SoftBank eyes another Vision Fund
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Japan-based tech investor SoftBank is reportedly considering another multibillion-dollar startup fund. SoftBank reported a $23B loss in Q2 2022.
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Fintech News Stories
Goldman’s not at peak performance. What does that mean for fintechs?
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Reporting by the Financial Times suggests Goldman Sachs is lagging behind its main competitor, Morgan Stanley. Shares in Goldman trade at 1.1 times book value, compared to 1.7 times for Morgan Stanley.
Read MoreChance of Celsius collapse increases as crypto winter persists
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A new court filing suggests Celsius Network, the cryptocurrency lender that declared bankruptcy in July, only has enough money to sustain itself until October. At current crypto prices, Celsius holds $2.8B less in cryptocurrency than it owes clients.
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Is Andreessen Horowitz becoming the next SoftBank?
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Venture-capital firm Andreessen Horowitz announced that it’s invested $350M in Flow, a rental-community startup. Flow is the latest venture by Adam Neumann, who previously founded and led WeWork.
Read MoreWhat Big Tech’s stock surge means for smaller fintechs
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Since 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 MoreHow inequality may worsen stagflation
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Although 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 MoreCan Wall Street resolve its showdown in West Virginia?
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In late July, West Virginia State Treasurer Riley Moore announced that BlackRock, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo were no longer eligible to receive state banking contracts because they “engaged in boycotts of fossil fuel companies” through their ESG policies. The measure does not ban the banks from operating in West Virginia.
Read MoreA Coinbase–BlackRock alliance may not be good for everyone
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BlackRock announced that its customers also using Coinbase will have access to the crypto exchange’s Prime program, a crypto trading platform for institutional investors. Shares in Coinbase were up 31% in early trading today.
Read MoreSoftBank is hemorrhaging money. Again.
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SoftBank is expected to announce additional losses of billions of dollars from its two funds. The Japan-based investment conglomerate lost $27B in the previous fiscal year.
Read MoreZillow faces another lawsuit for botched house-flipping business
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Last 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 MoreFundraising is falling, but VCs have more money than ever
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According 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 MoreInvesting in fintechs with Information Venture Partners
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In an interview with The Financial Revolutionist, Jane Podbelskaya, Principal at Information Venture Partners, suggests economic fundamentals will help early-stage fintechs weather upcoming volatility, and will make them capable of sustained growth under any economic conditions.
Read MoreWhere have all the SPACs gone?
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Special Purpose Acquisition Companies (SPACs) once seemed like the future of public launches. But, where there were more than 300 SPAC IPOs in Q1 2021, less than 70 took place a year later.
Read MoreHedge funds anticipate a recession
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US-based hedge funds are making more conservative bets on stock prices than they have in a decade. Funds like Bridgewater and BlackRock have increasingly taken short positions on billions of dollars in assets.
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