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Related Headlines

06/09/2021Marqeta goes public on Nasdaq
05/15/2021Marqeta files for IPO
05/28/2020Marqeta gets $4.3B valuation
05/21/2019Marqeta closes $260M round at $2B val
03/25/2019Marqeta aims to raise $250M



Stories

Marqeta Goes Public on The NASDAQ

June 9, 2021
Article by:

marqetaMarqeta went public on the Nasdaq this afternoon, raising $1.2 billion and pricing higher than expectations. The firm priced 45.5 million shares at $27, and prices rose to over $30 a share.

Marqeta sells payment tech designed to detect fraud by issuing physical cards to independent contractor firms like DoorDash and Instacart. Contractors use Marqeta cards at point-of-sale in restaurants and supermarkets. Marqeta also enables Square’s Cash App debit card and Buy Now Pay Later fintech firms Affirm and Klarna to move money.

The firm applied for a public offering on May 15th, posting an annualized first quarter 2021 revenue growth of 123% to $108 million and a 2020 annual revenue that had doubled to $290.3 million.

Fintech Equality Coalition: meet disparity in minority PPP funding

September 9, 2020
Article by:

fintech equalityLast month, a group of fintech companies christened the Fintech Equality Coalition. Dedicated to ensuring racial equality is a right extended to everyone, the group pledges to focus on enhancing access to financial services for the underrepresented- particularly within the black community.

The coalition comes at a pivotal time for fintech, currently facing the challenges created by the 2020 pandemic.

In August, the Federal Reserve Bank of New York released a study into the distribution of PPP and how the funds affected black communities. The institution found that the number of small business owners fell by 22% from February to April- the largest drop on record. But the closure of businesses was not felt equally.

“Black businesses experienced the most acute decline, with a 41 percent drop,” The study said. “Latinx business owners fell by 32 percent, and Asian business owners dropped by 26 percent. In contrast, the number of white business owners fell by 17 percent.”

The study also showed that forty percent of Black-owned businesses are concentrated in 30 counties across the country. 19 out of 30 of these counties were the hardest hit by COVID 19 in the nation.

Unfortunately, other studies have shown that the PPP did not accurately get funds to areas hit by the virus. The National Bureau of Economic Research (NBER) published in July, found that companies more negatively affected by COVID were less likely to be approved.

This may explain why the Small Business Majority study into PPP found that while 63% of Black and Latino small business owners applied, less than two-thirds received funding.

The Fintech Equality Coaltion’s pledge is overall a promise to do more for minority communities, stating:

  • Because the Black community is underserved by financial services
  • Because there are Black voices and issues in our industry that should be but are not currently amplified
  • Because Black employees and Black-owned businesses are underrepresented in the tech community, including at many of our companies
  • Because the Black community is underrepresented in leadership roles, including at many of our companies
  • Because these promises are meaningless without accountability

The coalition is a pledge to host and sponsor events like forums that feature black speakers. The pledge is also a recognition that the black community has been underserved by financial services in the past, and the signers aim to incorporate more black-owned businesses than before.

