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Hi all, Julie here.

Momma VerHage is visiting for the next few days, so we’ll keep this intro short. 1: I hope you read John Collin’s piece for us yesterday on Rohit Chopra. 2: I hope you’ve subscribed to our new Crypto Tonight newsletter from Parker and caught her interview with Maggie Love, Founder of SheFi.

If you have not done at least one of these things, you’re ngmi.

Today's Partner, ComplyAdvantage

The growing popularity of cryptocurrencies - along with the introduction of new global standards and regulations - is requiring more time and effort to be spent on compliance measures. But what if the worlds of fiat and crypto risk assessment were brought together, so compliance teams could increase the speed of their investigations? With the partnership ComplyAdvantage announced this week with blockchain analytics provider Elliptic, that's exactly what's happened. This blog explores how firms can consolidate their risk management process and deep dive into blockchain analysis within the ComplyAdvantage platform. Read it here!​

Company News

Nubank IPO

It kind of but kind of doesn’t surprise me that Nubank is going to go public before Stripe. The Brazilian fintech company has picked the NYSE for its initial public offering, according to Bloomberg. It’s expected to take place between Thanksgiving and Christmas at a $50B+ valuation. Nubank confirmed that it has submitted a confidential draft registration statement with the SEC and Brazil’s securities regulator. It currently has more than 41M customers and managed to turn a profit on its Brazilian operations in the first half of the year.

Shopify...Misses?

Canadian payments giant Shopify posted weaker-than-expected adjusted earnings in the third quarter ($0.81 versus analyst estimates of $1.23), the first time it has missed since its 2015 IPO. It also issued a warning about supply chain woes and inflation for the fourth quarter, which could hit the holiday shopping season. GMV was $41.8B, lower than analyst estimates of $43.4B. Overall, the company reiterated that e-commerce is still growing faster than overall commerce, but at a slower pace than it did during Covid. Not surprising.

Modern Treasury Virtual Accounts

Our friends at Modern Treasury are continuing to expand. The payments operations software platform announced its Virtual Accounts product, aimed at making it easy for companies to quickly and accurately track and reconcile payments at scale. In its press release, the company said that more than $750T in bank transfers occur each year via wire, ACH and checks, with many of them taking 1-3 days to clear. On top of that, finance teams spend hours tracking them from initiation and approvals to accounting and reporting. Modern Treasury helps speed that up and automate all of it. In June, Modern Treasury reconciled over $2B in payments, up from $100M in August 2020.

Funding and Deals

Bolt Raises Again

After a massive valuation bump back in July and another earlier this month, one-click checkout startup Bolt is getting yet another boost. It jumped ~5x to $4B from December to July, then to $6B a few weeks ago. Now, Axios is reporting that it’s raising at $10B+. Talk about a crazy market environment.

Shorting Crypto

Lending+crypto+DeFi platform Beta Finance has raised $5.75M. The private investment round was led by Sequoia Capital India. In case buying crypto didn’t already seem volatile and risky, Beta is helping people short it. “For DeFi to replace traditional finance, we believe that it’s necessary to build tools such as short selling.” The startup said that within the first month of its platform’s launch, it had processed over 10,000 deposits, 1,000 borrows, and 500 short positions for over 10,000 unique addresses. We’re ngmi...

LatAm Oversubscribed

LatAm BaaS startup Swap announced it raised $25M in a round led by Tiger Global.

Like pretty much every LatAm fintech round these days, the company says it was “heavily oversubscribed.” Swap aims to empower companies to transform their financial operations via its APIs and over the past year, it says its customer base expanded by 300%. Swap operates in its home country of Brazil and is looking to use this new capital to expand the use cases it serves there.

Crypto Watch

Alt Coin Bonanza

Shiba Inu is almost old news at this point. Now it’s all about the new coin based on Netflix’s Squid Game that’s up 35000% in 3 days. The coin that benefits in both of these cases? Ether. ​

India Not Banning Crypto

Regulation is almost certain, but an outright ban isn’t. According to a Business Today report the Indian government is moving away from its earlier approach of seeking to impose an outright ban on crypto. How to regulate crypto will be discussed at its upcoming budget meeting, with the government likely to opt for regulating cryptocurrencies as an asset class, similar to commodities, with appropriate taxation of transactions and gains. This would all be a win for crypto as a whole after being concerned about a potential ban in a heavily populated nation.

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After going to Money2020 this past week, you can feel the excitement that traveling and being with one another once again brings. One of the companies poised to benefit the most from the world reopening is TripActions, and this is your chance to work with them and more importantly one of our favorite community members, Kelly Soderlund.

​Director of Communications and Public Relations, TripActions​

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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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