Mastercard enters BNPL fray — Banks bulk up — CalPERS ramps up PE bets

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On the agenda today:

• Mastercard is rolling out tech to help customers offer their own BNPL services.
• Banks are bulking up — there's been $54 billion in merger activity this year. 
• California's largest pension system is looking to make more private equity bets.

Let's get started. 

Mastercard to launch BNPL tech

Called Mastercard Installments, the tech will help banks, fintechs, and merchants offer their own versions of buy now, pay later to their customers. Once it launches next year, all 78 million merchants that accept Mastercard will be able to process Mastercard Installments — and compete with major BNPL players like Affirm and Klarna. Get the details here.

Banks are consolidating like crazy

As pandemic uncertainty eases, banks are rushing to get bigger at a pace not seen since the financial crisis. So far this year there's been $54 billion in merger activity — up from $17 billion a year ago. More on banks' push to bulk up.

CalPERS is ramping up its private markets investing

The California Public Employees' Retirement System, California's largest pension system, is looking to make more private-equity bets — and has big hiring plans to do it. CEO Marcie Frost discusses how the pension plans to build out its PE allocation.

Wall Street's rising stars in investing, trading, and dealmaking

After receiving hundreds of nominations from bosses, colleagues, recruiters and other financial workers, we've compiled a list of Wall Street's brightest stars who are transforming the industry. Exceptional leaders from Goldman Sachs, BlackRock, and Tiger Global — all of whom are under 35 — are featured. Meet the 25 people shaping the future of finance.

Asian markets grapple with Evergrande fallout 

Asian markets are shifting lower as investors fret over Chinese property giant Evergrande's debt crisis, and power shortages halt production at suppliers to Apple and Tesla. Here's what else is going on.

Highnote used this pitch deck to raise $54 million

Highnote, which helps small businesses launch their own debit and prepaid digital cards, announced $54 million in seed and Series A funding on Tuesday. The startup gave us a sneak peek at the 12-page pitch deck it used to secure its funding — take a look at it here.

On our radar:

• The CEO of an ear-piercing startup overcame VC skepticism and comments like "let me ask my wife what she thinks" from male investors. Here's how she did it.
• Nasdaq fell 2% as surging Treasury yields and inflation concerns dragged Big Tech stocks lower. More on that here.
• Bloomberg reports that Robinhood's CEO accidentally inspired a $1 million meme stock fraud after a remark he made at a U.S. House hearing.
• Treasury Secretary Janet Yellen has called upon Wall Street's CEOs for help with the debt ceiling, according to Bloomberg. Read more here.

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