Stripe raised over $6.5 billion, value the company at $50 billion
Happy Friday FinTech Fanatic,
Let’s kick off today’s newsletter with the huge funding round for payments giant Stripe .
The digital payments company announced that it raised over $6.5 billion in a Series I funding to value the company at $50 billion.
Once valued at $95 billion, back in 2021, this last cash injection came at a $50bn valuation, meaning Stripe has now officially opted for a so-called ‘down round’.
In the slipstream of their new funding Stripe has also clocked up a new partnership with OpenAI, the owner of ChatGPT.
Meanwhile Atom Bank has kicked off a search for a new chair as preparations for a long-awaited public listing of its shares gather pace. Reportedly, a 2024 IPO is now seen as likely.
While we still summarise a fine selection of the SVB headlines in our dedicated SVB news section, I would like to point out the video below in which Steve McLaughlin , founder of FT Partners shares his vision on the impact of SVB’s collapse on FinTech.
An explanation worthwhile watching, in my opinion.
The results of my recent poll, round the question ‘Who killed SVB’ were clear. Out of more than 5500 votes, 78% of the voters pointed to SVB’s bad (risk-)management.
That brings me to a follow-up question; do you think the former CEO and CFO of Silicon Valley Bank (SVB ) should be sued?
Feel free to share your opinion by voting on my latest poll
I’m curious about your opinion on this matter. And now on to the other FinTech news, which you’ll find listed below??
SVB NEWS
Silicon Valley Bank: Here’s a timeline of the bank’s failure. Read the full Techcrunch coverage of the events here .
Signature Bank’s prospective buyers must agree to give up all crypto business. The Bank is on the market after being shuttered by New York state regulators on Sunday, but any potential buyer reportedly has to agree to a major caveat: no crypto.?
In the UK, just over a third of startups had access to no other banking facilities other than SVB UK, according to a survey by the UK Business Angels Association . Founders say that difficulty in opening accounts at high street banks — and investors’ cosy relationship with the bank — all fed into the over-reliance on SVB UK.
MAS : Singapore Banking System Has “Insignificant Exposures” to Failed US Banks. The regulator added that Singapore’s banking system still remains sound and resilient despite the financial market turbulence due to the spectacular implosion of these banks.
HSBC bought Silicon Valley Bank UK in record time — here’s how events unfolded. You can't miss out on all details of the full story by CNBC here
INSIGHTS
Take a look at MUFG Americas Capital Markets Strategy's assessment of the impact of SVB on financial stability, fed policy & markets here
Nigeria’s digital economy: Building a digital payments ecosystem. With a population of over 200 million people, there has been a tremendous effort to stimulate economic activities at the grassroots, all of which has made Nigeria the largest economy in Africa. Read more
PODCAST
“Unlocking LatAm: Global Expansion Without a Local Entity”. In this Fintech Times podcast, PayRetailers breaks down how challenges can be overcome with a payments localisation service. Check out the full podcast episode and learn more.?
Check out “Payments modernization and technology in 2023” from Aite-Novarica Group and sponsored by Finastra . This research survey sheds light on the latest industry trends, using data from over 100 leading global banks .
Apple’s conquest in the Financial Sector report by C-Innovation and Sparks explores various aspects of Apple's involvement in finance including its products and services, its partners and acquisitions, its competitors, and its ambitions in the financial space. Link here .
FINTECH NEWS
Mastercard receives green light to deploy ID services in the UK. Sarah Clark , SVP, Digital Identity at Mastercard, said: “By receiving certification in the UK , Mastercard can collaborate with the private and public sector to offer ID.”?
Moneyfarm launches four thematic investing portfolios. There will be four portfolios to choose from that are invested 100 per cent in equity with underlying ETFs for mid to long-term investing.
Klarna unveils 'conscious badges' for electonic brands powered by Clarity AI . With this new feature, Klarna users worldwide can access even more comprehensive metrics about their electronics purchases at the touch of a button.
Latitud launched a banking product called Meridian that will focus on founders of early-stage startups that need international accounts but are not big enough to be customers of large US banks. Check out Latitude’s podcast episode where they explain more about this new service
Dutch payments startup continues impressive growth trajectory with US expansion. Silverflow is expanding into the US market bringing its modern, omnichannel, cloud native acquiring processing platform to acquirers, PSPs, payment facilitators, and marketplaces.
领英推荐
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! ??Sign up here !
DIGITAL BANKING NEWS
Credit Suisse shares soar over 18% on Swiss National Bank loan announcement. The Swiss National Bank and the Swiss Financial Market Supervisory Authority said in a statement that Credit Suisse “meets the capital and liquidity requirements imposed on systemically important banks.”
Kroo ups interest rate again. Starting in April, the bank is increasing its rates from its current offering of 3.03 per cent on balances up to ￡85,000. Kroo says it is committed to disrupting the legacy banking system by passing on fair interest rates to its customers.
Sea’s MariBank now available to the public on an Invite-Only basis. Interested parties who have received the invite from the digital bank can set up a Mari Savings account, which offers 2.5% p.a. interest earnings credited to the user’s account daily which does not require any minimum deposit, salary credit requirement or minimum spend amount.
