Top 10 FinTech news for the week ending August 28, 2021
The Biggest Story of the Week came out Friday night with the Amazon-Affirm deal. Of course, there was big news on the funding, and Nubank is heading for the most anticipated IPO of the year. We have more developments in the anti-overdraft movement and Visa is going into NFTs. Here’s what I consider to be the top 10 most important fintech news from the past week.
Amazon Closes Deal With Affirm, The New York Times Buy It Now Provider – It’s Huge. We learned on Friday evening that the world’s largest online retailer has partnered with Affirm in what will be the biggest BNPL partnership ever.
Nubank, backed by Buffett, is seeking an IPO valuation of over $ 55 billion from Reuters – If that becomes a reality, that would be pretty cool. Brazil’s largest bank, Itau Unibanco, is valued at around $ 55 billion, Nubank is reportedly seeking a similar valuation for its next IPO.
Ramp Raises $ 300 Million at $ 3.9 Billion Valuation, Makes First Acquisition from TechCrunch – Since the start of April, Ramp has raised $ 115 million at a valuation of $ 1.6 billion. Now it’s August, which is a long period of four months, so of course their valuation is multiplied by 2.5 and they cash a much bigger check.
Robinhood competitor DriveWealth creator raises $ 450 million in funding from FinLedger – Speaking of huge spins, the biggest of the week goes to DriveWealth, proving the stock trading craze shows no signs slowdown.
New York is cracking down on bank overdraft fees. Will the OCC, the CFPB follow? American Banker – We covered New York’s overdraft law last week and it continues to trend downward for overdraft fees. Now there is movement at the federal level as well.
Visa buys NFT CryptoPunk from LendIt Fintech News – Visa bought an NFT CryptoPunk from a pixel art Mohawk woman for $ 149,000. The NFT market has had a hot summer and Visa is no longer outdone. No word on whether they paid by Visa card …
US Fintech Unicorn Brex Introduces Venture Capital Debt, a Debt Financing Product from Crowdfund Insider – Brex is best known for its credit cards and cash management accounts entering a new line of business: venture capital debt. This will compete with companies like Silicon Valley Bank and ClearCo.
World’s Second Largest Stablecoin Undergoes Massive Change From CNBC – So, once upon a time, Circle’s USDC stablecoin was backed 1: 1 by dollars in a bank account. Then it was only 60%. Now it comes down to 1: 1. At least it’s better than Tether …
Klarna bets on new growth as US boosts Reuters transaction value – Klarna released second-quarter figures last week (although still a company private) and CRUSH IT in the US, from 3 million to 20 million users last year. Total volume was $ 20 billion globally in the second quarter, up from $ 12 billion a year ago.
The ABCs of Central Bank Digital Currencies (CBDCs) from LendIt Fintech News – This week we hosted what I thought was a brilliant webinar on the state of CBDCs that included experts from the United States, Europe and China. The video replay is open to everyone.