REPORT
The innovation economy has slowed down. Investment has fallen from recent highs, valuations are rebasing and exit markets remain mostly closed.
However, historical data shows that the number of unicorns found during and after recessions increases. 👇
REPORT
Like every other VC-dependent, loss-making FinTech, Varo is in the midst of reorienting from “growth” to “profitability.” The company released a statement highlighting some of the progress it has made. 👇
REPORT
“2022 FinTech Almanac” report by FT Partners providing the most comprehensive review of global FinTech deal activity with analysis across private company financings, IPOs, and M&A transactions.
👀 NEWS HIGHLIGHT
Gemini, Genesis reach $100 Million agreement over earn program.
Gemini Earn users are a step closer to recovering their money with an agreement announced between Gemini, Genesis Global Capital, LLC (Genesis), and Digital Currency Group.
😎 SPONSORED CONTENT
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📊 INFOGRAPHIC
Seven of the top 15 counties by invested capital were in California in 2022.
Carta companies headquartered in the 30 miles or so surrounding San Francisco raised a collective $35.9 billion last year.
📰 ARTICLE
Klarna has long been known for its eccentric, star-studded campaigns – from A$AP Rocky taking over as CEO for a day to Snoop Dogg transforming into Smoooth Dogg back in 2019.
The next celebrity to take on the Swedish fintech’s “Smoooth” tagline is Paris Hilton.
🎤 PODCAST
In this episode, Peter Hazlehurst, CEO of Synctera gives lessons about 30 years of building FinTech companies.
🎤 PODCAST
In this episode, the host John Siracusa chats remotely with Dee Choubey, Founder & CEO at MoneyLion.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ Binance is temporarily suspending U.S. dollar bank transfers.
⭐️ Stash appointed Liza Landsman as its new CEO.
⭐️ Alloy is making its way across the pond to launch in the UK.
⭐️ Check out FT Partners latest monthly FinTech industry update.
⭐️ Current launch a rebrand that aligns the brand to its mission.
⭐️ Analyzing a16z’s fintech investment strategy: Where did the VC place its biggest bets in 2022?
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
Oxygen announced $20 million in Series B funding – led largely by return investors – and the appointment of David Rafalovsky as Chief Executive Officer.
PAYMENTS
SendFriend acquired the assets of US compliance provider DigiPli for an undisclosed sum.
Fidelity National Information Services Inc. eliminated 2,600 staffers as new Chief Executive Officer Stephanie Ferris continues her strategic review of the financial-technology giant’s business.
Cash App launched a new feature that helps consumers with their savings.
Fintiv partnered with Geoswift to enable digital remittance payments into Asia through the former’s mobile wallets.
Trustly partnered with PointsBet to offer its players Instant Payouts in the United States, powered by Cross River.
Treasure Financial announced the launch of its Managed Treasuries allocation.
Visa announced new offers aimed to help small and micro businesses accept digital payments.
Finzly announced that developers from platforms, fintech, and banks can access the sandbox environment that connects to the pilot version of the instant payment platform through Finzly API.
BNPL
Amazon appears to be leaving its options open when it comes to buy now, pay later services, letting an exclusivity commitment with Affirm.
Apple Pay Later service that Apple has in the works is set to launch "soon".
Affirm is reducing its staff by 19%, or about 500 employees, and shutting down its crypto unit.
CRYPTO
Silvergate Capital is reportedly under investigation by the United States Department of Justice fraud unit for its dealings with the bankrupt FTX and Alameda firms.
Lawyers and advisors in FTX bankruptcy have billed nearly $20 million for 51 days of work.
BLOCKCHAIN / DEFI
Robinhood will try to buy back Sam Bankman-Fried's shares.
MOVERS & SHAKERS
Pipe hired Square executive Luke Voiles as its new CEO.
Silicon Valley Bank announced that Ashraf Hebela was named the new Head of Technology & Healthcare Banking for North America.
SUMA Wealth names CEO Daniela Corrente as Chief Strategy and Business Officer