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June 15 (Reuters) - Mediterranean restaurant chain Cava Group (CAVA.N) notched a valuation of $4.7 billion in a stellar market debut on Thursday, signaling the IPO market was gaining momentum after a lull in 2022. Shares opened at $42 apiece on the NYSE, nearly double the IPO price of $22, last up 89%. Cava sold about 14.4 million shares in the offering, raising $318 million. “We think the markets are always welcoming long-term sustainable growth stories, especially category defining brands, as we try and define the Mediterranean category,” Cava Co-founder and CEO Brett Schulman said. Cava was founded by three friends with Greek roots — Ted Xenohristos, Ike Grigoropoulos and Dimitri Moshovitis — and opened its first restaurant Cava Mezze in Rockville in 2006.

Persons: Cava, Matthew Kennedy, Johnson, Brett Schulman, Ted Xenohristos, Ike Grigoropoulos, Dimitri Moshovitis —, Morgan, Jefferies, Manya Saini, Savyata Mishra, Echo Wang, Vinay Dwivedi Organizations: NYSE, Renaissance Capital, Reuters, Rivian, ”, Restaurant Brands, Cava, Citigroup, Thomson Locations: Cava, CAVA, United States, ” Cava, Rockville, Bengaluru, Echo, New York

☆ $5 billion fintech Zepz looks to take on rivals like PayPal with digital wallet, M&A plans
▼ + stars: | 2023-06-15 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

With a $5 billion valuation, Zepz is one of the largest fintech companies in Europe, backed by leading investors including Accel, TCV and Leapfrog. The company enables users to send money from a smartphone or computer to people abroad, who can receive it in their bank account, mobile wallet, or as a mobile airtime top-up. Lenhard didn't identify which companies Zepz was looking to buy, but said the sharp slump in private fintech valuations made it an attractive time to kick off M&A exploration. A particular focus for Zepz product-wise in the near term is digital wallets, Lenhard said, with the company planning to launch its first digital wallet "imminently." He added that he hopes the company's upcoming digital wallet product will convince customers to rely more on Zepz, rather than using competing digital banks and other financial apps which have grown their services to offer a much wider range of products.

Persons: Mark Lenhard, Zepz, It's, Lenhard, Sendwave Organizations: Getty, CNBC, Accel, Bank of England, Sky News, PayPal Locations: Europe, Western Union

REUTERS/Caitlin OchsJune 13 (Reuters) - Shares of U.S. banks rose on Tuesday after inflation data backed the view that the Federal Reserve will keep interest rates unchanged on Wednesday while leaving the door open for more hikes later that will further boost interest income. The data lifted the S&P 500 Banks Index (.SPXBK) 1.5%, while the KBW Regional Banking Index (.KRX) gained about 1.6%. Higher net interest income has helped cushion a slump in the banking sector's market-sensitive business units such as investment banking and trading. On Tuesday, Wells Fargo CFO Mike Santomassimo said the lender expected an upside to interest income this year going ahead. Missing the rally were shares of Zions Bancorporation (ZION.O) after executives said at a conference that interest income at the regional lender was trending toward.

Persons: Caitlin Ochs, Wells, Mike Santomassimo, JPMorgan Chase, Goldman Sachs, Morgan Stanley, Zions, Manya Saini, Sriraj Organizations: JPMorgan Chase Bank, REUTERS, Federal Reserve, Banks, JPMorgan, Citigroup, Bank of America, PacWest Bancorp, Western Alliance, Comerica, U.S . Bancorp, Thomson Locations: New York City, U.S, KBW, Monday's, Wells Fargo, Bengaluru

[1/3] Signs of JP Morgan Chase Bank, Citibank and Wells Fargo & Co. bank are seen in this combination photo from Reuters files. The S&P 500 Banks Index (.SPXBK) rose 1.14%, while the KBW Regional Banking Index (.KRX) gained about 2%. JPMorgan Chase (JPM.N), Wells Fargo (WFC.N), Goldman Sachs (GS.N), Morgan Stanley (MS.N), Citigroup (C.N) and Bank of America (BAC.N) advanced between 1% and 2%. Higher net interest income has helped cushion a slump in the banking sector's market-sensitive business units such as investment banking and trading. Zions Bancorporation (ZION.O) shares fell 0.56% after its executives forecasted a slowdown in net interest income.

