REPORT
FinTech startups raised $79B globally in 2022, down 38% from last year, but still, almost double the pre-pandemic level.
👉 Read the full report by Dealroom.co and ABN AMRO Ventures here
👀 NEWS HIGHLIGHT
JPMorgan Chase is suing the 30-year-old founder of Frank, which acquired for $175 million, for allegedly lying about its scale and success by creating an enormous list of fake users to entice the financial giant to buy it.
👉 Read the full Forbes article by Alexandra S. Levin and Iain Martin here
😎 SPONSORED CONTENT
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📊 INFOGRAPHIC
There’s no arguing with the fact that Zelle is thriving.
EWS has been enormously successful in selling the vision of Customer Retention to community banks and credit unions, and the expansion of Zelle’s network has driven a corresponding increase in payment transaction volume.
👉 Read the full P2P Payments: Fintech’s Vision Board article by Alex Johnson here
📰 ARTICLE
For the past few years, many have cited that today’s younger generations mistrust credit cards. Unsurprisingly, recent data shows that in 2022, 66% of Millennials had credit cards.
👉 Read the full Cowboy Ventures article by Jillian Williams here
👨💻 BLOG
Check out Canadian Fintech: Predictions for 2023 🔮
🧐 ANALYSIS
Apple controlled an estimated $800 billion of payment flows in 2022.
👉 Check the whole Flagship Advisory Partners analysis by Joel Van Arsdale, Charlotte Al Usta, and Pedro Giestahere here
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ Nuvei Corporation and Paya Holdings Inc. agreed that Nuvei will acquire Paya in an all-cash transaction at USD $9.75 per share. Link here
⭐️ Binance Holdings Ltd. acknowledged past flaws in the management of its stablecoin’s reserves. Link here
⭐️ Binance is struggling to hold onto assets, customers withdrew a net $360 million. Link here
⭐️ Coinbase Global Inc. will eliminate around 20% of its staff and enact broad cost cuts. Link here
⭐️ Principal Asset ManagementSM is enhancing its fintech-enabled model portfolio solution. Link here
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FTX
Silvergate tumbles after FTX implosion prompts $8.1 Billion bank run. Link here
Sam Bankman-Fried and FTX doled out millions in charitable donations. Now, the new management is asking for it back. Link here
Sam Bankman-Fried is arguing that he should retain control of around $450 million in shares of the financial trading app Robinhood Markets. Link here
FTX's former top lawyer Daniel Friedberg cooperated with U.S. prosecutors as they investigate the crypto firm's collapse. Link here
The U.S. Securities and Exchange Commission is seeking details about FTX investors' due diligence. Link here
DIGITAL BANKING
Dave´s Inc. Board of Directors approved a 1-for-32 reverse stock split of the Company’s Class A common stock and Class V common stock. Link here
BNP Paribas announced Series C funding round for the AccessFintech Link here
Stride Bank NA extended its private-label banking services agreements Chime Financial, reaffirming Stride as a key banking partner. Link here
VC FUNDS
Mendoza Ventures announced the close of its $100m early growth FinTech fund. Link here
PAYMENTS
Stripe cut the internal value of its shares by about 11%, implying a valuation of $63 billion. Link here
Ionia joined Visa’s Fintech Fast Track Program. Link here
Santander Bank partnered Global Payments to launch a new commercial card in order to simplify the banking experience of clients in the US. Link here
Doorstead raised $21.5 million in a Series B round of funding. Link here
Duck Creek Technologies announced a definitive agreement to acquire Imburse Payments. Link here
J.P. Morgan is working with TikTok parent ByteDance on payments technology. Link here
Tulipshare calls on PayPal to end discriminatory account suspensions and provide non-discriminatory financial services to all users. Link here
SentBe announced the official launch of its international money transfer service in the U.S. Link here
ACI Worldwide Inc. is in talks with private equity firms about a potential sale. Link here
Deel acquired Capbase for an undisclosed amount in a cash and stock deal. Link here
Butter secured $22m in its Series A funding round. Link here
CRYPTO
New York's attorney general filed a civil lawsuit against the founder of the bankrupt Celsius Network, Alex Mashinsky. Link here
ML Tech raised $1.9 million in funding. Link here
Wyre modified its withdrawal policy to limit users from cashing out up to 90% of their assets. Link here
Genesis Global Trading Inc. laid off 30% of its staff and is considering filing for bankruptcy. Link here
INVESTMENT
Fidelity acquired Shoobx for an undisclosed amount. Link here
FINANCIAL LITERACY
Greenlight® Financial Technology, Inc. announced the launch of Greenlight Level Up™, an interactive, curriculum-based financial literacy game. Link here
MOVERS & SHAKERS
Funding Circle appointed Steve Allocca as the new US managing director. Link here
Nadine Chakar is joining Securrency and assuming the role of Chief Executive Officer. Link here
Moonstone Bank chief legal officer Joseph Vincent left the financial firm, after being with the bank for just eight months. Link here
Foong Chee Mun is stepping down as the Chief Technology Officer of MoneyLion. Link here
Mary Wisniewski is joining Cornerstone Advisors as editor-at-large and content director. Link here
SVB announced the appointment of Kim Olson as Chief Risk Officer. Link here
Stax Payments appointed John Kristel to interim Chief Executive Officer. Link here
PayQuicker announced the addition of Nazuk Jain as Head of Product. Link here