#WealthTech / WealthSimple Attains Unicorn Status, Joining Rival FinTech Firms Revolut, and Robinhood

Unicorns are real – at least not in a traditional sense of the word. In today’s world, a ‘unicorn’ is a term used to describe a company which has attained a valuation greater than $1 billion. [TCV General Partner, David Yuan:] “We have been watching Wealthsimple’s rise in the Canadian market and love the wayContinue reading “#WealthTech / WealthSimple Attains Unicorn Status, Joining Rival FinTech Firms Revolut, and Robinhood”

#WealthTech / SoFi Launches Social Trading Investing Platform

SoFi has spent the past few years broadening its focus. What launched as an alternative lending company has emerged as a platform that provides a deeper breadth of banking services including insurance, checking accounts, credit score monitoring, investing, estate planning, and small business financing. After building all of these tools, SoFi began focusing on buildingContinue reading “#WealthTech / SoFi Launches Social Trading Investing Platform”

#WealthTech / Goldman’s Marcus Deposits Increase $4B In Q3 To $96B

Goldman Sachs’ latest results showed continued traction in its digital, consumer banking efforts even as its core trading and asset management segments soared. As has been previously reported, Goldman said at the beginning of 2020 that it has been targeting $125 billion in consumer deposit balances over five years. [CEO David Solomon:] “We continue toContinue reading “#WealthTech / Goldman’s Marcus Deposits Increase $4B In Q3 To $96B”

#PayTech #WealthTech / Galileo and Save Partner to Process $7 Billion in Transactions and Funds

Save and Galileo announced today a partnership agreement to use Galileo’s … API-based payments processing platform to process transactions and funding of Save customers’ Debit Invest debit cards and Save Market Savings accounts. Save, a fintech startup that enables higher yields on savings and checking accounts, and Galileo, the API standard for card issuing andContinue reading “#PayTech #WealthTech / Galileo and Save Partner to Process $7 Billion in Transactions and Funds”

#WealthTech / Wealthsimple Announces $114mn Investment Led by TCV, Claims $1.4bn Valuation

TCV has backed over 350 technology companies, including Airbnb, Netflix, Peloton, Revolut, and Spotify. Greylock, a venture capital firm that focuses on enterprise and consumer software, has partnered with over 180 companies, while Meritech has partnered with 200 companies globally… The new financing comes on the heels of a busy year for Wealthsimple, which beganContinue reading “#WealthTech / Wealthsimple Announces $114mn Investment Led by TCV, Claims $1.4bn Valuation”

#PersonalFinanceManagement #WealthTech / Robinhood Challenger M1 Finance Closes $45 Million Funding Round

M1 offers a free, customizable, no-minimum and zero-commission investing platform with fractional shares and automation, similar to Robinhood. Where it differs, however, is in its offering of different accounts: brokerage, IRA, trust, and it’s ability to manage and rebalance a customized portfolio over time and its lending and cash management services. But M1 does notContinue reading “#PersonalFinanceManagement #WealthTech / Robinhood Challenger M1 Finance Closes $45 Million Funding Round”

#FractionalOwnership #WealthTech / ‘Banking enables us to play a bigger role in our customers’ lives’: Stash CEO Brandon Krieg

Stash is an interesting animal. The fintech firm’s roots are in fractional share, automated investing… [CEO:] “It’s funny, I don’t refer to Stash as a challenger bank… Banking, for us, has always been really important. The main reason wasn’t to have another card or another checking account out in the market — it was toContinue reading “#FractionalOwnership #WealthTech / ‘Banking enables us to play a bigger role in our customers’ lives’: Stash CEO Brandon Krieg”

#WealthTech / Lufax joins China fintech IPO race with Ant and JD Digits

Lufax’s profit margins have climbed as the company has shifted focus from peer-to-peer lending to becoming a platform for the sale of financial institutions’ products. Lufax, the online wealth management and lending arm of Ping An Insurance Group, China’s largest insurer, filed a public prospectus for an IPO in New York on Wednesday. Sources familiarContinue reading “#WealthTech / Lufax joins China fintech IPO race with Ant and JD Digits”

#WealthTech / Monument builds new challenger bank for mass-affluent

The Bank – whose executives and board have held senior roles in HSBC, Barclays, McKinsey & Co, UBS, Goldman Sachs, Apollo Global Management, PWC, Coutts and at the UK regulators – will focus exclusively on clients largely underserved by the established ‘premier’ and private banks, such as busy professionals, doctors, lawyers, accountants, entrepreneurs and investorsContinue reading “#WealthTech / Monument builds new challenger bank for mass-affluent”

#WealthTech #FinancialWellness / Gusto is expanding from payroll into a full suite financial wellness platform

SMB payroll startup Gusto raises $200M Series D, plans R&D expansion to NYC… the company announced a slew of new offerings that it hopes will give employees better financial and health options through their employers. The most interesting one here is a tool the company is calling Gusto Wallet. It’s an app and collection ofContinue reading “#WealthTech #FinancialWellness / Gusto is expanding from payroll into a full suite financial wellness platform”