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Welcome to another episode of our Daily Fintech Podcast.
This podcast episode is sponsored by YieldX. YieldX is transforming income investing to bring its benefits to all investors. With YieldX, the outcome is income.
THE NEWS HIGHLIGHT OF THE DAY IS
Stripe is the latest high-profile fintech company to experience a significant valuation cut as the market downturn begins to hit the sector especially hard. Last valued at $95 billion, the payments processor has seen the internal value of its shares slashed by 28%, sources told the Wall Street Journal. Link here.
JUST IN:
The cryptocurrency lender Celsius Network has announced it has filed for bankruptcy. Crypto lending has tumbled in the recent months following a crash in cryptocurrency prices and the collapse of major token TerraUSD in May. Link here.
ALSO:
According to a media report by Finance Forward Berlin-based Neobank for Business Penta could be about to be sold to its French competitor Qonto. The source refers to industry insiders who are said to have stated that the deal is already being negotiated and could be announced soon. However, the companies' spokespersons would not comment on the information according to the source. Link here.
FURTHERMORE,
Stori, which offers credit cards to underserved populations in Mexico, told TechCrunch it has raised an additional $50 million in equity at a $1.2 billion valuation. It also has secured $100 million in debt financing. Link here.
LET’S HEAR ALL ABOUT MERGERS AND ACQUISITIONS:
TIFIN, a fintech platform using artificial intelligence (AI) and investment-driven personalization to shape the future of investor experiences, announced its initial launch into international markets through the acquisition on SharingAlpha, a community of over 15,000 professional fund investors and analysts located throughout the world, but with a high concentration in the UK and Western Europe. Link here.