REPORT
Enterprise FinTech is still hitting the brakes from its highs in 2021 and 2022.
Even counting Stripe’s megadeal of $6.9 billion, total VC deal value for Q2 2023 decreased 11.9% YoY.
👀 NEWS HIGHLIGHT
Customers can continue earning their cashback and rewards while using Apple Pay to make payments with their PayPal or Venmo credit and debit cards in-store, online or in their favorite apps.
📰 ARTICLE
The year was 2020. Paul Kesserwani’s then-girlfriend (now wife) left their home in San Francisco to be near her family in San Diego. Kesserwani wanted to help her furnish her apartment, but was strapped for cash — he was saving for a ring — so he, for the first time, turned to buy now, pay later.
Read the full article here
Fintech infrastructure companies provide the underlying technology that enables FinTech startups and traditional financial institutions to launch new products and services digitally (online or on mobile devices).
FinTech can play a pivotal role in escalating vertical software businesses by offering an additional avenue for revenue beyond the conventional subscription-based models. Especially considering the financial constraints of SMBs in comparison to larger enterprises.
Read the full article here
👨💻 BLOG
In a pioneering move that echoes the operational philosophy of China's WeChat, Telegram, a widely-used messaging app boasting 800 million active users, is on the brink of metamorphosing into a decentralized super app.
💡INSIGHTS
This year’s winners are working on A2A payments, spend management automation, embedded finance, and more.
Three-quarters of this year’s winners are B2B FinTechs, including business spend management platforms, cross-border and real-time payment providers, and core banking and infrastructure platforms.
🎤 PODCAST
The era of easy money in FinTech investing is long gone. It is now time to be clear about your path to profitability and grasp the reality required to make your FinTech work for its living. Vlad Lounegov, CEO of Banking-as-a-Service provider Mbanq ought to know – his FinTech was in profit just three years after launching. Its solutions now power banks, credit unions and embedded finance around the world. Vlad Lounegov speaks to Robin Amlôt of IBS Intelligence
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ Tiptap donations platform opens up to Visa members.
⭐️ TikTok is testing a new in-app wallet.
⭐️ Jack Dorsey faces full Square agenda.
⭐️ Robinhood sees $100 million finance costs tied to regulatory issues in third quarter.
⭐️ More than 100 institutions are now actively participating on the Federal Reserve’s FedNow® Service network.
😇 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!
PAYMENTS
Apple was ordered to face a private antitrust lawsuit by payment card issuers accusing the company of thwarting competition for its Apple Pay mobile wallet.
Pidgin has partnered with Exchange Bank to offer instant payments to its account holders.
Green Dot and investing platform Stockpile have partnered to make investing and personal finance more accessible to consumers of all ages.
BNPL
Block has begun laying off staff as the parent company of Australian buy now, pay later darling Afterpay grapples with new internal targets and a sinking share price.
CRYPTO
Tap Global to launch in US: Through a partnership with Zero Hash, the Company has now identified a pathway to launch in the US whilst ensuring the requisite regulatory coverage for the new US business and the Company as a whole.
INVESTMENT
Camino Financial and Fundation will combine to create a new, full spectrum SMB lender providing credit solutions to fund the growth of small businesses.
Visa announced today that it plans to invest $100 million in companies developing generative AI technologies and applications “that will impact the future of commerce and payments.”
Experian has launched the Experian Smart Money Digital Checking Account and Debit Card, featuring FICO score-boosting Experian Boost.
Plaid announced several updates to their Transactions product, which enables financial services providers to do even more with transactional data.
Former Levvel CEO, Bank of America execs launch AI-focused fintech startup Vectari.
PayZen announced the release of its newest product, the PayZen Care Card, with its major launch partners Geisinger and University of Texas Medical Branch (UTMB).
Clearco announced the completion of multiple actions to recapitalize its business and solidify its position as the leading provider of growth capital to e-commerce businesses.
DONE DEAL
Slope closed on a venture round of $30 million to expand its business. The company intends on using the new funds on product development as it continues to take on bigger clients.
A Series B funding round has raised $31 million for Farther, as backers including Lightspeed Venture Partners joined existing investors to more than double its valuation to $131 million.
Stampli announced that it has raised $61 million in a Series D venture funding round led by funds managed by Blackstone, with the participation of existing investors Insight Partners, SignalFire, Bloomberg Beta, and NextWorld Capital.
Rainforest raises $8.5M to help software companies embed financial services.
FRAUD PREVENTION
BHG Financial partners with Cable for automated financial crime effectiveness testing.
MOVERS & SHAKERS
Monzo has hired a new US CEO, Conor Walsh, as it presses on with a second attempt at stateside expansion.
OPPORTUNITIES
MassChallenge FinTech opened applications for its sixth FinTech accelerator program.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.