Persons: JP Morgan, Wells, Mike Santomassimo, Jack Janasiewicz, JPMorgan Chase, Goldman Sachs, Morgan Stanley, Zions, Manya Saini, Sriraj Kalluvila, Lisa Shumaker Organizations: JP Morgan Chase Bank, Citibank, Wells Fargo & Co, Federal Reserve, Labor Department, Traders, Natixis Investment, Banks, JPMorgan, Citigroup, Bank of America, Comerica Inc, Comerica, Bancorp, Western Alliance, U.S . Bancorp, National Bancorp, Thomson Locations: U.S, Wells, KBW, Monday's, Wells Fargo, Bengaluru

Adenza was created in 2021 when Thoma Bravo merged Calypso Technologies with AxiomSL and is expected to generate about $590 million in revenue this year. As part of the Adenza deal, Thoma Bravo will get a 14.9% stake in Nasdaq, making the private equity firm one of the company's biggest shareholders. Nasdaq said buying Adenza is expected to increase the medium-term organic revenue growth outlook for its Solutions Businesses, which designs and develops financial software for investors, from 7%-10% to 8%-11%. Goldman Sachs & Co and J.P. Morgan Securities are financial advisers to Nasdaq, while Qatalyst Partners is lead financial advisor to Thoma Bravo and Adenza. Wachtell, Lipton, Rosen & Katz is serving as legal adviser to Nasdaq, while Kirkland & Ellis is serving as legal adviser to Thoma Bravo and Adenza.

Persons: Thoma, Adena Friedman, Morningstar, Michael Miller, Friedman, Adenza, Andrew Bond, Holden Spaht, Thoma Bravo's Spaht, Goldman Sachs, Wachtell, Lipton, Katz, Ellis, Manya Saini, Anirban Sen, John McCrank, David French, Milana, Michelle Price, Sruthi Shankar, Nivedita Bhattacharjee, Nick Zieminski, Lisa Shumaker Organizations: Thoma Bravo, Nasdaq Nasdaq, Nasdaq, Calypso Technologies, REUTERS, OMX, International Securities Exchange, Rosenblatt Securities, Solutions, Goldman Sachs & Co, Morgan Securities, Qatalyst, Rosen, Kirkland, Adenza, Thomson Locations: New York City, U.S, Adenza, Bengaluru, New York, Washington

☆ Where is the best place in New York City for a finance office?
▼ + stars: | 2023-06-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

So if you have to come in, where's the best place to go? Note: Most of the companies listed below have multiple office locations beyond the one listed. An open letter to big banks going through an identity crisis. My open letter to big banks. Here's a list of nearly a dozen of the best chocolates you can buy, according to a professional chocolatier.

Persons: Dan DeFrancesco, we've, Spencer Platt, It's, Goldman Sachs, BNY Mellon, We'll, Morgan Stanley, Jefferies, You've, I'm, Gene Wilder, Willy Wonka, Stephanie Cohen, Banks, We've, Brace, it's, Jeffrey Cane, Hallam Bullock Organizations: Getty, Apple, Downtown . Companies, NYSE, BNY, Metro North, . Companies, Bank of America, Barclays, BNP, Midwest, Midtown East . Companies, Blackstone, Millennium, Grand Central, Yards, Hudson Yards, Plaid, Rho Technologies, Connecticut . Companies, Paramount, Maverick Capital, Tiger Global, D1, JPMorgan, LinkedIn Locations: Downtown, JPMorgan, MarketAxess, BlackRock, midtown, — Flatiron, NoHo, Connecticut, Bridgewater, AQR, London, Citadel, New York

