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<ul class="summary-list"><li><keyword id="11414119" type="UNKNOWN" weightage="60" keywordseo="marqeta-stock">Marqeta stock</keyword> jumped as much as 19% in its <keyword id="2525335" type="PERSON" weightage="60" keywordseo="trading-debut">trading debut</keyword> on Wednesday.</li><li>The surge came after the company raised $1.23 billion in an upsized <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo">IPO</keyword> on Tuesday.</li><li><keyword id="9664714" type="UNKNOWN" weightage="60" keywordseo="Marqeta">Marqeta</keyword> trades in the Nasdaq Global Select Market under the ticket "MQ."</li></ul><p>The payments processor <a href="https://www.businessinsider.com/marqeta-ipo-s1-paperwork-takeways-fintech-risk-factors-goldman-backed-2021-5">Marqeta</a> saw its stock jump as much as 19% on its Wednesday trading debut after raising $1.23 billion in an upsized IPO.</p><p>The company sold 45.5 million shares for $27 apiece on Tuesday after marketing shares for between $20 and $24 each.</p><p>Marqeta was founded in 2009 by its current CEO Jason Gardener and now has operations in 36 countries employing over 500 people. The company trades on the Nasdaq Global Select Market under the symbol "MQ."</p><p>Oakland, California-based Marqeta provides physical and virtual debit, credit, and prepaid cards to clients like <a href="https://markets.businessinsider.com/stocks/uber-stock">Uber</a>, <a href="https://markets.businessinsider.com/stocks/dash-stock">DoorDash</a>, <a href="https://www.businessinsider.com/how-does-instacart-work">Instacart</a>, and even financial institutions like <a href="https://www.businessinsider.com/marqeta-goldman-sachs-marcus-checking-account-debit-cards-fintech-2021-1">Goldman Sachs</a>.</p><p>Marqeta's largest customer is the payments processor <a href="https://markets.businessinsider.com/stocks/sq-stock">Square</a>, which accounted for some 70% of its net revenues in 2020.</p><p>In the first quarter, Marqeta saw its revenues jump 123% year-over-year to hit $108 million. The company has issued over 270 million cards through its platform and ranked 7<sup>th</sup> on CNBC's 2021 <a href="https://www.cnbc.com/2021/05/25/marqeta-disruptor-50.html">disruptor list.</a></p><p>CEO Jason Gardener told <a href="https://www.youtube.com/watch?v=304f2L8cEEQ">CNBC</a> after the public debut on Wednesday that the company sees "lots of opportunity around the world" for potential consolidation.</p><p>"Our plan is to grow organically and grow inorganically where we see it being strategic and opportunistic," Gardener said, hinting at the possibility of future acquisitions.</p><p>The CEO went on to explain how his company is a part of a growing trend to digitize payments, noting that Marqeta's products help clients avoid fraud and enable consumers to "buy now and pay later" at their favorite retailers.</p><p>Marqeta derives its revenues from interchange fees which are charged to merchants every time a consumer swipes their card. Some <a href="https://www.ft.com/content/fd4313d3-7020-4eaa-bf30-95c05511a2c0">market pundits</a> have warned that any change in US regulations on interchange fees could hurt Marqeta's business.</p><p>CNBC's Andrew Ross Sorkin asked Marqeta's CEO about the possibility of these interchange fees being compressed in the future. The CEO said there is nothing he sees "on the horizon" that would compress interchange margins.</p><p>To learn more about Marqeta, check out <a href="https://www.businessinsider.com/marqeta-ipo-s1-paperwork-takeways-fintech-risk-factors-goldman-backed-2021-5">Insider's deep dive</a> on four key details about the global payments processor.</p><p>Marqeta stock traded up 12.97% as of 2:03 p.m. ET on Wednesday.</p>

Payments processor Marqeta pops 19% in trading debut after raising $1.23 billion in an upsized IPO

<p>Good morning and welcome to Insider <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">Finance</keyword>. I'm Dan DeFrancesco, and here's what's on the agenda today:</p><ul><li>An inside look at the 22 banks that pieced together the <a href="https://www.businessinsider.com/goldman-jpmorgan-20-banks-warner-discovery-loans-financing-att-2021-6">$48 billion Warner Discovery debt deal</a>. </li><li>Trust and estate lawyers have been <a href="https://www.businessinsider.com/trust-estates-lawyers-tax-wills-burnout-law-wealth-finance-2021-6">working nonstop during the pandemic</a> to help wealthy clients understand possible tax changes under the Biden administration. </li><li>Michael Recce, a former Neuberger Berman and Point72 data head, <a href="https://www.businessinsider.com/michael-recce-alpha-roc-simplify-alt-data-neuberger-berman-point72-2021-6">is starting his own data business</a>.</li></ul><p>Join Insider on June 24 at 1 p.m. ET for a live, exclusive webinar event in which three top financial services executives from Deutsche Bank, AllianceBernstein, and Accenture will break down how the future of work will look like as <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword> gets back to the office. <a href="https://www.businessinsider.com/insider-webinar-hybrid-rotational-wall-street-deutsche-bank-alliancebernstein-accenture-2021-5" target="_blank" rel="noopener noreferrer">Sign up here to attend</a>.</p><p><a style="font-weight: bold;" href="http://newsletter.businessinsider.com/join/4np/insider-finance">If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.</a></p><p>Like the <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>? Hate the newsletter? Feel free to drop me a line at <a href="mailto:ddefrancesco@businessinsider.com">ddefrancesco@businessinsider.com</a> or on Twitter <a href="https://twitter.com/dandefrancesco">@DanDeFrancesco</a>. </p><h3><a href="https://www.businessinsider.com/goldman-jpmorgan-20-banks-warner-discovery-loans-financing-att-2021-6">The mega $48 billion Warner Discovery debt deal is being woven together by 22 banks. Here's the breakdown of one of the largest-ever acquisition financings.</a></h3><p><a href="https://www.businessinsider.com/goldman-jpmorgan-20-banks-warner-discovery-loans-financing-att-2021-6"><div type="image" title="John Stankey, WarnerMedia" height="3991" width="5322" msid="83337324" hostid="261"></div></a></p><p>The deal includes a $31.5 billion bridge, $10 billion in term loans, and a $6 billion credit line. Sources said that the new company will sell the bridge loan throughout the debt capital markets.</p><p><a href="https://www.businessinsider.com/goldman-jpmorgan-20-banks-warner-discovery-loans-financing-att-2021-6">Here's what else you need to know.</a></p><h3><a href="https://www.businessinsider.com/trust-estates-lawyers-tax-wills-burnout-law-wealth-finance-2021-6">There's a shortage of estate and trust lawyers and firms can't hire enough experts to keep up with a massive wealth transfer</a></h3><p><a href="https://www.businessinsider.com/trust-estates-lawyers-tax-wills-burnout-law-wealth-finance-2021-6"><div type="image" title="estate lawyers" height="1500" width="2000" msid="83336745" hostid="261"></div></a></p><p>Since the start of the pandemic, lawyers who have been working nonstop have had to turn away new clients - and are trying to fill a shortage of estate associates. <a href="https://www.businessinsider.com/trust-estates-lawyers-tax-wills-burnout-law-wealth-finance-2021-6">Get the full scoop here.</a></p><h3><a href="https://www.businessinsider.com/michael-recce-alpha-roc-simplify-alt-data-neuberger-berman-point72-2021-6">The former head of data at Neuberger Berman and Point72 has launched a firm to help money managers get access to simplified data</a></h3><p><a href="https://www.businessinsider.com/michael-recce-alpha-roc-simplify-alt-data-neuberger-berman-point72-2021-6"><div type="image" title="uses of alt data 4x3" height="900" width="1200" msid="83337329" hostid="261"></div></a></p><p>Micheal Recce has started his own data business. <a href="https://www.businessinsider.com/michael-recce-alpha-roc-simplify-alt-data-neuberger-berman-point72-2021-6">Here's what he told us about his new venture and the state of alt data</a>. </p><h3><a href="https://www.businessinsider.com/marqeta-ipo-s1-paperwork-takeways-fintech-risk-factors-goldman-backed-2021-5">4 key details from Goldman-backed Marqeta's plans to go public, including its revenue deal with Square and new hires at the $4.3 billion fintech</a></h3><p><a href="https://www.businessinsider.com/marqeta-ipo-s1-paperwork-takeways-fintech-risk-factors-goldman-backed-2021-5"><div type="image" title="Jason Gardner_Marqeta Headshot 2021" height="2016" width="2680" msid="83337331" hostid="261"></div></a></p><p>We broke down four key details from Marqera's IPO paperwork. The Goldman-backed startup is set to begin trading on June 9 . <a href="https://www.businessinsider.com/marqeta-ipo-s1-paperwork-takeways-fintech-risk-factors-goldman-backed-2021-5">Learn more here</a>.</p><h2><strong style="color: #222222; font-size: 15px;">Odd lots:</strong></h2><p><a href="https://www.miamiherald.com/news/business/article251941153.html">A $20 billion hedge fund from New York is signing a 10-year lease in Coconut Grove (Miami Herald)</a></p><p><a href="https://www.bloomberg.com/news/articles/2021-06-07/wall-street-sees-61-of-workers-returning-to-office-by-september?sref=5xrDvJna">Wall Street Sees 61% of Workers Returning to Office by September (Bloomberg)</a></p><p><a href="https://www.businessinsider.com/legal-nonprofits-hiring-big-law-firms-to-block-union-organizing-2021-5">Big law firms are donating pro bono hours to block unions at legal nonprofits where their partners are board members (Insider)</a></p><p><a href="https://www.businessinsider.com/why-miami-mayor-is-worried-about-tech-vc-startup-scene">How a tweet sparked a feud in Miami, pitting Silicon Valley tech transplants against the city's old guard (Insider)</a></p><p><a href="https://www.businessinsider.com/power-players-26-people-stockx-leading-growth-heads-ipo-2021-5">StockX Power Players: Meet the 26 execs - including recent hires from Amazon, eBay, and Yahoo - leading the resale marketplace as it eyes an IPO (Insider)</a></p>

