i can't speak how fintech companies have helped. i believe they are. i can't provide particular data at this time. mr. torres: ok. that's the extent of my questioning. thank you. mr. lynch: the gentleman yields back. it's been a very good discussion. and it was helpful having a mixed of perspectives. i'd like to thank our witnesses for their testimony today. without objection, all members will have five legislative days within which to submit additional written questions for the witnesses to the chair which will be forward to the witnesses for their response. i'd just ask our witnesses to please respond as promptly as you are able. without objection, all members will have five legislative days within which to submit extraneous materials to the chair upon inclusion in the record. i remind members that written questions and materials for the record should be submitted to the email address provided to your offices. this hearing is now adjourned. thank you. [captions copyright national cable satellite corp. 2021] [captioning performed by the national capti

also talking about another fintech company in india.could be that country's august ever initial public offering. the firm paytm is getting ready to list. we will talk to the cfo there and how he justifies the valuation the company is looking for. back to markets and the federal reserve, the central bank in the u.s. very much set the stage. also set the stage in the first word vonnie quinn in new york. vonnie: they are planning to scale back asset purchases by $15 billion. meanwhile the bank can be patient in raising rates but will not flinch to act when needed. they also tweaked the language on inflation to reflect even more uncertainty over how long exactly it will last. ecb president christine lagarde is again pushing back against market bets for a retake in 2022. she says such expectations are inconsistent with the ecb's own analysis, but she did not call traders wrong. that reflects an agreement within the governing council, and doing so could backfire. the ecb will face crucial illicit decisions in december when new economic foreca

. >>> welcome back the nasdaq getting slammed today and fintech company upstart is among the biggestecliners. the company posted a beat on the top and bottom lines and gave better than expected guidance for q4 the stock has skyrocketed this year rallying more than 500% joining us now for a first on cnbc interview is upstart's ceo dave girouard. thank you for joining us here a big picture question just to remind everyone exactly what you do and that is to sort of partner with banks as opposed to challenge them and help them deliver more loans at better prices and better profitability. >> yeah. we describe ourselves as an artificial intelligence lending platform so we're a fintech company that has chosen to cooperate and partner with banks rather than to compete with them so we use sophisticated risk models and a lot of technology and automation to create a better consumer product but one that's also more inclusive and more profitable for banks. >> and the extraordinary overall top-line growth that you've seen over the course of last year is driven by what, you signing up more banks or

they have got an audience of consumers that are excited about cryptocurrency, about fintech.ut these new ways of exchanging value but twitter, i mean, this is not a company with a particularly long leash all this volatility in crypto itself, carl, probably adds a level of risk that's not great you know, it's gone up, it's gone down. there are people, what, we just had tom lee on yesterday who thinks it's going up to 100,000 by the end of the year if you are twitter, half your time has to be spent when to buy and sell crypto when you have a business to run. >> it's like trying to ride a bucking bronco some companies for a time have made that work tesla is a good example. look at robinhood today. so much of their trading was crypto based for a time, close to a record low this morning. >> right they are in the business of crypto that makes a lot of sense for them in way, too, guys, we talk about jack dorsey being the ceo of who companies. how does he have time to do all of this? it shows he is bringing a different playbook to each company. ned siegel maybe calling more of the sh

that is where the fintech payments company is going. now that you can move money with a digital clique, there is no need. when you connect countries, there is a lot of consolidation. haidi: give us your outlook for new digital banks and also what that would mean for the traditional lending space. could we see cannibalizing of this industry? sopnendu: you will see some cannibalizing because the digital bank will offer products on the mobile phone. it will be more efficient. it will be more competitive. we will have to see the trust factor. will the trust shift to a digital bank? if that happens, there is huge competition in that sector. haidi: how open is singapore's capital market for new venture investors? sopnendu: you see the numbers in singapore. last year we had one billion plus investment in the sector. this year, almost three times the number. so, it's growing. investors are deeply entrenched in the space because it is the future. they are willing to risk capital, especially, post-covid. there is a huge demand. a lot of the compa

it is a website in an area very hot at the moment financial technology, fintech as it's known. five-year plan because i've known you, we have spoken, you've been on my podcast, i encourage everybody to check out my talk with tim, it was a while ago, but everyone talks to liz. you were great in explaining that you would come up with this idea simply because you were trying to figure out the best pricing, the best interest rate for credit cards and you just couldn't find a place that explained that to you >> yeah that's right. the founding story is my sister asked me for help finding a credit card and i said sure, kim , let me google that for you, and i found a bunch of spam and nothing resembling anything helpful, so i built her a spreadsheet and you know that same problem applied not just to credit cards but learning and shopping for many different financial products, so we expanded into many areas and then into offering the ability to see all your accounts in one place, and so that's where we are today. liz: much of it is free, obviously, tim and that's how you really gleaned

the fintech markets. with respect to privacy we seen over the past decade particularly the last couple of years entrance into the financial technology providing services that have typically been the domain of more traditional financial services companies . offering those companies a significant opportunity to collect data about their users. about their patterns and habits of consumption, about their location, other personal identifying information that may have value in masecondary markets for sale to brokers or marketing purposes by the transfer fintech companies themselves. can you comment what jurisdiction your agency may have or partner agencies may have to consider how to protect the privacy as more customers are using these novel financial products. >> thanks for the question th senator. our country is turning into a bit of a surveillance state when it comes to some of these tech companies. the ability to combine browsing information, geolocation information, health information and the list goes on

