Fintech Highlights - 3/8/2021
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Here is the first edition - a view of the technology landscape from a financial services focused perspective. 👇
Pinned to the Top
Facebook's got a problem...and it's iOS 14.
Version 14.5 is gonna release any day now, and when it does advertisers and platforms will see a huge shift in their ability to target and measure.
Users will be prompted to allow for data tracking in session. And if users do opt-out there are downstream effects to attribution windows (1-day), event and conversion types etc.
Here’s what the impact actually looks like to Facebook and their advertisers.....it's one of the best explanations I've found.
More here -->
The BFD
Opera is moving into financial services - the browser and Intenet company is set to launch Dify, an in-browser cashback service and digital wallet for online shopping.
Launching first in Spain, the the initial version of the Dify app ships with a current account, a free virtual debit card issued by Mastercard, as well as Google Pay support for offline spending.
Given the success of Honey and other browser extensions - this looks like it could be an interesting way to get customers value while getting card issuers an ability to drive utilization at key customer moments.
More here ->
Fintechs
Flourish, a Berkeley, Calif.-based customer engagement platform for banks, raised $1.5 million led by Brazil’s Canary. More here ->
Xendit, an Indonesian payments infrastructure startup, raised $54.6 million in Series B funding led by Accel. More here ->
Doma (f.k.a. States Title), a San Francisco-based automation platform for real estate closings, agreed to go public at a $3 billion valuation via a reverse merger with Capitol Investment Corp. V (NYSE: CAP), a SPAC chaired by Mark Ein. More here ->
Revolut has its own banking license in the European Union since late 2018. It lets the company offer some additional financial services without partnering with third-party companies. More here ->
Insuretechs
Hippo, a Palo Alto, Calif.-based home insurance startup, agreed to be acquired at a $5 billion implied valuation by Reinvent Technology Partners Z (NYSE: RTPZ), a SPAC co-founded by Mark Pincus and Reid Hoffman. Hippo had raised over $700m. More here ->
Jerry, a ML-powered personal concierge that makes car insurance a breeze, has recently added home and rental insurance. More here ->
harbor, is a safety and emergency app that keeps your home and family safe. It enables users to quickly and easily prepare for life's situations like catastrophes, storms etc. More here ->
From the Stash
The Mobile Finance Apps That Banks Don’t Know Their Customers Use — www.forbes.com A new study from Cornerstone Advisors found that 76% of all smartphone owners use mobile apps to manage their finances from fintech companies like Robinhood, PayPal, and Credit Karma.
New Trends for Bank and FinTech Partnerships - Fintech Talents — www.fintechtalents.com The relationship between FinTechs and banks has evolved over the years, with the most recent focus on collaboration and partnerships.
Plaid and Jack Henry partner to enable Plaid Exchange for over 350 banks | Plaid — plaid.com
Consumers are increasingly turning to fintech to manage and improve their finances, which makes it more critical than ever that institutions support connections across the financial ecosystem
Reports / Webinars
What would Google Cloud Do to Reboot Banking? — inthecloud.withgoogle.com
How can banks continue to be an anchor in evolving customer journeys in the digital ecosystem? This webinar is hosted by Google Cloud and Chris Skinner.
Digital Sales Benchmarks in Financial Institutions Report - Backbase — www.backbase.com
Cornerstone Advisors’ survey of 184 US banks and credit unions uncovered some interesting data on their digital sales processes.
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