Fintech Price War -- Goldman's $1.3B Marcus burn, Neobank £200MM loss, ETrade's $75MM trading fees; plus 14 short takes on top developments
lex.substack.com
Hi Fintech futurists -- In the long take this week, I dig into the price war that has been started by Fintechs and is now extending into traditional industry. Goldman is losing $1.3 billion on Marcus, trying to build a Fintech leader. Etrade is going to lose $75 million from cutting trading fees to $0 to keep up with Robinhood. Revolut is losing £35 million on £60 million in revenue, with another £140 million burned by Atom, Monzo, Tandem, and the rest. Until markets become rational again -- from interest rates, to public valuations, to private equity -- the bonfire of technology burn will shine ever brighter.
Fintech Price War -- Goldman's $1.3B Marcus burn, Neobank £200MM loss, ETrade's $75MM trading fees; plus 14 short takes on top developments
Fintech Price War -- Goldman's $1.3B Marcus…
Fintech Price War -- Goldman's $1.3B Marcus burn, Neobank £200MM loss, ETrade's $75MM trading fees; plus 14 short takes on top developments
Hi Fintech futurists -- In the long take this week, I dig into the price war that has been started by Fintechs and is now extending into traditional industry. Goldman is losing $1.3 billion on Marcus, trying to build a Fintech leader. Etrade is going to lose $75 million from cutting trading fees to $0 to keep up with Robinhood. Revolut is losing £35 million on £60 million in revenue, with another £140 million burned by Atom, Monzo, Tandem, and the rest. Until markets become rational again -- from interest rates, to public valuations, to private equity -- the bonfire of technology burn will shine ever brighter.