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Plaid Launches an Incubator for Underrepresented Founders, TikTok Sister App Launches Payment Service, Commission and ECB Join Forces on Digital Euro

Issue #89 — View online — Suggest a link
Fintech

A weekly newsletter covering all things fintech.
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Hey fintech friends,
This week we look at the new fintech incubator for underrepresented founders launched by Plaid, at TikTok owner ByteDance launching payments in China as it pushes into fintech, at the European Commission and the European Central Bank joining forces to launch a digital Euro, at what the surge in fintech launches signals for banking’s future and at Biden nominations for some key financial oversights roles, plus much more.
As always, if you like this newsletter, remember to share the love and tell your fellow fintech enthusiast friends to sign up here.
Happy reading,
Alessandro

This Week in Fintech
Plaid Launches FinRise, an Incubator for Underrepresented Fintech Founders
Plaid Launches FinRise, an Incubator for Underrepresented Fintech Founders
Plaid is launching FinRise, a nine-month incubator for early-stage fintech founders from underrepresented backgrounds. Inspired by an internal hackathon amid Black Lives Matter protests last summer, the accelerator is explicitly looking at startups led by Black, Indigenous, and People of Color (BIPOC).
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Commission and ECB Join Forces on Digital Euro as Privacy Concerns Emerge
The European Commission is to work alongside the European Central Bank (ECB) in probing a range of ‘policy, legal and technical’ pitfalls that could emerge as part of plans to introduce a digital euro crypto-currency in mid-2021.
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TikTok Owner ByteDance Launches Payments in China as It Pushes Into Fintech and E-Commerce
ByteDance has launched a new payment services within Douyin, the Chinese sister app of TikTok.
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What the Surge in Fintech Launches Signals for Banking's Future
When even Chase fears the impact of fintechs, it tells you things have changed. No institution can ignore the trend or fail to respond.
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Biden Picks Chopra, Gensler for Financial Oversight Roles
Biden announces intent to nominate Rohit Chopra and Gary Gensler to key financial oversight roles.
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Lex (finlex.eth)
1/ How can we best understand the 100x revenue multiples for Affirm, Checkout, Rapyd, and other fintech companies? There's a lot to unpack.
Funding, Merger & Acquisitions
PPRO Nabs $180m at a $1b+ Valuation To Bring Together the Fragmented World of Payments
The capital is coming from a group of investors that includes Eurazeo Growth, Sprints Capital and Wellington Management. It comes on the heels of a $50 million round the company raised last August from Sprints, along with Citi and HPE Growth; and a further $50 million it picked up in 2018 led by strategic investor PayPal.
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This Fintech Startup Wants To Cover Your Overdraft Fees, and It Just Announced $35m in Series A Funding
Fintech startup Brigit can cover overdraft fees up to $250. It just announced a $35 million series A led by Lightspeed Venture Partners.
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Flexible Mortgages on the Rise: London Fintech Perenna Secures $10m Funding
London-based fintech Perenna aims to represent the next stage in the UK mortgage market journey by delivering the fixed-for-life mortgage lending model’s advantages. In an attempt to bring the fixed-for-life mortgage model into the UK, now the company has bagged fresh funding.
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Something More for You to Read
Federal Agencies, States Compete To Be Fintech Regulator
A CFPB panel recommends that Congress give the agency authority to license certain fintech firms, a proposal that would encroach on OCC and state oversight.
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Monzo Founder Tom Blomfield Is Quitting the Digital Bank After Asking Execs for “Help”
Tom Blomfield founded the company in 2015, which now has 5m customers. “I stopped enjoying my role probably about two years ago.”
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BBVA Says That It Is Shutting Down Banking App Simple
Some consolidation is underway in the world of challenger banking apps. BBVA today told users of Simple — the pioneering mobile and online banking app that it acquired for $117 million in 2014 — that it is planning to shut down the service, moving accounts to BBVA’s USA business in the process.
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Shame, Suicide and the Dodgy Loan Apps Plaguing Google’s Play Store
Instant loan apps have boomed in India during the pandemic. First they lend people money, then they harass and publicly shame them until they can’t cope anymore.
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Techstars Startup Digest Fintech is curated by:
Alessandro Ravanetti Alessandro Ravanetti - Fintech writer, copywriter & content strategist. Working in the fintech industry since 2011, previously as a founder and now as a consultant. Independent expert with the European Commission and SXSW advisory board member.
alessandro.ravanetti@startupdigestmail.com
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