☆ This regional bank can benefit from the online betting boom, JPMorgan says
▼ + stars: | 2023-06-12 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

A small bank based in West Virginia has positioned itself as a key figure in the online betting world, and that first-mover advantage should have staying power, according to JPMorgan. "We find that the MVB team has been forming an ecosystem around the bank over the past five years serving the online gaming industry (which was legalized at the federal level in 2018). MVB Edge Ventures is a subsidiary of the bank, and it provides management oversight for the firm's tech investments. JPMorgan first initiated coverage of MVB with an overweight rating on Feb. 27 , before the failure of Silicon Valley Bank. MVBF YTD mountain Shares of MVB Financial have performed better than many other regional bank stocks in 2023.

Persons: Steven Alexopoulos, MVB, that's, — CNBC's Michael Bloom Organizations: JPMorgan, MVB, Edge Ventures, MVB Edge Ventures, Silicon Valley Bank, Regional Banking Locations: West Virginia, Silicon, MVB

☆ Fintechs need to focus on the future to develop tomorrow's solutions today
▼ + stars: | 2023-06-12 | by ( Sponsor Post | Created Unlimit With Insider Studios | ) www.businessinsider.com time to read: +6 min

The future is DeFiDecentralized finance (DeFi) has gained significant traction in recent years, offering a new paradigm for financial services that are open, transparent, and community-driven. DeFi adoption will significantly enhance the concept of "embedded finance," and we will see more integration of financial services with traditionally non-financial services or products. Foresee market structure trends and shape them proactivelyWhile fintech's growth in developed markets is undeniable, even more significant potential for growth lies in developing economies. This will empower customers to make payments swiftly and conveniently, ultimately driving higher adoption and usage of fintech solutions. With the fintech industry projected to reach $492.81 billion by 2028, the time to start looking into tomorrow is now.

Persons: Irene Skrynova, Statista Organizations: Intelligence, Central Bank, Allied Market Research, Finance, World Bank, Insider Studios Locations: China, India, Eastern Europe, Africa

So what's hot in fintech right now? One area fintech companies are getting excited by is an improvement to online checkout tools. Callan Carvey, global head of operations at Cleo, said the firm's AI connects to a customer's bank account to get a better understanding of their financial behavior. "A job that typically would take around one or two weeks can now be completed in 30 minutes, right. Several fintech executives CNBC interviewed spoke of how they're not interested in launching products tailored to crypto as the demand from their customers isn't there.

Persons: MacKenzie Sigalos, hasn't, they've, Starling, Richard Davies, Davies, Niklas Guske, —, B2C fintechs, David Singleton, Guske, dazzled, Cleo, Callan Carvey, Carvey, Teo Blidarus, Taktile's, Hiroki Takeuchi, Takeuchi, Changpeng Zhao, they're, Jack Zhang, Zhang, Prajit Nanu, cryptocurrencies, Banks, Nanu Organizations: Bank, fintechs, CNBC, Business, Allica Bank, B2B, Tiger, Schroders Capital, Atom Bank, Schroders, U.S . Securities, Exchange Commission, SEC, U.S, cryptocurrencies Locations: Amsterdam, MacKenzie Sigalos AMSTERDAM, Netherlands, British, Atomico, U.S

☆ Big banks, please stop trying to be fintechs
▼ + stars: | 2023-06-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +3 min

Big banks often try to pitch themselves as being just as innovative as buzzy finance startups. But banks need to realize they are fundamentally different than fintechs, no matter how hard they try. I've been chatting with the rest of Wall Street, and we think it's time you stop pretending you can be a fintech. Big bank then makes XYZ changes to startup to make sure it is a good "fit" within the organization. A lot of these fintechs are going to be looking for homes soon enough.

Persons: I've, We're, You've, Cash, that's Organizations: JPMorgan

The U.S. Securities and Exchange Commission sued Coinbase, accusing it of illegally operating without registration with the regulator. That happened a day after the SEC filed a lawsuit against Binance and its CEO, Changpeng Zhao. Coinbase shares were down 13.4% at $50.81 after earlier hitting their lowest level since January. Also, after falling earlier, Bitcoin , the world's biggest cryptocurrency, was up 1.4%. Coinbase had disclosed in March that it received a "Wells notice" from the SEC threatening a potential lawsuit over certain products.

