As August comes to a close, we’re taking a moment to reflect on the biggest fintech happenings of the summer. If you spent the last 12 weeks at the beach, here’s what you missed in the fintech world:
Tech Titans Pose a New Threat to FI’s
While startups continue to innovate in consumer finance, financial institutions should look to stay ahead by plugging into incumbent tech platforms, leveraging Google, Facebook, and Amazon as a front-door to acquire and engage customers. To understand the unique opportunities for today’s largest financial institutions, see our FAANGs in Finance series.
Bitcoin Rally Endures the Split
The price of Bitcoin is up 119% since May, to $4,700. In August, the currency split into two: Bitcoin and Bitcoin Cash. Skeptics warned the split would undermine public confidence in the technology and kill its price rally. One month after the split, that concern hasn’t materialized.
FinTech Funding Is Hot
Venture Capitalists continued pouring money into fintech companies, and 2017 is expected to be a record funding year. Here are some of the largest rounds announced over the summer:
Coinbase: cryptocurrency wallet. Series D: $100M
Betterment: automated investing. Series E: $70M
Stash: investing for millennials. Series C: $40M
Kabbage: lending technology. Series F: $250M
Personal Capital: financial advice. Series E: $40M
Wealthsimple: Canadian robo-advisor. Series B: $37M