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☆ Meet the ex-Goldman wealth advisor who quit to solve Britain’s £567 billion gender investment gap
▼ + stars: | 2024-09-25 | by ( Sawdah Bhaimiya | ) www.cnbc.com time to read: +3 min

Ayesha Ofori is a former Goldman Sachs wealth advisor who quit her high-profile job to resolve Britain's gender wealth gap, after realizing she had spent her career making rich men even richer. Ofori is the 40-year-old founder and CEO of female-focused financial investment platform, Propelle, which launched on Wednesday. Britain's gender investment gap currently stands at £567 billion — an increase of £54 billion between January 2023 and January 2024 — according to data from British financial research company Boring Money which surveyed over 6,000 adults in the U.K. It found that men have £1.01 trillion invested compared with £450 billion for women. The gender pensions gap refers to the differences in retirement income or retirement wealth between men and women.

Persons: Ayesha Ofori, Goldman Sachs, Propelle, Ofori, Stefan Bollinger, Julius Baer, Lucy Demery, Goldman, wasn't, I'd, isn't Organizations: Goldman, Vanguard, Blackrock, HSBC, Google, CNBC, Barclays, Ofori Locations: Prospect, British

This week, the 28-year-old venture capital firm debuted a new pair of funds totaling $2.3 billion, a substantial sum during an abysmal time for the industry's fundraising efforts. The European-born firm is structured in a way that investors across continents invest out of the same funds. The new funds include $800 million to invest at the early stage and $1.5 billion to invest in growth. Those figures are slightly down from the firm's last fundraise, when it collected $900 million for an early-stage fund and $2 billion for a growth fund. That year, Index saw seven portfolio companies go public at a market cap of more than $1 billion, including Roblox and Robinhood.

Persons: —, Nina Achadjian, Sofia Dolfe, Ishani Thakur, Vlad Loktev, Erin Price, Wright, Andreessen, Mark Goldberg, He's, Ethan Kurzweil, Kristina Shen, Mike Volpi, Greycroft Organizations: Service, Ventures, Business, San, Labs, Bessemer Venture Partners, Menlo Ventures Locations: San, West Coast, San Francisco, Index's London, New York, London, Europe

☆ Citi buys stake in Peruvian foreign exchange fintech
▼ + stars: | 2023-08-24 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +1 min

NEW YORK, Aug 24 (Reuters) - Citigroup has acquired a stake in Peruvian foreign exchange startup Rextie, its first fintech investment in Latin America. Terms of the deal were not disclosed, but Citi and Rextie executives said the bank is injecting cash into the company to finance its growth. Rextie, founded in 2016, has closed so far $4.5 billion in forex transactions and expects to reach $7 billion by the end of next year. Rextie provides forex transactions through digital channels to 12,000 mid-sized and small companies in Peru and 170,000 individuals. Aldo Alvarez, Head of Institutional Strategic and Fintech Investments for LATAM at Citi, said the deal creates opportunities to offer the bank's products to Rextie clients.

Persons: Rextie, Aldo Alvarez, Mateu Batle, Tatiana Bautzer, Miral Organizations: Citigroup, Citi, Institutional, Fintech Investments, LATAM, Thomson Locations: Latin America, Peru

☆ Where Steve Cohen's Point72 Ventures sees opportunities in fintech, from generative AI to solving gamers' payments woes
▼ + stars: | 2023-07-27 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

Tripp Shriner is a managing partner at Point72 Ventures, the VC arm of Steve Cohen's hedge fund. Point72 Ventures is now actively looking for new fintech investments after what it said was "a quieter period"— it last invested in payment startup Pagos' $34 million Series A in February. "We're still early, getting toward the check-writing side of things," Tripp Shriner, managing partner and fintech investor at Point72 Ventures, told Insider. The investment themes lay the groundwork for where Point72 Ventures will spend its time and money in the coming months and years. Point72 Ventures' approach to AI is largely guided by how financial firms want to use the tech.

Persons: Tripp Shriner, Steve Cohen's, Fintechs, We're, Shriner, it's Organizations: Point72 Ventures, Point72, Mastercard Locations: fintech, KYC

☆ Point72 Ventures fintech investor breaks down what's next for Steve Cohen's firm, from generative AI to solving gamers' payments woes
▼ + stars: | 2023-07-26 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

Tripp Shriner is a partner at Point72 Ventures, the VC arm of Steve Cohen's hedge fund. "We're still early, getting toward the check-writing side of things," Tripp Shriner, partner and fintech investor at Point72 Ventures, told Insider. The investment themes lay the groundwork for where Point72 Ventures will spend its time and money in the coming months and years. Point72 Ventures' approach to AI is largely guided by how financial firms want to use the tech. However, success would depend on financial firms' willingness to adopt such a fundamental change.

Persons: Tripp Shriner, Steve Cohen's, Fintechs, We're, Shriner, it's Organizations: Point72 Ventures, Point72, Mastercard Locations: fintech, KYC

☆ Potential buyers are leveraging high-profile blowups like Frank and FTX to get better terms. Insiders detail how dealmaking is changing in 2023.
▼ + stars: | 2023-02-07 | by ( Paige Hagy | Bianca Chan | Carter Johnson | ) www.businessinsider.com time to read: +10 min

We don't want to look like JPMorgan,'" Jason Mikula, fintech analyst and writer behind Fintech Business Weekly, told Insider. How closely they adhere to it matters greatly in terms of if a deal is on the line," Mandelbaum told Insider. Investors pumped $132 billion globally into fintechs in 2021 and there were more than 900 fintech M&A exits, according to CB Insights. "It's now a buyer's market," Rob Brown, CEO of Lincoln International, a global investment-banking advisory firm, told Insider. One way companies might optimize the due-diligence process without cutting corners is by leaning on machines to help with the heavy lifting.

☆ The dealmaking boom meant fast timelines and loose due diligence. But high-profile implosions like FTX and Frank mean would-be sellers can expect more scrutiny, insiders say.
▼ + stars: | 2023-01-27 | by ( Paige Hagy | Bianca Chan | Carter Johnson | ) www.businessinsider.com time to read: +10 min

☆ JPMorgan Chase acquires payments fintech Renovite to help it battle Stripe and Block
▼ + stars: | 2022-09-12 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Erik McGregor | LightRocket | Getty ImagesJPMorgan Chase has agreed to acquire a payments startup called Renovite to fend off threats from fintech firms including Stripe and Block , CNBC has learned. Merchant acquirers are crucial, behind-the-scenes providers that enable sellers to accept in-person and online payments, keeping a small cut of each transaction. Shopping spreeThe Renovite acquisition, reported first by CNBC, is the latest in a string of fintech deals made under CEO Jamie Dimon. Dimon has repeatedly raised the alarm about the threat fintech players pose to traditional banks, especially in the highly competitive payments game. Fintech players have used payments processing for merchants as a wedge to help them build ecosystems that have garnered eye-watering valuations.

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