India’s Bandhan Group mulls foray into insurance business. The group, which mainly has banking, mutual fund and micro finance operations, plans to foray into the insurance business, first through general insurance and then via life insurance, CNBC TV18 reported on Tuesday.?
Startup Archie launches open banking platform with a promise to support the UK’s businesses, including underserved small and medium-sized enterprises (SMEs), whilst educating consumers on the vast potential of Open Banking.
BLOCKCHAIN
Coinbase adds support for direct bank transfers in Singapore. Coinbase has enabled customers in Singapore to transfer funds to and from their accounts using any bank in the country for free, making their cryptocurrency trading experience even easier and convenient.
Swiss start-up Grow Bank aims to bring crypto and fiat currencies under one roof. The start-up says it supports 64 fiat currencies and 20 cryptocurrencies, allowing users to carry out exchange operations with a “minimum” commission.
Xapo Bank integrates with UK Faster Payment System (FPS) to offer 24/7 - 365 zero-fee fund settlement in the United Kingdom and overseas territories. With the integration, Xapo Bank members will be able to send up to ￡1m GBP directly, conveniently, and securely all in real-time.
PARTNERSHIPS
BNP Paribas and Hokodo combine for the ‘new generation’ in BNPL payments. Both companies are working on a joint solution that has the potential to quickly get absorbed into the market due to Hokodo’s push towards technological innovation and BNP Paribas’ ‘international expertise, network and reputation’.?
Sparxpres partners Trifork and Tuum for card and financing platform. The new platform provides Sparxpres with future-proof core systems that enable new products to be easily introduced.
VR Payment taps Hawk AI to boost anti-financial crime offering. As part of the collaboration , VR Payment will use Hawk AI’s software for transaction monitoring to identify financial crime even more accurately.?
JVIF selects OpenWay in bid to become consumer finance leader in Vietnam. The teams of both companies will cooperate closely to create competitive products and co-branded credit programmes with personalised rewards and instalments.
Perx signs with Neonomics . Through this partnership , PERX will be able to facilitate open banking payments on their platform through Neonomics’ open banking Checkout solution, to increase efficiency and security in its payments.
Capital Bank launches the “Sulfeh o Rateb” service in cooperation with Ryalize. The service, which allows employees of corporate clients of large companies and SMEs to get part of their earned salary before payday, for a fixed nominal fee per transaction.
Tamam signs MoU with Visa to enhance microfinance capabilities. The partnership will enable Tamam to leverage Visa’s technology and network to deliver solutions to help their customers meet their financing requirements in a secure and rewarding way.
GoCardless integrates with Zapier to help businesses save time and energy when managing their payments. Businesses can now build Zaps — Zapier’s automated workflows — for GoCardless, eliminating manual labour for routine and repetitive tasks.
Ibanera lands $18.5m in capital investment. Ibanera’s DLT and subledger banking uses blockchain technologies to automate fiat ramping for web3 while removing the inherent risks financial institutions are typically exposed to when servicing digital asset businesses.
Mexican startup Mattilda secures a $10M credit line from Addem Capital. The company plans to use the cash to reach more schools and universities in Mexico.
German Fintech Cashlink Closes Series A Led by TX Ventures . Cashlink offers an infrastructure for tokenised assets and has been granted the provisional crypto registry license by Germany’s financial regulator BaFin which enables the issuance of fully compliant tokenised securities.
Parker emerged from stealth with $157 million in equity and debt funding, much of which closed in 2022. The company is working on scaling to access the cheaper cost of capital and upsell other products, though there is a path to profitability on just the card business.
Goldman backs Saudi fintech Tamara with $150 million facility. Tamara facilitates payments for thousands of merchants and plans to fund expansion across product lines in shopping, payments and banking, according to a statement.
Looking to work with me in any of the following areas?
Cheers,
Marcel van Oost
Connecting the dots in FinTech...
9 个月??????????: Stripe Valuation Jumps to $65 Billion in Employee Share-Sale Deal: https://www.dhirubhai.net/posts/marcelvanoost_stripe-payments-paytech-activity-7168608318142287873-h5cS?utm_source=share&utm_medium=member_desktop?
Thanks for the mention Marcel van Oost! We are thrilled to be expanding into the US!
Your Channel Partner Game remains an enigmatic maze to most, a labyrinth of missed opportunities and misunderstood dynamics. When will You do something about it?
1 年Marcel van Oost, this is definitely something to dive into. I am definitely interested in reading further into the article. Looking forward to more insightful posts like this. Thank you for sharing. If you are an Investor or want to start Investing seriously, you might want to look at Keiretsu at https://bit.ly/2Zful6i, one of the largest Angel Investors networks in the World, recognized by Pitchbook.
Hi Marcel, I think this news is worth mentioning too: "The UK’s top financial regulator has warned that it will shut down payments companies offering bank-like services without banking licences unless they urgently fix problems that pose an “unacceptable” risk to consumers and the wider system." Link to the FT:
Thanks for the mention, Marcel!