Inside Goldman-backed Marqeta's IPO paperwork ahead of its trading debut

<ul class="summary-list"><li>Point-of-sale financing isn't new, but it's gotten renewed attention as a wave of startups like Affirm, Afterpay, and Klarna acquired millions of new users during the coronavirus pandemic.</li><li>On Wednesday, Affim published its S-1, the paper detailing its planned initial public offering. </li><li>These fintechs offer consumers the ability to buy now, pay later, both online and in-store.</li><li>And now, incumbents like Amex, Citi, and PayPal are leaning in on this new way to pay, which consumers have flocked to as a way to stretch their dollars.</li><li>Fintechs are trying to establish their own brands, while incumbents are banking on their existing consumer base to take market share from the startups.</li><li>Here's a look at some of the key moments over the last several months as the buy now, pay later space continues to heat up.</li></ul><p>Point-of-sale financing has been around for a while. From in-store layaway to store-branded credit cards, retailers have always used financing as a way to convert browsers to buyers. </p><p>But over the last several years, a cohort of fintechs have cropped up offering a new way for retailers to boost sales: buy now, pay later. From no-interest, two-week installment plans to longer-term financing, fintechs like Affirm, Afterpay, and Klarna, to name a few, have won over millions of consumers and tens of thousands of retailers with their digital-forward, easy-to-use alternatives to credit cards.</p><p>Wednesday marked another big step for the market. Affirm published <a href="https://www.sec.gov/Archives/edgar/data/1820953/000110465920126927/tm2026663-4_s1.htm#tRIFA">its Form S-1</a>, the document detailing its planned initial public offering. </p><p>Among the revelations from the document, the fact Peloton represented roughly 28% of its total revenue for the most recent fiscal year.  </p><p>Affirm's total revenue jumped to $509.5 million in the fiscal year ending on June 30, up from $264.4 million the year earlier. Affirm had a net loss of $112.6 million, slightly narrower than the $120.5 million net loss the previous fiscal year. </p><p>It's no secret that e-commerce is on the rise with continued growth year-over-year for the last decade. And like other digitally-driven trends, the coronavirus pandemic has only accelerated growth in the e-commerce segment.</p><p>In 2019, e-commerce accounted for 11% of total retail sales in the US. In 2020, total retail sales have been down, but in the second quarter this year, with brick-and-mortar retail largely shut down, e-commerce grew to 16% of total retail sales, reflecting a 44% increase quarter-over-quarter, <a href="https://www2.census.gov/retail/releases/historical/ecomm/20q2.pdf">according to the US Census Bureau</a>.</p><p>As consumers get used to doing more of their shopping online, they're also coming around to BNPL products.</p><p>"Credit availability actually closed a great deal under pandemic conditions. So that accelerated buy now, pay later, which has emerged as the new thing at the point-of-sale, as an alternative way to actually get credit, which was important," Ben Savage, partner at Clocktower Technology Ventures, told Business Insider. </p><p>At the same time, consumer behavior, especially among younger consumers, has shifted away from credit to debit, Savage added. And these trends have proven to be tailwinds for BNPL providers, many of which have seen traction with Millennial and Gen Z consumers.</p><p><strong><em>Read more: </em></strong><a href="https://www.businessinsider.com/paypal-buy-now-pay-later-installment-launch-2020-9"><em>PayPal's buy now, pay later launch is kicking off the next wave of adoption. Here's what it means for startups and banks competing in the space.</em></a></p><h2>BNPL has become a must-have for retailers</h2><p>This time last year, online shoppers at retailers like Asos or Casper were likely to see some version of "pay in four installments" as an option at checkout, offered by fintechs like Affirm, Afterpay, or Klarna, to name a few. But today, it seems like these BNPL buttons are everywhere, becoming a must-have for e-commerce.</p><p>Over the last several months in particular, BNPL fintechs have seen explosive growth. In May, Afterpay hit five million active shoppers in the US after just two years in the market, <a href="https://www.businessinsider.com/afterpay-may-be-poised-for-us-success-2020-3">which is now a larger market than its native Australia</a>. The coronavirus, no doubt, has played a significant role. Afterpay nabbed one million new customers in just a ten-week span in the second quarter, when the pandemic was at its height. </p><p>Affirm and Klarna, too, have more than five million users.</p><p>Fintechs, who have spent years acquiring customers, are now looking to build brand stickiness with their own apps and loyalty programs.</p><p>Incumbents like PayPal and American Express, well-equipped with brand awareness and loyalty, are leaning in with their own versions of a point-of-sale financing product.</p><p>While BNPL products from fintechs and incumbents vary slightly on interest, fees, and credit decisioning, one thing is clear: consumers are looking for ways to stretch payments over time, even on small purchases.</p><p>What remains to be seen is where the industry will go next. For now, retailers are entering into exclusive deals with BNPL fintechs, paying them fees around 3% to 6% for each transaction. The promise of BNPL is to increase order values and the likelihood an online shopper actually buys. Those economics may be compelling in a time when total retail spending is down and advertising budgets are tight. </p><p>But traditional players like PayPal are offering buy now, pay later features at no additional cost to retailers. And with many credit-card companies, like Citi and American Express, installment financing options happen post-transaction, so merchants are just paying the typical payments processing fees.</p><p>"The economics shifted a bit," Savage said.</p><p>With many BNPL players, offering point-of-sale financing becomes a cost to merchants. Merchants could offer their own financing options like branded credit cards, but the cost to build and maintain that financing could be prohibitive for smaller retailers, even if they earned revenue from the book of credit. </p><p>"The merchants are essentially now paying in a way that really was not part of point-of sale <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> 10 years ago. Or, to the extent merchants paid for it 10 years ago, it was all done through a promotional discount," Savage said.</p><p>As point-of-sale financing grows in popularity in the way credit cards did, merchants may not longer be willing to pay those fees. </p><p>Be it through higher prices on the goods sold or a surcharge at the point of sale for using a BNPL solution, merchants could start to reconsider the way they manage the cost of offering these services. </p><p>"If you play the movie forward five years and everything goes to buy now pay later, and let's say it all still looks to the consumer like a roughly zero interest rate thing, someone is paying the cost of the money. If it's the merchants paying the cost of the money, it's going to show up in higher prices someway," Savage said.</p><p><strong>Here's a look at some of the key moments in the BNPL space over the last several months:</strong></p><h2>March</h2><ul><li>Afterpay <a href="https://www.businessinsider.com/afterpay-may-be-poised-for-us-success-2020-3">reaches 3.6 million active users in the US</a> (where it launched in 2018), surpassing its native Australia in terms of user count. </li><li>Ant Financial <a href="https://www.klarna.com/international/press/ant-financial-services-group-klarna-announce-investment-to-fuel-global-cooperation/">buys a minority stake</a> in Klarna.</li></ul><h2>April</h2><ul><li>Goldman Sachs' consumer bank, Marcus, <a href="https://www.businessinsider.com/if-you-cant-afford-to-travel-vacation-loans-uplift-affirm-2020-2">partners with JetBlue to offer a buy now, pay later option on flights</a>.</li></ul><h2>May</h2><ul><li>Tencent <a href="https://www.businessinsider.com/afterpay-ceo-says-tencents-stake-will-help-startup-expand-china-2020-5">buys a 5% stake in Afterpay</a>, signaling the Australian fintech's ambitions in China. E-commerce is forecasted to account for around 40% of total retail sales in China in 2020, <a href="https://www.emarketer.com/content/china-ecommerce-2020">according to eMarketer</a>.</li><li>QuadPay <a href="https://www.businessinsider.com/quadpay-stripe-buy-now-pay-later-app-2020-5">partners with buzzy fintech Stripe to launch its card-issuing platform</a>, enabling shoppers to use QuadPay in-store.</li><li>Afterpay hits <a href="https://www.businessinsider.com.au/afterpay-asx-shares-invest-us-expansion-2020-5">five million active shoppers in the US</a> after just two years in the market.</li></ul><h2><div type="image" title="Klarna CEO Sebastian Siemiatkowski in London" height="682" width="1024" msid="79325841" hostid="261"></div>June</h2><ul><li>Affirm <a href="https://www.businessinsider.com/affirm-high-yield-savings-max-levchin-personal-finance-2020-5">launches a high-yield savings account</a>, playing on both the spending and saving side of its users' finances.</li><li>Australian buy now, pay later player <a href="https://www.businessinsider.com.au/zip-asx-quadpay-afterpay-us-bnpl-2020-6">ZipCo acquires QuadPay</a> in an effort to expand into the US market.</li><li>Splitit <a href="https://www.businessinsider.com/mastercard-splitit-partner-for-global-expansion-2020-6">partners with Mastercard to expand its reach</a> in Australia, Canada, and the UK.</li><li>Klarna <a href="https://www.businessinsider.com/klarna-loyalty-program-launch-buy-now-pay-later-surges-2020-6">launches a loyalty program for its users</a>, part of a larger strategy to become shoppers' go-to app.</li></ul><h2>July</h2><ul><li>Afterpay <a href="https://www.businessinsider.com/afterpay-goes-in-store-in-us-business-insider-2020-7">launches its in-store payments for its US shoppers</a> via Apple Pay and Google Pay.</li><li>PayPal <a href="https://www.businessinsider.com/paypal-credit-buy-now-pay-later-payments-tech-2020-7">rolls out its Pay in 4 product in France</a>, a preview of its similar product roadmap in the US. </li><li>Affirm <a href="https://www.businessinsider.com/shopify-affirm-partner-buy-now-pay-later-installments-online-shopping-2020-7">becomes Shopify's exclusive partner for its buy now, pay later solution</a> it offers to Shopify's US-based merchants.</li><li>Afterpay <a href="https://markets.businessinsider.com/news/stocks/afterpay-rewards-on-time-payments-with-new-loyalty-program-1029425113">launches a loyalty program where shoppers earn points for on-time payments</a>.</li><li>Sezzle <a href="https://www.prnewswire.com/news-releases/us-buy-now-pay-later-leader-sezzle-secures-usd55-million-in-latest-capital-raise-301092512.html">raises $55 million</a> in post-IPO equity.</li><li>Affirm, backed by Andreessen Horowitz, Lightspeed Venture Partners, and Morgan Stanley, is <a href="https://www.businessinsider.com/affirm-eyeing-an-ipo-goldman-sachss-buy-now-pay-later-2020-7">reportedly eyeing a $10 billion IPO</a>.</li></ul><div type="image" title="Afterpay" height="2667" width="4000" msid="79325845" hostid="261"></div><h2>August</h2><ul><li>American Express <a href="https://www.businessinsider.com/american-express-extends-access-to-flexible-payment-options-2020-8">expands its Pay It Plan It and Pay Over Time products to its Green, Gold, and Platinum cards</a>.</li><li>Citi <a href="https://www.bankrate.com/finance/credit-cards/citi-flex-pay-amazon-purchases/">adds its Flex Pay product</a> to Amazon's point of sale.</li><li>Mastercard's Vyze, which offers retailers the ability to provide point-of-sale financing from multiple sources, adds <a href="https://www.prnewswire.com/news-releases/ally-expands-financing-into-retail-with-mastercard-vyze-partnership-301117292.html">Ally Bank</a> and <a href="https://www.businesswire.com/news/home/20200831005183/en/QuadPay-Partners-Mastercard-Vyze-Easy-Retailers-Offer">QuadPay</a> as lending partners.</li><li>Splitit <a href="https://www.afr.com/technology/splitit-raises-100-million-to-tap-us-uk-boom-20200805-p55isl">raises $100 million</a> in post-IPO equity from investors including Woodson Capital Management.</li><li>Afterpay launches in Canada and <a href="https://markets.businessinsider.com/news/stocks/afterpay-expands-into-europe-1029527383#">acquires European buy now, pay later player Pagantis</a>.</li><li>PayPal <a href="https://www.businessinsider.com/paypal-buy-now-pay-later-installment-launch-2020-9">rolls out Pay in 4 to all its US merchants</a> that offer PayPal as a way to pay.</li><li>Mitsubishi UFJ Financial Group (MUFG), one of Japan's largest banks, <a href="https://www.reuters.com/article/afterpay-stocks/afterpay-shares-rise-nearly-10-to-record-after-hiking-core-profit-view-idINL4N2FM03F">buys a 5% stake in Afterpay</a>.</li></ul><h2>September</h2><ul><li>Sezzle partners with <a href="https://www.businessinsider.com/marqeta-ceo-jason-gardner-interview-hiring-acquisitions-2020-5">Marqeta</a> to launch its card-issuing platform for in-store use of its point-of-sale financing.</li><li>Private-equity firm Silver Lake is reportedly leading a group investing $650 million into Klarna, <a href="https://www.wsj.com/articles/silver-lake-led-group-pours-650-million-into-payments-company-klarna-11600124400?mod=hp_lista_pos5">according to The Wall Street Journal</a>. </li><li>Affirm raises a $500 million Series G led by GIC, a returning investor, and Durable Capital Partners LP. It also launches an interest-free bi-weekly financing option.</li><li>QuadPay raises a $200 million line of credit from Goldman Sachs.</li></ul><h2>October</h2><ul><li>Klarna signs 5-year contract with Macy's as its exclusive buy now, pay later partner. Macy's also invested in Klarna.</li><li><a href="https://www.affirm.com/press/releases/affirm-announces-confidential-submission-of-draft-registration-statement">Affirm announces</a> it had confidentially filed with regulators for an initial public offering. </li><li><a href="https://www.klarna.com/international/press/etsy-enables-millions-of-us-shoppers-to-buy-now-pay-later-with-klarna/">Etsy adds Klarna</a> as its buy now, pay later partner for purchases between $50 and $10,000.</li></ul><h2>November</h2><ul><li>JPMorgan Chase launches a buy now, pay later option for its credit card customers.</li><li>Affirm becomes payments giant Adyen's buy now, pay later partner.</li><li><a href="https://www.sec.gov/Archives/edgar/data/1820953/000110465920126927/tm2026663-4_s1.htm#tRIFA">Affirm publishes its Form S-1</a>. </li><li>Quadpay is the first buy now, pay later player to <a href="https://www.businessinsider.com/quadpay-google-chrome-extension-buy-now-pay-later-online-fintech-2020-11">launch a Chrome extension</a>.</li><li>Klarna hits 11 million customers in the US, with 2 million monthly active users.</li></ul>

Affirm revealed its IPO paperwork. Here's a look inside the buy now, pay later frenzy, the new twist on financing that is a must have for everyone.

