Company Financials

Analysis: Vanguard acquires Altruist for $4B

Altruist has grown from a 2018 startup into the third-largest custodian by firms served, giving Vanguard a new position against Schwab and Fidelity.

Sep 3 • Lex Sokolin

Analysis: The Annotated Stripe Letter

The Money Robot Eating the GDP of the Internet

Aug 20 • Lex Sokolin

Fintech: Why Capital One Chose Brex in a $5B Deal

Behind the largest fintech-bank deal in history

Feb 10 • Michiel Milanovic

Report: Is Fintech or DeFi a better financial system?

Does crypto or fintech win? We compare Revenue, Volume, Users, and Take Rates of Fintech and Onchain Protocols

Jan 30 • Lex Sokolin, Mario Stefanidis, and Jon Ma

Analysis: Schwab buys private shares broker Forge for $660MM, down from $2B SPAC price

SPVs Multiply as Pre-IPO Valuations Race Beyond $100B

Nov 27, 2025 • Lex Sokolin

Fintech: Figure's $8B IPO rewiring HELOCs and prime brokerage

From HELOCs to the $2T consumer lending market

Sep 16, 2025 • Michiel Milanovic

Analysis: The Economics of a Digital Asset Treasury

Is there a difference between DATs, ETFs, SPACs, and the underlying assets?

Sep 11, 2025 • Lex Sokolin

Analysis: Hyperliquid prints $550MM revenue and $40B valuation with no VCs

With $300B in monthly volume, this small team may have created the next Binance onchain.

Jun 20, 2025 • Lex Sokolin

Fintech: Chime IPO Primer - Can it hit $15B?

Winning the primary bank customer is not enough

May 27, 2025 • Michiel Milanovic

Fintech: Can Revolut beat Robinhood in the US and Nubank in LATAM?

The trade-off between product expansion and overseas growth

Apr 29, 2025 • Michiel Milanovic

Analysis: Our eToro IPO Primer, a global neobroker with $300MM in profit

With $300M in EBITDA, eToro’s IPO may rival Webull, Robinhood, and Coinbase.

Apr 17, 2025 • Lex Sokolin

Analysis: Our Circle IPO Primer, $1.6B revenue reaching for $10B valuation

Interest rates all the way down

Apr 3, 2025 • Lex Sokolin

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