Daily Tearsheet: Is the ‘fintech bubble’ bursting? And a day in the life of Balance CEO Bar Geron


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Daily Tearsheet: Is the ‘fintech bubble’ bursting? And a day in the life of Balance CEO Bar Geron

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Drying investments, falling valuations, increasing layoffs: Is the 'fintech bubble' bursting?

2021 saw VCs funnel an unprecedented amount of funds into early and late-stage fintech startups. VCs invested a record $121.6 billion in 2021 – up 153% YoY, and made a total of 4,987 investments in the space – up 54% YoY, according to PitchBook data. However, since the start of 2022, things have taken a gloomy turn.

Rising interest rates and fears over a looming recession have become roadblocks for the economy, forcing the fintech industry to take survival measures. Giants like Robinhood are coming crashing down after a strong 2021. Earlier this month, the firm announced a 44% drop in its revenue, and a decision to lay off another 23% of its employees, having already laid off 9% of its workforce earlier this year.

There may be more dark days ahead for the industry, as experts say the bear market could last another two years. Funds are continuing to dry up, and companies are taking measures to stay above water and not accumulate too much debt and losses.

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'It's about balancing things': A day in the life of Bar Geron, CEO and co-founder of Balance

Balance is a payments platform in the B2B e-commerce space that facilitates digital payments specifically for business transactions. The company is spearheaded by CEO and co-founder Bar Geron. 

Juggling being a new parent with being the CEO of a new company is, to say the least, challenging. But with a balanced lifestyle and a solid approach to time-management, Geron makes it work. 

From practicing meditation to learning how to play piano, Geron has found his own way of keeping his day structured.

We take a look at a day in his life.

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Just look at the charts

1. McKinsey has a clear lead...

Source: Chris Gledhill

2. The many faces of PFM

Source: Alex Johnson

Today's stories

Galaxy Digital ends agreement to buy BitGo
Galaxy Digital has terminated its acquisition agreement with crypto platform BitGo, but still intends to go public. The termination of the deal comes as BitGo did not deliver audited 2021 financial statements that comply with the requirements of the agreement by July 31. (Blockworks)

Klarna launches new purchase history dashboard for UK customers
Klarna is extending its app to allow UK consumers to view their full online order history, regardless of whether they are purchased using Klarna, as part of its bid to become a general-purpose shopping companion. (Finextra)

MoneyLion, Zogo partner to promote financial literacy
MoneyLion has teamed up with financial literacy company Zogo to provide financial education for its 3 million-plus customers. With this partnership, MoneyLion users get access to Zogo’s “bite-sized education modules” through the MoneyLion app’s Today Feed content. (PYMNTS)

Central Payments raises $30 million in growth equity
Central Payments, which provides payments technology and issues prepaid cards, has raised $30 million in a growth equity raise, joining other BaaS providers in raising capital. The investment will enable the company to grow and separate from the Central Bank of Kansas City, which will remain an investor, issuer, and strategic partner. (Payments Dive)

Another China-based company, Lufax seeks Hong Kong listing to hedge US risk
Fintech firm Lufax Holding Ltd. is planning to go public in Hong Kong, the latest in a wave of New York-traded Chinese companies seeking alternative listings to hedge against the risk of being banned from US markets. The firm aims to file for a listing in Hong Kong in the second half of this year. (Bloomberg)

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