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Weekly News Roundup - October 28, 2021


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This week's list of top stories in fintech:

Nubank files to go public

  • The filing is private but we know it exists.
  • May mean a public filing by year end.
  • Filed in both the U.S. and Brazil.
  • Biggest fintech IPO ever?

Chime In Talks To Go Public At $35 Billion To $45 Billion Valuation

  • Targeting a March 2022 IPO
  • Revenue will be $900m - $1b this year
  • At a $45b valuation Chime would be a top 50 bank in the world.

Stripe Strikes Tie-Up With Klarna After Frenzy of Rival Deals

  • Stripe retailers can now offer Klarna BNPL
  • Huge win for Klarna, biggest partnership to date
  • Flurry of partnerships in the BNPL space

Justice Department Probes Visa’s Relationships With Fintech Firms

  • Part of antitrust investigation of Visa
  • Visa offered financial incentives to PayPal
  • Similar incentives offer to Cash App
  • Question is if Visa is providing disincentives for payments over other rails.

Mastercard to offer pay with crypto partnership with Bakkt

  • Mastercard costumes will be able to pay with crypto and earn rewards
  • One billion cardholder globally will soon have crypto payments capability
  • Bakkt stock was up 200% on the news.

The SEC is likely to get the green light to target stablecoins this week, report says

  • New report will detail the SEC’s powers in regulating stablecoins.
  • Market is worth $131 billion 
  • Report will highlight how Biden admin will regulate the sector with SEC, CFTC
  • Report expected to be published this week.

Robinhood shares tank as revenue falls way short of expectations on lighter crypto trading

  • Total revenue was $365m, $51m from crypto trading
  • Down from $233m in crypto trading in Q2
  • Net loss of $1.32b, much bigger than expected
  • Stock dropped 10% on Wed

LendingClub Loan Originations Up 14% Q/Q, Marketplace Revenues Gain 15%

  • Originations up 14% to $3.1b in Q3
  • Revenues $246m, up 20%
  • Auto finance business up 85% 
  • Beat guidance in all areas, stock up 33% today
...more
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PitchItBy Todd Anderson