THIS WEEK’S FUNDING NEWS OVERVIEW
For the past week’s funding news overview, we recommend reading our weekly #DoneDeal newsletter 👇
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👀 NEWS HIGHLIGHT
Binance is backing out of its plans to acquire FTX.
“The issues are beyond our control or ability to help,” Binance said in a tweet.
👉 Read the full CNBC article here.
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📰 ARTICLE
Seven startups from around the world seek to champion innovation through the Mastercard Start Path program.
👉 Read the full Mastercard article here.
📰 ARTICLE
Elon Musk’s acquisition of Twitter is creating a fresh need to find a path to greater and more consistent profitability for the social media network, and payments represent a vital piece of the puzzle.
👉 Check out this interesting FXC Intelligence long read article by Lucy Ingham , Joe Baker , and Callum Tyndall here.
💬 INTERVIEW
With a roster of 49 million active users and a record $52 billion of inflows — including a spike in direct deposits — Cash App is looking more and more like a major, multi-featured, traditional bank these days than the mobile peer-to-peer payments system it started out as nearly 10 years ago.
“Over time, we want to work towards being primary because everything that you need in your financial life you can find within Cash App Card.” So that’s the goal, that's what we're focused on, and I think we have the best strategy to get there.” co-founder and chairman Jack D., said.
👉 Read the full PYMNTS article here.
🧐 ANALYSIS
During an earnings call with analysts, PayPal CEO Dan Schulman noted that 25 million consumers are now using its BNPL option, equating to “150 million different loans at over 2.2 million unique merchants” with nearly $5 billion in Q3 volume, up 157% year-over-year.
👉 Check the PayPal Q3_22 financials in the document, read the full PYMNTS source article here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️PayPal announced that it will soon support Apple’s Tap to Pay on iPhones. Link here.
⭐️The Justice Department said it seized $3.4 billion worth of bitcoin stolen in the 2012 hack of the Silk Road dark web marketplace. Link here.
⭐️Doola announced that they have raised $8M in funding to continue helping entrepreneurs around the globe turn their dream idea into their dream US business. Link here.
⭐️Affirm Holdings stock slumped 17% after-hours trading after cutting its fiscal year guidance on the expectation for reduced revenue from Peloton and due to the impact of higher interest rates on its funding costs. Link here.
⭐️Elon Musk details his vision for a Twitter payments system. Link here.
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DIGITAL BANKING
Dave's CEO Jason wilk aims for steady profitability by 2024, by concentrating harder on building usage, rather than just adding new customers. Link here.
PAYMENTS
Stripe it’s laying off 14% of its workers, impacting around 1,120 of the fintech giant’s 8,000 workforce. Link here.
Bend by FNBO announces its first credit card partner, Greenlight. Link here.
Phos partnered with global acquirer Elavon to launch a ‘Tap to Pay’ solution in North America. Link here.
Archy, dental payments and payroll startup raises $10M. Link here.
CRYPTO
Coinbase reported user numbers that topped analysts' estimates even as third-quarter revenue missed estimates and the cryptocurrency exchange had a wider-than-expected loss. Link here.
Coinbase CEO says USDC will become ‘de facto central bank digital currency,’. Link here.
INVESTMENT
Public.com is planning to expand outside the US for the first time in 2023. Link here.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.