Weekly Wrap Up - Snoop Dogg is Shilling, Polygon Rolls Out ZK ID, Revolut is Profitable, Unity Adds MetaMask & More!

Fintech Confidential

Mar 10 2023 • 56 mins

Join Tedd Huff of Fintech Confidential, and Bruce Burke of #PAY as they discuss the latest developments in the world of fintech and web3 technology on this week's wrap-up of Bullet Point Bulletins stories.

$33 billion fintech giant Revolut reports first-ever annual profit

Gaming engine Unity adds MetaMask functionality among new Web3 tools

Polygon launches decentralized ID product powered by ZK proofs

Snoop Dogg to Launch 'Shiller': The Live Streaming App Where Everything is Shoppable

$33 billion fintech giant Revolut reports first-ever annual profit

  • Revolut, a fintech giant, reported its first-ever annual profit in 2021, with revenues of £636.2 million ($767.1 million) and a pre-tax profit of £59.1 million.
  • The company's success was due to the growth in subscriptions to its paid packages and overall app usage, along with diligent cost control and a diversified business.
  • Revolut expects revenue growth of more than 30% to £850 million in 2022.
  • The company competes with other digital banks such as Wise, Monzo, and Starling.
  • Revolut has expanded into overseas markets such as the U.S., Brazil, Mexico, and India and has over 25 million users worldwide.
  • The company has been pursuing a banking license in the U.K. for the past two years to source more income from lending activity.
  • Revolut faced concerns from U.K. regulators over the robustness of its internal financial controls and an aggressive working culture, which led to departures of key regulatory and compliance executives.
  • Revolut's crypto business deteriorated sharply, accounting for only 5% to 10% of sales in 2022, down from roughly a third in 2021.
  • As a privately held firm, Revolut is not required to share frequent quarterly reports.
  • Revolut hopes to obtain its U.K. banking license "very soon" and secure external funding.

Blockchain Founders Fund raises $75M to encourage Web3 mass adoption

  • Blockchain Founders Fund has raised $75 million in a fundraising round to support the adoption of Web3 and blockchain technology.
  • The fund will focus on supporting high-potential early-stage pre-seed and seed projects that encourage the mass adoption of Web3 and blockchain technology.
  • The fund has already invested in over 100 startups, including Altered State Machine, Splinterlands, GRID, Krayon, and Magna.
  • The fund plans to potentially spread its investments across more than 200 companies within the next 12 months.
  • The fund will focus on early-stage Web3 companies with strong teams, a demonstrated ability to execute their vision, and a clear, viable business plan that demonstrates a solid understanding of the target market and competitive landscape.
  • The Blockchain Founders Fund takes a team-centric approach when evaluating investments to ensure that only well-rounded teams are chosen for funding.
  • The fund navigates regulatory uncertainty by staying abreast of emerging trends in blockchain governance as they continue to evolve over time.
  • Venture capital investments are shifting toward "non-volatile innovations," including cross-chain bridges, payments and remittances, lending, decentralized autonomous organizations, asset management, and digital identity management.
  • Despite a pullback in venture capital spending by investors in Q4 2022, investors are still looking to bankroll blockchain-based technologies, applications, and startups.
  • The Blockchain Founders Fund leverages its industry connections, including leading institutions and investors in the space, to help its portfolio companies succeed.

Gaming engine Unity adds MetaMask...