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Fintech Insider Podcast by 11:FS
778. News: JP Morgan invests in Brazil, African funding passes £2bn, and M-Pesa enter Ethiopia
Sep 4, 2023
Topics discussed in this podcast include JP Morgan's investment in Brazilian digital bank C6, Goldman Sachs' sale of its personal financial management unit, African startups raising $2.7bn in VC funding, Safaricom's mobile money rollout in Ethiopia, a new fintech accelerator called Archie launching in London, X gaining payment licenses in seven US states, open banking reaching 11 million+ payments, and Venmo allowing users to gift money using Hallmark greeting cards.
01:08:33
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Quick takeaways
- JP Morgan's increased investment in Brazilian digital bank C6 demonstrates its global strategy and licensing opportunities, while Goldman Sachs' selling off of its personal financial management unit highlights its transformation and potential focus on other ventures.
- African fintech startups have secured $2.7 billion in venture capital funding, fueling economic growth and financial inclusion across the continent.
Deep dives
JP Morgan invests in Brazilian digital bank C6 while Goldman Sachs sells personal financial management unit
JP Morgan has increased its stake in the Brazilian digital bank C6 to 46%, while Goldman Sachs sells off its personal financial management unit. JP Morgan's investment in C6 aligns with its global strategy, as C6 has experienced significant growth, reaching 25 million customers and a value of $40 billion. In contrast, Goldman Sachs is retreating from mass-market banking, selling off various units. The different approaches highlight JP Morgan's retail banking heritage and potential licensing opportunities, while also signaling Goldman Sachs' transformation and potential focus on other ventures.
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