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🌊The Fintech Wave(#34)

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🌊The Fintech Wave(#34)

Hrvoje Pavisic
and
Nino Pavicic
May 9, 2022
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🌊The Fintech Wave(#34)

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We are welcoming 5 new members of the Fintech Wave community who have joined us since Monday. I hope you all survived the market crash last week and didn’t lose too much. No diversification could help here. This is how the market looked on Thursday. On the other side, fintech startups were pretty active, more than 20 of them raised money.

TLDR; Now you can receive your future paycheck at any time - check the app. The first bitcoin-backed loan from a traditional bank. New Canadian fintech unicorn. A platform that helps banks launch new fintech products. Also, check the Twitter threads at the end.

If you like this newsletter please share it with friends and encourage them to sign up👇

Europe News and Funding

The startup provides access to salary💸 in real-time

Polish startup Flexee just raised €2.8M for its salary payment solution. Flexee allows users to withdraw the earned money in advance without waiting until payday.

There are a lot of neobanks that offer their users an option to receive a salary 2 earlier (in the USA salaries are usually sent on Wed and employee gets it on Friday), but Flexee is bringing this to a whole new level. With Flexee app, employees can pay out a part of their future paycheck – on any day. They just enter the amount and get it transferred to their account.

The best thing is that now you can be paid more than once a month. This option can be used as an additional benefit to attract employees.

A platform that helps fintechs launch a new products

London-based SaaScada secured £2.5M Seed round for the platform that helps financial institutions to launch new products and services.

The startup is solving an obvious problem: building a new fintech product is still hard and time-consuming and they want to simplify it. Any organization that wants to ship new products can connect through SaaScada API and build in the below’s areas.

Unfortunately, the pricing was not shown on the website. They also wrote it is possible to launch the product within 3 months, which I like because it’s a realistic assumption. I saw a few similar startups that claim you can launch within a week, which is not very possible.


Americas News and Funding

$145M for Canadian online bank💳

Neo Financial, an online bank from Canada, just closed its Series C round and became a new Canadian unicorn.

Most online banks just offer checking accounts and debit card, but Neo Financial is a bit different here. The startup has even more products than traditional banks. This is including banking, savings, and investing in a single app. Also, there is a plan to enter the mortgage market and offers “Buy Now Pay Later” that can be used in physical stores. With this Neo offers complete financial solutions within a single app, and one of the best neobanks out there.

The company passed the 1 million customers mark. Also, for those who think years ahead, Neo also offers a feature that helps you plan and save for your retirement.

Stripe launched🚀a new product and was soon accused to break NDAs

New drama in the fintech world. Stripe launched a product called Financial Connections that helps to share financial data between two parties. Plaid CEO accused Stripe’s project manager of breaking NDAs. Based on Plaid's CEO, Stripe did an RFP (Request For Proposals) to find partners for this product and they had multiple meetings with Plaid where they asked a lot of questions about the product (but that is the point of RFP).

Stripe PM is saying a totally opposite story; they met but they never discussed RFP. In the end, everything was kinda stored out when Stripe CEO Patric Collins send an email explaining the situation. You can read the letter here. Plaid CEO deleted below Tweet.


Crypto ₿ites

The first bitcoin-backed loan from a traditional bank

Goldman Sachs announced that the first ever Bitcoin-backed loan was lent to Coinbase. The size of the loan was not disclosed, but this is a huge step for crypto. Bitcoin is now officially an asset class and probably other banks will follow Goldman Sachs.

Compliant crypto payments for EU companies

Copenhagen-based Januar just raised 6M Seed round for its crypto payment solution. Essentially, Januar is an IBAN account for crypto business, the first of its kind.

Januar provides account and payment solutions for crypto businesses across Europe in a fully regulated environment. This will help companies from all over the Europe to start adopting crypto in their business.


Tweets and Threads of the Week

Twitter avatar for @drgurner
Dr. Julie Gurner @drgurner
The good and bad news: If you are waiting for your opportunity, it’s not coming. It is every hour and day that passes. It is what you choose to do. You and your actions are the opportunity, not some external force.
12:33 PM ∙ May 4, 2022
451Likes61Retweets

Twitter avatar for @itsalexmilligan
Alex Milligan @itsalexmilligan
I co-founded a weed startup my senior year of college. Last year we did $40m+ in revenue. All bootstrapped! Here's how we did it, the struggles we faced, and the 10 critical pieces of advice I'd give early tech founders: [My first 🧵 thread]
4:35 PM ∙ Apr 28, 2022
2,004Likes282Retweets

Twitter avatar for @Blockworks_
Blockworks @Blockworks_
$13.1 trillion was paid in #Bitcoin last year. That's 20% more than the value of payments settled by VISA 🤔
9:30 AM ∙ May 3, 2022
3,492Likes571Retweets

Twitter avatar for @rajshamani
Raj Shamani @rajshamani
Hate me if you want, but we can’t work together if you are not as excited as I am for the future we are building.
3:03 PM ∙ May 2, 2022
1,509Likes87Retweets

Twitter avatar for @stats_feed
World of Statistics @stats_feed
Estimated smartphone users worldwide: 2022: 6.6 billion 2021: 6.3 billion 2020: 5.9 billion 2019: 5.6 billion 2018: 5.1 billion 2017: 4.4 billion 2016: 3.7 billion 2015: 1.9 billion 2014: 1.6 billion 2013: 1.3 billion 2012: 1.1 billion
3:16 PM ∙ May 4, 2022
103Likes25Retweets
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