<p>Good morning and welcome to Insider <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">Finance</keyword>. I'm Dan DeFrancesco, and here's what's on the agenda today:</p><ul><li><a href="https://www.businessinsider.com/lone-pine-mala-gaonkar-profile-mandel-team-performance-foundation-arts-2021-5">Meet Lone Pine's Mala Gaonkar</a>, whose interests include working with Malcolm Gladwell and creating art exhibits.</li><li>White-shoe law firm Kirkland &amp; Ellis is <a href="https://www.businessinsider.com/kirkland-ellis-offered-junior-lawyers-signing-bonuses-250k-big-law-2021-5">shelling out $250,000 singing bonuses</a> to nab young talent to keep pace with the frenzy of M&amp;A deals.</li><li>Bank of America's Cathy Bessant has a new direct report, <a href="https://www.businessinsider.com/bank-of-america-promoted-tech-exec-public-cloud-infrastructure-2021-5">and it points to the bank's cloud ambitions</a>. </li><li>How private-equity giant Blackstone<a href="https://www.businessinsider.com/blackstone-oatly-ipo-valuation-private-equity-growth-investment-otly-2021-5"> turbocharged growth</a> at Oatly.</li></ul><p><a style="font-weight: bold;" href="http://newsletter.businessinsider.com/join/4np/insider-finance">If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.</a></p><p>Like the <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>? Hate the newsletter? Feel free to drop me a line at <a href="mailto:ddefrancesco@businessinsider.com">ddefrancesco@businessinsider.com</a> or on Twitter <a href="https://twitter.com/dandefrancesco">@DanDeFrancesco</a>. </p><h3><a href="https://www.businessinsider.com/lone-pine-mala-gaonkar-profile-mandel-team-performance-foundation-arts-2021-5">Lone Pine's Mala Gaonkar, a longtime lieutenant to billionaire Stephen Mandel Jr., is one of the hedge-fund industry's most interesting characters</a></h3><p><a href="https://www.businessinsider.com/lone-pine-mala-gaonkar-profile-mandel-team-performance-foundation-arts-2021-5"><div type="image" title="mala gaonkar hedge fund 4x3" height="1249" width="1666" msid="82797103" hostid="261"></div></a></p><p>Mala Gaonkar is one of three people running $30 billion Lone Pine Capital, alongside Kelly Granat and David Craver. We dove into what makes her a trailblazer, from her investing prowess to her passion projects away from the office.</p><p><a href="https://www.businessinsider.com/lone-pine-mala-gaonkar-profile-mandel-team-performance-foundation-arts-2021-5">Read our exclusive report.</a></p><h3><a href="https://www.businessinsider.com/minority-owned-investment-banks-underwriting-corporate-bond-list-2021-5">Minority-owned investment banks are proving they can lead bond deals like a bulge bracket. 7 bankers tell us how they're driving diversity on Wall Street.</a></h3><p><a href="https://www.businessinsider.com/minority-owned-investment-banks-underwriting-corporate-bond-list-2021-5"><div type="image" title="bankers that have thrived at minority owned firms4x3" height="1134" width="1512" msid="82797104" hostid="261"></div></a></p><p>We spoke with seven bankers who shared their experiences creating greater equity on <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword>. <a style="font-size: 15px;" href="https://www.businessinsider.com/minority-owned-investment-banks-underwriting-corporate-bond-list-2021-5">Here's what they told us.</a></p><h3><a href="https://www.businessinsider.com/mastercard-ceo-return-to-work-office-full-memo-michael-miebach-2021-5">Mastercard wants US employees back in the office at least 2 days a week starting in September. Here's CEO Michael Miebach's full memo on the card giant's return-to-office plans.</a></h3><p><a href="https://www.businessinsider.com/mastercard-ceo-return-to-work-office-full-memo-michael-miebach-2021-5"><div type="image" title="Michael Miebach" height="1771" width="2362" msid="82797107" hostid="261"></div></a></p><p>Eventually, Mastercard will expect employees to work in-office at least three days per week, though policies will vary based on location. <a style="font-size: 15px;" href="https://www.businessinsider.com/mastercard-ceo-return-to-work-office-full-memo-michael-miebach-2021-5">You can get all the details from the CEO's memo here.</a></p><h2><a href="https://www.businessinsider.com/jpmorgan-expanding-tech-vc-life-science-team-hiring-banking-interview-2021-5">Inside JPMorgan's strategy to hold on to more startup clients as they mature with a growing team of VC and 'disruptive commerce' bankers</a></h2><p><a href="https://www.businessinsider.com/jpmorgan-expanding-tech-vc-life-science-team-hiring-banking-interview-2021-5"><div type="image" title="collage (2)" height="3000" width="4000" msid="82797111" hostid="261"></div></a></p><p>Melissa Smith, head of specialized industries for middle-market banking, and Pamela Aldsworth, who leads VC coverage, <a href="https://www.businessinsider.com/jpmorgan-expanding-tech-vc-life-science-team-hiring-banking-interview-2021-5">explain JPMorgan's next steps for retaining startup clients.</a></p><h3><a href="https://www.businessinsider.com/kirkland-ellis-offered-junior-lawyers-signing-bonuses-250k-big-law-2021-5">Kirkland &amp; Ellis has offered up to $250,000 signing bonuses to young lawyers amid nonstop M&amp;A and capital markets work</a></h3><p><a href="https://www.businessinsider.com/kirkland-ellis-offered-junior-lawyers-signing-bonuses-250k-big-law-2021-5"><div type="image" title="piggy bank" height="1223" width="1631" msid="82797114" hostid="261"></div></a></p><p>With M&amp;A activity continuing to heat up, Big Law firms are scrambling to hire top legal talent. <a href="https://www.businessinsider.com/kirkland-ellis-offered-junior-lawyers-signing-bonuses-250k-big-law-2021-5">Here's how Kirkland &amp; Ellis is trying to poach talent</a>.</p><h3><a href="https://www.businessinsider.com/bank-of-america-promoted-tech-exec-public-cloud-infrastructure-2021-5">Bank of America's top tech exec Cathy Bessant just added a new direct report that hints at the increased focus the bank is putting on its infrastructure and cloud initiatives</a></h3><p><a href="https://www.businessinsider.com/bank-of-america-promoted-tech-exec-public-cloud-infrastructure-2021-5"><div type="image" title="cathy bessant, bank of america" height="2475" width="3300" msid="82797116" hostid="261"></div></a></p><p>Tony Kerrison, BofA's CTO, will now report directly to Bessant, the bank's top tech exec and have a larger remit. <a href="https://www.businessinsider.com/bank-of-america-promoted-tech-exec-public-cloud-infrastructure-2021-5">Here's why that matters</a>.</p><h3><a href="https://www.businessinsider.com/marqeta-ipo-s1-paperwork-takeways-fintech-risk-factors-goldman-backed-2021-5">Key takeaways from Goldman-backed Marqeta's IPO paperwork, from how Square is a key part of its business to how the $4.3 billion fintech makes money</a></h3><p><a href="https://www.businessinsider.com/marqeta-ipo-s1-paperwork-takeways-fintech-risk-factors-goldman-backed-2021-5"><div type="image" title="Jason Gardner_Marqeta Headshot 2021" height="2016" width="2680" msid="82797122" hostid="261"></div></a></p><p>Marqeta's S-1 filing outlined the startup's business model and key risk factors - one of which is that 70% of Marqeta's 2020 revenue came from Square, including Cash App and seller cards. <a href="https://www.businessinsider.com/marqeta-ipo-s1-paperwork-takeways-fintech-risk-factors-goldman-backed-2021-5">See other major points from the filing.</a></p><h3><a href="https://www.businessinsider.com/blackstone-oatly-ipo-valuation-private-equity-growth-investment-otly-2021-5">How private-equity giant Blackstone turbocharged growth at Oatly, the plant-based milk producer targeting a valuation of more than $10 billion in its upcoming IPO</a></h3><p><a href="https://www.businessinsider.com/blackstone-oatly-ipo-valuation-private-equity-growth-investment-otly-2021-5"><div type="image" title="Milk Tasting Oatly" height="1666" width="2222" msid="82797128" hostid="261"></div></a></p><p>Oatly's IPO signifies a watershed moment for private-equity firm Blackstone and its nascent growth-equity arm, which first invested $200 million in the Swedish company last summer. <a href="https://www.businessinsider.com/blackstone-oatly-ipo-valuation-private-equity-growth-investment-otly-2021-5">Get the full rundown here.</a></p><h3><a href="https://www.businessinsider.com/wells-fargo-charlie-scharf-wealth-management-consumer-growth-cross-selling-2021-5">Wells Fargo CEO is looking to use wealth clients to drive growth in the consumer bank, taking a page from rivals' playbooks</a></h3><p><a href="https://www.businessinsider.com/wells-fargo-charlie-scharf-wealth-management-consumer-growth-cross-selling-2021-5"><div type="image" title="Wells Fargo chief executive Charlie Scharf" height="3067" width="4090" msid="82797132" hostid="261"></div></a></p><p>Wells Fargo's CEO said the bank can look to better link wealth and consumer units for growth. <a href="https://www.businessinsider.com/wells-fargo-charlie-scharf-wealth-management-consumer-growth-cross-selling-2021-5">Here's why</a>.</p><h3><a href="https://www.businessinsider.com/goldman-sachs-memo-marco-argenti-details-banks-approach-engineering-2021-5">Goldman Sachs co-CIO Marco Argenti detailed the key tenets to be an engineer at the bank. Read the full internal memo here.</a></h3><p><a href="https://www.businessinsider.com/goldman-sachs-memo-marco-argenti-details-banks-approach-engineering-2021-5"><div type="image" title="goldman sachs marco argenti" height="1395" width="1860" msid="82797135" hostid="261"></div></a></p><p>The tenets, which include things like "Lead with Data" and "Inspire Trust," were the result of internal polling conducted among Goldman's engineers earlier this year. <a style="font-size: 15px;" href="https://www.businessinsider.com/goldman-sachs-memo-marco-argenti-details-banks-approach-engineering-2021-5">Read his full note to staff here.</a></p><h3><a href="https://www.businessinsider.com/altruist-pitch-deck-wealth-tech-series-b-custodian-financial-advice-2021-5">Here's the pitch deck for Altruist, a wealth tech challenging custodians Fidelity and Charles Schwab, that just nabbed $50 million from Insight and Venrock</a></h3><p><a href="https://www.businessinsider.com/altruist-pitch-deck-wealth-tech-series-b-custodian-financial-advice-2021-5"><div type="image" title="Jason Wenk, Altruist" height="3518" width="4690" msid="82797139" hostid="261"></div></a></p><p>Altruist's CEO and founder Jason Wenk told us how it's challenging incumbents like Fidelity and Schwab, and shared the pitch deck that landed it $50 million. <a href="https://www.businessinsider.com/altruist-pitch-deck-wealth-tech-series-b-custodian-financial-advice-2021-5">Check it out here.</a></p><h3><a href="https://www.businessinsider.com/nasdaq-ceo-adena-friedman-innovate-post-trade-tech-settlement-cycle-2021-5">Nasdaq CEO Adena Friedman just highlighted the need to innovate post-trade tech and shorten the settlement cycle for US stocks</a></h3><p><a href="https://www.businessinsider.com/nasdaq-ceo-adena-friedman-innovate-post-trade-tech-settlement-cycle-2021-5"><div type="image" title="Adena Friedman, Nasdaq" height="1332" width="1776" msid="82797142" hostid="261"></div></a></p><p>Nasdaq's Friedman said the tech supporting trade settlement hasn't kept pace with the rest of the market. <a href="https://www.businessinsider.com/nasdaq-ceo-adena-friedman-innovate-post-trade-tech-settlement-cycle-2021-5">Find out why that could be a problem</a>.</p><h2><strong style="color: #222222; font-size: 15px;">Odd lots:</strong></h2><p><a href="https://www.bloomberg.com/news/articles/2021-05-18/ubs-starts-round-of-job-cuts-across-investment-bank-and-wealth?sref=5xrDvJna">UBS Starts Round of Job Cuts Across Investment Bank, Wealth (Bloomberg)</a></p><p><a href="https://www.bloomberg.com/news/articles/2021-05-18/jpmorgan-gets-rid-of-mask-mandate-for-its-vaccinated-u-s-staff?srnd=premium&amp;sref=5xrDvJnavJna">JPMorgan Gets Rid of Mask Mandate for Vaccinated U.S. Staff (Bloomberg)</a></p><p><a href="https://www.wsj.com/articles/blackstone-reit-plans-to-appoint-katie-keenan-as-ceo-11621424701?mod=lead_feature_below_a_pos1">Blackstone REIT Plans to Appoint Katie Keenan as CEO (WSJ)</a></p><p><a href="https://www.bloomberg.com/news/articles/2021-05-19/a-spac-will-buy-back-its-own-spac-and-pay-a-staggering-premium?srnd=premium&amp;sref=5xrDvJnavJna">A SPAC Will Buy Back Its Own SPAC and Pay a Staggering Premium (Bloomberg)</a></p>

