The Front Page of Global Fintech

The the largest fintech community in the world. Subscribe to our newsletter to stay up to date on the latest in news opinions, and all things financial technology.

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The Front Page of Global Fintech

The the largest fintech community in the world. Subscribe to our newsletter to stay up to date on the latest in news opinions, and all things financial technology.

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Marqeta's $1B day 🤝 Stripe's $1T year (TWIF 3/15)

Marqeta's $1B day 🤝 Stripe's $1T year (TWIF 3/15)
Hvar, Croatia

Hello Fintech Friends,

We're less than 3 months into 2024 and already an overwhelming number of fintechs have announced all-time milestones. Stripe, who released their 2023 Annual Letter this week, is the latest to set new records:

  • $1 trillion in annual payment volume in 2023
  • 25% year-over-year growth
  • The output of businesses that run on Stripe now sums to roughly 1% of global GDP

I sat down with Stripe President and Co-Founder John Collison to hear more about Stripe's year, its quickly-growing revenue and finance automation suite, integrating new payment rails, the exploration of AI at Stripe, and more. Check out the interview on our Youtube and below.

If you're coming to New York Fintech Week in April, we'll be hosting events all week! On Monday April 8th, I'll join Ellevest's Sallie Krawcheck, Bessemer's Charles Birnbaum, and FirstMark's Adam Nelson for a World of WealthTech panel, hosted by SVB.

We'll also host a Tuesday Fireside Chat with Itai Damti, the CEO of Unit*, at their offices,

Unit Fireside Chat · Luma
Unit Fireside Chat

And we're partnered with Rise once again for Monday morning Fintech Coffee,

NYC Fintech Coffee · Luma
Please note - Given the demand and limited capacity, registration and approval are required for attendance! We’re kicking off NY Fintech Week 2024 by bringing together fintech founders,…

And last but certainly not least, the Fintech Week Kickoff Party with MethodSpade, and Bond.

TWIF NYC Fintech Week Kickoff Party · Luma
Who: This Week in Fintech, Method, Spade, FlowX, Bond and Fintech’s best operators, investors, and founders What: NYC Fintech Week Kickoff Happy Hour with an open bar & light bites Where:…

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

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💼 Fintech Jobs of the Week
3Box Labs - Head of Growth
As Head of Growth at 3Box Labs, you’ll massively accelerate how we reach, attract, convert, and enable developers and entrepreneurs to build in Ceramic’s open data ecosystem. You will be directly responsible for marketing and community, captain unified GTM efforts across those functions plus BD & DevRel, and partner closely with Product and Engineering to help us rapidly accelerate our market fit for a highly technical audience and product. You will report directly to founder & Head of Company Danny Zuckerman and join the leadership team.
Software Engineering Intern at Confido | Y Combinator
About the role Confido is a next-generation financial automation and intelligence platform that helps fast-growing CPG brands operate and scale more efficiently. Despite advances in technology, the tools to run and grow a retail business haven’t changed. Today, the vast majority of brands rely on the same error-prone and expensive manual spreadsheet-based workflows. Our first product helps brands track, account for, forecast, and optimize up to 40% of revenue spent on retailer and distributor allowances, fines, promotions, and ads. This helps brands become more profitable, eliminate dozens of hours of manual work, and unlock insights to GTM more efficiently. Today, we work with a few dozen fast-growing brands across categories and have raised 3.6M dollars from leading investors. THE ROLE: We’re hiring a full-stack engineering intern. The role will be based in NYC. Our team works from our Chelsea office five days a week. Compensation will be between $40 - 50 an hour, including $2500 in relocation support. RESPONSIBILITIES (1) Architect new components within the platform (2) Codify complex CPG logic into the product in a maintainable and digestible way REQUIREMENTS (1) Strong technical background with at least 1 past engineering internship (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 convert to new features/improvements (2) Strong desire to work at an early-stage startup and touch all parts of the product (3) CS or other technical degree

Looking for your next adventure in fintech? Come check out our job board, join our Talent Collective, or share your job with 2,000+ fintech people in our Slack #hiring-and-jobs channel.

💬 Quote of the Week
JPMorgan may become ‘the Nvidia of banking’: Mike Mayo
As the adoption of generative AI in business continues to grow, the banking sector is the latest to embrace the technology, aiming to boost productivity and streamline operations. Wells Fargo Managing Director and Head of US Large-Cap Bank Research Mike Mayo joins Yahoo Finance Live to discuss his top AI picks in the banking industry, emphasizing that “if a bank does not have a good AI strategy, I would say they don’t have a strategy.” Mayo names JPMorgan (JPM) as his “best-in-class” pick, stating that the bank has the potential to become “the Nvidia of banking.” He highlights that “more than any other bank” JPMorgan possesses the necessary resources, spending power, data, processes, and personnel to successfully implement and leverage AI across its business. Mayo notes JPMorgan’s massive amount of data “is the fuel for AI,” which the bank can utilize to gain valuable insight into its operations. Like TikTok’s recommended content algorithm, JPMorgan can take advantage of “predictive behavior” models for its consumers.  On the other hand, Mayo identifies Citigroup (C) as his “worst-in-class” pick, stating that “they’ve failed the last twelve restructurings.” He notes that the bank has fallen short on returns and efficiency. However, Mayo says that their consolidation into “five lines of business” could make it easier to tackle problems in each segment. “If they simply meet their targets, they will probably have some of the best year-over-year performance of any large bank.”  For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor’s note: This article was written by Angel Smith

🏦 Financial Services & Banking
🚀 Product Launches

Mastercard launched an open banking-powered subscription management tool that banks can plug into their apps and announced a test card with Metamask and Baanx to let users spend crypto by directly converting to fiat.

