Member Exclusive, New banks

Banking Briefing — January 3, 2022

  • 2021 was a big year for challenger banks but also for incumbents, too.
  • Tearsheet's Banking Briefing brings more depth and breadth to our banking coverage to Outlier members.
close

Email a Friend

Banking Briefing — January 3, 2022

Tearsheet’s Briefings for Outlier members give a deeper and contextual weekly look into banking, payments, blockchain, green finance, and embedded finance. Subscribe to Outlier to get full access to Tearsheet content.

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.  

 


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “Banking Briefing — January 3, 2022”

New banks

Tiller: the personal finance platform replacing Microsoft’s Money in Excel

  • Excel is popular among users as a platform to manage money, and now Microsoft is promoting a third-party developer to make it fitter for the job.
  • Tiller connects a spreadsheet directly to a user's bank, where it then automatically categorizes and display's a user' financial data.
Subboh Jaffery | June 22, 2022
New banks

Credit Karma introduces new cash back rewards program for debit consumers

  • The company will now reward every purchase made at a Cardlytics partner merchant with instant cash back.
  • Consumers will be able to reap rewards for paying with Credit Karma Visa debit card at stores like Adidas.
Rabab Ahsan | June 21, 2022
New banks

The transformation of traditional banking: 3 questions with Rohan Amin, Chief Product Officer at Chase

  • What kind of structural changes were caused by the pandemic in the traditional banking sector?
  • Rohan Amin, CPO at Chase, talks about digital channels in banking, growing fintech competition, and what Chase intends to accomplish in the future.
Sara Khairi | June 20, 2022
Member Exclusive, New banks

Banking Briefing: The SMB/fintech fairytale & what makes a successful challenger bank

  • The recent news about Brex could be a cautionary tale for other SMB-focused fintechs.
  • Plus, MX's VP of product gives his thoughts on what makes a successful challenger bank
Rivka Abramson | June 20, 2022
New banks

Now that Marcus by Goldman Sachs’ acquisition of GreenSky is complete, what’s next for the combined firm?

  • In September 2021, Goldman Sachs announced it was acquiring home improvement lender, GreenSky.
  • After closing the deal earlier this year, leaders of the combined entities are focused on further building out the Marcus digital consumer banking platform.
Zachary Miller | June 13, 2022
More Articles