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

💼 Fintech Jobs of the Week

Senior Full-Stack Engineer at Confido | Y Combinator

Confido (YC S21) automates the expensive work of retrieving and analyzing CPG accounting data so that fast-growing CPG brands can track and optimize their spend. In 2024, it shouldn’t take 100+ hours of human labor for Mr. Beast’s Feastables (one of our customers) to determine how many millions were spent on in store promotions last quarter; and whether or not that money was well spent. To solve these problems, we’ve built an all-in-one solution that deeply integrates with ERPs and other accounting systems, scrapes financial data from retailers and distributors, and leverages modern AI to analyze financial documents. Today, we work with 50+ fast-growing brands, processing $3b+ in revenue. We have raised $3.6M from leading investors. Our team has deep industry experience from Anheuser-Busch and SimpleMills, and engineering experience from Google, Square, HubSpot, and ThoughtSpot. The Role Location: New York, NY (relocation assistance available) Compensation: $180,000 and $210,000 + Benefits + Meaningful Equity (1% - 1.5%). As a full-stack engineer at Confido, you will spearhead the development of new features and systems from the ground up. This role offers the unique opportunity to shape the product landscape and make a tangible impact on our technology and our customers. You may be working on AI (computer vision + NLP) powered data processing of financial documents Scaling data collection capabilities across different sources Financial analytics and forecasting Interfacing directly with customers to understand their needs and craft intuitive UXs Create intuitive user interfaces that simplify complex data into actionable insights And more… Requirements (1) Strong technical background with 4+ years of full-time engineering experience (Backend or ML /AI experience highly preferred) (2) Scrappiness and interest in learning the ins and outs of the CPG industry Preferred qualifications (1) Excellent communication skills with the ability to talk directly with customers and manage feature development (2) Strong desire to work at an early-stage startup and touch all parts of the product (3) CS or equivalent degree

Y Combinator

Founding Sales Lead at Confido | Y Combinator

Why Confido Untapped revenue potential: Confido is growing quickly (20% MoM), but we have historically under-invested in sales. Of our 70+ customers, all were closed by our founder (Justin), who has no formal sales experience. You’d hit OTE by closing half of the revenue the founder closed this past quarter. Personal growth opportunities: We’re looking for someone to be an IC alongside the founder for 3 - 6 months and either grow into a sales leader that builds a team or a world class enterprise AE What you’ll do Full sales cycle: You will handle the full sales cycle, including prospecting for and qualifying leads, and moving those leads through to close. Become an expert in CPG: You will be a thought partner for customers and show them how Confido can take their workflows to the next level Be present with our customers: Work out of our New York office in Chelsea, you’ll also be comfortable traveling regularly across the US to conferences, industry events, and customer sites to ensure we are top of mind for decision makers in our customers. What we’re looking for Our ideal hire will have: Demonstrated sales excellence: 3+ years in B2B sales with a track record of high achievement and quota attainment. SaaS and/ or CPG experience preferred. Mid-market experience: Experience closing $50k+ deals with multiple stakeholders Technical sales experience: Experience selling technically complex products in vertical SAAS or developer tools Finance or Accounting knowledge: CFOs are our most common contract signers and the questions we get are often finance or accounting related Hiring experience: The ideal candidate has hired at least 2 sales reps that have hit quota What you can expect $250k to $300k OTE + 1% to 1.5% Equity $130k - $160k base + 15% bonus on all closed deals + 10% accelerator once you hit quota 2 quarter ramp with a 75% draw in the first quarter and 30% draw in the second quarter Fully paid healthcare Based full time in our NYC office with regular travel

Y Combinator

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💬 Quote of the Week

🏦 Financial Services & Banking

Many major brokerages such as Schwab and Fidelity had their sites go down during a major day of trading activity, as markets turned sharply downward on Monday, prompting retail investors to sell off.

The Interledger Foundation is developing a new cross-border payments corridor to facilitate easier remittance payments between the US and Mexico using the People’s Clearinghouse, a payment network that connects 140 community banks in rural areas.

The FDIC is contemplating new rules on brokered deposits in the US in an attempt to slow down the velocity of deposits movement.

The Bank of England and BIS developed a system to give supervisors near real-time data about stablecoins' liabilities and their reserve assets.

The CFPB and US regulators continue to probe whether whether JP Morgan Chase, Bank of America, Wells Fargo and other banks do enough to shut down accounts controlled by bad actors, but JP Morgan is considering legal action in response.

JP Morgan is also partnering with ID verification fintech PopID to trial pay-by-face biometric payments across the US.

Bipartisan senators in the US are proposing new regulatory sandboxes to enable financial institutions to implement AI products.

Nationwide Bank in the UK is offering dementia clinics to customers.

💻 Fintech

🚀 Product Launches

Google Wallet launched an 'everything else' feature to let users turn any legal document – business cards, loyalty cards, student IDs – into a pass in users' wallets.

Figure Markets, a decentralized custody marketplace for digital assets, launched their new multi-asset exchange – currently onshore US but with plans to go offshore – with cash leverage options and FDIC insurance.

Mansa, a DeFi provider of liquidity to multinational exports and cross-border payments for companies in emerging markets, launched its first pool on Base.

FinTech Studios launched a generative AI-based search tool.

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📰 Other News

Social network X (Twitter) is reportedly working on a payments button.

The crypto market is betting that a Solana-based ETF is imminent.

Mercado Pago, the payments app of Latin American e-commerce platform Mercado Libre, passed 52 million customers across Brazil, Argentina, and Mexico, with its credit book growing 51% year-over-year.

Flutterwave received a license to manage payments in Ghana.

Fintechs Nayax (link), Dave (link), and SoFi (link) all reported Q2 earnings. 

The UK National Crime Agency shut down a platform used by criminals to defraud financial victims through the use of spoofed phone calls.

🤝 Partnership Corner

AccountsIQ, a cloud-based accounting software provider, partnered with IRIS Software Group to build payroll, HR and finance solutions.

US neobank Varo signed a five-year agreement with Marqeta as its issuer processor.

Somalian mobile money app Waafi partnered with Paymentology to build a tap-to-pay companion card.

👎 The Bad News

UK trading platform Freetrade pulled out of the Swedish market.

German prosecutors charged two more Wirecard executives with wrong-doing in the lead up to the collapse of the payments company.

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