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Share to Twitter Share to Linkedin OBSERVATIONS FROM THE FINTECH SNARK TANK It seems unfair to name winners and losers in fintech for 2020. We should give the losers a pass because of the year we just had, right? This is the Fintech Snark Tank, folks—pity is for pansies. Let’s get to the lists. The Winners 1) Stripe With plans to raise another round of funding that could value the company at nearly $100 billion, no fintech company is as hot as Stripe. And the ratio between the firm’s valuation and the number of people who know what Stripe does is astronomical. The payment acceptance company benefitted greatly as the global pandemic forced people to buy online instead of in-person. But that’s not the only reason Stripe is a fintech winner for 2020. It continues to innovate and recently announced the launch of Stripe Treasury which will: “Enable platforms like Shopify to offer merchants access to financial products. Platforms can offer … [Read more...] about The Winners And Losers In Fintech And Banking In 2020

Many once-promising financial startups are cash-strapped; others have broken business models. By Jeff Kauflin & Emily Mason ; Illustration by Matt Chase for Forbes ON November 15, the cofounders of Ribbon Home, a five-year-old financial technology company that promised to fix a “broken” homebuying market by offering buyers the ability to make all-cash offers, sent a cryptic and disconcerting email to its entire staff. “During this time of uncertainty, we ask team members who are not customer- or finance-facing to shift their focus from work to self-care, spending time with family and doing things that bring you comfort,” it read in part. Six days later, New York City-based Ribbon dismissed 85% of its staff—190 people—and cut severance to one week’s pay versus the six weeks employees had been previously promised. Fewer than 30 people remain today, and the company recently announced that it has paused all new business. Ribbon’s days are … [Read more...] about Merge Or Perish: 25 Struggling Fintech Startups

Share to Twitter Share to Linkedin Key Takeaways Base Case Unchanged For Fed Chipotle Earnings Disappoint Disney Earnings Tonight Jerome Powell spoke Tuesday for the first time since last Friday’s much stronger than expected jobs report. Speaking before the Economic Club of Washington, D.C., the Chairman of the Federal Reserve said the process to lowering inflation will take time and bring challenges. He reiterated his base case that more interest rate hikes are necessary; however, the expectations by markets remained unchanged, seeming to reflect the notion that what has been done has been effective. Prior to Powell’s appearance Tuesday, markets were relatively quiet. But that didn’t last. In the immediate aftermath of his talk, markets rallied only to then sell off before finally staging a strong rally to close the day. The S&P 500 gained over 1% while the Nasdaq Composite was up nearly 2%. The volatile swings may be indicative of a … [Read more...] about Chipotle Misses On Earnings; Disney Reports Tonight

Share to Twitter Share to Linkedin Topline: As the United States enters recession territory and investors say goodbye to an 11-year bull market, comparisons to the Great Depression—the worst economic downturn in American history—are inevitable, but how does that comparison actually stack up? Unemployment Peak unemployment during the Great Depression reached a staggering 24.9% in 1933, according to the Bureau of Labor Statistics ; in 1929, just four years prior, unemployment was just 3.2% . This past February, the unemployment rate was 3.5%, according to the Bureau of Labor Statistics (that number does not take into account the coronavirus-related layoffs that have ramped up in earnest this month). Unemployment hasn’t risen above 4% since February 2018. Federal Reserve Bank of St. Louis President James Bullard told Bloomberg that the U.S. unemployment rate could hit 30% next quarter while last week, Treasury … [Read more...] about The Great Depression Vs. Coronavirus Recession: 3 Metrics That Will Determine How Much Worse It Can Get

Share to Twitter Share to Linkedin (Updated: April 15, 2020. And if you’re looking for specifics about high school and college students, check out this piece .) As COVID-19 continues to impact the United States, the federal government is taking action to ease the burden on taxpayers. Most recently, the Senate passed a massive stimulus package (the House voted yes, too) and the CARES Act was signed into law. A key feature of the stimulus is individual checks. As with anything tax-related, there’s a little bit of confusion. To help you sort it out, here are a few questions and answers: When will I get my check? Checks are supposed to be produced “ as rapidly as possible. ” They began being distributed in mid-April. One thing that is true: if you use direct deposit, you’ll get your money faster. You can find out more here . How big will my check be? Checks will be $1,200 per adult - or $2,400 for married couples filing … [Read more...] about All You Wanted To Know About Those Tax Stimulus Checks But Were Afraid To Ask