Feb 21, 2021 3 min read

Fintech Newsletter for 2/20/21

Below are news related to fintech industry this week.

General News.

Goldman Sachs launches Marcus Invest-a fully digital investment management service aimed at the mass market; the accounts can start as low as $1,000.
FairMoney, a licensed online lender that provides instant loans and bill payments to underserved consumers in emerging markets.Plans to start operations in India after a successful launch in Nigeria.

Venture and IPO

Cryptocurrency exchange Coinbase, which is preparing to trade publicly in the next few months, is valued at $77 billion.
Varo Bank raises $65 million; investors also include NBA star Russell Westbrook.

Varo, a digitally-focused bank, said the funds would help to "further develop the product roadmap, including additional credit, savings, and transaction banking features."

San Francisco fintech Brex applies for a bank charter.
Marqeta, the U.S.-based payment card issuing startup, has filed for IPO with SEC and is expected to go public in April. The company expected to have $10Billion in valuation.
Promise, Payment technology platform, announced $20M in series A funding. The modern payment solution helps residents navigate government payments like utilities, child support, parking tickets, and more with dignity and ease by making customizable plans and digital payment options.

"Right now, in America, it is easier to buy a state-of-the-art exercise bike than to keep your water on," said Phaedra Ellis-Lamkins, Founder and CEO of Promise. "The last year really showcased the depth of inequality Americans in underserved communities face. While we're seeing private companies create interest-free, no-money-down solutions for customers, people struggling with government payments are not offered the same flexibility. Millions of people can't pay their bills, and Promise is partnering with the public sector to improve the system."

Gravy, a startup helping subscription-based businesses recover failed payments, has raised $4.5 million in Series A funding.
Kalshi, the first federally regulated exchange dedicated to trading on event outcomes, announced that it had raised $30 million in Series A funding.
Public.com, a platform provider where its members can own ETFs, fractional shares of stocks, follow other investors, and share ideas, raised $220 million in a Series D funding with a $1.2Billion valuation.
KreditBee, an India-based digital lending startup, raised $75m in Series C funding.
PayZen, a San Francisco-based healthcare payments tech company, raised $5m in Seed. PayZen provides a digital platform that pays hospitals upfront for patient invoices and offers patients zero-interest, fee-free payment plans. The system integrates into any hospital system and makes the application seamless for both patients and hospital administrators.
Synthetix, an Australia-based decentralized trading platform, raised $12m in new funding.
Personetics, a New York-based provider of data-driven personalization and customer engagement tools for banks and financial services companies, raised $75m in growth funding.
SeedFi , San Francisco-based startup developing a platform for lower-income Americans to build credit and save money, raised $15m in Series A funding.
Blockchain.com, a London-based provider of cryptocurrency services, raised $120m in new funding.
Zolve, an India-based cross-border neo banking platform, raised $15m in Seed funding.

Zolve offers a range of compelling features even for those who don't plan to visit a foreign land. If you're in India, for instance, you can use Zolve to buy shares of companies listed at U.S. exchanges. You can also buy bitcoin and other cryptocurrency from exchanges based in the U.S. or Europe"-Raghunandan G, Zolve.