Persons: Coinbase, Changpeng Zhao, Matt Stucky, Shannon Stapleton, Binance's cryptocurrency, Paul Grewal, we'll, Grewal, Manya Saini, Shristi, Sinéad Carew, Paul Simao Organizations: Coinbase, U.S . Securities, Exchange Commission, SEC, Binance, Global, Northwestern Mutual Wealth Management Company, Coinbase Global Inc, Nasdaq, Times, REUTERS, Mining, Marathon, Thomson Locations: Manhattan, New York, U.S, Bengaluru

☆ Keeta, a startup aiming to be the Venmo of international payments, just raised $17 million in a round backed by ex-Google CEO Eric Schmidt with this 13-slide pitch deck
▼ + stars: | 2023-06-06 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Cross-border payments startup Keeta has raised $17 million in fresh funds. The seed round was backed by an array of investors including ex-Google CEO Eric Schmidt. Cross-border payments startup Keeta has raised $17 million in a seed funding round backed by an array of investors including former Google CEO Eric Schmidt. We want to make it just as easy for a manufacturer in Indiana to send $200,000 to a vendor in Germany," Keeta CEO and founder Ty Schenk told Insider. The company's $17 million in funding partially comes from former Google CEO Schmidt alongside other, unnamed investors.

Persons: Eric Schmidt, Ty Schenk, Wise, Schmidt, Schenk, We've Organizations: European Union Locations: The California, Indiana, Germany, Canada, Mexico, Brazil, United Kingdom

☆ JPMorgan's No. 2 explains how the fintech threat made the nation's largest bank even bigger
▼ + stars: | 2023-06-02 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +3 min

JPMorgan Chase, the nation's largest bank by assets, is getting bigger every day. The bank's second-in-command said the fintech threat is driving some of its expansion plans. 2, Daniel Pinto, suggested that the looming fintech threat is also responsible for JPMorgan's retail banking expansion in Europe. It plans to spend $15.3 billion on tech in 2023, up $14 billion from last year. Last month, JPMorgan agreed to pay about $10.6 billion to buy First Republic Bank after the smaller bank was seized by regulators.

Persons: JPMorgan Chase, Daniel Pinto, Jamie Dimon's, fintechs, Dimon's, Pinto, Bernstein, JPMorgan Organizations: JPMorgan Chase, JPMorgan, Morning, Bloomberg, First, Bank Locations: Europe, United States, Germany, America

☆ From Wall Street to Washington: Which finance execs would make the best public servants?
▼ + stars: | 2023-06-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

There has long been speculation that America's most-famous banker has plans to run for some sort of public office. The path from Wall Street to Washington is well worn, with plenty of high-profile executives taking up positions in the government. When most Wall Street executives were still afraid of the public cloud, she was ready to embrace it with open arms. Jon Gray — Treasury SecretaryBlackstone's president and chief operating officer has already had a brush with public office. The idea of him holding public office doesn't seem far-fetched.

Persons: Dan DeFrancesco, TikTok, I'm, we've, nabbing, Joe Biden's, Kevin McCarthy's, Jamie Dimon, Larry Downing, hasn't shied, Dimon, Dimon's, Bill Ackman, Kenneth Chenault —, Kathy Hochul, she's, Chenault, He's, Larry Fink —, We've, Larry, Fink, Adena Friedman, Friedman, Jon Gray —, Gray, Donald Trump, Gray's, Wall, Sen, Elizabeth Warren, Ken Griffin, Griffin, hasn't, Griffin hasn't, Ron DeSantis, he'll, Brian Moynihan —, Moynihan, Dan Schulman —, PayPal — he's, Taylor Swift, Kevin Mazur, Larry Fink, Franklin Templeton, It's, Rockefeller, Stephen Schwarzman, Warren Buffett, Cliff Asness, that's, Here's, Jeffrey Cane, Nathan Rennolds Organizations: JPMorgan, REUTERS, Bloomberg, American Express, Catalyst, Washington Post, BlackRock, SEC, CFTC, OCC, Nasdaq, Wall, Democrat, GOP, Florida Gov, Commerce, PayPal, Express, Virgin Mobile, Rockefeller Capital Management, Putnam Investments, Blackstone, Credit Suisse, UBS, Reuters, LinkedIn Locations: NYC, Washington, New York, Florida, Chicago, Miami, Ohio, Swiss, London

