🌊The Fintech Wave(#36)

We are welcoming 4 new members of the Fintech Wave community who have joined us since Monday.

TLDR: Learn how BNPL companies make money. New fintech unicorn. Manage your NFT portfolio from a single app.

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

Europe News and Funding

How do “Buy Now Pay Later” companies make money💰? 

From online merchants: sellers usually pay 2-5% of the purchase price. Sellers offset that cost because BNPL offers a new marketing channel and leads to higher value transactions as people spend more (because they can pay in more installments).

From consumers: they charge anywhere from 0% to 30% APR. Also, they make money from late payment fees.

BNPL can be used as an entry-level financial service - once the company learns the person can be “trustworthy” to pay off the BNPL loan they will then offer them more lines of credit.

---

Americas News and Funding

Banking-as-a-service startup became unicorn🦄

Unit just raised $100M at a $1.2B valuation, led by Insight Partners. In short, Unit helps other businesses to build banking products. I’m always happy to see new financial infrastructure companies because they will help launch hundreds of new fintech startups.

The first year startup was in stealth mode just building the product, and now they support all kinds of neobank features - account, cards, payment, lending.

In terms of regulations, Unit is not the bank, they also used traditional banks in the backend for regulations and licenses.

---

Crypto ₿ites

An app that helps you manage NFT🖼️ portfolio

Evaluate.market raises $4M Seed round to help users manage their NFT portfolio across multiple blockchains and wallets.

Having few NFTs on different blockchains and wallets can be annoying, so I like the idea to have everything in one app. Also, the app allows you to discover new NFTs collections which you can buy directly from the app.

The most expensive pizza🍕ever

Bitcoin Magazine @BitcoinMagazine

12 years ago, Laszlo Hanyecz spent 10,000 #bitcoin worth $30 on two Papa John's pizzas. Today, that 10,000 BTC is worth $301,273,000.

---

Tweets and Threads of the Week

gaut @0xgaut

tech guys will say they have a unique personality the personality: - thinking of starting a fund - go rockclimbing - write a newsletter - tweet about crypto - live in Williamsburg/Austin/SF/Miami - drive a model 3

Søren Rood ⠕ @roodsoren

young founders that say they could "never be employees" or are "unemployable" are some of the most annoying people to talk to tbh. they tend to underestimate the career alpha that is working with talented & experienced teammates everyday.

Marshall Haas @marshal

My dentist’s reception desk is manned by a woman in the Philippines on video. When you walk in, an iMac is facing you with her on camera to check you in. Owner said he struggled with high turnover and bad employees. Philippines woman has been flawless by comparison.

Dan Primack @danprimack

KKR is selling CHI, an Illinois maker of garage doors, to Nucor for $3 billion. Because KKR gives equity to lots of portfolio co employees: Over 600 hourly workers and truck drivers will get big payouts, averaging $175k. Some will get over $400k.

axios.comPrivate equity’s big payday for factory workersC.H.I. isn’t just a massive payout for KKR but it’s also life-changing for C.H.I. workers.