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🌊The Fintech Wave(#12)

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🌊The Fintech Wave(#12)

Hrvoje Pavisic
Nov 15, 2021
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🌊The Fintech Wave(#12)

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Hi Friends, Happy Monday, hope you had a great weekend. Here are a few updates in the fintech world to kick off the week. TLDR; New crypto-focused venture fund. The fintech scene in Italy is growing. Lemonade acquired Metromile. Make sure to check the Twitter conversation between Elon Musk and Bernie Sanders at the end of the newsletter.

If you like this newsletter please share with friends and encourage them to SIGN UP HERE. All details are below👇

Europe News and Funding

The Italian fintech scene is expanding

Another week, another Italian fintech company raised money - Tot raised €2 million to develop financial management platform for small businesses and freelancers. Idea is to give users an all-in-one solution to track revenue, expenses, taxes, and accounting. Their target market looks pretty solid - around 800K of small businesses and 5 million freelancers in Italy. The product is still under development and the startup hopes to get the first version out in early 2022.


Americas News and Funding

Lemonade🍋 acquired Metromile

One of the most well-known insrutech companies in the world, Lemonade, acquired Metromile for $500M in an all-stock deal. Lemonade started with renters insurance and quickly take over a nice market share. In NYC they captured more than 4% of the market in just a few months. After renters insurance, they expand into pet and life insurance.

Recently they announced expansions into car insurance and this is where the acquisition of Metromile makes sense. Metromile is a data science company focused on auto insurance - for its insurers, Metromile offers devices that track their driving and can lower the insurance. Over the years the company captured billions of miles and which were cross referenced with actual claims data, yielding precise predictions for losses per mile driven. Since Lemonade is heavily relying on AI this will help to better assess the risks and give customized quotes for each customer. Hopefully, that will mean lower prices for us as customers.


Crypto ₿ites

New crypto-focused venture capital fund

Circle is a Boston-based crypto company that enables businesses of all sizes to harness the power of stablecoins and public blockchains for payments. Also, they create USD Coin (USDC), the fastest-growing, regulated, fully-reserved stablecoin, which now stands at a 3+ billion market cap and is adding more than 100 million net new digital dollars in circulation every week.

This week the company announced its Crypto-focused venture capital fund. If you have any crypto ideas you can apply here.


Tweets of the Week

Twitter avatar for @sarthakgh
Sar Haribhakti @sarthakgh
goddamn hero
Image
5:02 PM ∙ Nov 14, 2021
190Likes10Retweets

Twitter avatar for @magdalenakala
mags.eth ⬇️⬇️ @magdalenakala
i’m pretty sure that spending 4 years on Twitter (+ associated reading & writing) has higher “career expected value” for tech/business than spending 4 years in any college
3:50 PM ∙ Nov 10, 2021
256Likes12Retweets

Twitter avatar for @zachcoelius
Zach Coelius @zachcoelius
One of the most bizarre feelings of being a VC is when I make a stupidly obscene amount of money for having done virtually nothing. I don't know if I will ever get used to it.
10:13 PM ∙ Nov 8, 2021
776Likes36Retweets

Twitter avatar for @NTmoney
Nick Tomaino @NTmoney
Coinbase still worth more than Barclays & Credit Suisse combined 😈
3:38 PM ∙ Nov 10, 2021
67Likes5Retweets

Twitter avatar for @maiab
Maia Bittner @maiab
Image
9:59 PM ∙ Nov 10, 2021
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