Inside JPMorgan's startup banking strategy

<p>Good morning and welcome to Insider <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">Finance</keyword>. I'm Dan DeFrancesco, and here's what's on the agenda today:</p><ul><li>Meet 10 of the top fintech recruiters <a href="https://www.businessinsider.com/fintech-headhunters-recruiters-hiring-staffing-tech-talent-startups-2021-4">helping startups like Chime and Coinbase staff up</a>.</li><li>Hedge funds like <a href="https://www.businessinsider.com/hedge-funds-citadel-millennium-raiding-big-banks-hiring-volatility-traders-2021-4">Citadel and Millennium</a> are poaching top volatility traders at banks. </li><li>Meanwhile, investment banks are rushing to add more junior bankers <a href="https://www.businessinsider.com/investment-banking-recruiters-hiring-goldman-jpmorgan-attrition-analyst-associate-vp-2021-4">as deal volumes surge</a>. </li></ul><p><a style="font-weight: bold;" href="http://newsletter.businessinsider.com/join/4np/insider-finance">If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.</a></p><p>Like the <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>? Hate the newsletter? Feel free to drop me a line at <a href="mailto:ddefrancesco@businessinsider.com">ddefrancesco@businessinsider.com</a> or on Twitter <a href="https://twitter.com/dandefrancesco">@DanDeFrancesco</a>. </p><h3><a href="https://www.businessinsider.com/fintech-headhunters-recruiters-hiring-staffing-tech-talent-startups-2021-4">These 10 headhunters are helping fintechs like Coinbase, Stripe, and SoFi land big hires and stand out in the startup tech talent war</a></h3><p><a href="https://www.businessinsider.com/fintech-headhunters-recruiters-hiring-staffing-tech-talent-startups-2021-4"><div type="image" title="top fintech recruiters4x3" height="1874" width="2499" msid="82369752" hostid="261"></div></a></p><p>Fintechs are increasingly relying on outside recruiting firms to attract top talent. We polled startups, venture capitalists, and industry insiders to highlight 10 of the top fintech recruiters. </p><p><a href="https://www.businessinsider.com/fintech-headhunters-recruiters-hiring-staffing-tech-talent-startups-2021-4">Check out the entire list.</a></p><h3><a href="https://www.businessinsider.com/hedge-funds-citadel-millennium-raiding-big-banks-hiring-volatility-traders-2021-4">After a year of market shocks and monster trading profits, hedge fund giants like Citadel and Millennium are raiding investment banks for volatility traders </a></h3><p><a href="https://www.businessinsider.com/hedge-funds-citadel-millennium-raiding-big-banks-hiring-volatility-traders-2021-4"><div type="image" title="hedge funds versus bankers in pandemic 4x3" height="1800" width="2400" msid="82369755" hostid="261"></div></a></p><p>Buy-side trading firms have poached a slew of star derivatives traders from investment banks. <a href="https://www.businessinsider.com/hedge-funds-citadel-millennium-raiding-big-banks-hiring-volatility-traders-2021-4">Find out what's causing the latest war for talent</a>.</p><h3><a href="https://www.businessinsider.com/investment-banking-recruiters-hiring-goldman-jpmorgan-attrition-analyst-associate-vp-2021-4">Investment banks are racing to staff up as deal work surges, and one recruiting firm has even formed a 'SWAT team' focused on hiring associates and VPs</a></h3><p><a href="https://www.businessinsider.com/investment-banking-recruiters-hiring-goldman-jpmorgan-attrition-analyst-associate-vp-2021-4"><div type="image" title="The Bull of Wall Street" height="3007" width="4009" msid="82369757" hostid="261"></div></a></p><p>Investment banks are seeking backup as they struggle to retain junior staffers. <a href="https://www.businessinsider.com/investment-banking-recruiters-hiring-goldman-jpmorgan-attrition-analyst-associate-vp-2021-4">Here's how recruiting firms are racing to help them poach talent.</a></p><h3><a href="https://www.businessinsider.com/apollo-global-management-ceo-leon-black-marc-rowan-apo-2021-4">Apollo's dealmaking went into overdrive in the first quarter during a tumultuous period for the investment giant</a></h3><p><a href="https://www.businessinsider.com/apollo-global-management-ceo-leon-black-marc-rowan-apo-2021-4"><div type="image" title="Marc Rowan" height="2464" width="3285" msid="82369758" hostid="261"></div></a></p><p>Apollo logged $17 billion in PE sales in the first quarter, Dealogic said, a firm record over the past decade. <a href="https://www.businessinsider.com/apollo-global-management-ceo-leon-black-marc-rowan-apo-2021-4">Get the full rundown here.</a></p><h3><a href="https://www.businessinsider.com/fintech-headhunters-recruiters-hiring-tech-finance-red-hot-market-2021-4">Fintech-focused headhunters are seeing a rush of work as startups scramble to staff up after mega rounds</a></h3><h2><a href="https://www.businessinsider.com/fintech-headhunters-recruiters-hiring-tech-finance-red-hot-market-2021-4"><div type="image" title="digital wall street virtual remote work 3 4x3" height="1500" width="2001" msid="82369761" hostid="261"></div></a></h2><p>Fintech recruiting is hotter than ever as startups with fresh funding look for help staffing up. <a href="https://www.businessinsider.com/fintech-headhunters-recruiters-hiring-tech-finance-red-hot-market-2021-4">Find out more here</a>.</p><h3><a href="https://www.businessinsider.com/eric-wong-china-hedge-fund-blue-ridge-capital-tiger-cub-2021-4">A new China-focused hedge fund is coming from a former Blue Ridge Capital managing director</a></h3><p><a href="https://www.businessinsider.com/eric-wong-china-hedge-fund-blue-ridge-capital-tiger-cub-2021-4"><div type="image" title="beijing skyline" height="750" width="1000" msid="82369762" hostid="261"></div></a></p><p>Eric Wong is launching a China-focused hedge fund, sources tell Insider. <a href="https://www.businessinsider.com/eric-wong-china-hedge-fund-blue-ridge-capital-tiger-cub-2021-4">Here's what we know.</a></p><h3><a href="https://www.businessinsider.com/fintech-giant-marqeta-to-become-a-public-company-in-june-2021-4">Exclusive: $4.3 billion fintech darling Marqeta is planning an IPO as early as June</a></h3><h2><a href="https://www.businessinsider.com/fintech-giant-marqeta-to-become-a-public-company-in-june-2021-4"><div type="image" title="Jason Gardner_Marqeta Headshot 2021" height="2016" width="2680" msid="82369763" hostid="261"></div></a></h2><p>Last valued at $4.3 billion, fintech startup Marqeta is going public in June, sources tell Insider. <a href="https://www.businessinsider.com/fintech-giant-marqeta-to-become-a-public-company-in-june-2021-4">Read more here</a>.</p><h3><a href="https://www.businessinsider.com/wall-street-hires-and-exits-blackstone-amex-bofa-citadel-sec-2021-4">Must-know promotions, exits, and hires at firms like Blackstone, American Express, and Citadel</a></h3><h2><a href="https://www.businessinsider.com/wall-street-hires-and-exits-blackstone-amex-bofa-citadel-sec-2021-4"><div type="image" title="Doug Buckminster" height="1132" width="1510" msid="82369764" hostid="261"></div></a></h2><p>Blackstone hired Yifat Oron to head its new office in Tel Aviv. Citadel nabbed Dan Baranovsky, Citigroup's North America head of equity derivatives trading. <a href="https://www.businessinsider.com/wall-street-hires-and-exits-blackstone-amex-bofa-citadel-sec-2021-4">These are all the people moves you need to know across the Street</a>.</p><h2><strong style="color: #222222; font-size: 15px;">Odd lots:</strong></h2><p><a href="https://www.bloomberg.com/news/articles/2021-04-30/apollo-apo-billionaire-founders-brawl-shunting-aside-josh-harris?sref=5xrDvJna">A Brawl Between Billionaire Founders at Apollo Sidelines One of Its Own (Bloomberg)</a></p><p><a href="https://www.businessinsider.com/alphabet-earnings-google-cloud-deprecation-policy-deals-customer-trust-2021-4">Google Cloud's swell of big, longer-term deals are a sign that customers trust it won't kill off its cloud products (Insider)</a></p><p><a href="https://www.businessinsider.com/donald-trump-vornado-realty-trust-windfall-financing-new-york-california-2021-5">Donald Trump is set to share a $617 million windfall with Vornado Realty Trust, due to a property refinancing deal, reports say (Insider)</a></p><p><a href="https://www.cnbc.com/2021/04/30/robinhood-deepens-ties-with-jpmorgan-by-using-bank-for-money-transfers-ahead-of-expected-ipo.html?__source=google%7Ceditorspicks%7C&amp;par=googleogle">Robinhood deepens ties with JPMorgan by using bank for money transfers ahead of expected IPO (CNBC)</a></p><p><a href="https://www.bloomberg.com/news/articles/2021-04-30/wall-street-bonuses-at-risk-amid-new-clamor-to-finish-dodd-frank?sref=5xrDvJna">Wall Street Bonuses at Risk Amid New Clamor to Finish Dodd-Frank (Bloomberg)</a></p>

Insider finance: Top fintech recruiters

<p>Good morning and welcome to <keyword id="9070519" type="UNKNOWN" weightage="60" keywordseo="10-things-in-tech">10 Things in Tech</keyword>. If this was forwarded to you, <a href="http://newsletter.businessinsider.com/join/4np/10-things-in-tech"><strong>sign up here</strong></a>.</p><p>Let's get started.</p><p><strong>1. The major antitrust trial between Apple and "Fortnite"-maker Epic Games kicks off today. </strong><a href="https://www.businessinsider.com/why-apple-google-sued-fortnite-epic-games-antitrust-explained-2020-8">Epic is suing over Apple's App Store policies</a>, particularly the cut that Apple takes from sales on its platform. Apple CEO Tim Cook is among the <a href="https://www.businessinsider.com/apple-tim-cook-epic-games-ceo-testify-fortnite-court-case-2021-3">high-profile executives that will testify</a>.</p><p><strong>2. Scientists couldn't stop a (fictitious) space rock from decimating Europe. </strong>Space agencies around the world took part in a NASA simulation of an asteroid-impact scenario - and showed how unprepared we are for such a crisis. <a href="https://www.businessinsider.com/nasa-simulated-asteroid-couldnt-stop-impact-europe-2021-5">Here's what happened during the exercise.</a></p><p><strong>3. Etsy is awash with illicit products it claims to ban, including ivory and dangerous weapons. </strong>An Insider investigation identified roughly 800 listings on Etsy selling banned products - from dead pets to poisonous plants and porn. <a href="https://www.businessinsider.com/etsy-sells-ivory-weapons-poisonous-plants-mass-produced-products-2021-4">A look at Etsy's illicit arsenal.</a></p><p><strong>4. SpaceX returned its first full astronaut crew to Earth. </strong>The four astronauts completed a six-month stint on the International Space Station. <a href="https://www.businessinsider.com/spacex-lands-4-astronauts-for-nasa-spaceflight-record-2021-4">Watch video of the splashdown here.</a></p><p><strong>5. YouTube TV has been pulled from Roku devices.</strong> The reason? Google, the streaming service's parent company, is locked in a contract dispute with Roku. <a href="https://www.businessinsider.com/youtube-tv-pulled-from-roku-devices-2021-4">Here's what that means for Roku users.</a></p><p><strong>6. Amazon confirmed Prime Day will happen earlier in the summer this year. </strong>The annual mega-deals event will return to a summertime slot this year, after being pushed back to October last year due to the pandemic. <a href="https://www.businessinsider.com/amazon-confirms-prime-day-this-year-early-summer-2021-2021-4">What you need to know.</a></p><p><strong>7. Google's hot desk invention solves one of the biggest frustrations of sharing a workspace. </strong>The desk, which is still a prototype, remembers employees' preferences - when a worker scans their badge, the desk will automatically adjust to the right height and tilt. <a href="https://www.businessinsider.com/google-hot-desk-remembers-workers-preferences-2021-4">The desk could be a new must-have for hybrid working.</a></p><p><strong>8. If you have $300,000, you can buy a gold-plated Nintendo Wii made for Queen Elizabeth II. </strong>The gaming console was custom made for the queen, who rejected it and sent it back. Now, it's up for sale on eBay - and it could be yours. <a href="https://www.businessinsider.com/gold-nintendo-wii-made-for-the-queen-ebay-selling-2021-4">Check out the Wii here. </a></p><p><strong>9. These 10 headhunters are helping fintechs land big hires and stand out in the talent war. </strong>Fintechs like Coinbase, Stripe, and SoFi have turned to outside recruiting firms to attract top talent. <a href="https://www.businessinsider.com/fintech-headhunters-recruiters-hiring-staffing-tech-talent-startups-2021-4">See our comprehensive list of the recruiters.</a></p><p><strong>10. Fintech startup Marqeta is going public in June, sources tell Insider. </strong>Marqeta - which issues debit cards to companies like DoorDash and Instacart, and banks like Goldman Sachs - was last valued at $4.3 billion. <a href="https://www.businessinsider.com/fintech-giant-marqeta-to-become-a-public-company-in-june-2021-4">Get the scoop on its IPO plans.</a></p><p><em>Compiled by Jordan Erb. Tips/comments? Email </em><a href="mailto:jerb@insider.com"><em>jerb@insider.com</em></a><em> or tweet </em><a href="https://twitter.com/jordanparkererb"><em>@JordanParkerErb</em></a><em>.</em></p><p><strong>Sign up for </strong><a href="https://newsletter.businessinsider.com/join/free"><strong>more Insider newsletters here.</strong></a></p>

