Welcome to?your?daily?FinTech?news!
- Over the past week,?Fred Ehrsam?purchased more than one million shares of?Coinbase?(COIN) worth roughly $75 million, stepping in as the crypto exchange's stock price plunged following the company’s weak earnings report. According to a Form 4 filing with the U.S. Securities and Exchange Commission, Ehrsam – through Paradigm, the venture capital firm he co-founded – purchased more than 706,000 shares of Coinbase on May 13 at an average price of about $70 each, or nearly $50 million worth. Link here.?
- Mercuryo, the leading crypto payments company, has announced that it’s hit 3 million users worldwide. The milestone represents a significant acceleration in growth for the London-headquartered business, having hit 2 million users just four months ago, in January this year. Link here.?
- A lot has changed in the state of crypto since?Andreessen Horowitz?started investing in the area nearly a decade ago. This report is the first of what will be an annual overview of trends in the crypto industry, shared through the a16z crypto vantage point of both tracking data and across the countless entrepreneurs and builders they meet. Link here.?
- Payments processing and financial infrastructure giant?Stripe?has launched a new apps marketplace, designed to bring third-party accounting, analytics, CRM, marketing and esignature features directly into Stripe. Link here.?
- Chinese e-commerce giant?Tencent?has led an $18 million funding round into London-based fintech?Previse. Other investors joining the Seires B round include Augmentum Fintech and Reefknot. Link here.?
- Fintech lender,?Creditspring?announces that it has raised ￡48 million to supercharge its mission of improving financial stability across the UK. The number of Creditspring members has already increased by 50% - from 100,000 to 150,000 - since the start of 2022 and the company expects to add another 200,000 members by the end of the year. Link here.?
- ZoodPay & ZoodMall, a Switzerland-headquartered buy now pay later platform that operates in different Middle Eastern and Central Asian markets has acquired Pakistani consumer lending fintech?Tez Financial Services. Link here.?
- Australian BNPL firm?Openpay?Group Ltd announced the completion of an $18.25 million two-tranche Placement to accelerate its pathway to profitability in the ANZ business. Link here.?
- WeWork founder Adam Neumann recently launched a startup,?Flowcarbon, to sell tokenized carbon credits on the blockchain. Link here.?
- Andreessen Horowitz, which has underwent a bit of a transformation over the past few years scaling its headcount to scale its deals, has closed on its latest crypto fund and it’s a whopper. The new $4.5 billion fund doubles the size of their last crypto fund and showcases the widening interest among the firm’s limited partners in increasing their exposure to crypto startups. The firm specifies that one-third of the new mega-fund will be earmarked for seed deals exclusively. Link here.?
- PayEngine, a white-label payments-facilitation platform for vertical SaaS companies, has raised $10 million in Series A funding led by?Point72 Ventures, a global venture capital strategy.?Link here.?
- London has long established itself as one of the world's most-important FinTech hubs. Now, the city's startups are adapting their offices and integrating flexible working to attract and retain staff in a hugely-competitive market for talent. Link here.?
- BUX, one of Europe’s fastest-growing neobrokers, welcomes?Zoltán álvaro Vidal Blanco, who will assume the role of Country Manager for Spain. Vidal will lead the Spanish market and accelerate BUX’s efforts to grow its customer base in Spain, making investing more accessible and affordable for Spaniards. Link here.
- Brazilian Fintech?marvin.?lands Series-A of $15 million led by American early venture capital fund Canaan, which has more than 70 IPOs and 140 plus M&A exists on its track record. The deal, announced today, was joined by Investment funds?Canary?and?Mauá Capital. Link here.?
- Americans Spend $13 Billion on Fintech Subscriptions. Across the fintech industry, subscription charges and membership fees add up. Among consumers between the ages of 21 and 55, 40% pay to receive or subscribe to fintech services each month, with half spending $10 or more. By generation, 47% of Gen Zers and 44% of Millennials pay to access fintech services each month. On average, Gen Zers and Millennials spend about $6.25 per month to access fintech services, with Gen Xers spending roughly $4.75. Link here.?
- After rolling out payroll features in February,?Revolut?is today upgrading its business accounts with new spend management capabilities. The feature will let Revolut Business customers issue an unlimited number of physical and virtual cards to their teams and then monitor and manage their usage. Link here.?
- Qonto, the leading European business finance solution, announced the launch of its new solution for invoicing. This new solution simplifies the process of generating, sharing, and managing professional and customized invoices directly from the platform. Link here.?
- UBS?is launching a purely digital product line,?key4 by UBS, for clients who want to carry out all of their banking transactions from their smartphones. Link here.?
This ends?Your?Daily?Fintech?News. Let me know if there are any questions or comments. Until the next!
Thanks for including our funding news! Plenty more to come... ??