FTT Update: CeFi Pays Heavy Toll Going DeFi
Hi all, Julie here.
Happy Friday! It’s very weird to have it be 70+ degrees outside in December, but it sounds like other areas of the country are seeing abnormally high temps too? Anyways, I’m hoping for a white Christmas in Michigan, but I’ll be excited to get back to Austin for a warmer winter after.
Two new podcasts were released this week! First was with Alex Bouaziz, Co-Founder of Deel, and the second was with Bradley Tusk of Tusk Ventures. Take a listen to both this weekend or bookmark for later :)
Today's Partner, Laika
Reboot compliance with Laika
Laika is the only solution that combines every compliance function seamlessly. Get certified and pass enterprise security assessments faster than your competitors using Laika’s automated workflows, compliance templates, and years of hands-on expertise.
Here’s how: No more messy spreadsheets and long email threads. Laika replaces traditional complex compliance requirements with a solution built for speed and collaboration.
Company News
State of BNPL
Interesting report from TrueAccord on consumer payment preferences and debt payback.
“The percent of BNPL customers who make a payment is more than double the like-size credit card accounts at 30 days post placement and 50% higher at 90 days. The liquidation rate or repayment rate for BNPL accounts is 2.5 times that of credit cards at 30 days post placement and almost double at 90 days.”
There was a separate report out in recent days showing a surge in BNPL usage on Blcak Friday and Cyber Monday too.
Funding and Deals
More BNPL
Sorry, more news on this front. Bangalore-based Simpl announced a $40M raise led by Valar Ventures and IA Ventures. BNPL has existed in India for several years but has taken off recently. The startup said it has grown its monthly active merchants and active user base by 10 times in the past 18 months, with over 7,000 brands now using Simpl.
Crypto Watch
CeFi Pays Heavy Toll Going DeFi
In a piece I published yesterday, I mentioned that hacks, rug pulls and other fraudulent schemes in the crypto space are becoming more and more common. Add another massive scandal to the list. BadgerDAO, a DeFi protocol that offers yield opportunities on Wrapped BTC, announced that it suffered a massive hack resulting in $120M in losses. One wallet, in particular, suffered losses in the form of 896.8 Wrapped BTC (nearly $51M). In investigating this wallet, it became clear that it was tied to the CeFi exchange, Celsius.
Update: Just a few minutes ago, Celsius CEO Alex Mashinsky confirmed that the wallet suffering heavy losses did belong to the exchange. He did, however, also confirm that the only money lost belonged to Celsius - no members were impacted by this massive hack.
Relaxing Crypto Ad Rules
Meta/Facebook is making it easier for companies to run advertisements promoting cryptocurrencies. A couple of years ago (thanks to ICOs), Facebook had made it harder for crypto advertising on the platform, requiring many marketers who wanted to promote cryptocurrency to submit an application including any licenses they have obtained and whether they are traded on a public stock exchange. Now, if the advertiser has one of 27 eligible regulatory licenses, Meta will accept it. Ads from parties advertising things like crypto events continue to be exempted from having to seek pre-approval.
Together With Fintech Meetup
Get your Fintech Meetup ticket before prices go up tonight! Fill your 2022 sales pipeline! Close deals! Meet new partners! Find investors! Do it all with Fintech Meetup!
Don’t be left on the sidelines! 500+ organizations are already signed up, including:
- Fintechs including Akoya, Alloy, Alviere, Argyle, Autobooks, Azimuth, BitPay, BlockFi, Botdoc, Certa, Checkout.com, Circle, Dave, First Boulevard, FISPAN, MANTL, Novi, Nuance, Nymbus, Onyx, Revolut, Ripple, Signal Intent, Sila, Socure, Synctera, Urban FT, Zero Hash (to name just a few!)
- Banks including Bank of America, Citi, Federal Reserve, Goldman Sachs, HSBC, JP Morgan, Santander, Wells Fargo & more
- Credit Unions representing 13m members & $210b assets
- Investors including Bain Capital, Commerce Ventures, General Atlantic, Mosaik Partners, Next Level Ventures, Point 72 Ventures, Tribeca Venture Partners, Vestigo Ventures & more
- Networks including American Express, Discover, Mastercard & Visa
- Plus Solution Providers, Community Banks, Tech Cos, Retailers & Merchants, Media and more!
Online, March 22-24. Startup rate available for qualifying cos. Prices go up TONIGHT--Get Tickets Now!