10 things in tech you need to know today

<p>Hello readers, </p><p>Happy New Year!</p><p>In case you missed it, <a href="https://www.businessinsider.com/top-finance-stories-of-the-year-2020-12">check out our rundown of the Wall Street stories that defined 2020</a>. There's plenty to catch up on, but here are just a few of my personal favorites: </p><ul><li>How Dan Sundheim became the LeBron James of investing and <a href="https://www.businessinsider.com/dan-sundheim-profile-d1-viking-billionaire-net-worth-bio-performance-2020-10">launched one of the hottest hedge funds on earth</a></li><li>40 insiders reveal the meteoric rise of <a href="https://www.businessinsider.com/profile-of-silver-lakes-egon-durban-2020-6">Silver Lake's Egon Durban, </a>the tech-focused PE firm's No. 1 dealmaker</li><li>Meet Ram Sundaram,<a href="https://www.businessinsider.com/profile-of-goldman-sachs-executive-ram-sundaram-2020-7"> the leader of a secretive Goldman Sachs desk that's minting billions </a>by designing some of the bank's most imaginative - and controversial - trades</li></ul><p>And now that we're officially on Day 2 of 2021, it's a great time to take stock of what to expect in the year ahead for everything from <a href="https://www.businessinsider.com/merger-acquisition-deal-flow-outlook-2021-trends-activity-healthcare-tech-2020-12">M&amp;A activity</a> and the future of the <a href="https://www.businessinsider.com/goldman-sachs-bankers-tmt-2021-biden-ipo-roadshow-forecast-12">IPO roadshow</a> to <a href="https://www.businessinsider.com/financial-advisor-recruiters-blockbuster-year-2021-outlook-wealth-management-2020-12">financial-advisor moves</a> and the <a href="https://www.businessinsider.com/fintech-trends-vc-investors-watching-2021-embedded-finance-2020-12">next hot fintech trends</a>. You can read some of our biggest predictions below. </p><p>If there's one takeaway, it's that there will be plenty of news, deals, and drama to keep tabs on. If you're not yet a newsletter subscriber<em>,</em> <a href="http://newsletter.businessinsider.com/join/4np/insider-finance">you can sign up here</a> to get your daily dose of the stories dominating banking and business.</p><p>We also have a must-see live event coming up on Jan. 5 - <a href="https://www.businessinsider.com/webinar-how-to-make-the-most-of-ppp-loans-guidance-2020-12">Sign up here</a> <a href="https://www.businessinsider.com/webinar-how-to-make-the-most-of-ppp-loans-guidance-2020-12">for our webinar on how to make the most out of PPP.</a></p><h3><a href="https://www.businessinsider.com/merger-acquisition-deal-flow-outlook-2021-trends-activity-healthcare-tech-2020-12">M&amp;A trends to watch, from a SPAC buying frenzy to a jump in cross-border deals</a></h3><p><a href="https://www.businessinsider.com/merger-acquisition-deal-flow-outlook-2021-trends-activity-healthcare-tech-2020-12"><em></em></a></p><p>From Reed Alexander:</p><p style="padding-left: 40px;"><em><keyword id="101447" type="EVENT" weightage="60" keywordseo="MA">M&amp;A</keyword> activity came <a href="https://www.businessinsider.com/inside-sp-global-merger-ihs-markit-bankers-travel-deals-advisors-2020-12">surging back</a> in the latter half of 2020. Now, <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword> is primed for robust dealmaking in 2021. </em></p><p style="padding-left: 40px;"><em>A new regime in Washington could alleviate the apprehensions of some overseas buyers and spark renewed cross-border dealmaking activity, said Vito Sperduto, co-head of global M&amp;A at RBC Capital <keyword id="31671" type="CITY" weightage="60" keywordseo="markets">Markets</keyword>.</em></p><p style="padding-left: 40px;"><em>Cross-border transactions are likely to see a "significant uptick" once the administration of President-elect Joe Biden steps in, Sperduto said. While some international deals have happened in the past four years, "there already was a slowdown in cross-border transactions pre-pandemic," he said, "and it's just gotten worse."</em></p><h4><a href="https://www.businessinsider.com/merger-acquisition-deal-flow-outlook-2021-trends-activity-healthcare-tech-2020-12">Read our full list of 12 M&amp;A predictions here. </a></h4><h3><a href="https://www.businessinsider.com/hedge-fund-managers-to-watch-2021-coatue-bridgewater-launches-emerging-2020-12">Hedge funds to watch: Big names, new launches, and under-the-radar managers</a></h3><div type="image" title="Daniel Sundheim" height="2184" width="4368" msid="80074762" hostid="261"></div><p>From Bradley Saacks:</p><p style="padding-left: 40px;"><em>Hedge funds, on average, had a good year - the most recent Preqin data shows hedge funds are up more than 13% for the year after a strong November. </em></p><p style="padding-left: 40px;"><em>But performance wasn't equal across all strategy types, with concentrated equity man</em>ager<em>s - especially those with <a href="https://www.businessinsider.com/dan-sundheim-profile-d1-viking-billionaire-net-worth-bio-performance-2020-10?r=d1-teaser">big private-market bets</a>- leading the way while well-known <a href="https://www.businessinsider.com/quant-hedge-funds-are-getting-slammed-thanks-to-coronavirus-volatility-2020-3">quants struggled</a>. And a lot of those trends are expected to carry over through the new year. </em></p><h4><a href="https://www.businessinsider.com/hedge-fund-managers-to-watch-2021-coatue-bridgewater-launches-emerging-2020-12">Here are the 12 hedge funds to have on your radar in 2021.</a></h4><h3><a href="https://www.businessinsider.com/fintech-trends-vc-investors-watching-2021-embedded-finance-2020-12">Embedded finance, finfluencers, and a 'great rebundling'</a></h3><div type="image" title="Charli Damelio and Dixie Damelio speak during Graduate Together" height="1267" width="2535" msid="80074764" hostid="261"></div><p>From Shannen Balogh:</p><p style="padding-left: 40px;"><em>Insider asked four <keyword id="2461546" type="PERSON" weightage="60" keywordseo="FinTech">fintech</keyword> investors what they're looking out for in 2021. All mentioned embedded <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> as a major trend that's likely to continue as fintechs, and those in other industries, look to expand the types of services they offer customers.</em></p><p style="padding-left: 40px;"><em>"I think we're in a great rebundling," Ashley Paston, an investor at Bain Capital Ventures, told Insider. "If you look in any fintech, they have expanded outside of their initial product to create more value for their end customer."</em></p><p style="padding-left: 40px;"><em>Investors also see a rise of 'finfluencers' to help reach younger customers, especially after Step, a digital bank for teens, launched in partnership with TikTok star Charli D'Amelio. Since its rollout in October, the fintech has over 500,000 sign-ups and <a href="https://www.businessinsider.com/step-no-fee-digital-bank-teens-launches-charli-damelio-tiktok-2020-9">raised a $50 million Series B</a>.</em></p><h4><a href="https://www.businessinsider.com/fintech-trends-vc-investors-watching-2021-embedded-finance-2020-12">Read our full rundown of the next hot fintech trends here. </a></h4><h3><a href="https://www.businessinsider.com/banking-2021-industry-trends-outlook-citi-jpmorgan-wells-ally-retail-2020-12">What's next for consumer banking</a></h3><div type="image" title="FILE PHOTO: A woman passes by a Chase bank in Times Square in New York City, U.S., March 7, 2019. REUTERS/Brendan McDermid" height="400" width="800" msid="80074765" hostid="261"></div><p>From Carter Johnson:</p><p style="padding-left: 40px;"><em>The past 12 months accelerated trends like mobile banking and digitization that have long been building in consumer banking. Both were part of a broader shift away from in-person branch visits as customers shunned human contact during the pandemic. </em></p><p style="padding-left: 40px;"><em>It's no surprise, then, that as 2020 turns into 2021, predictions for what banks will prioritize revolve around further developing technological capabilities and online customer experience. </em></p><p style="padding-left: 40px;"><em>Digitization and cloud technology, as well as the broader consumer credit environment and <a href="https://www.businessinsider.com/citigroup-spending-1-billion-to-shore-up-risk-management-controls-2020-9">cost-cutting</a> measures, were top of mind when bank execs discussed their goals for the year ahead.</em></p><h4><a href="https://www.businessinsider.com/banking-2021-industry-trends-outlook-citi-jpmorgan-wells-ally-retail-2020-12">Here's what's in store for 5 big banks in 2021, from leadership changes to ambitious tech pushes.</a></h4><h3><a href="https://www.businessinsider.com/fintech-exits-vc-investors-deals-ipo-2021-outlook-funding-valuation-2020-12">Fintech investors are excited for another big year after 2020 blew away their expectations</a></h3><p><a href="https://www.businessinsider.com/fintech-exits-vc-investors-deals-ipo-2021-outlook-funding-valuation-2020-12"><div type="image" title="Jay Ganatra" height="1133" width="2266" msid="80075098" hostid="261"></div></a></p><p>From Shannen Balogh:</p><p style="padding-left: 40px;"><em>Many fintechs saw massive growth and adoption in 2020. </em><em>There's also been no shortage of funding. Private funding has surged with a record number of mega-rounds - $100 million and above - this year, <a href="https://www.cbinsights.com/research/report/fintech-trends-q4-2020/">according to a recent CBInsights report</a>. And fintechs like <a href="https://www.businessinsider.com/buy-now-pay-later-growth-timeline-fintechs-affirm-klarna-paypal-2020-9">Affirm</a> and Marqeta are gearing up for IPOs.</em></p><p style="padding-left: 40px;"><em>Investors don't see things cooling down any time soon.</em></p><p style="padding-left: 40px;"><em>"We're very excited for some of our more mature companies for the exit environment that they'll be seeing," said Jay Ganatra, partner at PayPal Ventures, whose <a href="https://www.businessinsider.com/biggest-strategic-investments-from-payments-companies-like-paypal-and-amex-2020-2">portfolio companies</a> include personal finance app Acorns and <a href="https://www.businessinsider.com/earned-wage-access-on-demand-pay-privacy-gusto-adp-payroll-2020-11">earned wage access</a> startup Even.</em></p><h4><a href="https://www.businessinsider.com/fintech-exits-vc-investors-deals-ipo-2021-outlook-funding-valuation-2020-12">Here's why fintech investors are so optimistic about opportunities in 2021, from M&amp;A and public listings to competitive private funding rounds.</a></h4><h3><a href="https://www.businessinsider.com/legal-tech-trends-predictions-2021-industry-insiders-consolidation-platforms-2020-12">Tech will continue transforming the legal industry at lightning speed</a></h3><div type="image" title="legal tech lady justice code 2x1" height="762" width="1525" msid="80074768" hostid="261"></div><p>From Yoonji Han: </p><p style="padding-left: 40px;"><em>2020 was a big year for legal <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech">tech</keyword>. As law firms and businesses across industries shifted to remote work, legal tech companies stepped in to offer digital solutions to help streamline the transition, from client relationship management to contract analysis.</em></p><p style="padding-left: 40px;"><em><a href="https://www.businessinsider.com/vcs-reveal-how-tech-will-impact-the-legal-industry-workforce-2020-7">Shrinking budgets and increasing client demands</a> for efficiency further spurred lawyers' adoption of technology. </em></p><p style="padding-left: 40px;"><em>"It's an exciting time for the legal profession," said Jack Rives, executive director of the American Bar Association. "Attorneys are embracing and growing more comfortable with technology."</em></p><p style="padding-left: 40px;"><em>Insider spoke with six legal tech experts on the biggest transformations of 2020, and their predictions for the year ahead.</em></p><h4><a href="https://www.businessinsider.com/legal-tech-trends-predictions-2021-industry-insiders-consolidation-platforms-2020-12">Here are the 5 big trends to watch.</a></h4><h3><a href="https://www.businessinsider.com/financial-advisor-recruiters-blockbuster-year-2021-outlook-wealth-management-2020-12">Top headhunters expect another busy</a><a href="https://www.businessinsider.com/financial-advisor-recruiters-blockbuster-year-2021-outlook-wealth-management-2020-12"> year for financial-advisor moves</a><a href="https://www.businessinsider.com/financial-advisor-recruiters-blockbuster-year-2021-outlook-wealth-management-2020-12"></a></h3><p><a href="https://www.businessinsider.com/financial-advisor-recruiters-blockbuster-year-2021-outlook-wealth-management-2020-12"><div type="image" title="rise in financial advisor hiring 2x1" height="1200" width="2400" msid="80074769" hostid="261"></div></a></p><p>From Rebecca Ungarino:</p><p style="padding-left: 40px;"><em>Not since the last financial crisis has Jeff Feldman, a Chicago-based recruiter and consultant for financial advisors, seen such a frenetic year of activity.</em></p><p style="padding-left: 40px;"><em>2020 has been his second-busiest on record by volume, bested only by 2009. And he doesn't see that slowing down. Today, Feldman's roster of clients includes wealth managers First Republic, LPL Financial, RBC Capital Management, and <a href="https://www.businessinsider.com/rockefeller-capital-greg-fleming-recruiting-expansion-strategy-2020-7">Rockefeller Capital Management</a>. </em></p><p style="padding-left: 40px;"><em>"I think you're going to see a lot of movement in the first half" of next year, Feldman said. "Because of the past six months, advisors have taken this time to educate themselves on new business models - and the competition."</em></p><h4><a href="https://www.businessinsider.com/financial-advisor-recruiters-blockbuster-year-2021-outlook-wealth-management-2020-12">You can read more about what's stoking the frenzy here. </a></h4><h3><a href="https://www.businessinsider.com/goldman-sachs-bankers-tmt-2021-biden-ipo-roadshow-forecast-12">Goldman Sachs tech bankers predict the IPO roadshow will never be the same</a></h3><p><a href="https://www.businessinsider.com/goldman-sachs-bankers-tmt-2021-biden-ipo-roadshow-forecast-12"><div type="image" title="digital wall street virtual remote work 3 2x1" height="871" width="1743" msid="80074770" hostid="261"></div></a></p><p>From Reed Alexander:</p><p style="padding-left: 40px;"><em>One big change from 2020 that's likely here to stay is the efficiency that has been introduced in the IPO roadshow process, according to <a href="https://www.businessinsider.com/goldman-sachs-partner-jane-dunlevie-investment-banking-tmt-2020-11">Jane Dunlevie</a>, co-head of Goldman Sachs' global internet investment banking.</em></p><p style="padding-left: 40px;"><em>Traditionally, bankers hit the road leading up to an IPO to court investors and generate buzz. </em><em>But the pandemic forced bankers to find <a href="https://www.businessinsider.com/shift4-payments-ipo-nyse-raises-345-million-virtual-2020-6">creative virtual solutions</a> for engaging investors without meeting them face-to-face.</em></p><p style="padding-left: 40px;"><em>"It's been highly productive," Dunlevie said. "We're getting roadshows done in fewer days, for the most part, so we can cut off one or two or even three days of meetings, and these IPOs are getting done I think incredibly successfully."</em></p><p style="padding-left: 40px;"><em>Aspects of that will likely continue.</em></p><p style="padding-left: 40px;"><em>"Our expectation is to try and take the best of both worlds, if and as the world reopens," she said. That might mean management teams hit up one or two large cities, but "we can probably take many of these efficiencies into processes going forward."</em></p><h4><a href="https://www.businessinsider.com/goldman-sachs-bankers-tmt-2021-biden-ipo-roadshow-forecast-12">Read more predictions for IPOs in 2021.</a></h4><h2><strong>Top news from the past week:</strong></h2><ul><li>The <a href="https://www.businessinsider.com/biggeest-legal-lateral-hires-recruiters-headhuntetrs-big-law-trends-2020-12">16 biggest lawyer moves that defined 2020,</a> according to the industry's top legal recruiters</li><li>QR codes are catching on like crazy in restaurants. Now, <a href="https://www.businessinsider.com/paypal-qr-code-payments-in-store-analysts-retail-square-checkout-2020-12">PayPal wants to turn the tech into a new way to pay in-store</a>.</li><li>The Floor, <a href="https://www.businessinsider.com/former-goldman-sachs-cio-joins-banking-fintech-the-floor-2020-12">a startup building app stores for banks that nabbed a 25-year Goldman Sachs veteran as chairman</a>, is eyeing fresh funding and a hiring push</li><li>Mastercard's <a href="https://www.businessinsider.com/mastercard-new-chief-product-office-craig-vosburg-b2b-data-payments-2020-12">new chief product officer</a> has big plans for B2B payments and open banking</li><li><a href="https://www.businessinsider.com/goldman-sachs-asset-management-gsam-sheila-patel-retire-memo-solomon-2020-12">Sheila Patel</a>, chair of Goldman Sachs' $1.8 trillion asset-management division and one of the most senior women at the firm, is retiring</li></ul>

