Fintech Focus For July 7, 2020

Daily Perspective: Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma - which is living with the result of other people’s thinking. - Steve Jobs

Fintech Movers: On March 1, 8% of U.S. Square sellers were effectively cashless; 54 days later, on April 23, the number of cashless businesses had skyrocketed to 31%. - Square

• Apollo intros large loan platform.
• Cloud9 taps OpenFin over trade.
• IBKR sweetens tech, education.
• China fintech targets blockchain.
• HKEX intros first MSCI futures.
• Kabbage doubles customers.
• Bitfinex launches OTC trading.
• Chime and Apple debut products.
• Lydia expanded its credit offering.
• Credit Suisse adds Google Pay.

Benzinga Global Fintech Awards Spotlight:

Every year Benzinga, a leading news and data platform, holds the Global Fintech Awards, a day of dealmaking, networking, and recognition in the financial technology space.

Ahead of the November 10, 2020 event, this newsletter will highlight one disruptive innovator working to create positive and diverse change in the financial services space.

Today's disruptive innovator is Become, a provider of financial solutions to small- and medium-sized businesses.

For a chance to make your mark on the future of innovation and be featured in this newsletter, check out our Global Fintech Awards!

Watch Out For This: Cell phone data that track users' whereabouts show that fewer Americans are patronizing local businesses and chain stores as COVID-19 cases surge in states like Arizona, California, and Florida — a worrying sign that may dash hopes for a swift economic rebound after consumer spending dropped sharply at the onset of the coronavirus pandemic. - CBS

• 40% rise in homelessness.
• Startups drive productivity.
• Fauci: Vaccines are finite.

Image by LPL from Market Ear.

Market Moving Headline: The Fed and Congress have put trillions of dollars into the economy to make up for the lost jobs. More of that money is going to the digital channels, less is going through traditional sales channels. - Connor O'Brien

• Uber acquires Postmates.
• Fed is ready to buy stocks.
• US urges China over trade.
• JMP helps Tesla skyrocket.
• Record cuts to S&P 500 EPS.
• Tech suspends HK service.
• ESG assets grow by 15%.
• Bronco SUV to take on Jeep.