I was intrigued by the news of Glorifi, an anti-woke FinTech start-up that closed before it had really opened. The company, which missed multiple launch deadlines and had its CEO step down due to misconduct, is citing “reputational attacks” and “the failing economy” Rolling Stone, November 2022 The firm was pro-Republican, pro-America, pro-freedom and pro-capitalism,…
It’s interesting how often I see the word disruption, or things like incumbent and old. And yet, after almost twenty years of such discussion, has the old incumbent been disrupted? It doesn’t seem that way, as borne out by two articles I picked up on this week: JP Morgan remains world’s biggest systemically important bank;…
After this year’s Money 2020 in Las Vegas, there’s lots of doom and gloom. FinTechs struggling for investment, rats leaving sinking ships, companies desperate for bank buyouts and bank support, and so on. Specifically, this commentary on Medium stood out for me: Fintech is Slowly Dying and That’s Good News Fintech was going to eat…
After my FinTech Bloodbath post, there was a really interesting conversation on LinkedIn about the post. Some positive: Thanks Chris – another excellent article about the fintech landscape. Interesting the article cites 3 type of firms with a positive outlook: companies that reduce inefficiencies – solving problems create new revenue lines for their clients –…
I mentioned FinTech London has seen a major bloodbath as companies lost value and growth. Since the start of the pandemic layoffs.fyi estimates that 4,300 people have left the sector in London. How many more will be leaving now that Britain is seen as a basket case after Liz Truss actions. First there was the…
Back in January, I called 2022 the Big Regression for FinTech. Ten months later, sure enough, it is. Daily headlines about losses and layoffs are gathering non-stop, and storm clouds are gathering fast to demand market change through consolidation and merger. German online bank N26’s losses widen in 2021 as customer growth slows With new cuts, Klarna…
Skandal! starts tonight on Netflix What’s all that about? It’s all about Wirecard and the investigative journalism of one Dan McCrum, a friend who reported on the affair with The Financial Times. Over time, Dan’s work resulted in proving that Wirecard was a scam. Having said that, he was attacked by the company and its…
Back in January, I forecast a Big Regression in 2022, and it’s here and now. Layoffs at Klarna, concerns about cryptocurrency exchange viability after Luna and Celsisus, acquisitions of weaker fintechs by big banks and more are the things we see today. It’s a bleak picture for some. By way of example, the KPMG report…
News broke on Monday that Revolut are under review, after their auditing was checked by the Financial Reporting Council (FRC), the regulator of auditors, accountants and actuaries. Revolut’s auditors are BDO and the FRC said that an unidentified “financial services provider” poor audit work had created an unacceptably high risk of errors. Sources have confirmed that the…