☆ Reader mailbag: From the impact of a US default to analyzing the IPO market, all your questions answered
▼ + stars: | 2023-05-26 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

An inverted yield curve means that short-term bonds offer better returns than long-term bonds, which seems counterintuitive. Well, there is a case to be made for an inverted yield curve not being a sign of an impending recession. Click here for more on why experts are questioning the inverted yield curve's reliability as an economic predictor. I suppose any number of companies going public might seem like a lot amid the current drought, but it still seems like slim pickings. On the one hand, a company going public now must have supreme confidence in its business.

☆ How JPMorgan plans to spend $15 billion this year on technology, including AI development, cyberattacks, and wage inflation
▼ + stars: | 2023-05-25 | by ( Emmalyse Brownstein | Hayley Cuccinello | ) www.businessinsider.com time to read: +3 min

It said it plans to spend $15.3 billion on tech this year, up $1 billion from last year. The bank's tech spending is estimated to grow by $1 billion this year to $15.3 billion, including salaries for engineers, stepped-up cybersecurity efforts, and AI innovation. The regional banking crisis, meanwhile, could end up costing it $6 billion, including the cost of First Republic Bank. He did, however, outline the qualities he thinks would make for a good replacement CEO, including grit and courage. JPMorgan unleashed hundreds of slides on Monday to reassure investors that its growth and spending strategy is on the right track.

☆ Boss of Goldman-backed digital bank Starling to step down next month
▼ + stars: | 2023-05-25 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

The co-founder of Starling, one of the U.K.'s largest digital banks, is set to step down as CEO next month, the company said Thursday. Anne Boden is to step down on June 30, according to a press release. She will hand the reins to Starling's chief operating officer, John Mountain, who has been with the bank since 2015. "I have spent nearly a decade here as both the founder and CEO, a dual role which is unique in U.K. banking," Boden said in a statement Thursday. As Starling continues to evolve and grow, separating my two roles is in the bank's best interests."

Persons: Starling, Goldman Sachs, Anne Boden, John Mountain, Boden, It's, I've Locations: U.S

☆ High-stakes game of keeping secrets on Wall Street
▼ + stars: | 2023-05-18 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Citadel Securities' trading strategies? Look no further than a recently filed lawsuit by Citadel Securities against two former employees, per Bloomberg. The suit, which you can read here, alleges the former employees were building a competing high-frequency trading firm while still employed and used trade secrets gained while at Citadel Securities. Portofino told Bloomberg that the Citadel Securities lawsuit was "corporate bullying" and that it would defend itself. On the one hand, trading firms invest a lot of money — check out some salary ranges here — in developing these strategies.

☆ Elon Musk's super-app ambitions took an interesting turn with his first acquisition at Twitter
▼ + stars: | 2023-05-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

The move speaks to a broader strategy Musk has hinted at of creating a US super app. While extremely popular in Asia, super apps haven't caught on in the US. There are multiple forces working against the success of a super app in the US, let alone one run by someone as polarizing as Musk. When I think of super apps, my mind goes toward pursuing users' wallets. And here's why industry experts remain unconvinced about Elon Musk's plans to turn Twitter into a super app.

