JPMorgan Moves Further Into FinTech
To counter threats from fintech companies like Stripe and Block, JPMorgan Chase has agreed to buy a payments startup named Renovite.
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HindenBurg Tackles Square
Hindenburg Research has announced that it holds short positions in Block Inc and has accused the payments company, led by Twitter co-founder Jack Dorsey, of inflating its user numbers and understating its customer acquisition costs.
Stripe To Reduce Headcount By 14%
Stripe CEO Patrick Collison stated in a letter to staff that 2022 has been more difficult than previous years. The company blamed inflation, energy shocks, higher interest rates and lower investment budgets for the company's slowdown.
Nubank, South America's Champion
David Vélez, Cristina Junqueira and Edward Wible launched Nubank in 2013 after becoming dissatisfied with the Brazil's banking services. The company secured a $2 million seed investment from Sequoia Capital and Kaszek Ventures.
Banks Roar Back While Fintech Lenders Struggle
Bank stocks have posted strong outperformance against the S&P500 in recent weeks after a dramatic sell-off in the first half of 2022.