Fintech Newsletter for 4/24/21

General News

PayPal(PYPL) introduces a couple of new offerings.

Venmo support for cryptocurrency

  • Both offerings let its users use one of the following four cryptocurrencies -Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
  • Both offerings leverage PayPal partnership with “Paxos” -A trust company — and use the “crypto brokerage” service from Paxos.
  • Both offerings let consumers buy, sell, and hold cryptocurrencies. Consumers can buy cryptocurrencies as low as $1.
  • Venmo app targets younger audiences as compared to PayPal’s traditional offering.
  • Venmo lets its user base share their bitcoin journey on the “Venmo news feed,” which will help increase awareness of cryptocurrency in the mainstream — with 70 million users in Venmo, the network effects can kick in to make this service popular.
  • PayPal offering targets the checkout process at merchants. However, the Venmo offering, to begin with, appears to be more targeted to buy, hold and sell crypto investment enthusiast.

PayPal plans to build a local wallet for China.

Facebook(FB) backed digital currency “Diem” plans to launch this year.

So what is “Diem” Announcing?

MasterCard (MA) acquires digital identity verification company Ekata.

Affirm(AFRM) to buy Returnly

Fintech New Venture and IPO

  • CoinSwitch, India based cryptocurrency investment platform, raises $25M in Series B funding.
  • Percent, New York-based securitization platform, raised $12.5M in Series A funding.
  • Alto, Nashville based IRA platform, raised $17M in Series A funding.
  • Tribal Credit, San Francisco-based financial services company, raised $34.3m in a new round of funding.
  • Deel, the San Francisco-based international payroll company, raised $156m in Series C funding.
  • Bespoke Financial, Los Angeles-based lending service to the cannabis industry, raised $8M in Series A funding.
  • Candex, Miami based payment processing platform, raised $20m in Series A funding.
  • Chargebee, San Francisco-based subscription billing and revenue management platform, raised $125M in Series G funding.
  • MANTL, a New York-based banking technology company, raised $40M in Series B funding.
  • Razorpay, India based digital payments company, raised $160m in Series E funding.

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