📰 Other News

Blockchain blockchain blockchain...

The UK is looking into letting private companies trade their shares on public exchanges, and this week announced that the London Stock Market will accept applications for bitcoin and ethereum ETNs, sending prices to new highs. In Hong Kong, ten financial institutions plan to apply to launch bitcoin spot ETFs.

Spot Bitcoin ETFs: Key guide for Indian investors

Elsewhere, Goldman Sachs and BNY Mellon partnered with other Wall Street banks to pilot the Canton Network for tokenized assets on the blockchain – and even BlackRock is now going all in on bitcoin.

In faster payments news – India’s UPI payments went live in Nepal and the UK will give banks an extra 72 hours to stall payments if they suspect authorised push payment fraud.

Spanish bank BBVA signed a partnership with Cisco to deliver cybersecurity, collaboration, data center, networking and services delivered by a specialised team.

Mastercard partnered with fintech Galileo to expand product access to the Latin American fintech ecosystem.

It emerged that the Federal Home Loan Bank system charged SVB's regulatory rescuers a $285 million fee to wind down emergency financing.

British bank NatWest is killing off its buy-now-pay-later product less than two years after launch.

UniCredit, Italy’s second-largest bank, was fined €2.8 million over a 2018 data breach.

Australian exchange ASX will pay a $1 million penalty for failing to transparently disclose order information.

The US Chamber of Commerce filed a lawsuit against the CFPB to prevent it from implementing a cap on credit card late fees.

💻 Fintech
🚀 Product Launches

Canadian small business banking provider Vault* launched sub-accounts for businesses.

Buy-now-pay-later provider Klarna is launching open banking settlements in the UK to minimize payment failures.

Apple is moving from finance application to finance platform with the launch of FinanceKit, an API that lets developers fetch transactions and balance information from Apple Card, Apple Cash and Savings with Apple, and partnerships with PFMs like Monarch.

What is FinanceKit in iOS 17.4? | Computerworld

Financial marketplace MoneyLion added a premium membership offering and artificial intelligence-powered search to its PFM.

Chime partnered with Column Tax and April to launch free in-app tax filing.

TomoCredit – the card company which started by offering applicants free crypto, then withdrew the free crypto offer and pivoted to 20% crypto cashback rewards, then scaled down to a 1% cashback card, then pivoted to a “no FICO, no problem” charge card meant to build credit, then moved on to offering a premium black card, then stopped paying its bills – this week launched TomoScore, a new credit-building tool for users without credit scores.

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📰 Other News

Card issuer Marqeta processed over $1 billion in a single day.

Brazilian accounting giant CloudWalk announced $320.5 million in revenue and $22.3 million in 2023, with plans to expand to the US.

Octane Lending completed a $300 million securitization.

A group of crypto and finance firms, including Uniswap and Coinfund, came together to promote blockchain-based treasury trading.

Business banking platform Tide will enter the German market.

Cash advance provider Wayflyer is expanding beyond online-only businesses to support brands that sell into brick-and-mortar.

Earned wage access provider DailyPay announced that users can now get early payroll access through Visa+

DailyPay Launches Friday™, the GPR Card and Mobile App, Powering No-Fee,  Instant On-Demand Pay Transfers
🤝 Partnership Corner

Treasury management tech provider Treasure Financial partnered with Moment* and Apex to launched fixed income investing.

Quantexa partnered with Microsoft to make its financial decision intelligence solution available to Azure users.

Fireblocks partnered with Zodia Markets to enable simpler stablecoin cross-border payments for large corporations and institutions.

👎 The Bad News

Global payment orchestration provider TabaPay is reportedly working on a deal to acquire embattled banking-as-a-service platform Synapse, after JP Morgan was reportedly retained to find an acquirer (via options including bankruptcy) but did not receive any offers. TabaPay is a vendor of Synapse’s which the latter blames for a $12 million dispute with its partner bank Evolve.

The State of New York settled with cash-advance lender Yellowstone for a $1.4 billion recovery from how it charged interest to borrowers.

Small business and freelancer banking platform Oxygen also plans to shut down its banking services and pivot to health-focused solutions, per Fintech Business Weekly.

Pan-African payments and remittances provider Chipper Cash has suspended its US services and asked customers to withdraw money from the US platform.

Klarna must pay a fine of $733,00 for violating the EU's GDPR regulations.

UK small business lender Funding Circle* (where I first worked in fintech) will separate its US operation from the UK business as its losses widen, to pivot to a new US busines model and, refocus on its more profitable UK business.

Spain blocked Sam Altman's Worldcoin startup from collecting personal data.

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