi scheme. Link here.
⭐️NerdWallet is to acquire On the Barrelhead, Inc., a Durango, CO-based data-driven platform that provides consumers and SMBs with credit-driven product recommendations to help improve their financial lives. Link here.
⭐️Brazilian Super App Inter sees Nasdaq listing as a springboard to US consumers. Link here.
⭐️April has raised $30 million in a Series A round of funding with backing from Treasury, a fintech infrastructure-focused fund established by the founders of Betterment and Acorns. Link here.
⭐️Givebutter, a remote provider of a free operating system for nonprofit fundraising, raised $7M in Seed funding. Link here.
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DIGITAL BANKING
Glia has acquired Finn AI, the artificial intelligence-powered chatbot platform for banks and credit unions. Link here.
Amount, a fintech that reached unicorn status last year, has laid off 18% of its workforce. Link here.
Flyp selects Galileo Financial Technologies to power its gamified mobile banking platform. Link here.
VC FUNDS
San Mateo, CA-based The Employee Stock Option Fund closed ESO Venture Fund V, LP, at $200m. Link here.
Conversion Capital is announcing that it has raised $122 million for its third fund — more than six times the size of its previous fund — to back early-stage fintech and infrastructure startups. Link here.
PAYMENTS
Tapcheck announced a $20 million Series A led by PeakSpan Capital. Hundreds of employers offer Tapcheck to their hourly employees, including the likes of McDonald's, Jack in the Box, Home Instead and more. Link here.
Meta CEO Mark Zuckerberg announced this week that Facebook Pay has officially been renamed Meta Pay. The current product features and overall user experience that people are used to with Facebook Pay will remain the same across across Facebook, Instagram, WhatsApp and Messenger. Link here.
The PayPal Business Cashback Mastercard offers a simple way for businesses to pay for both everyday business expenses and those that may unexpectedly arise, while also earning cashback rewards on all purchases. Link here.
StellarFi has announced the launch of its credit-building web app in the US. Link here.
Marqeta is significantly expanding its credit platform with more than 40 new credit APIs. Link here.
Unlimint is to become messaging app Telegram’s official payment provider. The integration will allow Telegram’s more than 500 million users to make payments from the platform to purchase services and goods directly through the messenger. Link here.
BNPL
BNPL came out of stealth today with a product its founders say can benefit consumers by offering flexibility that's similar to BNPL, but without taking on a loan. Link here.
As Klarna and Affirm falter, a new breed of 'buy now, pay later' startups is stealing the spotlight . Link here.
CRYPTO
Celsius Network denied reports of the CEO leaving the US, claiming that all related allegations are false. The crypto lender platform's CEO Alex Mashinsky was reportedly stopped by authorities from leaving the U.S., amid insolvency rumours about his company. Link here.
NFTs have ‘fallen off the cliff’ as sales sink to the lowest levels in a Year. Sales have plunged this month to below the $1 billion mark. The JPG NFT Index is down by about 70% since its April launch. Link here.
INVESTMENT
Bank of America has built on its partnership with iCapital Network by making a strategic investment in the alternative investment platform. Terms of the deal were not disclosed, although iCapital says the investment was at the same $6 billion-plus valuation as its $50 million funding round in December. Link here.
INSURTECH
Spot, an Austin, TX-based tech startup offering on-demand injury insurance, raised $33m in funding. This included $25m in equity and $8m in debt. Link here.
MOVERS & SHAKERS
Revolut's chief banking officer Sid Jajodia has picked up a new role as US CEO, overseeing the financial super app's extension into the US market. Link here.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.