GenZ Tea ☕️
Hey Tea Sippers,👋
As the pandemic continues to wind down, we want to emphasize that you should continue to support those local/small businesses in your area who suffered economically. Although the government failed to help these suffering businesses, we as civilians can support them. Get out there and buy! 😎
Tea Pods ☕️:
In this week’s rendition of Tea Pods ☕️, We have Alex Bloomberg of Gimlet Media, who speaks with Jason and Vincent of Bento (An Asian food delivery service), and how they were able to turn their small business into something bigger. They also discuss the obstacles they faced, and the wavering moment between wanting to shut it down or keep pursuing it. If you have some spare time, get some tea and listen.
Hope you enjoy it, cheers!
What’s the Tea Today? 🤔
Ready for this week’s tea?☕️ We are talking Novo Bank closing in on $40 Million 🤩 and Credijusto purchasing a bank 🏦.
Anyways, short and big stories ahead, get your tea ready and start sipping. ☕️
Also, before you get reading, don't forget to join our waitlist! Thanks. 😝
Just Keep Raising 💰
Novo 🏦
Novo is a Neobank bank for small businesses. It supports startups, freelancers, entrepreneurs, and more. They are fresh off a nice raise and are going to keep expanding their operations.
Funding. Novo just raised a round of 40.7 million dollars from investors.
Customers. They currently have 100,000 SMB (Small Business Banking) customers and are actively growing.
Transactions. They have seen 1 billion in lifetime transactions and continue to grow drastically.
What are we seeing within the Neobank space is that companies are continuing to disrupt the traditional way of banking, and are continuing to innovate. They offering products and features that individuals have yet to see and this will continue to occur as the space gets bigger.
The Big Gulp ☕️: There is a lot to digest here, which is why it’s condensed for you. Simply put, Novo is killing the Small Business space and is growing rapidly.
“Novo tripled its small business customer base in the first half of 2021! Their custom infrastructure and banking platform put them in prime position to expand their services at an even faster pace as we come out of the health crisis. All of us at Valar Ventures are excited to join this team,” Andrew McCormack, founding partner at Valar Ventures, said in a statement.
There’s no time to stop now, and they are aware that they are the front-runners in this space. Be on the lookout for Novo. 👏🏾
Buy a Bank 🤑
Credijusto 📈
Credijusto is a Mexican fintech and they just bought a bank! They are dipping their toes into the small business and agricultural world, and this is just the beginning for them. They are working hard to revolutionize the banking infrastructure for Latin America, and this acquisition just put them on the top.
Established. They were founded in 2015 and have created a product that combines many worlds. (Software, Science, and Banking)
Raise. They have raised over $400 million and are still growing.
Goal. Co-CEO David says the goal is to:
“Create a digital cross-border experience for the companies participating in trade between the United States and Mexico”
The Big Gulp ☕️: Small Businesses were often forgotten in the pre-pandemic days, but now we are in new times. Investors, companies, and individuals are noticing that there is a demand for small businesses, and when there is a demand we supply. We are seeing major players such as Credijusto divert and enter the small business space because as you can see the possibilities for growth are endless.
“Our acquisition of Banco Finterra creates the first truly digital banking platform for Mexican [SMBs],” Credijusto Co-CEO Allan Apoj Pascal
Extra Tea ☕️:
GenZ: What type of banking do Gen-z’ers like?
Old Banks: A fintech working to save old banks.
Chime: The industry’s leading Neobank.
Investments: A boost in VC investment in Latin-X and black founded companies.
Sencha “Tea” Fact of the Day 🍃:
Before the Federal Reserve was established in 1913, each bank printed its own money.
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Cheers! ☕️