Eoin Fitzgerald and Pete Townsend unpack the shiny new $24bn valuation for Chime in the context of the American neobank landscape, Ron Shevlin’s concept of neobank-driven deposit displacement through the lens of Bank of America, Facebook’s relaunch of their crypto project, the potential impact of Amazon hiring a crypto lead, the LendingClub turnaround and a sampling of Lex Sokolin’s poetic fintech prose.

MAIN STORIES COVERED:

Chime’s Big Raise

Chime raises $750 million, earns big jump in valuation as another fintech moves closer to IPO (CNBC, 13-Aug-21)

Bank of America and Deposit Displacement

Bank Of America is losing its grip on millennials as fintechs reinvent the checking account (Ron Shevlin in Forbes, 16-Aug-21)

Facebook’s Wallet Relaunch

Will Facebook’s Relaunched Digital Wallet [Novi] Alter the Future of Payments? (The Financial Brand, 24-Aug-21)

Amazon’s Crypto Journey

Beyond the rumors: Amazon's likely direction in crypto (American Banker, 30-Jul-21)

Lending Club Turnaround

Buying a bank turned LendingClub around. Now the fintech industry is watching (Protocol, 16-Aug-21)

HONORABLE MENTIONS:

Creating, Transacting, and Storing Value in the Financial Metaverse of NFTs, DAOs, and DeFi (Lex Sokolin, Fintech Blueprint, 23-Aug-21)

Walmart is looking for a crypto product lead (The Block (via Arca) 15-Aug-21)

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