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Hi all, Julie here.

Congrats to everyone that survived Money 20/20! You made it, and I am proud of you. I still need to ask the BTV team where they get their never ending energy from. Relentless.

Special thanks to Activant, TrueWork and Mercury for sponsoring our Monday night happy hour. Heard it was a blast :)

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Company News

Stripe Wants More People Fighting Global Warming

Stripe is getting even deeper into helping the environment through a partnership with Deep Science Ventures, a London investment firm that specializes in building technology companies from the ground up. DSV will recruit scientists to develop ways to remove carbon dioxide from the atmosphere. If they come up with viable concepts, Stripe will be their first customer. It will pay DSV startups $500,000 each up front to capture and store carbon, then a further $1M if they meet performance milestones. Super interesting arrangement and, on the surface, looks like a great way to make some progress when it comes to the climate. It’s also not the first thing Stripe has done in the fight to stop Global Warming. Since August 2019, Stripe has already committed $9M to 10 carbon-removal projects. It also has Stripe Climate, a tool introduced in October 2020 that lets customers divert a percentage of revenue to the carbon-removal pot.

Stripe x Klarna

Speaking of Stripe, the company is partnering with Klarna. Klarna will now be available via Stripe to all retailers based in Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Netherlands, Norway, Slovakia, Slovenia, Spain, Sweden, United Kingdom and the US. It’s a big move heading into the holiday shopping season. The two companies also said they’re planning to expand the relationship in the future. The other question I have is: which of these two fintech giants will go public first?

Robinhood Misses

Shares of Robinhood fell below the IPO price after missing on its earnings report this week. Crypto trading slowed down a ton, which hurt revenue, and the company gave a bleak outlook for the rest of the year. For the third quarter, total net revenue came in at $365M, missing a Refinitiv estimate of $431.5M and well below the second quarter’s revenue of $565M.

Third-quarter transaction based revenue for crypto was only $51M vs the $233M in the second quarter. User growth was slower as well, with monthly active users totaling 18.9M, down from 21.3M in the second quarter.

Funding and Deals

Gusto Makes An Acquisition

Pretty safe to say that remote work is here to stay. That means companies like Gusto and others in the HR space are going to be focusing on it more than ever. This led Gusto to buy early stage startup Remote Team, which focuses on supporting staff that aren’t in the office (it’s a lot more complicated to pay people across the country and across the world than you might think). Gusto said it now supports paying contractors in 80 countries, with more to come from the acquisition.

Crypto Watch

New Crypto Funding

CoinList announced $100M in new funding and a $1.5B valuation. The token listing and crypto exchange has facilitated token sales of notable projects such as Solana, Dapper Labs, and Filecoin. It also has a crypto exchange, CoinList Pro, with custody and staking services. It sounds like most of the funding will go to hiring, with hopes to double the current 75 person headcount. The company said it has more than 5M registered users in total, and its exchange has seen an increased monthly trading volume to $1B in 2021. For its lending services, CoinList said it has facilitated over $370M in loans this year.

Photoshop Goes NFT

Hadn’t thought of this but it obviously makes a lot of sense. Adobe is entering the NFT space. By the end of the month, Photoshop will have a “prepare as NFT” feature. According to an Adobe blog post, artists will be able to prove they are the creators of artwork on NFT marketplaces. Called “Content Credentials,” the optional feature can capture identity data as an image is edited on the software and store it as metadata. Users can link their Adobe accounts and Content Credentials with social media profiles or crypto wallets. If they then sell their art as NFTs, the marketplaces will be able to show a digital certificate based on the Adobe-verified credentials. The company has partnered with NFT marketplaces KnownOrigin, OpenSea, Rarible and SuperRare to display the credentials on their platforms.

Blockchain Funding

Blockchain development platform QuickNode announced $35M in new funding led by Tiger Global. The company, which is based in Miami, helps developers build blockchain apps. The new funding will go towards adding new products and supporting new chains.

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​Full Stack Engineer, First Dollar​

First Dollar is building the “Stripe for Healthcare” – a modern platform for consumer directed benefits that enables health plans, TPAs & benefits administrators to deliver market leading benefits for their individual and employer customers. The team is seeking a Full Stack Engineer to help power its core business. As an early engineering hire, you’ll have a significant opportunity to shape both the technical strategy and engineering culture. In the role, you'll work closely with design and product to ship products using React, Node, TypeScript, and GraphQL; contribute significantly to architecture decisions for both our frontend and backend tech stacks; and be exposed to several facets of building a business outside of just your role as a software engineer. If this interests you, click the link above to apply!

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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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