REPORT
The total dollar volume of global FinTech deal activity across private company financings, IPOs, and M&A transactions in Q2 2022 were down 67% from the peak of activity in Q3 2021.
Additionally, Q2 2022 activity declined 29% year-over-year from Q2 2021 and declined 24% from Q1 2022.
👉Download the full Financial Technology Partners / FT Partners report here.
👀 NEWS HIGHLIGHT
BNPL's ultimate goal remains to be consumer-focused and beneficial no matter where it is adapted.
Although BNPL finds its strongest base in Europe, new economies in the Middle East, Asia Pacific, and South America are looking for ways to get involved.
👉Read the full WhiteSight article by Sanjeev Kumar and Kshitija Kaur here.
📰 ARTICLE
FinTech continues to account for a significant share of global funding. In 2021, an estimated 21% of all venture deals were FinTech.
In the second quarter of 2022, according to CB Insights, investment into FinTech startups wasn’t too far behind that in the second quarter of 2022.
“We’re seeing a comedown, but not a whole-cloth retreat; things are still more active in capital terms in the FinTech world now than they were two years ago”, said Alex Wilhelm.
👉Read the full article here.
💡INSIGHTS
BNPL titans look for growth in-store amid increased competitive and economic threats.
👉Read the full article here.
🧐 ANALYSIS
The Covid-19 pandemic has changed the world of work, significantly shifting the expectations and behaviors of the workplace.
This has had a knock-on impact on many supporting industries, not least of all spend management.
👉Read the full FXC intelligence 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. Link here.
⭐️Pico has secured a $200 million strategic investment from Golden Gate Capital. Link here.
⭐️X1 Card has raised $25 million in a Series B funding round as it gears up for launch in the US. Link here.
⭐️Super Mojo, Inc. raised a seed funding round of an undisclosed amount. Link here.
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DIGITAL BANKING
Luvleen Sidhu, chair, CEO and founder of BM Technologies Inc., a digital banking platform, has been recognized as an Ernst & Young Entrepreneur of the Year for the Greater Philadelphia region for 2022. Link here.
Apiture has closed a $29 million funding round led by Live Oak Bank, with participation from existing investors. Link here.
Mahalo Banking completed a $20 million funding. Link here.
Glia announced a strategic partnership with Access Softek. The integration of Glia's technology allows Access Softek to offer seamless Digital Customer Service as part of its digital banking platform. Link here.
Varo has laid off 75 employees as part of an effort, the neobank said, to move toward profitability. Link here.
PAYMENTS
Meta CEO Mark Zuckerberg announced that the company is launching a new “payments in chat” feature on Instagram. Link here.
Apple is facing an antitrust class-action lawsuit in the US accusing it of illegally profiting from card issuers through policies that prevent competition to its Apple Pay wallet. Link here.
CEOs Joseph Daly of Capri Payments and Eric Kellogg of Adept Payments have come together to launch a new paytech firm, Argyle Payments. Link here.
OPEN BANKING
BankiFi, an embedded banking solutions provider, announced its expansion into North America with the launch of BankiFi Americas. Link here.
CRYPTO
Plaid announced that it’s adding support for leading crypto exchanges to its data network. Link here.
California-based Southland Credit Union announced it will now offer cryptocurrency buying and selling services to its members. Link here.
The cryptocurrency lender Celsius Network has announced it has filed for bankruptcy. Link here.
LENDING
FairPlay, a startup using AI fairness techniques to reduce algorithmic bias in lending, has raised $10 million in Series A funding. Link here.
FINANCIAL LITERACY
Truebill, a leading personal finance app and part of Rocket Companies, announced it will officially change its name to Rocket Money in late August. Link here.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.