👀 NEWS HIGHLIGHT
Robinhood’s acquisition prospects:
Last week rumors swirled that cryptocurrency exchange FTX may be looking to buy Robinhood as the company's stock price continues to tumble.
👉Link to the full article here.
Observations on Q2 2022 FinTech Deal Activity:
Read the full Financial Technology Partners / FT Partners article, with more stats and figures, by Steve McLaughlin here.
👀 Are you interested in funding news from the FinTech space?
💡 Read all about it in my weekly overview article and get the latest funding news from the global FinTech space in your inbox every week.
REPORT
Financial Technology Partners / FT Partners’ Monthly FinTech Deal Activity Insights.
👉Link to the Financial Technology Partners / FT Partners’ Monthly FinTech Deal Activity Insights and download the full report here.
📰 ARTICLE
Shopify wants consumers to recognize the Shopify brand.
Last week, Shopify launched a 1% cashback Shop Cash for purchases made via Shop Pay. Shopify is funding this cashback (at least for now). Consumers can only spend Shop Cash in the Shop app, Shopify’s almost-marketplace that has morphed into a curated discovery tool.
👉Link to the full article here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️Capchase has raised $400 million in debt from lenders including i80 Group. The two-year-old startup will use the money to help subscription enterprise software startups improve their cash flow as equity financing dries up. Link here.
⭐️Quiltt is wrapping its warm low-code fintech infrastructure blanket around startups and small businesses that want to create financial services for their customers, but don’t have the budget resources for a big engineering team. Link here.
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VC FUNDS
Bankers Helping Bankers announced the launch of the Bankers Helping Bankers Fund, a fintech venture capital fund managed by Latitude38 Venture Partners. The BHB Fund will support community bankers’ engagement with emerging technology providers to meet the future needs of customers and navigate the rapidly changing landscape of financial technology. Link here.
PAYMENTS
Bank Shot launches the first and only solution in the real-estate market that offers digital checks as a payment option. This feature is added to the arsenal of its other fast, safe, and compliant payment methods that the customers are using to send and receive earnest money and other real estate funds. Link here.
Adyen officially launches Tap to Pay on iPhone, which allows businesses to use iPhones to accept contactless payments without the need to purchase or manage additional hardware. Link here.
BNPL
Openpay has ended its US operations and laid off most of its staff in the country. Openpay cited investment in an "Americanised" platform as the reason it reported widening losses in the first half of the year. It is now exiting after failing to secure an investor to back the US operation. Link here.
CRYPTO
Voyager Digital has filed for bankruptcy protection, blaming volatility and contagion in the market, as well as the collapse of crypto hedge fund Three Arrows Capital. Voyager filed for Chapter 11 bankruptcy protection, listing assets of between $1 billion and $10 billion and liabilities in the same range. Link here.
Gemini announces continued participation in Hawaii’s Digital Currency Innovation, Lab, a program designed to provide regulated crypto access to Hawaii residents. Link here.
FINANCIAL LITERACY
Gen Z is getting a dose of some economic medicine that has older generations recalling 2008 and 2001, and Uprise is here for it. With Uprise, they want to provide a tool that arms users with best practices and diversification techniques so they invest with more specific goals in mind. Link here.
MX, the leader in Open Finance, announced that Kinly, a digitally native neobank building generational wealth for Black America and its allies, uses financial data aggregation and enhancement solutions from MX to power Kinly’s custom-built financial tools. Link here.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.