Fintech Giant Klarna Slashes Fundraising Ambition
Klarna Bank AB is considering raising fresh funds at a significantly lower valuation than it achieved a year ago, according to people familiar with the situation, a sign of the punishing environment for tech companies.
Revolut is now the fastest-growing fintech in Spain
Revolut has increased its customers in Spain by more than 76 per cent in the last year to hit one million users.
This level of growth makes the financial super app the fastest-growing company in the fintech sector in Spain.
It also makes it the fastest-growing company in the neobank sector, with a growth rate of more than five times faster than its main competitor, N26.
JPMorgan Wants to Bring Trillions of Dollars of Tokenized Assets to DeFi
Speaking to CoinDesk at Consensus 2022 in Austin, Texas, Tyrone Lobban, head of Onyx Digital Assets at JPMorgan, described in detail the bank’s institutional-grade DeFi plans and highlighted how much value in tokenized assets is waiting in the wings.
Fintech Cleo raises additional $80m following backing from Brussels investor Sofina
UK financial app Cleo has raised an additional $80m following backing by Brussels tech investor Sofina.
The funding round took place over months but was finalised following pressure on valuations of growth companies, Sky News first reported.
African payments company makes rare purchase of US fintech
MFS Africa, a digital payments company, is to acquire Oklahoma-based Global Technology Partners in what it described as a rare case of an African group doing a tech deal in the US.
What connects the stock market contraction to startup valuations?
In an analysis of the market, Justin Kahl and David George of Andreessen Horowitz showcase data on how public companies have seen their revenue multiples shrink by an average of 60%, with large sector variability.
They use this central data point to suggest how startups should navigate the downturn, with the primary objective of climbing back to their previous valuation. But are valuations really down? For all startups? If so, why, and what can we expect in the short and mid-term?
The Big Deal: VC funding in Africa is up 150% from Q1 2021 to Q1 2022
In the first quarter of 2022, the US and Asia both recorded 1% year-on-year declines in venture funding. Europe and Latin America saw growth of 33% and 35% respectively.
Africa though tells a different story. According to Africa-focused database The Big Deal, Africa was the only region to record three-digit growth in the first quarter of 2022, with venture funding up 150% to hit a record $1.8 billion compared to $730 million in the same period in 2021.
Wirecard: A cautionary tale for fintech
With job losses mounting in the fintech space and pressure on venture capital volumes and company valuations, it is understandable to see the present time as fintech's toughest moment. It could have easily been far worse.
On the 22nd of June, it will be exactly two years since Wirecard said that €1.9bn of cash that it had previously booked into its accounts was missing and presumed to never to have existed at all.
Bitcoin: Why is the largest cryptocurrency crashing?
The story of the world's best known cryptocurrency is astonishingly fast-moving and its fans will soon line up to tell you you've got it all wrong.
But write about it we must, because the past 24 hours have been catastrophic for the grande dame of cryptocurrency - even by Bitcoin standards.
Money 20/20 2022: What’s hot, what’s not?
Couldn’t make it to Amsterdam in person this year? Well, don’t worry; Fintech Istanbul got you covered.
Bringing together financial innovation and FinTech enthusiasts from around the world, Money 20/20 Europe offered an intellectual treat to its participants. Let’s take a look at the highlights of the 3-day event in Amsterdam.