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It’s a new year folks, and our new year’s resolution has been to sharpen our products and continue to keep you in the loop regarding all things finance. Tearsheet’s new banking briefing for Outlier members does just that – well, for banking. (if you want to stay updated regarding payments, lending, marketing, data, embedded finance, and green finance, my colleagues have got you covered). Every week, you’ll get a bird’s eye view of what’s happening in banking, why it matters, and where this is all going. To sum things up in one cringey pun (you’ll get a lot of those): you can bank on us for all things banking.
2021’s biggest banking takeaways
2021 was one heck of a year for financial service providers. Here are some key takeaways:
Challenger banks enjoyed some serious funding success last year, with summer bringing in some particularly sunny days.
- Nubank was one of the first to bask in the summer sun with its series G funding round, bringing in $750 million at a $41 billion valuation (and that’s on top of the $400 million it raised earlier that year).
- Revolut hit a more “modest” valuation of $33 billion after its funding round in July, which brought the company $800 million.
- Fast forward to August, and we’ve got Chime, a fave among US consumers, raising $750 million on a $25 billion valuation.
Don’t think things died down at the end of the year, though. December brought quite a bit of holiday cheer, well.
Monzo’s valuation rose to $4.5 billion last month – an increase of over 200% compared to early last year – after a round of funding that brought the company $500 million.
The boost in valuation comes despite the company’s legality slips – in July, Monzo said it was under investigation breaching anti-money laundering laws – and existential concerns for its business as it racked up losses.
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