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Daily Tearsheet: Google launches digital wallet, and Daffy repackages the donor-advised fund

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Daily Tearsheet: Google launches digital wallet, and Daffy repackages the donor-advised fund

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Google launches digital wallet: 5 questions with Payments GM Arnold Goldberg

Google is making a comeback in the payments space, developing its infrastructure to include its first Google Wallet and virtual cards. Tearsheet spoke with the Big Tech’s head of payments, Arnold Goldberg, about what this means for the company. 

Goldberg wants to reimagine how people pay online and in-store, and also what they carry in their wallets. He’s focusing on building world-class consumer experiences across these properties and creating infrastructure for third parties and integrators. 

He emphasized Google’s partnership approach. The Big Tech doesn’t want to go it alone – it wants to be the connective tissue between banks and their customers. 

Read more

A “plug adapter” for donations: Daffy repackages the donor-advised fund

Donor-advised funds have gotten a bad rep in the past. That’s because the way these funds are set up, in all honesty, is a tad sketchy. Not quite a private foundation and not quite a public charity, DAFs contain pretty solid loopholes through their not-so-solid setup.

In short, wealthy folks have been able to store their money in these funds, under the pretext of it going towards a future charitable donation. 

But times are changing: investing is no longer a rich person’s game, and donor-advised funds may not be, either. Daffy wants to make donor-advised funds accessible to everyone.

Co-founded in 2020 by fintech veteran and former Wealthfront CEO Adam Nash, Daffy’s app offers a way to automate the donation process. 

Read more

Just look at the charts

1. Luna and UST in freefall

Source: Frank Chaparro

2. How brands can use banking for competitive advantage

SourceFlorian Graillot

Today’s stories

Another exit from Goldman Sachs
Scott Young, who was the chief commercial officer of Goldman’s Marcus consumer business, will be joining New Jersey-based startup iCreditWorks next month (CNBC)

Ex-Meta fintech chief launches Bitcoin startup
David Marcus, the man who led Meta’s frustrated Novi and Diem projects, has re-emerged with a Bitcoin startup focused on the Lightning Network (Finextra)

FTX CEO buys 7.6% Robinhood stake
Sam Bankman-Fried, the CEO of crypto exchange FTX, has taken a 7.6% stake in Robinhood, causing the firm’s shares to jump more than 20% (CNBC)

Huntington buys Torana to advance payments strategy
Huntington National Bank has acquired Torana, a B2C payments fintech based in San Francisco (Yahoo Finance)

Not a great time to be Tiger Global
Tiger Global has seen losses of about $17 billion during this year’s tech stock sell-off — one of the biggest dollar declines for a hedge fund in history (TechCrunch)

Santander digitizes core banking with cloud technology
Banco Santander has used in-house software to digitize its core banking platform, migrating 80% of its IT infrastructure to the cloud (Finextra)

Stay ahead of the game with Outlier — Tearsheet’s exclusive members-only content program and join the leading financial services and fintech innovators reading us every day.

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