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My First 16: Competing in a Crowd of Incumbents with Mercury’s Immad Akhund

Andreessen Horowitz

In this episode, a16z partner Seema Amble talks with co-founder and CEO of Mercury Immad Akhund about the idea of a minimum delightful product in fintech, doing the spreadsheet math on unit economics early on, and how to compete in a category already filled with incumbents. and I wanted to be able to support people like me.

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UK challenger bank Starling raises $376M, now valued at $1.9B

TechCrunch

Starling — which competes against incumbent banks, as well as other challengers like Monzo and Revolut — said it will be using the money to continue its growth. Starling, founded in 2017, has now passed 2 million accounts, with 300,000 business accounts among them. billion) post-money. The bank is already profitable.

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Booz Allen Hamilton launches $100M corporate venture arm focused on early-stage startups

TechCrunch

Participants will also be provided “strategic” support in the form of potential contracts with Booz Allen customers. As of 2020, HorizonX, which was founded in 2017, had made just 25 investments — all less than $10 million. Defense-focused startups angling for government contracts need all the help they can get.

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Monzo Makes Money Work For Everyone

Y Combinator

2 Incumbent banks miss the mark in two crucial areas: The banking experience has not evolved to match modern consumer. Outperforming incumbents with modern experience and digital infrastructure. Monzo also cracked world-class customer support via in-app chat. expectations. Traditional banks have not been able to keep pace.

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Sequoia Heritage, Stripe and others invest $200M in African fintech Wave at $1.7B valuation

TechCrunch

The International Monetary Fund says that as of 2017, only 43% of adults in sub-Saharan Africa were “banked” by way of a traditional bank or mobile money account. ” Going up against incumbents. Third-party providers, mostly fintechs, have tried to capture some market share from these incumbents.

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CoreWeave, a GPU-focused cloud compute provider, lands $221M investment

TechCrunch

The tranche, which values CoreWeave at $2 billion pre-money and brings the company’s total raised to $371 million, will be used to support CoreWeave’s U.S.-based CoreWeave was founded in 2017 by Intrator, Brian Venturo and Brannin McBee to address what they saw as “a void” in the cloud market. billion and $26.28

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Most fintechs partner with banks; Varo became one, and says it’s paying off

TechCrunch

The startup launched its banking services in 2017, aimed at making younger consumers comfortable doing all their banking online. At the same time, we are continuing to execute our robust near-term product strategy to support future growth. . The move made Varo the first-ever all-digital nationally chartered U.S. consumer bank.