Big predictions for the year ahead on Wall Street

<p class="source"><span>Fundbox</span></p><p class="caption">Marten Abrahamsen joins Fundbox as its first CFO.</p><ul class="summary-list"><li>Thinking about an IPO down the line, small business lender Fundbox just hired its first CFO, growth investor Marten Abrahamsen, to get the company ready.</li><li>Fundbox lends to small businesses in the US, and also offers a product to streamline net terms agreements.</li><li>An IPO won't happen in the next 12 or 18 months, Abrahamsen said, but getting the company ready for a listing is certainly part of the plan, he said. </li><li>In the near-term, Abrahamsen will focus on evaluating where the company is spending on its growth, and making sure investments are going to the right parts of the business. </li><li>Abrahamsen thinks Fundbox is well positioned to manage through a possible economic downturn, as there may be more demand for short-term credit.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Click here for more BI Prime stories</a>.</li></ul><p>It's not easy to take a company public. And 2019 showed us just how unforgiving the public markets can be for startups.</p><p><a href="https://www.businessinsider.com/why-uber-disappointing-ipo-could-haunt-company-for-years-2019-5">Uber's</a> stock is down about 17% since its May listing, and <a href="https://www.businessinsider.com/softbank-backed-insurance-startup-lemonade-has-delayed-plans-for-2019-ipo-2019-11">Lemonade delayed its 2019 IPO plans</a> amidst <a href="https://www.businessinsider.com/weworks-nightmare-ipo">WeWork's failed attempt at a debut</a>.</p><p>But it's not all doom and gloom. Fintechs like <a href="https://www.businessinsider.com/tradeweb-president-discusses-ipo-process-electronic-markets-2019-4">Tradeweb</a> and <a href="https://www.businessinsider.com/bill-dot-com-ipo-ceo-raised-193-million-2019-12">Bill.com</a> are both trading above their 2019 IPO prices.</p><p>Thinking about an IPO down the line, small business lender Fundbox just hired its first CFO, Marten Abrahamsen, to get the company ready.</p><p>Fundbox said it's been searching for a CFO for nearly two years.</p><p>"The company is obviously growing and maturing. I think they were safely past their due date of when they should hire a CFO," Abrahamsen told Business Insider.</p><p>Like <a href="https://www.businessinsider.com/small-business-lender-bluevine-raises-102-million-series-f-round-2019-11">BlueVine</a> and <a href="https://www.businessinsider.com/kabbage-launching-payments-platform-execs-explain-combining-lending-with-payments-2019-10">Kabbage</a>, Fundbox lends to small businesses in the US.</p><p>Fundbox also offers a product to streamline net terms agreements, a common practice amongst small businesses whereby goods are exchanged, but vendors are paid later, with terms ranging from 15 to 90 days. The startup offers its customers a cash payout immediately, and then gets paid back separately by the buyer.</p><p>Fundbox raised $176 million in Series C equity funding while also securing a $150 million credit facility in September last year. While the company didn't disclose a valuation from the round, Fundbox CEO Eyal Shinar <a href="https://www.businessinsider.com/fundbox-interview-series-c-fundraising-2019-9">told Business Insider that it would be its last fundraising round</a>.</p><p>Investors included General Catalyst (<a href="https://www.businessinsider.com/softbank-backed-insurance-startup-lemonade-has-delayed-plans-for-2019-ipo-2019-11">Lemonade</a>, <a href="https://www.businessinsider.com/monzo-leads-the-uk-neobank-race-2019-11">Monzo</a>, <a href="https://www.businessinsider.com/stripe-raises-250-million-35-billion-valuation-2019-9">Stripe</a>), Spark Capital Growth (<a href="https://www.businessinsider.com/affirm-debuts-new-shopping-app-2019-10">Affirm</a>, <a href="https://www.businessinsider.com/marqeta-has-become-a-top-us-issuer-2019-12">Marqeta</a>, <a href="https://www.businessinsider.com/plaid-ceo-on-hiring-best-talent-for-us-fintech-unicorn-startup-2019-10">Plaid</a>), and Allianz X (<a href="https://www.businessinsider.com/softbank-backed-insurance-startup-lemonade-has-delayed-plans-for-2019-ipo-2019-11">Lemonade</a>, <a href="https://www.businessinsider.com/online-bank-n26-extends-latest-funding-round-in-expansion-push-2019-7">N26</a>, <a href="https://www.businessinsider.com/pitchdeck-insurtech-startup-quantemplate-series-b-funding-2019-11">Quantemplate</a>). Fundbox has raised $585 million to-date. </p><h2><strong>What's in store for Fundbox's first CFO</strong></h2><p>Fundbox has been operating without a CFO since it was founded in 2013. But Abrahamsen said he wasn't brought in to solve any glaring problems.</p><p>"I'm not stepping into something big and immediate that I need to address," said Abrahamsen. "It's more to partake in longer-term planning of where we're headed."</p><p>An IPO won't happen in the next 12 or 18 months, Abrahamsen said, but getting the company ready for a listing is certainly part of the plan, he said. </p><p>Instead, in the near term, Abrahamsen will focus on evaluating where the company is spending on its growth, and making sure investments are going to the right parts of the business. </p><p>"We're growing up as a business and we've certainly had budgets before, but I think this will be the first year that we will have a budget enforcement process," said Abrahamsen.</p><p>"Given the scale of our business, it's important to take a step back and truly assess the optimal way to spend our resources," said Abrahamsen.</p><p>In addition, Abrahamsen will focus on more predictable revenue results, where there aren't swings month-to-month in customer acquisition and loan origination numbers. Once a company goes public, it's required to disclose quarterly results, so sharp changes between quarters may not be received well in the markets.</p><p>"We have to make sure that it's a streamlined business, as opposed to a business that sprints then rests, even though they might both end up in the right place," Abrahamsen said.</p><p>Before joining Fundbox, Abrahamsen was a growth investor at TCG Capital, a growth equity firm founded by Peter Chernin, former president and COO of News Corp.</p><p>Abrahamsen has never been a CFO before, but has been a board member and participated in committees that hired CFOs for his portfolio companies.</p><p>"I feel like I've done it from every possible angle other than actually inside of a company," said Abrahamsen. "I'm very excited to get to do this full time."</p><h2><strong>A possible upside in an economic downturn</strong></h2><p>While no one has a crystal ball, experts and industry analysts have been predicting an inevitable recession to hit the US economy soon.</p><p>But Abrahamsen thinks Fundbox is well positioned to manage through a possible downturn.</p><p>"There's the macro question, one that we've spent a lot of time thinking about here, and I think there are some potential positive elements if we see a macroeconomic pullback," said Abrahamsen. </p><p>"There might be more of a need for credit, so I think we'll actually see that positively more so than anything else."</p><p>Abrahamsen stressed the importance of strong risk models and underwriting and highlighted that given the shorter term length of Fundbox's loans, which range from 12 to 24 weeks. Fellow small business lenders BlueVine and Kabbage offer term loans starting at 6 months.</p><p>"We have the opportunity to get paid back quickly and reassess models, and turnover of our capital is so fast," Abrahamsen said. </p><p>"I think that's another area where we're uniquely well positioned to both help our customers and add utilization in a scenario where macroeconomically, things aren't quite as good as they are today," he said.</p>            <h3>NOW WATCH: <a href="https://www.businessinsider.com/jennifer-lopez-hustlers-pole-dance-training-2019-9">How Golden Globe nominee Jennifer Lopez trained to pole dance in 'Hustlers'</a></h3>

Small-business lender Fundbox just hired its first CFO. The former VC explains why the startup was overdue for a finance chief.

