Hello all!
I decided not to list any SVB news updates in this weekly newsletter
because this would simply be too much.
If you want to stay up to date with the latest SVB, and other FinTech news, please sign up for my daily newsletter here.
Enjoy this week’s other FinTech news!
Cheers,
Marcel
REPORT
For this Rising Stars report, they asked the FinTech ecosystem to nominate women that are leading the way for the future of FinTech, across all departments and roles. The report features more than 25 exclusive interviews with Rising Stars in FinTech detailing their inspirations, challenges they confronted, opportunities they seized, and mentors that have guided them along the way.
👀 NEWS HIGHLIGHT
Stripe raised over $6.5 billion in Series I funding to value the company at $50 billion.
The payments giant was expected to raise a lower amount of funding, around $2 billion, though at $60 billion valuation. More recently, Stripe was publicly valued at $95 billion.
📰 ARTICLE
Today many FinTechs are built on the “platform” of card payments, generating revenue from interchange and/or acquirer fee pools.
There are several reasons why the card payment fee pool may compress, but you don’t need to believe these will change significantly to also believe it’s a bad place to build a business.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ Orion Innovation acquired Banktech Software Services, for an undisclosed sum.
⭐️ Credit Karma announced Net Worth, a new product experience that will help millions of members protect their wealth.
⭐️ Detected announced its expansion into the US market.
⭐️ Masttro received a growth equity investment of $43m in a funding round led by FTV Capital.
😇 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!
FinTech Meetup in Vegas is just around the corner and I will start and close it with a bang. Join me and let's do this together!
DIGITAL BANKING
Silvergate Capital Corporation announced its intent to wind down operations and voluntarily liquidate the Bank in an orderly manner and in accordance with applicable regulatory processes.
Synctera raised an additional $15 million as it expands into Canada.
HMBradley eliminated its waitlist and is now open to new users after securing a new sponsor bank.
Mercury is offering customers expanded FDIC insurance of up to $3 million via a new product.
PAYMENTS
Tweed raised a $4m seed funding round led by Accel.
Sezzle announced its intent to list its shares of common stock for trading on the Nasdaq Global Market.
F5 is partnering with Visa to help merchants securely reduce login friction for customers.
BNPL
Tabit announced the launch of a new partnership with Lenovo.
CRYPTO
Anchorage is cutting 75 jobs, about 20% of its headcount - as it restructures in the face of market conditions and regulatory uncertainty.
SOFTWARE DEVELOPMENT
Monnai announced a $6.5 million Series A funding round led by Tiger Global.
Cubist scored $7m in a seed funding round headed by Polychain Capital.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.