☆ JPMorgan and Barclays back $4.5 billion insurance tech giant Wefox
▼ + stars: | 2023-05-17 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

German digital insurer Wefox said Wednesday it raised $110 million of fresh funding from backers including JPMorgan and Barclays . The news marks a vote of confidence for the insurance technology space at a time when it faces tough macroeconomic headwinds. Wefox is a Berlin, Germany-based firm focused on personal insurance products, such as home insurance, motor insurance and personal liability insurance. Wefox said it raised the fresh funds through a combination of debt financing and fresh equity. A further of $55 million equity investment was led by Squarepoint Capital, a global investment management firm with $75.7 billion in assets under management.

☆ After prison, getting banking services is hard. This startup wants to change that.
▼ + stars: | 2023-05-15 | by ( Paige Hagy | ) www.businessinsider.com time to read: +6 min

FRSH is a banking solution for the formerly incarcerated community. "We are justice-impacted and we know this is the best solution," Sam told Insider. FRSH offers banking products and services to help returning citizens — those who have been released from jails and prisons, per the US Department of Justice — establish financial stability. Sam, Daniel Feldman, and Chris Heckler, all of whom were formerly incarcerated, founded the fintech. The startup also trains caseworkers and case managers to teach financial-education courses and offer FRSH as a banking solution for returning citizens.

☆ Robinhood beats revenue estimates as rate hikes bolster interest income
▼ + stars: | 2023-05-10 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +2 min

May 10 (Reuters) - Robinhood Markets Inc (HOOD.O) blew past Wall Street estimates for first-quarter revenue on Wednesday, as the U.S. Federal Reserve's rapid rate hikes boosted the online brokerage's interest income. Net interest revenue came in at $208 million in the first quarter ended March 31, compared with $55 million a year earlier. Meanwhile, monthly active users decreased to 11.8 million, compared with 15.9 million a year earlier. Transaction-based revenue declined 5% in the reported quarter to $207 million from last year. The Menlo Park, California-based company reported revenue of $441 million, compared with $299 million a year earlier.

☆ Digital health faces the same hurdle as fintech: Get profitable or get lost.
▼ + stars: | 2023-05-10 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Digital health, once the darling of the healthcare industry, is having a tough go of it. After a pandemic-fueled surge when health services and offerings utilizing tech were prioritized, digital health has come back down to earth. The similarities between digital health and fintech are striking. For both fintechs and digital health, this year has served as a reminder that they're only partly tech companies. Click here for predictions from 16 bankers and dealmakers on the future of digital health.

☆ Fintech CEO Chris Britt of Chime on reasons Americans don't trust banks
▼ + stars: | 2023-05-09 | by ( Ian Thomas | ) www.cnbc.com time to read: +1 min

The disruption of traditional bricks-and-mortar banks by fintech companies was already occurring when the pandemic sent startups offering banking services faster, cheaper, and more digitally accessible into overdrive. A rush of venture capital followed, with fintech companies raising more than $130 billion in 2021 alone, creating more than 100 new unicorns, or companies with at least $1 billion in valuation. Legacy banks have seen their efforts to disruptor these disruptors fall short of expectations – for example, Goldman Sachs recently pulled back on its fintech ambitions. But Chris Britt, CEO of Chime, which ranked No. "Big banks do a pretty good job with high income, high FICO score folks who have big deposits and are credit worthy, but for most Americans, the 65% that live paycheck to paycheck, the only way that big banks can make the math work on serving them is by being very punitive on fees."

☆ Chime: 2023 CNBC Disruptor 50
▼ + stars: | 2023-05-09 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +2 min

Several years of success for fintechs resulted in a significant disruption of the traditional banking industry and significant responses from big players in the space. Chime, which was valued at $1.5 billion in 2019, reached a valuation of $25 billion in 2021. The company became profitable on an EBITDA basis during the pandemic, co-founder and CEO Chris Britt told CNBC in September 2020. Chime was among the companies expected to have pursued an IPO by now, but it has been waiting out a frozen market for new offerings. In November, Chime laid off 12% of its workforce, or about 160 people, in a move that Britt said would help the company thrive "regardless of market conditions."

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