Money Makers Mentor

Fintechs Gain Value as Public Bank Index Falls

Fintech unicorn Chime recently raised $485 million in Series F funding round, making it the most valued fintech company at $14.5 billion.

The online bank saw its value double since December. In the winter, it raised $700 million at a valuation of $5.8 billion. 

Robinhood, the free trading app, also raised $660 million this past week. Its valuation rose to $11.2 billion from $7.6 billion in July 2019. 

Due to pandemic-induced lockdown, customers have been using digital banking channels and gravitating towards fintech. Fintech platforms like Robinhood saw increased activity on its platform despite economic uncertainty due to the global health crisis.

According to DriveWealth’s Global Retail Trends Q2’20 report, there was a 214% increase in trading volume during the second quart…

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