FTT Update: How to Calculate A Neobank’s Valuation
Hi all, Julie here.
Bad news: Jordan and I were robbed.
Good news: We have renters insurance (thanks Lemonade). We are both ok (think it happened while we were sleeping). And we were able to pay a $200 fee to expedite the appraisal on our new home and will be able to close 2 weeks from today and move in the next day.
I have a podcast coming out on Monday talking about the whole home buying process. TLDR: I didn’t use a single fintech. The process wasn’t close to as bad as what people had warned me. But that might be because renting an apartment in NY feels like applying for a mortgage sometimes.
Today's Partner, Socure
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Learn more about how Socure has supercharged customer growth while reducing risk for Chime, Stash, Public, and more. Schedule a call with its team or request a demo today.
Company News
Intuit Launches...A Card Reader?
Intuit is introducing QuickBooks Card Reader, a new payment device that will remind you a lot of the dongle that Square invented years ago. With the pandemic, a slew of QuickBook’s customers will now permanently be processing payments in this new way vs cash. According to an April 2021 study by QuickBooks, almost half of small businesses that process contactless payments only started doing so since COVID-19 began (46%). Similarly, nearly a third of those who process payments using mobile payment apps (30%) started during COVID-19. It’s sort of the reverse of Square and other payments companies: they started out as payments and have expanded into other small business services...Intuit started with other small business services and is expanding into payments.
Funding/M&A
Revolut’s Big Round
British fintech Revolut confirmed an $800M round led by SoftBank and Tiger Global, valuing it at $33B. For those that forgot (like me) it was valued at $5.5B last year. The money is largely going to growth in the US and India, investing in marketing and product development. Unlike US based neobanks, Revolut has shared financial figures before. In 2020, it reported an annual loss of $232M and revenues of $306M. That gives it a multiple of 100 times 2020 sales. That’s, ummm, pretty aggressive. Though people in our Slack Community pointed out that Revolut has leaned pretty heavily into crypto and its customers have a higher LTV than others.
Vanguard’s First Acquisition
Wealth management behemoth Vanguard has made its first acquisition in its 46-year history. I’m actually shocked it hasn’t made one before? Anyways, it bought Just Invest, a startup based in California that builds bespoke portfolios for individual investors. Its direct indexing option allows investors to tweak existing indices to create bespoke portfolios that can include tilts to investment factors, such as value or growth, or to match their environmental, social and governance beliefs. Just Invest is about five years old and manages roughly $1B of assets.
Crypto Watch
Square's Next Bitcoin Move
Square is launching a new business focused on creating an “open developer platform” to make it easier to provide non-custodial, decentralized financial services. Square CEO Jack Dorsey assured crypto folks that Bitcoin would remain the primary focus. Mike Brock, who has been at Square since 20213, will lead the new project. According to Jack, this project will have an “open roadmap, open development and open source.” This comes on the back of Square’s announcement of building a wallet for Bitcoin to help with custody.
Content Marketing Manager (Finance) at Ramp
Since launching in early 2020, our friends at Ramp have experienced exponential organic growth. It’s now looking for a writer/editor with a strong background in finance to help it execute its strategy and grow its brand. As an early member of Ramp’s Marketing team, you will contribute to content across the buyer journey from thought leadership pieces to customer evidence that helps its sales team close deals. Ramp is building out the Content Marketing team and has some exciting projects it wants to execute on in the coming year as it continues to grow Ramp’s brand.
Shameless self-promotion: I got to talk to my friend Ohad at TrueAccord about what fintech disruption looks like in 2021. Tune in!
Huge congrats to Alex Cohen and his wife on their first born child! Who in the community wants to be the first to send a term sheet?
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Older messages
FTT Update: A Dinner With Jackie Reses
Friday, July 16, 2021
Hi all, Julie here. Writing this in the airport heading back to Austin. Huge thank you to Jackie Reses for hosting our event with Lightspeed at her gorgeous home last night! Loved meeting people
FTT Update: I Don't Get It
Monday, July 12, 2021
Hi all, Julie here. I'm off to San Francisco in the morning for a special Fintech Today salon style dinner. Excited to hang out with a few of you! More of these to come. In the meantime, check
FTT Update: DeFi, But For The Kardashians
Saturday, July 10, 2021
Hi all, Julie here. Hope everyone had a great holiday weekend! While the weather was great here in Texas and Jordan and I were able to attend a BBQ with some friends, we are now both fully aware of
FTT Update: Open If You Want Shares of Stripe
Saturday, July 10, 2021
Hi all, Julie here. Getting this email blasted out before I head over to our new home for the last little bit of an inspection. Fingers crossed nothing goes wrong and we can close on this house
FTT+: Michael Jenkins On the European Brokerage Landscape Following Robinhood's S1
Tuesday, July 6, 2021
Hi all, Michael here. Here's my piece from FTT+ earlier today. We're currently running a special where you can get one month for free if you sign up now, so I wanted to send out this note
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