Short takes: Banks shrink 30%, Facebook Financial looms, Fidelity and Envestnet trading tech, $15B DeFi marketcap heating up

Hi Fintech Architects --

Welcome back to the subscribers-only letter! Here are the top updates hitting our radar:

  1. Kabbage, the small business lender, is getting acquired by American Express (link here)

  2. Robinhood raises $200M more at $11.2B valuation as its revenue scales (link here)

  3. Facebook Financial Formed to Pursue Company’s Payments Plans (link here)

  4. 95% of Chinese iPhone owners would abandon Apple without WeChat (link here)

  5. Digital loan start-up Blend jumps to $1.7 billion valuation as mortgage demand surges (link here)

  6. Fidelity Launches Digital Bond Trading for Advisors (link here)

  7. Global banks see 30% drop in market cap due to pandemic (link here)

  8. China’s financial clean-up whittles thousands of peer-to-peer lenders down to just 29, with US$115 billion in outstanding debt (link here)

  9. Envestnet developing fractional shares for advisers: CEO (link here)

  10. Wealthsimple receives conditional approval from regulators to test crypto platform (link here)

  11. Bitcoin put on its best boardroom suit and ti…

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