Making sense of UBS’s cancelled Wealthfront acquisition
/On Friday, UBS announced that it had called off its acquisition of Wealthfront. UBS had been slated to purchase the robo-adviser for $1.4B.
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Why is Zuck rebranding himself for the metaverse?
/Meta CEO Mark Zuckerberg recently appeared on The Joe Rogan Experience, a prominent podcast, to promote the metaverse. The podcast has a mostly male audience, and averages 11 million listeners per episode.
Read MoreProptech’s past, present, and future with Blueprint
/Vik Venkatraman, General Manager for Blueprint, a real estate industry tech event taking place September 12 – 14 in Las Vegas, outlines the past, present, and future of proptech, suggesting the space impacts all of us.
Read MoreBank branch closings are slowing down. What does that mean for fintech?
/US banks have closed 1,261 branches during the first six months of 2022. If closures continue at the same pace over the rest of the year, then this rate will represent a 15% decline compared to 2021.
Read MoreMaking sense of Texas’ war on ESG
/Texas Comptroller Glenn Hegar announced a list of ten financial firms that are now banned from doing business with state entities in Texas. Hegar said those firms, which include BlackRock, Credit Suisse, UBS, and BNP Paribas, “boycott” the fossil fuel sector, which is illegal under a 2021 Texas state law.
Read MoreRevamping commercial lending with Able
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In an interview with The Financial Revolutionist, Able’s Co-Founder and Head, Diego Represas, explains how Able hopes to solve major problems in the commercial lending space, outlines the founding team’s path to the product they’ve built, and shares his vision for an impactful and expedited commercial lending market.
Read MoreIs Klarna really focused on profitability?
/BNPL giant Klarna announced that its losses have tripled in the first six months of 2022, reporting losses of $581M. Its revenue rose by 24% over the same period.
Read MoreMeta bets big on in-app purchases
/WhatsApp, the messaging platform owned by Meta, announced a shopping feature for India-based consumers to purchase groceries and other items within WhatsApp. The feature is launched in partnership with JioMart, an Indian e-commerce company.
Read MoreEl Salvador’s consumers demand better banking, not crypto
/In early July, El Salvador-based payments startup n1co raised $12M in a pre-seed round. The fintech spinoff of super-app Hugo, n1co launched as its own company in early 2022.
Read MoreHow much is crypto really worth?
/Reporting by Bloomberg suggests the crypto sectors’ peak market cap of $3T may have been misleading. Crypto’s value now hovers around $1T.
Read MoreGrowing insurance connections with bolt
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In an interview with The Financial Revolutionist, bolt CEO Jim Dwane details bolt’s growth strategy, highlights bolt’s value proposition, and shares his view on bolt’s future.
Read MoreBNPL players might pivot from Gen Z to B2B
/BNPL startups like Billie, Mondu, Tranch, and Two are offering short-term credit to businesses facing cash-flow crunches. The short-term B2B loan industry is currently valued at $700B.
Read MoreWith supply-chain struggles, nearshoring demand booms
/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 MoreGoldman’s not at peak performance. What does that mean for fintechs?
/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
/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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