Show notes
This week's list of top stories in fintech:
How Visa-Mastercard Russian bank ban will disrupt commerce
- On Monday V & MC blocked access to their networks for a large share of Russian market
- Did not name specific banks but three banks make up 50% of the market
- There are 300m credit and debit cards in Russia
- V & MC control 72% of card market there
- Russians have to rely now on cash primarily, although getting money from ATMs will be difficult
- Crypto is flowing in to both sides but it has a learning curve.
- Ukraine ranks 4th in the world now in crypto adoption
- Can Russia use it to avoid sanctions? “it is structurally impossible at scale”
- Companies like Chainalysis can detect nefarious activity from Russia.
- There is a spike it Rubles->BTC transactions
Home field advantage: SoFi stock pumps on earnings
- Revenue was $985m in 2021, up 74% over 2020
- Most of the revenue ($764m) was lending related
- Adjusted EBITDA was $30m for the year
- Added 1.6 million members last year
The Growing Domination Of Chime, Cash App, And PayPal In Banking
- The shift is happening, more people call digital banks their primary checking account
- 28% of Gen Z, 31% of millennials, 22%of Gen X
- Chime, PayPal and Cash App account for 60% of those with a digital bank
- Community banks show growth, credit unions do not
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Until next time.