<p><em>Hello!</em></p><p><em>Welcome to this weekly roundup of stories from Insider's Business co-Editor in Chief Matt Turner. </em><a href="http://newsletter.businessinsider.com/join/4np/insider-weekly"><strong><em>Subscribe here to get this newsletter in your inbox every Sunday.</em></strong></a></p><p><em>What we're going over today:</em></p><ul><li>People are flocking to <keyword id="10840706" type="UNKNOWN" weightage="60" keywordseo="sextech">sextech</keyword> <keyword id="6362513" type="UNKNOWN" weightage="60" keywordseo="startups">startups</keyword>, <a href="https://www.businessinsider.com/sextech-startup-summer-market-booming-2021-4">and VCs are taking note.</a> </li><li>Goldman Sachs' CEO is shaking up the bank - <a href="https://www.businessinsider.com/goldman-sachs-ceo-david-solomon-profile-why-partners-leaving-4-21">and it's pushing some top execs to the exits.</a></li><li>Six families open up about <a href="https://www.businessinsider.com/buy-a-home-during-pandemic-challenges-stories-bidding-wars-2021-4">overpaying, losing bidding wars, and settling for fixer-uppers in a bonkers housing market</a>.</li><li>The <a href="https://www.businessinsider.com/insider-most-transformative-ceos-barra-bourla-narayen-huang-2021-4">most transformative CEOs of 2021.</a></li></ul><p><a href="https://www.businessinsider.com/sextech-startup-summer-market-booming-2021-4"></a></p><p><em>What's trending this morning:</em></p><ul><li><strong>Google's push to bring employees back to offices is frustrating some employees:</strong> They <a href="https://www.businessinsider.com/googles-resistance-to-going-fully-remote-is-frustrating-employees-2021-4">say they'll quit if they can't be remote forever.</a></li><li><a href="https://www.businessinsider.com/googles-resistance-to-going-fully-remote-is-frustrating-employees-2021-4"></a><a href="https://www.businessinsider.com/googles-resistance-to-going-fully-remote-is-frustrating-employees-2021-4"></a><strong style="color: #222222;">Investment banks are racing to staff up:</strong> One recruiting firm <a href="https://www.businessinsider.com/investment-banking-recruiters-hiring-goldman-jpmorgan-attrition-analyst-associate-vp-2021-4">has even formed a "SWAT team" focused on hiring associates and VPs</a>.</li><li><strong><strong>WarnerMedia org chart: </strong></strong>We mapped out the <a href="https://www.businessinsider.com/warnermedia-org-chart-top-execs-ceo-hbo-max-cnn-2021-4">112 most powerful people at WarnerMedia after CEO Jason Kilar's leadership shake-up</a>.</li><li><strong>Etsy is awash with illicit products : </strong>The online marketplace is overflowing <a href="https://www.businessinsider.com/etsy-sells-ivory-weapons-poisonous-plants-mass-produced-products-2021-4">with listings for products it says it bans</a>.</li><li><strong>Your glassware is too big:</strong> And <a href="https://www.businessinsider.com/your-drinking-alcohol-glasses-are-too-big-other-drinking-advice-2021-4">other advice about drinking</a>.</li></ul><h3><a href="https://www.businessinsider.com/sextech-startup-summer-market-booming-2021-4"><strong>Sextech startups are booming</strong></a></h3><p>As Americans prepare for a "<a href="https://www.insider.com/hot-vaxx-summer-pandemic-horniness-is-coming-blissful-release-2021-3">hot vax summer</a>," <a href="https://www.businessinsider.com/sextech-startup-summer-market-booming-2021-4">people are flocking to sextech startups</a> for all things sexual wellness. We spoke with five startups that said they're seeing consumer spending habits change already - and that VCs are also getting in on the fun:</p><p style="padding-left: 40px;"><em>The pandemic made getting it on more difficult for everyone.</em></p><p style="padding-left: 40px;"><em>But now that half of American adults have had at least one dose of the vaccine, that could spell the end of a year of celibacy for many. Some are turning to sexual health and wellness startups to have more titillating and safe sex in the summer of love, startup founders and investors say.</em></p><p style="padding-left: 40px;"><em>The next several months could be boom times for companies in "sextech" and other sexual wellness businesses, from direct-to-consumer lingerie to birth-control delivery. </em></p><p>More on the red-hot sextech market:</p><ul><li><a href="https://www.businessinsider.com/sextech-startup-summer-market-booming-2021-4"><strong>People are flocking to sextech startups to stock up on lube and lingerie to prepare for a wild summer of hookups. And VCs are taking notice.</strong></a></li></ul><p>Also read:</p><ul><li><a href="https://www.businessinsider.com/omada-strategy-sean-duffy-livongo-teladoc-deal-digital-health-2021-4">His biggest rival scored a $13.9 billion buyout. Now the CEO who helped pioneer the digital health industry is under pressure to make a big move.</a></li><li><a href="https://www.businessinsider.com/fintech-giant-marqeta-to-become-a-public-company-in-june-2021-4">$4.3 billion fintech darling Marqeta is planning an IPO as early as June</a></li><li><a href="https://www.businessinsider.com/basecamp-workers-flee-what-some-describe-as-autocratic-culture-2021-4">About a third of Basecamp employees quit after the CEO banned politics and shuttered the DEI committee. Some describe an autocratic culture.</a><br /></li></ul><h3><a href="https://www.businessinsider.com/goldman-sachs-ceo-david-solomon-profile-why-partners-leaving-4-21"><strong>Goldman Sachs' CEO is changing the bank's DNA</strong></a></h3><p><a href="https://www.businessinsider.com/goldman-sachs-ceo-david-solomon-profile-why-partners-leaving-4-21"><div type="image" title="Two images of Goldman Sachs CEO David Solomon in a picture frame on a red background." height="1800" width="2400" msid="82358459" hostid="261"></div></a></p><p>David Solomon, who <a href="https://www.businessinsider.com/goldman-sachs-ceo-david-solomon-profile-why-partners-leaving-4-21">took over as Goldman's CEO in October 2018</a>, has steered the bank to blowout profits and a record stock price. But with partners quitting and burnout soaring, some insiders say the executive's hard-charging style has come at a cost: </p><p style="padding-left: 40px;"><em>"David reviews businesses with a dispassionate, clinical eye," said Jim Esposito, the cohead of Goldman's investment banking division. "There are no sacred cows."</em></p><p style="padding-left: 40px;"><em>On paper, it's working spectacularly. Goldman smashed analysts' expectations and set a revenue record in the first quarter, its stock soared to an all-time high of more than $356, and its ambitious plan to slash $1.3 billion in costs is on track. Wall Street analysts are singing Solomon's praises, as are investors who laud the transparency Solomon has brought to Goldman's operations.</em></p><p style="padding-left: 40px;"><em>But Goldman's top ranks have seen almost unprecedented turnover, with six members of the management committee exiting over the past year. Among them were two Goldman lifers - Eric Lane and Gregg Lemkau, a potential CEO successor - whose departures stunned Solomon. </em></p><p>More on Solomon's hard-driving style - and why it may be pushing execs away:</p><ul><li><a href="https://www.businessinsider.com/goldman-sachs-ceo-david-solomon-profile-why-partners-leaving-4-21"><strong>Goldman Sachs CEO David Solomon is shaking up the bank with his hard-driving style. Here's what's pushing a herd of top execs to the exits.</strong></a></li></ul><p>Also read:</p><ul><li><a href="https://www.businessinsider.com/rising-stars-top-young-equity-research-analysts-wall-street-2021">Meet the rising stars of equity research, up-and-comers making calls on everything from the next big electric car maker to the return of live events</a></li><li><a href="https://www.businessinsider.com/fintech-headhunters-recruiters-hiring-staffing-tech-talent-startups-2021-4">These 10 headhunters are helping fintechs like Coinbase, Stripe, and SoFi land big hires and stand out in the startup tech talent war</a></li><li><a href="https://www.businessinsider.com/hedge-funds-citadel-millennium-raiding-big-banks-hiring-volatility-traders-2021-4">After a year of market shocks and monster trading profits, hedge fund giants like Citadel and Millennium are raiding investment banks for volatility traders</a><br /></li></ul><h3><a href="https://www.businessinsider.com/buy-a-home-during-pandemic-challenges-stories-bidding-wars-2021-4"><strong>Pandemic homebuyers open up about their experiences</strong></a></h3><p><a href="https://www.businessinsider.com/buy-a-home-during-pandemic-challenges-stories-bidding-wars-2021-4"><div type="image" title="Ilan and Sarah Harel" height="1189" width="1582" msid="82358461" hostid="261"></div></a></p><p>Since the start of the pandemic, hopeful homebuyers have been subjected to a buying frenzy that's led to bidding wars, all-cash sales, sight-unseen purchases, and other leaps of faith - and they did it all in the name of achieving <a href="https://www.businessinsider.com/buy-a-home-during-pandemic-challenges-stories-bidding-wars-2021-4">the American dream of homeownership</a>:</p><p style="padding-left: 40px;"><em>After more than a decade renting in Queens, Ilan and Sarah Harel decided to leave the city and buy for the first time. They ultimately scored a $329,000 property in Pleasant Valley, New York, a Hudson Valley town with fewer than 10,000 residents that is just 90 minutes north of their former digs in Queens.</em></p><p style="padding-left: 40px;"><em>But snagging their dream home was no easy feat. It was the long-labored-over result of checking listing websites all day long for three months, making offers on properties for thousands of dollars over asking price, and competing with hundreds of thousands of New Yorkers like them who fled the city for greener pastures around the same time.  </em></p><p style="padding-left: 40px;"><em>Their story illuminates a broader reality: The pandemic upended the real-estate market and, as a result, has pushed homeownership further out of reach. </em></p><p>Read their stories here:</p><ul><li><a href="https://www.businessinsider.com/buy-a-home-during-pandemic-challenges-stories-bidding-wars-2021-4"><strong>Confessions of pandemic homebuyers: 6 families open up about overpaying, losing bidding wars, and settling for fixer-uppers in a bonkers housing market</strong></a></li></ul><p>Also read:</p><ul><li><a href="https://www.businessinsider.com/single-family-rental-investors-squeeze-regular-homebuyers-cerberus-invitation-homes-2021-4">Want to buy a home right now? You might have to outbid a $50 billion private equity firm first.</a></li><li><a href="https://www.businessinsider.com/real-estate-investing-florida-climate-change-flooding-home-prices-insurance-2021-4">Betting on Florida real estate could be a big mistake</a></li><li><a href="https://www.businessinsider.com/aaron-kirman-real-estate-agent-los-angeles-compass-listing-impossible-2021-4">A day in the life of LA superbroker Aaron Kirman, who has hit $7 billion in career sales by selling Southern California's most expensive mansions, estates, and ranches</a><br /></li></ul><h3><a href="https://www.businessinsider.com/insider-most-transformative-ceos-barra-bourla-narayen-huang-2021-4"><strong>Meet the most transformative CEOs of 2021</strong></a></h3><p><a href="https://www.businessinsider.com/insider-most-transformative-ceos-barra-bourla-narayen-huang-2021-4"><strong><div type="image" title="Most impressive CEOs collage including Shantanu Narayen of Adobe, Albert Bourla of Pfizer, Mary Barra of GM, Jensen Huang of NVIDIA" height="1250" width="2501" msid="82358462" hostid="261"></div></strong></a></p><p>Leadership in 2021 is marked by transformation - of business models, of workforces, and of organizations themselves. Insider's inaugural <a href="https://www.businessinsider.com/insider-most-transformative-ceos-barra-bourla-narayen-huang-2021-4">list of the Most Transformative CEOs</a> celebrates four executives who are best meeting the needs of their many stakeholders:</p><p style="padding-left: 40px;"><em>Insider arrived at this list by way of both quantitative and qualitative analysis. We considered the 100 CEOs of the largest publicly traded US companies by market capitalization on the S&amp;P 500 who have been in their positions since at least January 2019. We ruled out executives who are stepping down.</em></p><p style="padding-left: 40px;"><em>We evaluated companies and CEOs across measures of recent financial performance, ratings on employee review sites Comparably and Glassdoor, typical employee compensation and the CEO-to-median-pay ratio, and the 2021 Just Capital ranking of companies' commitment to social responsibility.</em></p><p style="padding-left: 40px;"><em>We believe the following CEOs exemplify the traits and achievements needed to survive and thrive in that challenging environment.</em></p><p>Read the full profiles of each CEO here:</p><ul><li><strong><a href="https://www.businessinsider.com/albert-bourla-profile-pfizer-ceo-leadership-operations-vaccine-pandemic-2021-4">Albert Bourla is ushering in a new era at Pfizer after leading a historic triumph with a COVID-19 vaccine</a></strong></li><li><strong><a href="https://www.businessinsider.com/jensen-huang-nvidia-ceo-management-leadership-graphics-ai-cars-2021-4">CEO Jensen Huang has evolved the $300 billion Nvidia from video-game hardware to AI to autonomous car tech - here's how he sees around every corner</a></strong></li><li><strong><a href="https://www.businessinsider.com/mary-barra-gm-management-style-ceo-strategy-pivot-to-electric-2021-4">How Mary Barra is leading GM as it pivots out of the pandemic and into electric</a></strong></li><li><strong><a href="https://www.businessinsider.com/adobe-ceo-shantanu-narayen-leadership-people-centric-policies-strategic-mindset-2021-3">Here's how Adobe CEO Shantanu Narayen has used people-centric policies and a strategic mindset to lead the software giant</a></strong></li></ul><p>Finally, here are some headlines you might have missed last week.</p><p>- Matt</p><ul><li><a href="https://www.businessinsider.com/henry-kissenger-interview-politics-after-pandemic-china-europe-2021-4">INTERVIEW: Henry Kissinger on the political consequences of the pandemic, China's rise, and the future of the European Union</a><br /></li><li><a href="https://www.businessinsider.com/uber-lyft-drivers-stimulus-labor-workforce-unemployment-2021-4">Uber and Lyft asked Congress to bail out their drivers. Now they can't seem to get enough drivers to come back to work.</a></li><li><a href="https://www.businessinsider.com/mofo-time-logging-software-raises-surveillance-fears-new-normal-2021-4">Morrison &amp; Foerster is starting to track its lawyers' calls, emails, and website visits in an effort to squeeze out billable hours, according to a leaked email</a><br /></li><li><a href="https://www.businessinsider.com/25-fastest-growing-dtc-brands-include-nft-mental-health-startups-2021-4">Here are the 25 fastest-growing DTC brands, according to monthly traffic and growth in Q1 from SimilarWeb data</a><br /></li><li><a href="https://www.businessinsider.com/austin-nashville-raleigh-miami-oracle-apple-incentives-competition-2021-4">Nashville is basically broke, but that didn't stop it from luring Oracle with lavish incentives. Other small cities are also paying top dollar to compete for Big Tech.</a></li><li><a href="https://www.businessinsider.com/stock-picks-to-buy-now-innovative-firms-upside-jabusch-deems-2021-4">Garvin Jabusch and Jeremy Deems returned 141% to investors over the last year by betting on innovation. They share 5 stocks they're bullish on for the long-term - including one they 'very comfortably predict' will surge at least 300%.</a></li><li><a href="https://www.businessinsider.com/resume-template-college-student-get-a-job-at-spotify-2021-4">Read the résumé a college senior used to land her dream internship at Spotify and praise from CEO Daniel Ek</a></li><li><a href="https://www.businessinsider.com/miss-excel-microsoft-tiktok-instagram-influencer-six-figures-2021-4">A Microsoft Excel influencer quit her day job and is making 6 figures from her unconventional way of teaching spreadsheet hacks, tips, and tricks</a></li><li><a href="https://www.businessinsider.com/cnn-business-opens-investigation-into-the-treatment-of-women-employees-2021-4">CNN Business has launched an internal investigation into the treatment of female employees</a></li><li><a href="https://www.businessinsider.com/healthcare-delivery-strategies-unitedhealth-humana-cigna-anthem-cvs-2021-4">Big insurers like UnitedHealth, Humana, Cigna, and Anthem are moving beyond paying for care. A new report reveals just how much their DNA has changed.</a><br /></li></ul>

