Fintech News Stories
Affirm may struggle to meet its CEO’s expectations
/In an interview with the Wall Street Journal, Affirm CEO Max Levchin said that a recession will prove Affirm’s underwriting models to be superior to those of banks. Affirm's stock has dropped 77% since its all-time high in November 2021; the S&P 500 has declined 9% in the same time frame.
Read MoreIs Andreessen Horowitz becoming the next SoftBank?
/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 MoreMercadoLibre doubles down on credit business
/In an interview with Bloomberg TV, MercadoLibre CFO Pedro Arnt said the company will continue to expand in the credit space. More than half of the Latin America-based e-commerce platform’s revenues now come from its fintech branch.
Read MoreThe mortgage layoffs are here.
/Firms of all sizes in the mortgage space have announced major layoffs since the Fed increased interest rates to fight inflation. Analysts predict a 35% to 50% decrease in mortgage origination in 2022.
Read MoreRevolutionizing the floor plan with CubiCasa
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In an interview with The Financial Revolutionist, CubiCasa President Jeff Allen outlines CubiCasa’s growth strategy, announces the company’s latest pricing features, and shares his vision for the future of floor plans.
Read MoreCould US regulators look to India for financial privacy rules?
/In a new report, the Consumer Financial Protection Bureau (CFPB) said consumers may be vulnerable to payment and lending apps that monetize users’ behavioral and spending data. The Bureau said it is planning to draft regulations to protect consumers’ financial data rights.
Read MoreWhat Big Tech’s stock surge means for smaller fintechs
/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
/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?
/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 MoreCrypto companies are still dumping cash into sports sponsorships
/Over the past 18 months, crypto companies have spent more than $2.4B on sports marketing, namely ads and sponsorships. Though crypto’s push into sports sponsorships has slowed down since the onset of the crypto winter, some crypto firms are still doubling down on big-budget deals.
Read MoreA Coinbase–BlackRock alliance may not be good for everyone
/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 MoreDid SoFi’s scattered acquisition strategy pay off?
/Shares in SoFi surged 8% on Tuesday after the personal-finance giant shared news of “durable growth and profitability.” Revenue rose from $231M to $362M, while analysts had expected $344M.
Read MoreOverhauling mortgage-backed securities with Infima
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In an interview with The Financial Revolutionist, Infima CEO Hendrik Bartel outlines his path to Infima, shares details of the company’s Seed round, peeks at the startup’s roadmap, and encourages a modest approach to startup leadership.
Read MorePayPal eyes Venmo as path to profitability
/During the company’s earnings call, PayPal CEO Dan Schulman told analysts that the company might combine its rewards program with Venmo’s, and may link Venmo and PayPal peer-to-peer (P2P) payments capabilities to boost interoperability. PayPal’s revenue rose 9% in Q2 compared to last year.
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