This week's list of top stories in fintech:

Amazon is adding a Venmo checkout option next year

• 80 million US consumers
• Will be able to use Venmo in checkout next year
• PayPal will not be a payment option
• Is payment by crypto coming?

Robinhood says a hacker who tried to extort the company got access to data for 7 million customers

• Data breach happened on Nov 3
• No SSN or bank data was shared
• 5 million email addresses
• 2 million had full names as well
• 310 people had more complete data stolen

Should stablecoin issuance be confined to FDIC-insured banks?

• Avanti is applying for FDIC insurance in response to the Biden report on stablecoins
• NYDFS oversees the top U.S. stablecoin issuers, Circle, Paxos and Gemini.
• States are creating their own regulatory framework
• Cato Institute proposed stablecoin issuers be regulated as limited purpose investment companies, overseen by the SEC

Identity verification startup Socure raises $450M at $4.5B valuation, adding Tiger Global as new investor

• $450M Series E led by Accel and T. Rowe Price
• $4.5B valuation up from $1.3B in March
• Have 12 of the top 15 banks as customers, plus many leading fintech companies
• Looking to go public in 2023

Ripple to launch crypto service for financial companies amid legal battle with the SEC

• Ripple launches Liquidity Hub
• Companies will be able to offer trading in major crypto assets
• Set to launch in 2022
• Think of it as like a Google Flights type offering
• Will expand to NFTs in the future

Coinbase Slumps After Reporting Lower-Than-Forecast Revenue

• Revenue $1.31b, down 41% q/q
• EBITDA $618m, down 46%
• Monthly users dropped to 7.4m from 8.8m
• Verified users grew to 73m.
• NFT platform will be a big part of the business

Affirm shares soar after company announces expanded deal with Amazon, fiscal Q1 revenues beat estimates

• Revenue $269m, beating analysts expectation
• Guidance is $320-$330m this quarter
• Stock went up on expanded partnership with Amazon
• Adjusted loss was $45m

SoFi Touts More Finance, Lending Options in Q3

• Revenue $272m, up 35% y/y
• Added 2.9m members in Q3
• Lending revenue was $210m
• Tech platform revenue was $50m
• Adjusted EBITDA profits of $10m

Upstart’s red-hot rally may be cooling as stock sinks 20% despite earnings beat

• Revenue $228m, above expectations
• Q3 profit of $29m
• One year since they went public
• Stock is up 670% this year
• Looking at starting in small business lending