Top 10 FinTech news for the week ending December 11, 2021
This week’s news was dominated by Nubank. The world’s largest fintech IPO was on the NYSE this week as the Brazilian digital bank raised $ 2.6 billion. We also had crypto officials testify in Washington. the Better CEO making the negative headlines, the OCC and CFPB working on overdrafts and Visa doubling down on crypto. Here’s what I consider to be the top ten fintech news from the past week.
Buffett-backed Nubank Closes Almost 15% Trading After CNBC’s Successful Fintech IPO solid first two days as a public company. They are now Latin America’s most valuable financial institution, with a value of over $ 53 billion. They started trading on Thursday and closed yesterday at $ 11.85, up 32% from their IPO price of $ 9.
Crypto Executives Defend Industry As Congress Consider Wall Street Journal Oversight – Senior crypto industry executives testified before the House Financial Services Committee this week in a relatively non-contentious hearing. The crypto industry wants regulation and educating lawmakers is a big part of that effort.
Better.com CEO Vishal Garg takes a step back as employees explain how he ‘led by fear’ of TechCrunch – It wasn’t a good week for Vishal Garg, CEO of Better.com. On December 1, he fired 900 people by Zoom where he criticized and ridiculed those made redundant. His lukewarm apology this week was not well received and on Friday we learned that he was taking time off from now.
OCC chief backs CFPB on clearing FinLedger overdraft – In a speech on Wednesday, the acting OCC chief said his agency was working with CFPB to reform and possibly eliminate overdraft fees . The move is already happening due to market-induced forces, with many major banks cutting back on their use of punitive fees.
Visa Launches Crypto Consulting Services to Drive Adoption by CNBC – Visa is launching an advisory practice to help customers navigate crypto, offering advice to financial institutions, retailers and others.
LatAm 2021: Credijusto bought a bank, CEO shares LendIt Fintech News experience – We concluded LendIt Fintech LatAm this week and the most popular session was the one with David Poritz, CEO of Credijusto, on why his company became the first fintech in Mexico to buy a bank.
Zopa moves away from peer-to-peer lending to focus on The Guardian’s banking operations – The original peer-to-peer lender, Zopa, announced this week that it is ending its peer-to-peer lending operations and will return the money to its 60,000 UK investors. This follows LendingClub’s exit from space in the United States last year.
Amex and Nova Credit Extend Credit Partnership to More American Immigrants from PYMNTS.com – Nova Credit has extended its partnership with American Express by enabling immigrants from Brazil, Dominican Republic, Kenya and Nigeria, who have relocated in the USA. to have their national credit information included when American Express makes an underwriting decision.
Monzo lands $ 475 million fundraising round as AltFi’s valuation climbs to $ 4.5 billion valuation more than double its previous record.
Mambu grabs $ 266 million at $ 5.5 billion valuation to double TechCrunch’s integrated financial services and banking APIs – Europeans led the big rounds of financing this week with German fintech Mambu taking a Series E of $ 266 million.
Every Thursday, the LendIt Fintech News team and a special guest discuss the news of the week live on LendIt TV, YouTube, LinkedIn and Twitter. We’ve now made the show available in a podcast format – just click on the audio player below.
Peter Renton is the President and Co-Founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and is the author and creator of the Fintech One-on-One podcast, the first and longest-running fintech interview series. Peter has been interviewed by The Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, The Financial Times, and dozens of other publications.