This week's list of top stories in fintech:

Checkout.com raises $1B round at $40B valuation

• Building a full stack payments company
• Unlike Stripe they focus on large global merchants
• Raised $450m at $15b just 12 months ago
• Has 1,700 employees across 19 countries
• Will use this money to focus on the US market

Fintech Brex confirms $12.3B valuation, snaps up Meta exec to serve as its head of product

• Raised $300m at $12.3b valuation
• Last April it raised $425m at $7.4b
• Revenue has more than doubled last year
• Moving beyond startups to mid-market and larger companies
• Hired Karandeep Anand as chief product officer

PayPal poses big threat to banks in race to develop stablecoins

• PayPal is considering issuing its own  stablecoin
• Could create a payments network as it has money transmitter licenses in many countries
• March, it launched Checkout with Crypto
• A few banks have crypto initiatives but most are playing the waiting game.

Wells Fargo joins Bank of America in overdraft-stemming moves

• B of A is reducing overdraft fees from $35 to $10 starting in May.
• Will eliminate NSF fees starting next month.
• Wells will also eliminate NSF fees
• Will also give customers 24 hour grace period

Connect with PitchIt:

• Tweet me @ToddFintech
• Connect with me on LinkedIn
• Find previous PitchIt episodes
• Email me at [email protected]

Until next time.