๐ gears up to offer payments and banking services ๐ฒ; DaveGPT empowers 10M members with personalized AI Assistance ๐ค๐ป; Apex Fintech confidentially files for US IPO ๐
FinTech is Eating the World, 15 December
Hey Everyone,
TGIF! It was a crazy week, and weโre finishing it off with the last three bangers. Today weโre going to look at ๐ gearing up to offer payments and banking services (more licenses & why they matter + some deeper dives into how Elon Musk is building PayPal 2.0), DaveGPT that now empowers Daveโs 10M members with personalized AI Assistance (whatโs the value add & whatโs next + some bonus reads about AI + Finance, and the building blocks of AI Bank of The Future), and Apex Fintech that confidentially has just filed for IPO (why it makes sense + deeper dives into 2 more awesome upcoming FinTechs IPO). Letโs jump straight into the awesome stuff ๐ถ
๐ gears up to offer payments and banking services ๐ฒ
The news ๐๏ธ Money never sleeps. So does Elon Musk whose grand vision for X is coming closer to reality as the platform secures more money transmitter licenses across US states. During the same week.
With the latest approval from Pennsylvania, X now has the green light to facilitate money transfers in 13 states so far. Solid work ๐
Letโs take a look at this.
More on this ๐ This basically lays the foundation for X to introduce peer-to-peer payment capabilities soon, allowing users to send money to each other within the app.
The move essentially replicates services offered by the likes of PayPal PYPL 0.00%โ and Venmo, positioning X as a major competitor in the digital payments arena.
If youโre closely following the space (or actively reading my newsletter ๐), you know that Musk has been vocal about morphing X into an "everything app" akin to China's WeChat, where users can conduct ride-hailing, merchant payments, and even access banking services.
He now expects the rollout of new financial features by the end of 2024.
โ๏ธ THE TAKEAWAY
Looking ahead ๐ We must note that the licensing efforts began before Musk acquired Twitter, starting with less stringent states. Obviously, X still faces significant trust issues around Musk himself that could impact its payments push. Nonetheless, payments and banking could hugely diversify X's revenues beyond just advertising, especially given the recent advertiser exodus. If X can gain enough regulatory approvals and public trust, it could fundamentally transform into a one-stop shop for messaging, transactions, and daily financial needs โ the fruit of Musk's ambitious vision. X may soon be much more than a social network.
ICYMI: Elon Muskโs ๐ receives more money transmitter licenses ๐ฆ [why it matters & whatโs next + a deeper dive into how Musk wants to replace your bank account within 1 year]