Associate at Costanoa Ventures
Costanoa is hiring an investor to focus on the burgeoning financial technology ecosystem. The firm has made numerous investments in the ecosystem, including BillGo, Highnote, Lively, Noyo, Liferaft, and Highline. Costanoa brings its world class company building skills to the fintech sector. Its investors combine operating & investment expertise, deep insight, and emotional intelligence. The firm’s operating platform provides expertise, tools and community to help founders learn more and grow faster. The primary goal of this role is to help the firm find, diligence, and invest in the best founders and companies. If this sounds like you, apply above!
Congrats to Brex Co-Founder Henrique Dubugras on his engagement!
Share Fintech Today, get exclusive rewards!
Have friends who'd love our newsletter too? Give them your unique referral link (below) and the first 5 people to refer 5 new subscribers will win a FTT hat this week!
PS: You have referred 0 people so far
|
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.
113 Cherry St #92768, Seattle, WA 98104-2205
Older messages
FTT+: What PayPal's Next Move Should Be
Thursday, December 2, 2021
Hi all, Julie here. Another big tech company is changing its name: Square. The new name, Block, is symbolizing how it's going to continue focusing on blockchain technology. I'm not here to
FTT Update: What Rhymes With Square...Block?
Wednesday, December 1, 2021
Hi all, Julie here. I just got the booster this morning, so I have no meetings planned for tomorrow in prep for a day in bed lol. Fingers crossed it's not too bad though. In other news, since y
FTT+ Guest Post By Ohad Samet and Nisha Khalsa: Consumer Debt Trends and Fintech
Tuesday, November 30, 2021
Hi friends, Ohad Samet here. I'm the co-founder and CEO of TrueAccord, a leader in offering consumer-focused debt repayment products. Prior to this, I served as the Chief Risk Officer of Klarna
FTT Update: The Other Omicron
Monday, November 29, 2021
Hi all, Julie here. I hope everyone had an amazing Thanksgiving weekend and beginning of Hanukkah! For those that haven't been following along on Twitter, we had quite the Thanksgiving over
🚨24 HR FTT MERCH SALE NOW LIVE 🚨
Friday, November 26, 2021
Our newest FTT Merch Drop, available early for FTT+ Subscribers
You Might Also Like
Wall Street’s ‘tech wreck’
Friday, April 19, 2024
Bloomberg Evening Briefing View in browser Bloomberg US equities sold off sharply on Friday, sending tech stocks to their biggest weekly loss in 17 months. The S&P 500 closed down 0.9%, dropping
📺 Investors paused on Netflix
Friday, April 19, 2024
Netflix did good, but it wasn't enough for investors | The UK's latest results could throw the central bank off | Finimize TOGETHER WITH Hi Reader, here's what you need to know for April
Decisions Nobody Made
Friday, April 19, 2024
Dan Davies Introduces His New Book. Plus: Earnings Season! ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Harry's Rant 4-19-24 Stocks Face Headwinds
Friday, April 19, 2024
image Harry's Rant April 19, 2024 Stocks seem to be facing headwinds due to bond yields. Is this creating a top? Harry Dent discusses the roles of market divergences, gold, and Bitcoin in
Do You Own Any Of These Stocks?
Friday, April 19, 2024
The following is a third-party sponsored message. It should not be considered a recommendation or endorsement by HS Dent Publishing. logo Book image Fellow Investor Our proprietary research has
Blame it on the rent
Thursday, April 18, 2024
Bloomberg Evening Briefing View in browser Bloomberg When US inflation peaked above 7% back in 2022, the culprits were everywhere—spread across goods and services. Now, with inflation back below 3%,the
🇮🇳 It's all about India
Thursday, April 18, 2024
Chipmaker TSMC didn't have much to complain about | The US dollar has the world talking | Finimize TOGETHER WITH Hi Reader, here's what you need to know for April 19th in 3:14 minutes. 🪙
Home makeover on a budget? We have just the thing.
Thursday, April 18, 2024
Lower rates and potential value boost — get started. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Mother Earth 🤝 Jane Fonda
Thursday, April 18, 2024
Plus, a new worksheet for stay-at-home moms. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Visionary Valuations - Issue #464
Thursday, April 18, 2024
From AI enhancements to fintech revolutions, uncover the potential of next-generation financial technologies. April 18, 2024 FinTech Weekly cuts through the noise to bring you insights on how