Who’s signed

Betterment | Jon Stein, CEO

Betterment | Jon Stein, CEO

Blend | Nima Ghamsari, CEO

Blend | Nima Ghamsari, CEO

Carver Edison | Aaron Shapiro, CEO

Carver Edison | Aaron Shapiro, CEO

Cadre | Ryan Williams, CEO

Cadre | Ryan Williams, CEO

Commerce Ventures | Matt Nichols, CEO

Commerce Ventures | Matt Nichols, CEO

Credit Karma | Ken Lin, CEO

Credit Karma | Ken Lin, CEO

Commonbond | David Klein, CEO

Commonbond | David Klein, CEO

Divvy Homes | Adena Hefets, CEO

Divvy Homes | Adena Hefets, CEO

Dosh | Ryan Wurech, CEO

Dosh | Ryan Wurech, CEO

Earnest | Susan Ehrlich, CEO

Earnest | Susan Ehrlich, CEO

Fabric | Adam Erlebacher, CEO

Fabric | Adam Erlebacher, CEO

Freedom Financial Network | Brad Stroh & Andrew Housser, co-CEOs

Freedom Financial Network | Brad Stroh & Andrew Housser, co-CEOs

Guidefi | Charlene Fadirepo, CEO

Guidefi | Charlene Fadirepo, CEO

Halo | Taylor Simpson, CEO

Halo | Taylor Simpson, CEO

Harness Wealth | David Snider, CEO

Harness Wealth | David Snider, CEO

Jetty | Luke Cohler, President & Michael Rudoy, CEO

Jetty | Luke Cohler, President & Michael Rudoy, CEO

Kard | Ben Mackinnon, CEO

Kard | Ben Mackinnon, CEO

Kindur | Rhian Horgan, CEO

Kindur | Rhian Horgan, CEO

Manifest | Anuraag Tripathi, CEO

Manifest | Anuraag Tripathi, CEO

Marqeta | Jason Gardner, CEO

Marqeta | Jason Gardner, CEO

Mass Challenge | Siobhan Dullea, CEO

Mass Challenge | Siobhan Dullea, CEO

MoneyLion | Dee Choubey, CEO

MoneyLion | Dee Choubey, CEO

Monzo | TS Anil, CEO

Monzo | TS Anil, CEO

Nova Credit | Misha Esipov, CEO

Nova Credit | Misha Esipov, CEO

Oneblinc | Fabio Torelli, CEO

Oneblinc | Fabio Torelli, CEO

Oportun | Raul Vazquez, CEO

Oportun | Raul Vazquez, CEO

Petal | Jason Gross, CEO

Petal | Jason Gross, CEO

Renaissance Payments | Joseph Akintolayo, CEO

Renaissance Payments | Joseph Akintolayo, CEO

Rhino | Paraag Sarva, CEO

Rhino | Paraag Sarva, CEO

Scratch | Sameh Elamawy, CEO

Scratch | Sameh Elamawy, CEO

Spruce | Patrick Burns, CEO

Spruce | Patrick Burns, CEO

SoFi | Anthony Noto, CEO

SoFi | Anthony Noto, CEO

Stash | Brandon Krieg, CEO

Stash | Brandon Krieg, CEO

Steady | Adam Roseman, CEO

Steady | Adam Roseman, CEO

Tally | Jason Brown, CEO

Tally | Jason Brown, CEO

Varo | Colin Walsh, CEO

Varo | Colin Walsh, CEO

Zest AI | Mike de Vere, CEO

Zest AI | Mike de Vere, CEO

 

 

 

LendItFintech In Photos and Sound Bites

April 10, 2018
Article by:

LendItFintech co-founders Peter Renton, Bo Brustkern, and Jason Jones kick off the 6th annual event
LenditFintech


“Bad credit is literally killing us” – Scott Sanborn, CEO, Lending Club
when speaking about the increase in mortality rate for people who have faced major financial distress
Scott Sanborn, Lending Club


A disruptive business is not just about speeding something up – Jay Farner, CEO, Quicken Loans
when interviewed on stage by Bloomberg’s Selina Wang
Jay Farner, CEO, Quicken Loans


“On all fronts ICOs are problematic” – Chris Larsen, CEO, Ripple
when interviewed by Jo Ann Barefoot
Chris Larsen, Ripple


“No comment” – Anthony Noto, CEO, SoFi
When asked by Bloomberg Technology reporter Emily Chang if Goldman Sachs would be considered a competitor
SoFi CEO Anthony Noto


Working capital loans (short-term) have been a big growth area for us – Gina Taylor Cotter, SVP & GM, Global Commercial Financing at American Express
when interviewed by Lendio’s Brock Blake

Brock Blake and Gina Taylor Cotter


“At the end of the day, what’s important is that small businesses win” – Andrea Gellert, Chief Marketing Officer & Chief Revenue Officer, OnDeck
When asked who will win the race for marketshare

“Larger businesses are more stable, it’s easier to underwrite them.” – Victoria Treyger, Chief Revenue Officer, Kabbage
When asked if it’s harder to underwrite loans above $50,000

From left to right: Victoria Treyger (Kabbage), Andrea Gellert (OnDeck), Homam Maalouf (Square), Luke Voiles (Intuit), and Levi King (Nav)
Real-Time Credit Approval


Michael Grottano, Director Of Business Development, Lendr
talks business at the company booth
Michael Grottano, Lendr


Ocrolous announced a $4M Series A round at LendItFintech
Below: Ocrolus account executive John Lowenthal stands in front of the company booth
John Lowenthal, Ocrolous


The best billboard at LenditFintech
Gibraltar Capital Advance


OnDeck CEO Noah Breslow called for industry collaboration and hyped the value of trade associations
Noah Breslow, CEO, OnDeck


We spend more on snacks and coffee in our office than we do on data storage – Mickey Konson, COO, Streetshares
From left to right: Candace Sjogren (Marqeta), Mickey Konson (Streetshares), and Tim Roach (Lendr)
LendItFintech Panel


In a phone interview with deBanked, Kabbage COO Kathryn Petaralia said of their newly announced partnership with Ingo Money, “Our customers are always looking to expedite the process, not because they’re desperate for cash, but because they really are desperate for time, and they don’t want to spend a bunch of time reconciling their bank accounts [and] making sure the funds have arrived. This is a much cleaner way for them to get access to capital.”

From left to right: JP Mangalindan (Yahoo Finance), Cecilia Frew (Visa), Lisa McFarland (Ingo Money), and Kathryn Petralia (Kabbage)

LendIt Push Payments Panel


Working with a bank takes a lot of time and effort – basically everyone on the panel

From left to right: Sam Graziano (Fundation), Ryan Rosett (Credibly), Sam Hodges (Funding Circle), Rohit Arora (Biz2credit), and Bill Phelan (PayNet)

The Future of the Bank/Online Lender Relationship