Stripe cuts valuation from $95B to $74B 🤯 What this means?; Celsius finally files for bankruptcy. Maybe banks are better friends after all? 🤔; Launch of European Robinhood: excitement vs. risks 👀

Good Morning FinTech, 15 July

Good day Everyone,

And happy Friday! The week is over - congrats! But we’re going to end it on a high note as today’s issue is super interesting. We’re going to look at Stripe’s valuation cut and what it really means (it’s actually not that bad when you think about it), Celsius filing for bankruptcy (it seems that banks are better friends after all 🙃), and European Robinhood launching across the EU (there seem to be more risks than excitement). So without further ado, let’s just straight into the interesting stuff:

Stripe slashes internal valuation from $95B to $74B 🤯 What does it mean?

The cut 🔪 Payments giant Stripe has slashed its valuation by 28%, becoming the latest FinTech to suffer from the repercussions of a sustained tech sell-off.

More on this 👉 Stripe was last valued at a whopping $95 billion after a $600M funding round sealed in March 2021. This made the FinTech giant one of the most valuable private companies in the world.

The Wall Street Journal first reported that the company informed employees of the mark down by e-mail last week, setting its implied share price at $29, versus the previous calculation of $40. The decision wipes $21 billion off the company's valuation, cutting the headline figure to $74 billion. Quite a bit 😬

What does this mean? 🤔 There are several things, most of which are actually not that bad… Here’s the takeaway: