Daily Tearsheet: 3 questions with Chime’s new CMO, and Helix’s Ahon Sarkar on how to succeed in embedded finance
- Neobank Chime's new CMO may not hail from financial services and that may be a very good thing.
- Also, on Tearsheet today, we ask if most companies moving into embedded finance should be there in the first place.
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‘When you have a community that’s engaged, your job as a CMO is being an editor’: 3 questions with Vineet Mehra, Chime’s new CMO
Chime is the top digital banking app in the US. From early on, the company has sort of managed to ace this whole anti-incumbent wave that so many challenger banks aim to surf on.
Vineet Mehra is Chime’s new CMO. Mehra comes from an extensive career in marketing – but not necessarily within financial services. This is his first dive into the fintech sector. Before that, Mehra worked at some big-name companies, including Ancestry.com and Walgreen’s Boot Alliance.
Tearsheet sat down with Mehra to hear a bit about how his previous roles translate into this new one and how he plans to foster Chime’s community-focused approach to continue to grow.
‘Just because you can build a bank account doesn’t mean you should’: Helix’s Ahon Sarkar
The following was produced by Tearsheet Studios in partnership with embedded finance platform Helix by Q2.
Helix’s GM Ahon Sarkar joins Tearsheet’s Editor-in-chief Zack Miller on the Tearsheet Podcast to break down what it takes for companies to win in embedded finance (and whether they should even try doing it at all), and more.
They also wrapped up with a sneak peak of what Helix is busy doing and will be getting into the rest of the year.
Watch / listen / read more (sponsored by Q2)
Just look at the charts
1. Change in second-quarter revenue v/s the prior year at investment banks
2. 2022 BNPL Roundup
The new Google Wallet is expanding globally
The new Google Wallet has begun appearing on phones in dozens of countries — it is replacing the Google Pay app (though both will be available in the US) and will let users manage their payment cards, rewards cards, as well as event tickets, ID, and more. It is being rolled out in 39 countries. (Finextra)
Visa is weighing up investment in fintech Airwallex
Visa is in talks to join an extension of the cross border payment firm Airwallex’s latest funding round — the startup is seeking to raise $100 million to $150 million in an extension to its series E round, which is $5.5 billion from the previous fundraising — other existing investors could also participate in the round (Bloomberg)
Tesla sells a major chunk of its Bitcoin holdings
Electric car maker Tesla sold $936 million worth of Bitcoin, or 75% of its holdings, in the second quarter — the price of Bitcoin fell about 1.7% following the news but regained its losses after CEO Elon Musk said Tesla was open to boosting its Bitcoin exposure in the future (CoinDesk)
Varo has laid off 75 employees to move toward profitability
Neobank Varo is the latest fintech to cut 75 jobs, which represent a little less than 10% of the company’s staff, to ensure it has “sufficient capital to execute on our strategy” — the move comes as the first-quarter filings with banking regulators showed Varo was burning through its capital quickly and risked running out of money by the end of the year (protocol)
Exchange FTX raising money at a $32 billion valuation
Cryptocurrency exchange FTX and FTX US, both are looking into raising a new round of capital — per the report, FTX is targeting a funding round at the same valuation as its January round, when it raised $400 million at a $32 billion valuation, while FTX US raised an additional $400 million at an $8 billion valuation (PYMNTS)
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