NEWS HIGHLIGHT
Stripe asked managers to start giving lower ratings on performance reviews. This could lead to more people being fired or feeling pressured to quit. Potential cuts, which Stripe wouldn't have to disclose as layoffs because they would be performance-based, could affect hundreds of workers. Link here
BREAKING NEWS
Sproutfi (YC S21) acquired Passfolio's client portfolio in Brazil. In the coming weeks, Passfolio will transfer all users in Brazil that have investments in the U.S. market to Sproutfi, which will provide all the necessary support for these users to continue their investment journeys within the application. Link here
INSIGHTS
Is Goldman’s fintech gamble over? Goldman Sachs’ foray into consumer fintech looks set to be spiked. CEO of Goldman David Solomon is clearly on a mission to re-focus the 150-year-old bank’s strategy as the global economy continues to sour. Link here
The South African BNPL gross merchandise value is expected to reach $5 billion by 2028. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 35.5% during 2022-2028. Link here
APAC BNPL gross merchandise value is expected to exceed US$782 billion by 2028. Medium to long term growth story of BNPL industry in Asia Pacific remains strong. BNPL payment adoption is expected to grow steadily. Link here
Singapore’s BNPL working group launched a new Code to guide service providers in Singapore and to protect consumers and ensure that BNPL offerings “will continue to benefit the ecosystem,” according to a press release. Link here