People are flocking to sextech startups ahead of the 'hot vax summer.' VCs are taking note.

<p>Welcome to <keyword id="9075000" type="UNKNOWN" weightage="60" keywordseo="wall-street-insider">Wall Street Insider</keyword>, where we take you behind the scenes of the <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> team's biggest scoops and deep dives from the past week. </p><p><strong><a href="http://newsletter.businessinsider.com/join/4np/wall-st-insider&amp;hash=f4e91136c13f3c40c496d77bc73475027502">If you aren't yet a subscriber to Wall Street Insider, you can sign up here.</a></strong></p><p>Business Insider asked 34 top execs across investing, trading, and consumer finance how their business, their industry, and their world would transform as a result of the coronavirus. The big takeaways? More remote work, less travel, and a new appreciation for work-life balance.</p><p><strong>You can read the full survey here:</strong></p><h2><a href="https://www.businessinsider.com/whats-next-ceos-future-business-200-finance-covid-19-2020-5">Here's how CEOs are thinking about the future of investing, trading, and banking</a></h2><p>Goldman Sachs is diving deeper into the world of independent financial advice with its deal to buy Folio Financial, a custody, financial-technology, and clearing company primarily serving registered investment advisers. Rebecca Ungarino laid out the reasoning for <a href="https://www.businessinsider.com/why-goldman-sachs-is-buying-folio-independent-financial-adviser-push-2020-5">why Goldman, which has a $509 billion wealth business geared towards ultra-rich clients, is buying the small Virginia fintech</a>— and why there's likely more consolidation and structural change in the broader wealth industry to come. </p><p>It was another <a href="https://www.businessinsider.com/moodys-default-rate-forecast-for-distressed-retailers-triples-2020-5">tough week for retail</a>, capped with <a href="https://www.businessinsider.com/jcpenney-files-for-bankruptcy-amid-coronavirus-pandemic-2020-5">JCPenney filing for Chapter 11 bankruptcy</a> on Friday. Meanwhile, as Dan Geiger reports, <a href="https://www.businessinsider.com/macys-is-looking-to-sublease-headquarters-to-cut-costs-2020-5">Macy's is seeking to dramatically slash the size of its new corporate headquarters in Long Island City, Queens</a>, as it grapples with the coronavirus and the devastating impacts the pandemic has had on the nation's retail business.</p><p>Keep reading for a look at how PE recruiting is quickly evolving, how Wall Street internships will work this summer, and details about a new push at UBS to help family offices get access to private markets. </p><p>Thanks for reading, and have a great weekend!</p><p>Meredith</p><h2>PE recruiting is getting upended</h2><p>Casey Sullivan laid out how recruiters are gearing up for a massive reshuffling of private-equity talent as the coronavirus hits some funds' portfolios. Here are the hottest hiring areas right now — and how the PE employment picture for both senior and junior roles is being transformed.</p><p><strong>Read the full story here: </strong></p><h2><a href="https://www.businessinsider.com/how-private-equity-is-hiring-senior-execs-recruiting-associates-2020-5">6 PE recruiters lay out the biggest trends they're seeing, from senior execs jumping ship to new timelines for scouting junior hires</a></h2><h2>How internships will go virtual</h2><p><div type="image" title="digital wall street virtual remote work 1 2x1" height="1000" width="2000" msid="75777832" hostid="261"></div></p><p>Bank of America is running its summer internship fully virtually this year. Shannen Balogh spoke with Ebony Thomas, an executive in the bank's global human resources division, who laid out how exactly the summer programs will work, and how the firm plans to go about replicating key in-person aspects of the job. </p><p><strong>Read the full story here: </strong></p><h2><a href="https://www.businessinsider.com/bank-of-america-summer-internship-coronavirus-vitual-remote-2020-5">Bank of America's summer internship will be entirely virtual. A talent exec runs through how the bank's 2,000 global interns will learn, network, and volunteer without stepping into an office.</a></h2><h2> </h2><h2>Family offices want in on private-market deals</h2><p><div type="image" title="FILE PHOTO: The logo of Swiss bank UBS is seen at a branch office in Basel, Switzerland March 2, 2020. REUTERS/Arnd Wiegmann" height="2736" width="5472" msid="75777839" hostid="261"></div></p><p>UBS is expanding an internal group focused on better serving rich clients interested in private investments. Rebecca Ungarino laid out the details, and explained how the new effort underlines sophisticated investors' growing appetite for access to asset classes like private equity, private debt, and private investments into public entities.</p><p><strong>Read the full story here:</strong></p><h2><a href="https://www.businessinsider.com/ubs-reshuffling-leadership-to-create-private-markets-focused-group-2020-5">UBS is rolling out the red carpet for ultra-rich people and family offices that want to invest in private-market deals</a></h2><h2>On the move</h2><p>Bank of America has hired Diane Daley — who spent over two decades at Citigroup —  to <a href="https://www.businessinsider.com/bank-of-america-hires-diane-daley-for-ai-governance-role-2020-5">lead its enterprise data governance function.</a> The newly-created role will be focused on data and artificial-intelligence policies, standards, and oversight.</p><h2>Careers</h2><ul><li><a href="https://www.businessinsider.com/coronavirus-pandemic-wealth-management-industry-crisis-financial-adviser-retirement-succession-2020-5">A financial-adviser retirement wave that could put trillions of assets in play is kicking into high gear thanks to the pandemic. Here's how firms are tackling the handover crisis.</a></li><li><a href="https://www.businessinsider.com/how-bcg-is-adopting-new-hire-and-intern-programs-pandemic-2020-5">Top consultancy BCG is letting students pursue a side hustle for their summer internship as it salvages programs for young consultants amid the lockdown</a></li><li><a href="https://www.businessinsider.com/goldman-sachs-summer-internship-virtual-2020-5">Goldman Sachs' summer internship is going virtual, joining the likes of Bank of America and Morgan Stanley who are running remote programs</a></li></ul><h2>Real estate</h2><ul><li><a href="https://www.businessinsider.com/wework-investors-who-wanted-to-sell-in-softbanks-tender-offer-2020-5">Leaked data shows the WeWork stakes that 10 big investors are stuck with — and how JPMorgan wanted to cash out $356 million from the struggling coworking giant</a></li><li><a href="https://www.businessinsider.com/proptech-winners-and-losers-post-coronavirus-pandemic-vcs-2020-5">Here's which real-estate tech startups will soar and which will flop in the new normal of how we occupy space, according to 7 top proptech VCs</a></li><li><a href="https://www.businessinsider.com/zeus-living-cuts-50-of-staff-after-raising-a-downround-2020-5">Airbnb-backed Zeus Living slashes almost half of its remaining staff less than two months after a round of layoffs</a></li></ul><h2>Investing and trading </h2><ul><li><a href="https://www.businessinsider.com/330-million-short-seller-ben-axler-on-coronavirus-pandemic-effects-2020-5">Ben Axler, founder of $330 million short-seller Spruce Point Capital, lays out the sectors he's bet against to take advantage of a huge market disconnect</a></li><li><a href="https://www.businessinsider.com/moodys-default-rate-forecast-for-distressed-retailers-triples-2020-5">Retailers and apparel companies are facing a reckoning amid coronavirus. Here's who could be most at risk.</a></li><li><a href="https://www.businessinsider.com/blackrock-wells-fargo-among-financial-firms-that-are-backing-memx-2020-5">Startup exchange MEMX nabbed buy-in from BlackRock and Wells Fargo — adding to the list of Wall Street titans helping it take on NYSE and Nasdaq</a></li><li><a href="https://www.businessinsider.com/how-citadel-securities-dmms-are-handling-ipos-remotely-2020-5">Citadel Securities has handled 4 IPOs without setting foot on the NYSE floor. Here's an inside look at how the firm went remote.</a></li><li><a href="https://www.businessinsider.com/vise-raised-14-million-series-sequoia-capital-fintech-wealth-management-2020-5">Sequoia Capital is betting zero commissions will transform wealth management — and it's placing a big bet on an AI-based stock-picking startup for financial advisers</a></li></ul><h2>Fintech and payments</h2><ul><li><a href="https://www.businessinsider.com/marqeta-ceo-jason-gardner-interview-hiring-acquisitions-2020-5">The CEO of $1.9 billion Marqeta says it's looking to boost its headcount by 20% and is eyeing smaller startups to buy</a></li><li><a href="https://www.businessinsider.com/buy-online-pick-up-in-store-curbside-tech-retail-restaurants-2020-5">From giants like Shopify to seed-stage startups, these 8 companies are getting a massive boost as shops and restaurants embrace curbside pickup</a></li><li><a href="https://www.businessinsider.com/deloitte-is-laying-off-200-people-toronto-ai-consulting-audit-2020-5">Deloitte just laid off 200 people in Toronto, with cuts to AI, consulting, and auditing — showing the knock-on effects as clients reassess their budgets for big projects</a></li><li><a href="https://www.businessinsider.com/fast-pitch-deck-series-a-stripe-raise-20-million-2020-5">One-click checkout startup Fast used this pitch deck to nab $20 million from investors like fintech giant Stripe. Here's a look at how it laid out its vision for taking on Apple Pay.</a></li><li><a href="https://www.businessinsider.com/bloomberg-upgrades-accessibility-to-data-for-customers-2020-5">Bloomberg just slashed the time it takes for customers to get data from months to hours and it shows Wall Street's insatiable demand for information to trade on</a></li></ul>Read the original article on <a href="https://www.businessinsider.com/wall-street-insider-may-16-latest-finance-news-2020-5">Business Insider</a>

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