Daily Tearsheet: How sibling-led Stax became a unicorn, and behind Coinbase’s global expansion strategy

  • Behind Coinbase's strategy to expand globally, leading with its wallet.
  • Also, how sibling-led Stax became fintech’s latest unicorn.

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Daily Tearsheet: How sibling-led Stax became a unicorn, and behind Coinbase’s global expansion strategy

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Behind Coinbase’s strategy to expand globally, leading with its wallet

With a total of 89 million verified users by the end of 2021, Coinbase expects to keep expanding globally to achieve its mission of “establishing an open financial system throughout the world”.

The crypto exchange is undertaking a two-pronged strategy to grow internationally by entering markets at scale through the Coinbase Wallet. 

Coinbase Wallet allows the company to move into international markets, opening doors to other products such as Coinbase NFT, and ultimately encouraging further participation in the crypto economy.

Read more

How sibling-led Stax became fintech’s latest unicorn

Stax, a payments platform serving businesses of various sizes, has become fintech’s latest unicorn. The company recently raised $245 million in a Series D funding round to reach a $1 billion valuation.

Based in Orlando, Florida, Stax was co-founded by siblings Suneera Madhani and Sal Rehmetullah. It’s one of the few fintechs led by a minority woman, Madhani, who serves as the CEO, while Remetullah is the company’s president.

Stax achieved this feat against a backdrop where less than 3% of venture capital goes to minorities, and less than 1% of investment goes to businesses with women of color as CEOs. 

Read more

Just look at the charts

1. How digital finance could boost growth in emerging economies

SourceAntonio Grasso

2. Fintech stock valuation

SourceTarique Khan

Today’s stories

Big banks took $4.6 billion less in IPO fees this year
The 5 biggest US investment banks have generated $645 million from equity capital market fees so far this year (PYMNTS)

New hub for fledgling investment bankers
Citigroup is setting up a hub for junior bankers in Spain’s Costa del Sol, which will directly support teams of bankers working in established financial centers (Financial Times)

Banks want employees to retain face-to-face interaction
Many banks and credit unions are eager to get staff back into the office, but their employees don’t seem to be on board (The Financial Brand)

Hubspot hack leads to data breaches
A data breach at Hubspot has affected BlockFi, Swan Bitcoin, NYDIG and Circle, but all companies say their operations have not been affected and treasuries are not at risk (CoinDesk)

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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