. >>> still ahead on "power lunch," fintech fizzles. pay pell down 40% from its year high care and visa down more than 20%. vee?e the move about th rers that's next on "power lunch. when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds. so we gave 'em thinkorswim web. because platforms this innovative, aren't just made for traders - they're made by them. thinkorswim trading. from td ameritrade. [energetic music throughout] what's strong with me? i know when i'm ready to run. what's strong with me? i can find strength in a rest day. what's strong with me? there are some nights i sleep so well... i'm ready for anything. find out what's strong with you with daily readiness on fitbit. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure

>> some are the biggest investors in fintech they have a venture arm for the early stage fintech. to say we'll do more r&d and invest more. kelly, they are really seen as the payment rails. bitcoin was built to get around that they can spend as much as they want but if you believe crypto probably getting rid of the intermediaries visa is a big one to think about. >> to be continued. >> all right >> thank you. >>> there's a retail route going on today they're down big but up next a retailer that's bucking the down trend. stay with us lots more "power lunch" is coming up. hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this. your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown your sales rep lisa has to send some files, like asap! so basically i can pick the right plan for each employee. yeah i should've just led with that. with at&t business. you can pick the best plan for each employee and get the best deals on every smart phone. >>> it is time for

one of the biggest fintech companies in india.t kind of response will we get from investors today? >> if you look at the market premium usually look ahead at, it is not that great. one to two person. the reasons for that are plenty. the ipo has been priced to perfection. there have been some concerns about how complex the business is. i thing one was saying too many in too many pipes. it is complex to understand. also something people are worried about. that is why it gets attention from the high network individual capacity. not a bump like we have seen in recent banks. >> right. it is interesting, because a lot of us were wondering if india can replicate the same success china did, and how they can change the equity dynamics of that market. what do investors see happening over the company in the long term? what is it mean for the equity landscape? >> last night, might not have a --, but it adds the fintech name. a lot of companies would be looking at more fintech for groups coming in. and if you look at china's transformation, in

, buy now, pay later. >> all those fintechs need software we work a lot of them. fin tex and credit unions and homebuilders and car manufactures to be able to finance all these products and be the financial partner for consumers. how do you underwrite a consumer in real time without having a bunch of paper and back and forth? we are part of the infrastructure that powers that modern experience. we work with the biggest banks to small community banks, big credit unions, small credit unions, fintechs we want to be the source -- whoever wants to innovate, work with blend and we will get you there paster. >> let's talk about the stock option i know that puts new a delicate position my suspicious based on what you just said is today's decline of 13% or thereabouts -- you can see the one-week decline is investors misunderstanding the long-term nature of your business in other words to what would you attribute the kind of declines you have seen in the stock price in recent times? what are they misunderstanding >> part of it is not a misunderstanding part of it is the mor

fintech let's just say not just payments and cloud this is the equal weighted technology sector.hat gives you a sense of the average technology sense against the nasdaq 100, they've held up relatively better. you've also had this sense that, you know, there's this natural rotation going on. the big growth stocks kept the market supported for a couple of weeks. higher yields are a cue to me that the incremental dollars on a given day goes towards value and banks. the real factor driving the activity today is crowding it's broken momentum stocks, heavily owned, on leverage by hedge funds and others and also where the valuations are way out in the future and there's been a little bit of a faltering in maybe the near term growth picture for a lot of these groups out there and a lot of capital fled into these areas and are now being rationalized, guys. >> mike, how different does this look from february >> not terribly different to be honest with you. it seems like an exaggerated, aggravated shakeout of crowded positioning. what we don't know, and you know, february into march, you kn

the past 20 years fintech companies to foster broader audiences and expand access to credit they also have the potential to think differently to amplify opportunities for black and other minority communities. the private sector innovations as well as address and minimum balance requirements to produce the negative impact of volatility. but the by now capabilities so they can comfortably make purchases and spread out payments as they get paid. this is an example. it allows customers to split the cost into smaller payments a without paying any interest or impacting their credit scores the sauce consumers the ability to construct the way they pay for them and only the ones that they keep and further and fintech companies can help and according to the aarp national survey those age 30 and older was facing the unexpected challenge in the past year finding in 2016 there is no retirement savings at all and those disparities existed by race. to 35% of hispanic families. companies can offer high yield savings account automated savings feature robo and micro investing tools for saving opportuni

fintech adam bank has moved to ash fintech a -- fintech atom bank has moved to a four-day workweek within salary. since the start of the pandemic, the british workforce has become younger and more female. analysis by the resolution foundation shows that about 570 6000 people no longer want to work since the coronavirus hit last year. women have benefited from remote working. a goldman sachs analyst has become one of the biggest stars of the financial district. the 26-year-old has earned a spot in the final of the great british bake-off, a reality tv show known in the u.s. as the great british baking show. that is the latest business flash. alix: i love this story. first of all, i love the great british baking show which is what it is called here in the u.s.. i did stop watching after mary barra. guy: berry. alix: what did i say? guy: something else. [laughter] alix: anyway, i love this show so much. the reason why is because it is so much better than all the reality shows in the u.s., particularly when it comes to baking come up because they like each other and i love it area i'm at so

