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Hi all, Julie here.

Writing this from my home office, which is about the same size as my second apartment in New York lol. Jordan and I also came to the realization that neither of us have lived in homes rather than apartments for more than a decade! 2009 for me and 2007 for him. Crazy! Like, we have a garage now? What a weird concept.

Today's Partner, Unit21

Interested in crypto and compliance? Join Unit21's August 8th webinar at 10:00 AM PST / 1:00 PM EST with Bitpay and Crypto.com to learn about how crypto companies fight fraud, stay compliant, and operationalize compliance teams. Sign up here!​

Company News

Square’s Earnings

On top of the news we’ll discuss next, Square announced earnings a few days early. A few highlights:

• Gross profit up 91% YOY
• Cash App profit up 94%
• Seller profit up 85% YOY
• Cash App at 40M monthly transacting active customers
• Bitcoin revenue was $2.7B, up ~3x YOY but gross profit from Bitcoin was only $55M

Funding and Deals

Square’s Largest Acquisition Ever

Square is the big news of the day. In case you weren’t checking Twitter yesterday or this morning, Jack Dorsey’s payments company bought Buy Now Pay Later giant Afterpay for $29B in stock. Here’s a link to the investor deck. This is a great deal for Afterpay, and could be one for Square too but that’s still TBD. Square has been looking at BNPL for 2+ years and debated on building something itself. With this hefty price tag for an acquisition, it gets international expansion, a new set of customers for Cash App and its merchant business, and some great talent from Afterpay. The one thing I’ve heard Afterpay hasn’t done as well as its competitors is underwriting, and it’s safe to say Square does a pretty good job at that, so it could be a really good match.

Snoop (Not That Snoop)

UK money app Snoop has raised £15M from Paulson & Co. The fintech was founded by former Virgin Money chief Jayne-Anne Gadhia, and uses open banking and analytics to help customers “snoop” for the biggest money-saving opportunities in their budgets. The company says it aims to save the average household around £1,500 each year.

Crypto Watch

Anchorage’s Big Deal​
The U.S. Marshals Service (part of the DOJ) has hired Anchorage Digital for custodial services after searching for a partner for a year or so. This means that Anchorage will help out with any cryptocurrency seized or forfeited in various criminal cases. The Marshals Service has seized and sold more than 185K Bitcoins since about 2014. That’s many billions at today’s price.

Together With LendIt Fintech Nexus

Nexus is a high-end partnering event for fintech decisionmakers to pitch, partner and get deals done. High quality networking designed specifically for senior executives is at the center of the Nexus experience. We've built 24 VIP meeting blocks and three social events into two days at the luxurious oceanfront Loews Miami Beach. At Nexus you can expect high-quality, double-opt-in, one-on-one meetings with our curated audience. There are no panels or keynotes. Just business.

If you are:

• A Bank or Credit Union executive seeking technology solutions and partners to upgrade or replace existing tech stacks;
• An equity investor looking to meet fintechs;
• A fixed income investor looking to meet lending platforms; or
• A fintech executive seeking partnerships with or capital from established financial institutions and/or investors,

Then you need to be there. Learn more and apply to join here!​

Looking for new opportunities in fintech? Don't forget to check out Fintech Today's job board! Roles at Robinhood, Blend, Affirm, Coinbase, Chime and more are waiting for candidates like you.

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Julie VerHage-Greenberg is the co-founder of Fintech Today, where she focuses on editorial content and brand. Prior to joining, she was Bloomberg’s first fintech reporter, covering Robinhood from before it was a billion dollar company, breaking the news that Plaid was acquiring Quovo, and interviewing executives on Bloomberg TV and at several large conferences.

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