THIS WEEK’S FUNDING NEWS OVERVIEW
For the past week’s funding news overview, we recommend reading our weekly #DoneDeal newsletter 👇
Are you interested in funding news from the FinTech space?
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👀 NEWS HIGHLIGHT
Robinhood was one of the most valuable startups in Silicon Valley before its IPO. But now, its share price is down around 75%.
WSJ’s Gunjan Banerji explains how Robinhood fueled a meme-stock craze and why it’s now struggling.
👉Link to the full WSJ video here.
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📊 INFOGRAPHIC
New research claims that Apple Pay has surpassed Mastercard in the dollar value of transactions annually, with its $6 trillion total meaning it's over halfway to equaling Visa.
Since its launch in 2013, Apple Pay has seen rising adoption by users, banks, and retailers, until in 2021 it accounted for 92% of all mobile wallet debit transactions.
👉 Read the full AppleInsider article here.
📰 ARTICLE
The rise of fintech services and digital banking could spur financial risks and potentially a crisis over the long term, Michael Hsu, Acting Comptroller of the Currency, a major U.S. bank regulator, warned.
Earlier, Gene Ludwig, a former Comptroller of the Currency, also warned that regulations for fintech are much less strict than those that govern banks.
👉 Read the full Euronews article by Lananh Nguyen and Saeed Azhar here.
👨💻 BLOG
Regulatory storm clouds have been gathering over bank-fintech partnerships for some time.
💬 INTERVIEW
Carlisle poignantly asks a key question, “How can a digital-only bank, a national provider without any footprint, get a positive consideration procedure to meet the goals of communities and consumers?”
Finextra spoke to Corey Carlisle, head of public policy at Varo Bank, to discuss how revising the CRA will prioritise financial health in the US in needed communities.
👉 Read the full Finextra interview here.
📣 PODCAST
Listen to an interview with the co-founder of Momo.credit, Sean Grossman.
Learn about the inception of his consumer FinTech startup and how he, together with his co-founder, scaled it from 0 to 1.
👉 Listen to the FinTech First podcast here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️Credit Karma has been fined $ 3 million by the US consumer watchdog for making misleading claims that people have been or are likely to be approved for credit or loans. Link here.
⭐️Celsius Network is facing more legal issues as disgruntled clients are taking action to recover their funds after the platform froze withdrawals in June. Link here.
⭐️TimePayment closing a new $375 million revolving credit facility, which will strengthen its capital position and support the continued growth of its sales financing for specialty equipment sellers. Link here.
⭐️Bolt rolls out a new omnichannel platform with Revolve. Link here.
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PAYMENTS
Block’s (formerly known as Square) Cash App is now letting users make payments on e-commerce sites outside the Square network. Link here.
Usio announces Point-of-Sale Credit Solution for businesses, Link here.
AtoB announces $155M Series B fundraising round. Link here.
Mesh Payments closes on $60M as demand for its corporate spend offering surges. Link here.
CRYPTO
U.S. federal prosecutors asked Binance to provide extensive internal records about its anti-money laundering checks, along with communications involving its chief executive and founder Changpeng Zhao. Link here.
INVESTMENT
Capdesk has joined Carta to build a global solution for equity management. Link here.
UBS and Wealthfront agreed to terminate their $1.4 billion deal, as part of which the automated wealth management provider was to be acquired by UBS Americas Inc. Link here.
FRAUD PREVENTION
Alloy raised an additional $52 million at a $1.55 billion valuation 11 months after raising $100 million at a $1.35 billion valuation. Link here.
If you are a fintech startup and have over 100 questions send me an email. Maybe I can answer a few.