REPORT
Many aspects of the global economy are beyond the control of individual businesses.
A new report from Stripe finds that one of the biggest drags on growth is something they have a lot of power to curb: e-commerce fraud.
👉Download the full Stripe report here.
REPORT
Global FinTech funding in Q2’22 saw $20.4B raised across 1,225 deals — the lowest amount of quarterly funding and deals since Q4’20.
👉Link to the full THE STATE OF FINTECH Q2 2022 report here.
😎 SPONSORED CONTENT
At MoneyLion we believe you should get more from your money. Our mission is to rewire the American banking system so that we can positively change the financial path for every hard-working American. Our products offer no hidden fees, and few barriers to entry. Accessibility is what we’re all about. There are no credit checks for cash advances and no hard credit checks for our loan products. Everyone is welcome.
📰 ARTICLE
PayPal VS Stripe VS Braintree VS Dwolla VS Others: What is the best Payment Gateway for Ecommerce?
The online shopping cart abandonment rate is an alarming 70%!
In this article Anna Klimenko and Serhii Burukin compare the best payment gateways and share their insights about how to choose the best payment solutions and integrate them into your website.
👉Read the full article here.
👨💻 BLOG
According to Jason Mikula, Based on average employee annual compensation of $132,586 in 2021, laying off 75 employees will save Varo about $10 million per year, though there will be costs associated with the restructuring.
Read the full Jason Mikula article below.👇
💬 INTERVIEW
Neobank Dave virtually invented the overdraft feeless trend in banking. Everyone offers it now in the summer of ’22, from competitor neo banking veteran Chime to Bank of America.
Co-founder and CEO Jason Wilk explained that the uncertainty and market forces are dragging all tech down in the same bucket, innovators and all.
👉Read the full article here.
💡INSIGHTS
The number of new 🦄 unicorn births slowed in Q2’22, although the pace was still greater than any quarter prior to 2021.
👉Read the full article with more stats and figures here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️The US Securities and Exchange Commission has launched an investigation into whether Coinbase let customers trade digital assets that should have been registered as securities. Link here.
⭐️Marqeta and Plaid are making it easier for consumers to authenticate bank accounts and move funds between them, the first official product partnership between two FinTech trailblazers that already share some business customers. Link here.
⭐️Ramp is partnering with leading neobank NorthOne. Link here.
⭐️Bank of America, BNY Mellon and Citi have invested $20 million into the low-code platform, Genesis Global. Link here.
⭐️Former a16z partner starts solo fund to back early-stage fintech startups. Link here.
😇 Do you want to have access to the best deal flow in FinTech? And/or do you want to invest alongside me and 1000+ other FinTech Angel investors?
👉 Join my Angel Investors Syndicate!
DIGITAL BANKING
Treasure Financial announced that it partnered with Grasshopper Bank. Link here.
VC FUNDS
Portage Ventures announced that it has closed on $655 million for its third flagship fund, Link here.
Fintop Capital, a Nashville-based venture capital firm, announced they had raised a $200 million round. Link here.
PAYMENTS
TomoCredit has raised $22 million in a Series B funding round joined by Morgan Stanley's Next Level Fund and Mastercard. Link here.
Revolut has launched personalized cards in the US for its Standard plan users. Link here.
Sionic and MX announced they have entered a multi-year partnership to bring simple and safe Pay-by-Bank services to consumers in the U.S. Link here.
Activist investor Elliott Investment Management is building a stake in PayPal Holdings Inc, as it plans to push the fintech giant to ramp up its cost-reduction efforts. Link here.
BNPL
Apple's entry into the buy now, pay later market is prompting the Consumer Financial Protection Bureau to take a "very careful look" at the implications of Big Tech moving into the sector. Link here.
Mastercard has welcomed a raft of new global partners to its innovative Mastercard Installments program and is expanding it further to support small businesses in the U.S. Link here.
CRYPTO
U.S. consumer watchdog to scrutinize crypto payments, Big Tech moves into finance -director. Link here.
INVESTMENT
Covey closed a $2.5M seed round led by Social Leverage and Portage Ventures with participation from Cue Ball and BoxOne. Link here.
GloriFi is planning a U.S. listing by merging with blank check firm DHC Acquisition Corp in a $1.7 billion deal. Link here.
Rex Salisbury, Former a16z partner starts solo fund to back early-stage fintech startups. Link here.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.