MVO BLOG
REPORT
Apple’s ambition to expand its payments offerings to merchants was unveiled earlier this year when the tech behemoth announced plans to introduce Tap to Pay on iPhone, with Stripe being the first payment platform to offer the feature.
The company’s quiet investment approach seldom involves bankers, which justifies a lot of the deals going under the radar.
There is a decent chance of you viewing this post from an Apple device which confirms how successful Apple has been in expanding its iEcosystem throughout the years, by implementing a clever amalgamation of innovation, investment and marketing strategies.
In this article, WhiteSight explores Apple's investment and innovation strategies through the years. Check the link here
👀 NEWS HIGHLIGHT
A timeline of the last 100+ years in Insurance in the U.S.
The insurance industry is one of the oldest industries in the world with estimated global market size of $10.00Tn by 2030. Both commercial and personal insurance emerged as the building blocks of economic and social progress. Looking at the potential market size of the global insurance industry, it is evident that insurance is here to stay.
👉 Check out the full article on Medium by Amir kabir here
😎 SPONSORED CONTENT
Contis helps organisations unleash their true potential with award-winning, cloud-based Banking-as-a-Service solutions. With Contis you can put next-generation cards, accounts, and apps in your customer’s hands.
📊 INFOGRAPHIC
The NFT craze has only just begun. With a mindset that prioritizes convenience with benefit, the year of 2022 seems to be an explosive one for decentralized digital assets to make their mark and transform the way currency is accessed and owned.
👉 Check out the full WhiteSight article by Sanjeev Kumar and Kshitija Kaur, on the top NFT projects. Link here
📰 ARTICLE
Q1 2022 Open Banking Trends: 175% annual growth rate, regulations move to data sharing. Read the full Platformable article by Phuong Pham & Spencer Perkins. Link here
👨💻 BLOG
The New Operating Manual for FinTech-Enabled Marketplaces. Read the full article by Pete Flint. Link here
💬 INTERVIEW
Robinhood’s path to go global is likely through crypto, says chief brokerage officer Steve Quirk.
👉 Check out the full interview here
💡INSIGHTS
Chime was the most downloaded US mobile banking app in 2021, with 12.8 million downloads, up 16% from 2020.
Other neobanks had a huge year as well: Current posted 67% growth in downloads, and Varo skyrocketed to 10th place with a 529% increase. That said, traditional banks took the rest of the top five positions.
👉 Read more here
👀 Looking for funding news? We've moved them to their own special weekly newsletter here.
👉 Read all about M&As, VCs, Down Rounds, IPOs, Funding Rounds, etc.
Subscribe to our #DoneDeal Newsletter and never miss an important update again.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ Apple announced the new Tap to Pay feature for the iPhone. This feature enables millions of Apple Pay merchants to easily facilitate transactions using a simple tap regardless of the payment method. Link here
⭐️ Affirm stock dropped 21% to a share price of $58.68 on February 10th after the company reported second-quarter results ahead of schedule. Affirm said it expected between $1.29 billion and $1.31 billion in revenue for the year, ahead of the $1.27 billion expected by analysts. Link here
⭐️ Neo.Tax announced that it has raised $10 million in a Series A funding round led by Infinity Ventures. Link here
⭐️ Nomad, a marketplace that aims to provide small-time rental property owners with “guaranteed rent,” has raised $20 million in a Series A funding round led by Silicon Valley Bank Capital. Link here
⭐️ Homebound is announcing it has raised $75 million in a Series C funding round led by Khosla Ventures toward its efforts to help address inventory shortages with its technology. Link here
DIGITAL BANKING
Happy Money, a leading platform for unsecured lending in partnership with credit unions, announced it has closed a Series D-1 capital raise to accelerate its growth and empower more people to use money as a tool for happiness. Link here
São Paulo-based Banco Itaú Private Bank International has partnered with US paytech Rêv Worldwide to release a multi-currency digital wallet for its international private banking customers. Link here
Piermont Bank, a digital commercial bank that serves the fintech ecosystem, announced that it has entered a strategic partnership with Unit, the banking-as-a-service startup that empowers companies to embed financial services into their products. Link here
Food delivery service DoorDash Inc. will offer financing on its app to restaurants that need business loans through the new DoorDash Capital program, according to a Bloomberg report Feb. 9. Link here
CRYPTO
The New York Stock Exchange (NYSE) has filed an application with the U.S. Patent and Trademark Office (USPTO) to provide an online marketplace for various digital goods including non-fungible tokens (NFT), cryptocurrencies, digital media and artwork. Link here
Rainbow, a crypto startup building a mobile wallet app that allows users to interact with decentralized applications on the Ethereum blockchain, wants to be the app users download to transact safely. Link here
OPEN BANKING
Marqeta (NASDAQ: MQ) announced a partnership with Plaid, a data network that powers the tools millions of people rely on to live healthier financial lives, to simplify ACH transfers, enabling customers to seamlessly and securely authenticate their bank accounts and fund their accounts to power more immediate spending. Link here
INVESTMENTS
Micruity Inc., a San Francisco, CA-based platform that powers annuities inside 401(k) plans, closed $5.1M in seed financing. The company intends to use the funds to expand its platform. Link here
REGTECH
ComplyAdvantage, a global data technology company transforming financial crime detection, announced that Novo, an award-winning digital banking platform for small businesses sponsored by Middlesex Federal Savings, F.A., has selected the company’s award-winning Transaction Monitoring solution. Link here
PAYMENTS
Banked, a FinTech startup that offers an alternative to card schemes, raised a $20 million Series A funding round led by Bank of America and Edenred Capital Partners. Link here
F1 Payments, a fintech company focused on making the complex simple by complementing world-class technology with strong business and regulatory acumen, announced it is changing its name to Corvia effective today. Link here
Financial technology leader FIS announces it has enhanced its embedded payments strategy with the acquisition of Atlanta-based, Payrix. Link here
MoneyGram International has inked a definitive agreement to be acquired by private equity firm Madison Dearborn Partners, LLC (MDP) in an all-cash deal worth around $1.8 billion. Link here
Split Payments is now available in the US on iOS and Android phones through the chat app Messenger. To use Split Payments, tap the + icon in a group chat and select the payments tab, then tap the Get started button. From there you can split your bill evenly or customize the amount each person owes. Link here
Tillful, a business credit platform for SMEs, has teamed up with Highnote and Mastercard to launch a credit card. The Tillful Card aims to help new and emerging businesses as well as underrepresented owners of small firms that have historically been 'credit invisible'. Link here
Highline - a payroll-linked bill payment method - launched with $4.5 million in Seed funding led by Foundation Capital and Costanoa Ventures. Highline’s goal is to enable Americans to take control of their finances based on their income rather than their credit score. Link here
PatientFi®, an emerging leader in patient financing, announced the completion of a $15 million investment round. Link here
MOVERS & SHAKERS
Varo Bank, the first all-digital, nationally chartered bank in the U.S, announced the appointment of Jon Alferness as its new Chief Product Officer. Link here
David Scola joins as Chief Executive for the US to lead the company’s expansion into the US market as Form3 builds out its product capability to include Real-Time Payments and Automated Clearing House connectivity with both the Federal Reserve and The Clearing House. Link here
Marqeta, the global modern card issuing platform, announced the appointment of Mike Milotich as the company’s new Chief Financial Officer, effective February 22, 2022. Link here
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.