Corporate bankers have reported greater interest among business clients to move their supply chains closer to where their consumers are located. Clients are interested in both “onshoring,” which involves returning previously offshored activities to the business’ home country, as well as “near-shoring,” which moves those activities to nearby countries.
Read MoreSince the beginning of July, Apple, Microsoft, Alphabet, Amazon, and Tesla have added $1.3T to their combined market value. This has helped the Nasdaq Composite rise by 14.8% over that same time period.
Read MoreAlthough job growth accelerated in July, the Census Bureau reported that 12% of households were facing food insecurity, up from 10% at the beginning of 2022. The wealthiest 40% of households represent 60% of economic spending, while the poorest 40% represent 22% of spending.
Read MoreOver 30,000 tech workers have lost their jobs in the latest round of tech layoffs. Across industries, unemployment claims have reached an eight-month high.
Read MoreIn an interview with CoinDesk, Antonio Garcia Pascual, Deputy Chief of the Global Market Analysis Division at the International Monetary Fund (IMF), said crypto’s nosedive hasn’t caused a similar downturn in the “real economy.” The crypto sector’s market cap has slid from $3T to $873B since November 2021.
Read MoreGuava, a banking platform for Black business owners, announced a $2.4M pre-seed round led by Heron Rock. Guava will officially launch in 2023.
Read MoreGoogle announced that it paused hiring for two weeks, stating the need “to enable teams to prioritize their roles.” Other major tech companies have also announced layoffs; Netflix, for example, has fired more than 450 employees since May.
Read MoreLast week, investors in Zillow filed a lawsuit against the Seattle-based proptech giant on the grounds that it made “false and misleading statements” about Zillow Offers, its house-flipping project. This is the sixth investor lawsuit filed since Zillow shuttered the unprofitable initiative.
Read MoreIn an interview with The Financial Revolutionist, Ubiquity COO and Co-Founder Sagar Rajgopal describes the bidirectional benefits of outsourcing, provides examples of the insights customer-experience experts can offer fintechs, and outlines the future of outsourcing in the face of volatility.
Read MoreFlutterwave, Eversend, and other Africa-based fintechs discontinued use of virtual dollar cards due to the processor’s susceptibility to fraud. Scammers could contact the card issuer and fraudulently claim that they never made specific purchases.
Read MoreOn July 16, Russian President Vladimir Putin signed a law that bans the use of digital assets like NFTs and cryptocurrencies to pay for goods and services within the country. It is still legal to trade, buy, and sell those assets.
Read MoreThe European Union General Court ruled that Brussels has the authority to regulate the merger between US biotech groups Illumina and Grail. Grail has no commercial presence in Europe and its operations are primarily in the US.
Read MoreAccording to a report by Financial Health Network, men are 50% more likely to be financially healthy than their women counterparts. Women trail behind men on all measures, including spending, savings, borrowing, and planning.
Read MoreAccording to a report by CB Insights, global startup funding fell by 23% in Q2 2022 from Q1, including by 25% in the US. However, US-based VCs raised a record-breaking $73.8B in Q1.
Read MoreRental fintechs have reported increased demand for their services, including cashback on rent payments or discounted rent, due to rising rental prices and inflation. Rent has increased by 11.6% over the past year, according to Harvard University’s Joint Center for Housing Studies.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
