You’re joining 116,000 other subscribers with excellent fintech taste; why not forward this to a friend so they can join too?

-

Hello Fintech Friends,

Happy 4th of July to all our American readers.

I hope this newsletter is finding you somewhere sunny for the weekend. In the spirit of the holiday, here are a few facts on US fintech:

• As of November 2021, there were 10,755 fintech startups in the US – more than any other region in the world. 1% of those startups were valued at $1 billion+.
• As of 2022, approximately 65.3% of the American population uses digital banking.
• 6 of the 10 largest fintech companies by market cap are American.

I'm grateful to work in a country that so strongly supports innovation – let's keep building together!

And for all of our friends outside of the states, we hope to see you soon as the TWIF fintech world tour continues:

London Fintech Breakfast · Luma

Join TWIF as we invite some of the world’s top operators and investors to a very unique networking event. Alongside incredible conversations, we’ll have…

This Week in Fintech

TWIF x Ensemblex São Paulo Fintech Happy Hour · Luma

This Week in Fintech is back in São Paulo for a great night of insightful conversations and networking. This time, we’re partnering with the Ensemblex team to…

This Week in Fintech

Fintech Summer Soirée w/ 13books and TWIF · Luma

Get ready to mix, mingle, and soak up the sun at the Fintech Summer Soirée rooftop party, hosted by 13books and TWIF! We are thrilled to invite you to join us…

This Week in Fintech

Devcon Austin Happy Hour with Method and Rutter · Luma

What: Fintech Happy Hour at DevCon Where: Anthem, 91 Rainey St Ste 120, Austin, TX 78701 When: Thursday, August 8th 5:00 pm – 7:30 pm CT Why: To celebrate…

This Week in Fintech

Please enjoy another week of fintech and banking news below. (👍👎 Have feedback for us? Let us know!)

Raising debt capital is a crucial requirement for card, lending, and neobank startups, but most fintech operators don’t come from a capital markets background. That’s why Finley and Cross River Bank put together this comprehensive guide to raising debt capital. It outlines the people, processes, and partners you need to assemble to execute a debt capital raise. Download your free copy here.

Want to sponsor a newsletter? See our sponsorship information here.

💼 Fintech Job of the Week

UK banking-as-a-service platform Griffin is hiring a Sales Manager:

Sales Manager

London or Remote within the UK

Share your job with 2,000+ fintech people in our Slack #hiring-and-jobs channel.

🏦 Financial Services & Banking

🚀 Product Launches

Visa launched a service to let travelers who lose their wallets get a digital card replacement by text or email. 74% of American travelers reportedly use digital wallets.

Goldman Sachs launched its own internal generative AI tool for bankers to use at work.

📰 Other News

The Bank for International Settlements is moving closer to going live with a project that will link the real-time payments systems of India, Malaysia, the Philippines, Singapore and Thailand.

The UK’s Bank of Scotland, Halifax, Santander, NatWest, and Monzo were all hit with payment delays due to the rollout of the country’s Faster Payments system, preventing some customers from accessing their salaries.

Lloyds Bank will close a further 60 bank branches in the UK.

The Visa Foundation released its annual impact report on supporting women entrepreneurs, financial inclusion, and micro-businesses.

💻 Fintech

🚀 Product Launches

Walmart-owned Indian e-commerce giant Flipkart started quietly rolling out its own payments app, named Super.money, as it continues to expand its fintech footprint.

Commerce enablement and payments provider Nayax launched a cloud-based payments solution to help consumers facilitate payments at electric vehicle charging stations.

Stablecoin payments provider BVNK launched a self-custody infrastructure for stablecoin payments.

The European Payments Initiative launched wero, a mobile-first wallet and instant account-to-account payments system in Germany.

British neobank Monzo took the wraps off a new set of fraud controls, including limiting money movement to specific geo locations, single-use and secret payment QR codes, and trusted contacts for transfers.

Raising debt capital is a crucial requirement for card, lending, and neobank startups, but most fintech operators don’t come from a capital markets background. That’s why Finley and Cross River Bank put together this comprehensive guide to raising debt capital. It outlines the people, processes, and partners you need to assemble to execute a debt capital raise. Download your free copy here.

Want to sponsor a newsletter? See our sponsorship information here.

📰 Other News

Stablecoins are quickly becoming crypto’s killer app: digital currency payments provider Paxos received full permission from the Monetary Authority of Singapore to issue stablecoins in the country.

British neobank Revolut announced impressive 2023 growth and revenue numbers, with £1.8 billion in annual revenues, that swung the company from a loss to a pre-tax profit of £438 million. Other highlights:

• A 46% jump in customers, with 12 million new customers bringing the company’s total users to 38 million.
• A 59% increase in card and interchange fees.
• £395 million in revenue driven by the company’s FX fees and new wealth platform.

Meanwhile, Revolut CEO Nik Storonsky recently launched a new $200 million algorithmic venture fund.

And British agricultural neobank Oxbury reported its first pre-tax profit of £3 million, on-target to reach £1 billion in lending in the next few months.

Open banking platform Plaid has moved beyond just servicing fintechs to bringing on banks and other enterprise customers. Its enterprise customers now number over 1,000, with 8,000 total customers.

Fund administration tech platform Sydecar* passed $1 billion in assets under administration.

One of Postmates’ founders is working on TipTop, a new platform that lets users make online purchases by trading in items they no longer want:

🤝 Partnership Corner

Webull, the international low-cost investing platform for stocks and crypto, partnered with Moment* and Apex Fintech to launch fixed income securities trading.

Brazilian neobanking giant Nubank partnered with Lightspark, a bitcoin Layer 2 that enables faster and cheaper transactions on the bitcoin network.

👎 The Bad News

The SEC claims that Silvergate Bank potentially defrauded investors and customers by lying about its anti-money laundering controls and not adequately monitoring $1 trillion in crypto transactions.

Tennessee-based fintech partner bank Thread Bank, with $723 million in assets, received a consent order from the FDIC, while Evolve Bank reportedly became aware in May that its systems were compromised, but only recently alerted customers (which potentially include users of money transfer service Wise).

Former European insurance unicorn Wefox secured €25 million in capital amid a complete restructuring to avoid bankruptcy.

Come meet us in-person at thisweekinfintech.com/events