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Data Snack: With VC funds drying up, how are fintechs performing?
Venture capital funding in the fintech space is drying up. VC funding in Q1 declined from all-time highs in 2021, and Q2 results dipped even further.
In the spirit that adversity breeds innovation, it is worth reflecting on Q1 and Q2, noting which fintech sectors proved resilient, including which companies secured funding and achieved even higher valuations.
Despite the significant downturn, fintech remains the golden child, getting a generous slice of 18% of global VC funding in the second quarter.
The latest briefing
Banking Briefing: All about branches
Six months ago, the Financial Times published an article with the quote, ‘I’m old, not an idiot’ in the title.
The quote comes from the name of a petition launched by Carlos San Juan, a Spanish man in his late 70s. The petition urged banks to stop closing down branches.
Last year, bank branch shuttering increased by 38% compared to the year before, according to research by S&P Global Market Intelligence. The rise seems to be correlated with the usual – Covid making people more mobile-first in their banking habits, and banks marching forth with their digital transformation plans.
Still, lots of people are raising eyebrows at these changes, including San Juan.
Read more (exclusive to Outlier members)
Just look at the charts
1. The state of CBDCs globally
2. Exploring open banking payments
Today's stories
A look into Citizens Bank’s growing BNPL strategy
Citizens Pay is both a payment vehicle and a financing method that looks more like an installment loan than the typical BNPL pay-in-four program. While fintech players face challenges, Citizens Bank enjoys the perks of a bank charter. (The Financial Brand)
US lawmakers demand answers from fintech Credova on BNPL gun sales
A group of 18 US representatives is demanding Credova Financial answer questions about its no-interest financing options for the purchase of guns and ammunition. The lawmakers are expressing “strong concern” and seeking information about the provision and marketing of BNPL financing for online purchases of firearms and related accessories. (Bloomberg)
Truist unveils robo-advisor with robo-only and hybrid options
Truist Wealth has expanded its digital investment offerings with Truist Invest, a robo-advisor, and Truist Invest Pro, a hybrid investing solution that combines automated investing with access to a team of financial advisors. (Finextra)
Facebook joins Instagram in promoting NFTs
Meta is now allowing users to post their NFTs on Facebook. What started as an Instagram-oriented NFT integration in May is now available on both Meta-owned platforms. Users can connect their crypto wallets to either app and post their digital assets across both social media platforms. The latest integration could expose vast new audiences to crypto collectibles since Facebook has billions of users worldwide. (CoinDesk)
Revolut's spending limits feature is proving popular amid growing inflation
Revolut users are increasingly checking budgeting tools on the app and looking to rein in some spending and save more, the latest sign of inflation hitting consumer confidence. There was a 15% increase in the number of customers checking budgeting tools in the first half of this year. The app’s ‘savings vault', which enables customers to set aside separate saving pots, has seen July UK usage increase 150% year-on-year. (Bloomberg)
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