Tuesday, April 16, 2024

High 10 Fintech Information Tales for the Week Ending March 18, 2023

My colleague John White stated it greatest in our e-newsletter yesterday: the week that felt like a yr. Books can be written and flicks can be made concerning the final seven days because it was essentially the most dramatic week in finance for the reason that monetary disaster of 2008. The excellent news this week was that the finance world didn’t collapse and we had no financial institution failures between Monday and Friday, though First Republic wanted a dramatic money infusion. The previous Silicon Valley Financial institution might be the most secure financial institution within the nation proper now however no purchaser has been discovered as of but. Beneath is my weekly fintech information roundup.

SVB and Signature: The massive non-bailout from Fintech Nexus – The information got here final Sunday evening that the federal government would assure all deposits held at Silicon Valley Financial institution, and, oh, by the way in which, Signature Financial institution has been closed by regulators.

Large Banks swoop in to save lots of First Republic from Fintech Nexus – To make sure we didn’t lose a fourth financial institution this month eleven of the most important banks within the nation despatched a complete of $30 billion to First Republic Financial institution.

Mortgages, Wine and Renovations: Silicon Valley Financial institution’s Deep Tech Ties from The New York Occasions – No different financial institution had nearer ties to tech, together with fintech, than Silicon Valley Financial institution. Good piece on how deep these ties went.

How Goldman’s Plan to Shore Up Silicon Valley Financial institution Crumbled from The Wall Road Journal – Whereas Silicon Valley Financial institution collapsed all of a sudden the seeds had been sown in late February when SVB executives went to Goldman Sachs on the lookout for recommendation on increase new capital.

Fail or sale? What could possibly be subsequent for stricken Credit score Suisse from CNBC – Whereas circuitously associated to the large US financial institution failures, main Swiss financial institution, Credit score Suisse, is struggling to outlive. It wanted huge assist from the Swiss central financial institution and there was chatter over the past couple of days that its home rival UBS may purchase all or a part of the financial institution.

Neobanks report a windfall of recent purchasers in wake of SVB shutdown from American Banker – There have been some fintech vibrant spots this week as people who serve enterprise purchasers noticed an uptick in new accounts. NorthOne, Mercury and Meow all added new purchasers at a sooner charge than regular.

Tether’s Stablecoin Market Cap Now Double USDC After SVB Chaos from Decrypt – Within the crypto area Tether is wanting like the large winner for the week as Circle’s USDC had $3.3 billion in reserves at Silicon Valley Financial institution. Now USDT has roughly twice the market cap of USDC.

Stripe slashes valuation to $50 billion in new $6.5 billion funding spherical from CNBC – Oh yeah, Stripe raised some cash. On a traditional week, this might be our prime story as Stripe raised a staggering amount of cash, $6.5 billion, within the greatest non-public fintech increase ever on this nation. Their valuation nearly halved to $50 billion however most individuals suppose that could be a win in immediately’s setting.

FedNow instantaneous funds platform can be stay in July, central financial institution says from American Banker – The Federal Reserve introduced this week that their long-awaited instantaneous fee system, FedNow, will launch in July. Whereas a pilot program has been going since final September with 120 contributors (together with some fintechs), a certification program will open subsequent month to assist corporations put together for the launch.

Whether or not Non-public Or Public, The U.S. Wants A Digital Greenback from Forbes – Dave Birch ruminates on the occasions of the previous week and makes the case for stablecoins, particularly a digital greenback, being a solution to stabilize the monetary system.

Each Thursday at 5pm ET the Fintech Nexus information workforce and a particular visitor focus on the information of the week in fintech. Beneath is the video we posted to YouTube of this week’s present. You too can take heed to the present in podcast format.

  • Peter Renton

    Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and occasions firm centered on fintech. Peter has been writing about fintech since 2010 and he’s the creator and creator of the Fintech One-on-One Podcast, the primary and longest-running fintech interview collection. Peter has been interviewed by the Wall Road Journal, Bloomberg, The New York Occasions, CNBC, CNN, Fortune, NPR, Fox Enterprise Information, the Monetary Occasions, and dozens of different publications.

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