Here are the top stories for this week:
Robinhood goes public: Popular investment platform Robinhood went public last week, with its shares initially priced at $38 each. Despite a tumultuous first day of trading, the company's market value has risen to over $30 billion, making it one of the most valuable fintech firms in the world. Robinhood's IPO is seen as a significant milestone for the fintech industry, as it signals the growing popularity of commission-free trading and the democratization of investing.
Wealthfront expands crypto offerings: Wealthfront, the California-based robo-advisor, announced that it has added support for five cryptocurrencies to its platform. The move comes as more wealth management firms are exploring the potential of cryptocurrencies as an investment asset. Wealthfront's customers can now invest in Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ethereum Classic through the platform.
Revolut acquires US-based lender: Revolut, the UK-based digital bank, announced that it has acquired a US-based lender, a move that allows the company to offer its customers lending and credit services in the US market. The acquisition is part of Revolut's strategy to expand its offerings beyond basic banking services and compete with traditional financial institutions.
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PayPal launches "superapp": PayPal announced that it is launching a "superapp" that will bring together the company's various financial services into a single platform. The app will include features such as bill pay, budgeting tools, and cryptocurrency trading, as well as PayPal's core payments and money transfer services. The move is part of PayPal's effort to become a one-stop-shop for consumers' financial needs.
Square launches new banking product: Square, the fintech company known for its payment processing and point-of-sale solutions, announced that it is launching a new banking product for small businesses. The product, called Square Banking, will offer checking and savings accounts, as well as loans to small business owners. Square is looking to expand its offerings beyond payment processing and into the broader financial services market.
That's it for this week's Wealthtech Weekly. Check back next week for more news and insights from the fintech industry.
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