FINTECH STORIES

Ukraine Invasion Upends the Fintech World

• The invasion of Ukraine by Russia has sparked widespread outrage in the West.
• Multinational corporations such as Apple and Nike have paused or exited their operations in Russia to show their response.
• The crypto and NFT space has galvanized into action as a result of the crisis.
• Fintech innovation such as cryptocurrency is accepted by the Ukrainian government as a donation for the war.
• Bitcoin remains incredibly durable during wartime. It is virtually difficult for the Bitcoin network to shut down.

Peter Thiel-backed digital bank N26 plans to be IPO-ready by end of 2022

• “By the end of the year, N26 will be structurally IPO-ready,” co-CEO Maximilian Tayenthal said in an interview.
• N26′s stock market debut could take place as early as 2024, though the firm is in no rush to list.
• The German fintech start-up recently raised $900 million at a $9 billion valuation.

How Nubank Became One of the World’s Biggest Digital Banks

• In Brazil’s traditional banking system, millions of underbanked people didn’t have access to the financial tools they needed or were paying exorbitant fees for them.
• Nubank closes the gap and is now one of the top digital banks by users.
• They want to serve a class of customers that can’t get what they need from a legacy financial institution. And they’re faster and more agile than incumbents because of their digital dexterity and youth-driven mindsets.
• When Nubank first opened, it only offered a credit card — one of the only financial products not requiring a banking license in Brazil. Over time it gained a bank license and now offers other products.

Women Are Disciplined Savers but Only a Third Are Invested, StanChart Survey Says

• Women are showing strong interest and intention to invest more with their money, with almost half of them (46%) listing investment as their top goal.
• However, only 36% of them currently hold an existing investment
• Across all age groups, many women are still relying on savings products as their source of retirement income, rather than investment products which may generate higher returns.
• This is concerning as more than half of the women (51%) still face a retirement shortfall, based on their desired retirement age and the future value of their savings and investments, with 12% expecting to run out of cash even before retirement.

Fintech Roundup: Fintechs and banks are getting cozier

• Truist execs say fintechs have brought ‘a healthy competition’
• Although there are competition between incumbents and startups, banks realize they need fintech to stay competitive.