FTT Update: I Should Have Tried Harder to Buy Shares of Plaid
Hi all, Julie here. I'm actually writing this while laying by the pool at our new apartment complex in Austin. Tux hung out with us down here yesterday while we were taking a lunch break too. He's adjusting well :)
And while I'd love to moderate a panel from the pool, I'll have to do my Collision event with Wise and Betterment from somewhere else. You should still attend anyways though. Airing on April 22 along with a lot of other great panels. Also, say hey to today’s sponsor, Laika, the most elegant and comprehensive solution for managing compliance out there!
Congratulations to Marqeta, your 2021 Fintech Today March Madness champion! The issuer was the only #2 seed to make it to the Final Four, and the issuer was able to upset Buy Now Pay Later giant, Affirm, to claim our maiden title.
Coinbase Made How Much Last Quarter?
Crypto exchange Coinbase has thoroughly enjoyed the run up in Bitcoin over the past few months. In a filing out yesterday, the company said revenue climbed more than nine-fold from a year earlier to an estimated $1.8B. Net income climbed to between $730M and $800M from $32M a year earlier as well. A friend of mine texted me after these numbers came out to tell me that shares of the company are now trading above $400 in the secondary markets. A huge bump from even just a couple of weeks ago. The direct listing next week is going to be one to watch.
Plaid’s Big Raise
We've been talking about this rumored round for awhile and now the news is official. Plaid has closed a $425M round that values it around $14B. Remember when Visa was gonna buy it for $5B before the pandemic? Lol. FTT expert Charley Ma had an amazing deep dive for our premium subs this morning with thoughts on where Plaid goes from here and what business lines it could expand into.
Jamie Dimon Says Fintech Is Here To Stay
You're only like five years late Jamie...but we forgive you. In his annual letter to shareholders, Dimon wrote that it is "completely clear" that many banking products such as payments, deposits and loans are moving out of the banking system to challenger banks and others. He went on to acknowledge that these companies are doing a great job at finding customer pain points and creating solutions. Though, of course he mentioned how the regulatory playing field has given startups a bit of an advantage at points. I get that argument, but I also believe JPMorgan has benefits itself that it's just failed to use to the full extent.
Stripe Powers Clubhouse Payments
In a new partnership, Clubhouse users will be able to tip creators on the platform through Stripe. This is interesting both because it's yet another large partnership for Stripe, but it's part of a growing trend of internet users being able to send money to creators on various platforms. Square’s deal with Tidal is another one here that comes to mind.
Today's Partner, Laika
The Complete Compliance Solution
Born out of frustration with common compliance obstacles, Laika is a SaaS solution that combines elegant software, automation, and expertise for growing businesses. Laika supercharges compliance by helping startups build their compliance posture, seamlessly move through the audit process, and scale their infosec programs as they move up-market and grow.
Laika is the only solution that:
Thoroughly prepares you for an audit
Removes the headache of the audit prep + management + long-term compliance demonstration
Dramatically cuts down time spent on compliance processes.
With the increasing adoption of digital and cloud technologies, compliance has become a non-optional for growth. Increasingly, SOC 2 compliance is required by enterprises, financial institutions, and health care organizations. Every modern tech company can benefit from SOC 2 to ensure proper information security. Laika breaks down complex security requirements into plain-language tasks that startups understand. Getting a SOC 2 doesn't have to be painful with the right team by your side. Learn how we can make compliance a way to win!
Two job postings today from large companies in our space:
US Head of Engineering at Monzo: Monzo is the top neo-bank in the UK, having recently passed 5M customers and to date raised more than $500M funding from top investors such as YCombinator, General Catalyst, Accel and Stripe. Monzo is currently expanding into the US and is looking for an outstanding product-focussed engineering lead for the US team based in San Francisco. The Head of Engineering will work closely with the Product team to help build and scale its digital banking solution, and will play a key role in building a world-class engineering team in SF. This is a unique opportunity to join a small product-focussed team at the ground floor, with lots of autonomy and independence.
Sr. Backend Engineer at TripActions Liquid: TripActions Liquid is a next generation payments and spend management solution that is disrupting the market by taking advantage of the latest fintech infrastructure from providers like Stripe, Visa, Plaid, and Modern Treasury. The company has raised over $800M including a recent $155M at a $5B valuation from investors including Andreessen Horowitz and Lightspeed to help accelerate the payments and spend offering with a plan to become a public company in the next few years. It is looking for passionate Senior Backend Engineers to join its newest team. This is a very unique role which combines the small team feeling of a startup launching a brand new product, with the perks, opportunity size and impact of an established company.
Julie VerHage-Greenberg is the co-founder of Fintech Today, where she focuses on editorial content and brand. Prior to joining, she was Bloomberg’s first fintech reporter, covering Robinhood from before it was a billion dollar company, breaking the news that Plaid was acquiring Quovo, and interviewing executives on Bloomberg TV and at several large conferences.
Thanks for reading! If you loved it, tell your friends to subscribe.