Neobanks are killing it, and what Theory Ventures' Tomasz Tunguz thinks of the Series A crunch
Fintech comes back, the Series A crunch, the future of acquihires, AI valuations, Circle’s IPO, and more
Welcome back to Cautious Optimism! It’s Tuesday, July 2nd, 2024. Today we’re chatting fintech earnings and the Series A crunch with Theory Ventures’ Tomasz Tunguz.
Trending Up: Liquid cooling … awkward meetings … Chinese EV sales … AI benchmarking … fintech banking breach contagion … regional tech hubs … possible datacenter IPOs …
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Revenge of the neobanks
Do you remember when neobanks like Revolut were cutting staff, Monzo was trimming costs, N26 was backing out of a critical new market, and the like? Well, the tides have turned.
Despite falling venture interest in fintech startups, a class of unicorns has battled back from a reset and is now putting up numbers that crush.
On the back of Monzo’s impressive results, and news that Revolut was hunting up new capital, we have results from the latter bank’s 2023, and they are good. Revolut’s results include: