FTT Update: Please Don't Do April Fools Jokes
Hi all, Julie here. Three things you need to know outside of the news today.
I got to meet the one and only Alex Gillette this weekend and can report he’s just as cool in person.
Whether you’re interested in early stage or late stage, we have a job for you today in our Career Corner with Checkout.com and Commonstock.
Coinbase has delayed it’s highly anticipated direct listing, according to Bloomberg. The biggest U.S. cryptocurrency exchange is now setting its sights on an April debut. This brief pause is likely due to the SEC reviewing the company’s plans for a direct listing. Coinbase’s latest financial statements revealed that the company is making money, swinging from a loss to a profit of $322M last year on net revenue that more than doubled to $1.14B. The debut will be the first major direct listing to take place on the Nasdaq.
Google Pay Departure
The head of Google Pay, Caesar Sengupta, is leaving the company. He’d been at the company for more than a decade and played a key role in Google Pay’s growth in India and its roll out to over 30 countries, helping to amass 150M users worldwide. He also led the US division in its forthcoming transition into a gateway to a full bank account. Sengupta said on LinkedIn that he is not quite sure what is next for him, but remains optimistic on the future of Google Pay.
FT Partners SPAC
Steve McLaughlin of FT Partners is the latest in a series of fintech SPACs. He is teaming up with Gene Yoon, the founder of PE firm Bregal Sagemount, to form a $500M fintech special purpose acquisition company. The Independence Holdings Corp blank check firm is now trading on Nasdaq after a five times oversubscribed pricing and is on the hunt for fintech firms in the $2B to $10B range. You can read more about this news here in McLaughlin’s LinkedIn post announcing the move.
Revolut Applies For US Banking License
While Canada might not have worked out for Revolut, it’s continuing to push forward with the US market and making things work here. The UK based startup has filed a draft application for a banking licence with the FDIC and the California Department of Financial Protection and Innovation. It’s part of a recent string of fintech startups now applying for banking charters of their own following Square’s approval. Revolut currently offers financial services in the US through a relationship with FDIC-insured Metropolitan Commercial Bank.
Since launching in the UK in 2015, Revolut has amassed more than 13M retail customers and 500,000 business clients, though it’s unclear how many of these customers are active. The company currently holds an EU banking licence, and in January kick-started the process to obtain a banking licence in the UK following the UK's exit from the European Union.
*Our sponsorship calendar for Q2 is nearly full! To learn more about sponsorship opportunities email firstname.lastname@example.org
Two job postings today from well known companies in our space:
Partner Growth Manager at Checkout.com: Checkout.com launched in 2012 with a mission of empowering businesses to adapt, innovate and thrive with the connected payments they deserve. With a team of more than 1000 people across 17 countries, it now provides the fastest, most reliable payments in more than 150 currencies, with in-country acquiring, world-class fraud filters and reporting, through one API. To date, it’s raised a total of $830M, with its recent Series C valuing it at $15B. Checkout.com is looking for a Partner Growth Manager to join the Commercial Partnerships team in its fast-growing San Francisco office. You will be responsible for managing and growing platform partnerships in the Americas, reporting directly to the Partnerships Lead of Platforms. This role is highly cross-functional, and you’ll work with some of the brightest minds in payments & fintech across product, engineering, sales, and marketing. If you’d like to join the team, apply above!
Software Engineer (Product) at Commonstock: Commonstock is a social network for investors, where portfolios and performance are verified by brokerages. Its goal is to improve the world’s financial health by amplifying the knowledge of the best investors. Brokerages have successfully democratized investing, they now need to democratize quality investing knowledge. Now, Commonstock is actively growing its diverse team and is hiring a software engineer with at least 2+ years of experience and a strong interest in investing, personal finance, corporate strategy or anything else related to private or public investing. The ideal candidate will have a strong analytical mindset, a collaborative attitude & a desire to participate in cross-functional team experience. If this sounds like you, apply above!
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.
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