General

Fintech Nexus Newsletter (June 6, 2024): Robinhood acquires Bitstamp in a $200m deal

Robinhood is still bullish on crypto despite the SEC warning the company it plans to sue over this part of its business.

We learned yesterday that Robinhood will acquire crypto exchange Bitstamp for $200 million, making this its largest acquisition to date.

The acquisition comes just a month after Robinhood received a Wells notice from the SEC over its crypto business. Clearly, this action has not impacted the company’s enthusiasm for the crypto side of its business.

Crypto revenue surged in the first quarter to $126 million from $38 million a year earlier.

Bitstamp was founded in 2011 and holds 50 active licenses globally, so the acquisition will allow Robinhood to expand its crypto offerings to many different countries.

The deal is expected to close in the first half of 2025.


> Robinhood Doubles Down on Crypto With Deal for Bitstamp

www.wsj.com 

The move comes a month after an SEC notice of a potential lawsuit over Robinhood’s crypto offerings.


From Fintech Nexus

> Argentine Banks file complaint against Mercado Libre over its fintech business

By David Feliba

Argentine banks sued Mercado Libre for alleged dominant position in the market, while the fintech responded by dennouncing “cartelization”.

> Fintech with benefits: solving healthcare payments

By Mor Grisariu

Employer-sponsored healthcare spending is at $1.5 trillion but has not yet been impacted much by fintech. Now, is the time for that to change.


Podcast

Anthony Sharett, President of Pathward, on how to do banking-as-a-service right

While the BaaS space is having a moment right now, there are some banks, like Pathward, that continue to serve their many…

Listen Now


Webinar

Innovations for Smarter and Quicker Lending Decisions

Jun 6, 12pm EDT

The borrower of 2024 is more demanding than ever before. They want instant loan approvals and a frictionless checkout process….

Register Now


Also Making News

  • USA: Affirm Debuts Two New BNPL Options
    Buy now, pay later (BNPL) provider Affirm has launched two new payment options. The company on Thursday (June 6) announced the debt of Pay in 2 and Pay in 30, designed to offer customers more flexibility and affordability.
  • Global: How Google is battling Apple beyond mobile payments
    By making it easier to enroll and access financial services such as buy now/pay later lending, the search giant hopes to enhance connections with users.
  • USA: Kleiner Perkins leads $14.4M seed round into Fizz, a credit-building debit card aimed at Gen Z college students
    Carlo Kobe and Scott Smith believed so strongly in the need for a debit card product designed specifically for Gen Zers that they dropped out of Harvard and Cornel at ages 19 and 21, respectively, in 2021 to build a startup called Fizz.
  • USA: Fintech Torpago has a unique way to compete with Brex and Ramp: turning banks into customers
    Torpago’s Powered By product is geared for regional and community banks, with under $20 billion in assets, to launch their own branded cards and spend management programs.
  • USA: CFPB Aims to to Speed Shift to Open Banking in the U.S.
    The CFPB has finalized a rule outlining qualifications to become a recognized industry standard setting body, paving the way for open banking.
  • Europe: ‘Mastercard for Fintechs’ to blaze a trail for startups across Western Europe
    Mastercard has launched ‘Mastercard for Fintechs’, a dedicated programme for startups in Western Europe, offering access to technology support and educational tools alongside a series of fintech events with the opportunity to compete for the chance to win €50,000.
  • USA: SoFi hires JPMorgan, Citi alum as general counsel
    Stephen Simcock, recent general counsel for consumer banking at JPMorgan, replaces Rob Lavet, who is retiring.

To sponsor our newsletters and reach 180,000 fintech enthusiasts with your message, contact us here.

Related posts

Mundi raises $16M to grow its ‘modern financial platform’ for cross-border trade –

admin

Why licensing matters: how banking licences impact embedded finance

admin

Revolut launches under 18 account

admin