REPORT
#fintechreport : 2023 FinTech Snapshot by BCG
In 2023, FinTech & InsurTech are finding a new groove. Equity funding has dipped due to macroeconomic uncertainty, possibly the lowest since 2017.
But the tide is turning:
‣ Quarterly declines are less severe since Q3 '22
‣ Public markets are rebounding
‣ Funding pullback affects later stages more
👀 NEWS HIGHLIGHT
Block’s merchant business, facing stiffer competition in the point-of-sale space, has added about a dozen new features for its sellers.
🎤 PODCAST
In the world of modern business, adaptability and evolution are paramount for success. The same holds true for the field of marketing, where Vineet Mehra, chief marketing officer of banking app Chime, has blazed a career path that embodies the dynamic nature of leadership.
🧐 ANALYSIS
Throughout 2022 and 2023, the BNPL model took center stage in FinTech discussions. Amid a challenging economic climate, consumers were drawn to its convenience and an alternative credit option.
However, concerns about its rapid rise, including issues related to speed, financial inclusion, and responsible borrowing, signaled the urgency for regulatory oversight and enhanced consumer awareness.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ Goldman Sachs Raises $15 billion for secondary deals.
⭐️ Amazon adds RFID to cashierless tech.
⭐️ Eco shuts down banking app, lays off team, as it focuses on building a “New And Better Money”
⭐️ MoonPay to invest in fintech.
⭐️ Square's Canadian cannabis deal plants seeds for U.S. growth.
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DIGITAL BANKING
Varo Bank customers can now send funds to anyone with a U.S. bank account, the company announced, part of a new feature called “Varo to Anyone.”
PAYMENTS
Atomic announced the launch of PayLink, a solution suite that streamlines payment switching, making it easier for consumers to switch their primary banking relationship.
Veem announced the release of virtual cards for small businesses in the U.S., powered by Visa®, and in partnership with Marqeta.
BNPL
Affirm is exploring the introduction of a subscription service in a bid to create more recurring revenue beyond interest collected from its buy now, pay later plans.
CRYPTO
Crypto.com has been announced as the preferred platform for PayPal and Paxos’ recently launched stablecoin PYUSD.
INVESTMENT
Bluefin announced the integration of Mastercard Click to Pay to provide additional seamless checkout options for merchants and their customers.
FairPlay partners with FS Vector to introduce fair lending to more financial service firms.
DONE DEAL
Mesh has raised $22 million in a Series A funding round led by Money Forward. Mesh will use the new cash, which brings its total raised to date to $32 million, to further develop its tools for deposits, payments and payouts.
Layup has raised $2.3 million in a seed round led by Chicago’s Continental Investment Partners.
ZayZoon has secured $34.5 million in debt and equity funding as part of its Series B funding round.
Bright Money has secured $62 Mn funding in a mix of equity and debt.
PortX announced the successful close of its Series B funding round, securing $16.5 million, co-led by FUSE, a Pacific Northwest-based venture capital firm, and Curql, a collective of forward-thinking credit unions.
d1g1t announced that it has closed a combined equity and debt financing round. U.S.-based existing investor MissionOG led the equity investment.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.