A new court filing suggests Celsius Network, the cryptocurrency lender that declared bankruptcy in July, only has enough money to sustain itself until October. At current crypto prices, Celsius holds $2.8B less in cryptocurrency than it owes clients.
Read MoreIn an interview with the Wall Street Journal, Affirm CEO Max Levchin said that a recession will prove Affirm’s underwriting models to be superior to those of banks. Affirm's stock has dropped 77% since its all-time high in November 2021; the S&P 500 has declined 9% in the same time frame.
Read MoreVenture-capital firm Andreessen Horowitz announced that it’s invested $350M in Flow, a rental-community startup. Flow is the latest venture by Adam Neumann, who previously founded and led WeWork.
Read MoreIn an interview with Bloomberg TV, MercadoLibre CFO Pedro Arnt said the company will continue to expand in the credit space. More than half of the Latin America-based e-commerce platform’s revenues now come from its fintech branch.
Read MoreFirms of all sizes in the mortgage space have announced major layoffs since the Fed increased interest rates to fight inflation. Analysts predict a 35% to 50% decrease in mortgage origination in 2022.
Read MoreIn an interview with The Financial Revolutionist, CubiCasa President Jeff Allen outlines CubiCasa’s growth strategy, announces the company’s latest pricing features, and shares his vision for the future of floor plans.
Read MoreIn a new report, the Consumer Financial Protection Bureau (CFPB) said consumers may be vulnerable to payment and lending apps that monetize users’ behavioral and spending data. The Bureau said it is planning to draft regulations to protect consumers’ financial data rights.
Read MoreSince the beginning of July, Apple, Microsoft, Alphabet, Amazon, and Tesla have added $1.3T to their combined market value. This has helped the Nasdaq Composite rise by 14.8% over that same time period.
Read MoreAlthough job growth accelerated in July, the Census Bureau reported that 12% of households were facing food insecurity, up from 10% at the beginning of 2022. The wealthiest 40% of households represent 60% of economic spending, while the poorest 40% represent 22% of spending.
Read MoreIn late July, West Virginia State Treasurer Riley Moore announced that BlackRock, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo were no longer eligible to receive state banking contracts because they “engaged in boycotts of fossil fuel companies” through their ESG policies. The measure does not ban the banks from operating in West Virginia.
Read MoreOver the past 18 months, crypto companies have spent more than $2.4B on sports marketing, namely ads and sponsorships. Though crypto’s push into sports sponsorships has slowed down since the onset of the crypto winter, some crypto firms are still doubling down on big-budget deals.
Read MoreBlackRock announced that its customers also using Coinbase will have access to the crypto exchange’s Prime program, a crypto trading platform for institutional investors. Shares in Coinbase were up 31% in early trading today.
Read MoreShares in SoFi surged 8% on Tuesday after the personal-finance giant shared news of “durable growth and profitability.” Revenue rose from $231M to $362M, while analysts had expected $344M.
Read MoreIn an interview with The Financial Revolutionist, Infima CEO Hendrik Bartel outlines his path to Infima, shares details of the company’s Seed round, peeks at the startup’s roadmap, and encourages a modest approach to startup leadership.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
