Today we're joined by Brett King, founder and executive chairman of Moven, one of the world's original digital banks, and Lex Sokolin, global head of fintech at ConsenSys. Lex and I discussed Moven's recent announcement to shutter its B2C business on episode 170 of Rebank. And we're happy to have the opportunity to connect with Brett directly to discuss the decision in more detail.
Diwakar Choubey of MoneyLion speaks with Lend Academy in their last podcast of 2016; MoneyLion is an online lender also offering a financial wellness app; firm has received significant funding in 2016; MoneyLion launched in 2014 with an initial focus on a data decision services platform which later evolved into a full service lending platform; firm currently functions as a balance sheet lender but plans to expand to a hybrid approach in 2017. Source
This week, we look at:
The $12 billion in cumulative SPAC capital focused on Fintech, of which $3.6 billion has been raised in 2021 Q1 alone
Analysis of the private and public financial services markets and their valuations of profitability and revenue
A deeper look at the fundamentals and business mix of SPAC targets MoneyLion, Payoneer, Apex Clearing, and SoFi
Not everything that glitters is gold
We look in detail at the state of marking recently-private-fintechs to the public market in mid-2021. Multiple industry segments have seen IPOs, direct listings, and SPACs transition fintech darlings into traditional stocks. How is performance doing? Is everything as magnificent and rich as we expected? Have multiples and valuations fallen or held steady? The analysis explores the answers and provides an explanatory framework.
MoneyLion has raised $22.5 million in a Series A funding round led by Edison Partners; the company will use the funds to improve and expand its mobile application services; the mobile application currently provides customers with tools and advice for managing their finances; it also provides loans. Source
Fintech platform MoneyLion is on a mission to change consumers' behavior when it comes to saving. Source
In PeerIQ’s Weekly Industry Update they cover job growth numbers, the Fed’s planned rate rises and more fintech related stories that ended 2017; OneMain Financial received backing from Apollo Global Management and Värde Partners; GreenSky and MoneyLion completed fundraising’s; new regulation news coming out of Indiana that would cap the personal loan interest rates. Source.
JP Morgan just shut down its neobank competitor Finn, targeted at Millennials in a smartphone app wrapper. Several other traditional banking incumbents have similar efforts, from Wells Fargo's Greenhouse, Citizens Bank's Citizens Access, MUFG's PurePoint and Midwest BankCentre's Rising Bank, as well as most of the Europeans (e.g., RBS competition to Starling called Mettle). These banks have every advantage -- from product infrastructure, to balance sheet, to regulatory licenses, to physical footprint, to relationships with the older generation. So how is it that players like Chime, MoneyLion, Revolut, and N26 are all able to get millions of happy users and the incumbents are failing?
