Stripe founders’ fortunes plunge by more than $6bn; & more!

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NEWS HIGHLIGHT

Stripe founders’ fortunes plunge by more than $6bn amid global tech stock meltdown. Stripe slashed its internal share price by 28% to $29 per share from $40 in early July in a move that brought down the company's valuation to $74 billion. Compared to $95 billion, when the company raised $600 million in a funding round last March. Link here.

FINTECH NEWS

#Insights

• 409 investors drove LatAm’s FinTech sector in H1 2022, Y Combinator, an American-based technology startup accelerator, accounted for the most deals, with seven in total. Link here


• Indian Fintechs struggle to turn a profit. A survey of over 125 founders at Indian fintech found that more than 70% of executives believe most companies may not be able to turn a profit. Link here


• Brazil will be a global leader in Open Banking. Brazil’s Open Banking and Finance ecosystem will soon be the largest in the world, according to speakers at an industry event. Link here


• Center of the start-up world. Listen to TechCrunch's latest podcast episode of their Equity series to learn more about the Figma-Adobe deal, the best deals of the week, the wave of new venture funds in Europe, etc. Link here

#FinTechInnovation

• ECB picked companies to develop prototypes for user interfaces to assess the potential for a digital Euro. Each company will focus on one specific use case of a digital euro. Link here