. >> do you think of yourselves as a bank or a fintech or what?t's what the market is grappling with in terms of valuation. >> i think at this point almost every company should view themselves as a tech company we started as a tech company what we're able to deliver is the growth rate of a technology company and the profit and the resiliency of a bank we're a fintech that happens to be a digital bank. >> in that sense, what do you make of the massive growth in fintech and who do you see your biggest rivals as? are you a front-runner in the fintech space or the traditional players? >> yeah. i think what you are seeing is technology disrupted travel and retail and it's arriving now to retail banking.s are goinhe incumbents the clients are relatively high income but they're not being served so wit well so this is a bank that's finding ways to save you money and have been off the lending and now help with spending and savings. >> good to see you thank you for joining us. >> thank you. >>> straight ahead, tesla and other ev stocks higher today we'll te

the ceo told bloomberg that fintech is the biggest opportunity in the country.as been a bright spot for softbank which has been an early investor. >> we would invest another $5 billion to $10 billion in 2022 if we found the right opportunity. >> a website reveals license applications in progress now less than half of the 170 applied last year. previous data shows two were rejected and three were approved. checking in before the japanese open. here's what we're looking at when it comes to futures. there are looking positive. new zealand is the laggard. nikkei futures are one third of 1%. we have over 150 companies set to report earnings in japan today. seoul korea futures are having a pretty good friday. paul: let's leave the planet briefly. spacex's crew is just minutes from docking with the international space station. taking a 22 hour journey for the crew to get there. four astronauts on board. also the european space agency representative. just waiting to dock with the iss. the hatch is not yet open, but i understand we are moments away. they will be rendezvo

west point grad anthony nodo, the ceo of sofi joining us live with how his fintech managed to snag a place in that rivian ipo for retail investors and he's going to give us the scoop on how close he is to getting sofi 's much-awaited bank charter that could be a huge game changer but first let's begin with breaking news, two of the most widely-held stocks the talk of wall street at this hour biggest stories of the day most magical place on earth, nothing but bad luck for the dow at this hour, shav ing 78 points off the blue chips, the stock fell to an 11 month low down 7% and coming in at $0.37 per share that widely missed the $0.51 per share, and revenue also missed, 18.53 billion shy the estimated 18.79 billion, investors looking at disney plus as the villain here, the streaming business posted the lowest new user growth at 2.1 million bringing its total users to 118.1 million analysts were hoping for 119.6 million. so, disney at 162.13 right now let's flip it over to tesla the ev giant at the moment on the move, but not by much. you could call this flat-to- slightly down. that's k

these are really the stand-out fintechs of earning season affirm and sofi better than expected numbers up beat guidance both stocks up double digits affirm really benefits from the partnerships with shopify in particular wheat was really excited as well about that new detail. and new details in general around its deal with amazon. affirm's merchant base jumping from around 6,500 at the end of the june to more than 100,000 in the third quarter. active customers meanwhile up 124% year overyear ceo on the call yesterday saying that they are really relying on partnerships for growth. they're not doing much advertising in the meantime. we new affirm was amazon's first non-credit card buy now pay later credit card but affirm announcing it is the exclusive partner for amazon keyword there through 2023 affirm being added to amazon's digital wallet and amazon gets stock options as part of this deal. >>> affirm's users are still going to the app only about 2.3 times per year on average. so not quite being used as an everyday payment med which is really a long-term goal case for affirm not just s

you can see the conference around everything fintech. a lot of talk around crypto and blockchain.pliance and crypto for together really well. they draft off of that. we see a bright future in regards to crypto. also the centralized finance as we begin to grow the business there. there is a lot of growth there. you have clearly seen as dip our toes into cryptocurrency and blockchain. >> thank you so much for stopping by. coming up, a call to action. save the planet. we will speak with john about his new book, speed and scale. as we go to break, let's take a look at shares of bumbles getting up. the easing of pandemic restrictions has brought new enthusiasm. this is bloomberg. ♪ >> as we near the end of cap 26, much has been said about what we need to do to address climate change. one of the most promising trend is the unprecedented shift from fossil fuel to clean energy. john has been leading the cleantech movement since 2006 and his new book speed and scale dives into how we can reach net zero global missions by 2050. john joins us now. wonderful to have you back on the show. your

emily: went to keep the conversation going on the world of fintech and the payment platform that helpsnies like doordash process their payments reported its third kurd -- third-quarter revenue, stock up after hours. the ceo with us now. what was the most significant driver of today's results? >> thanks for having me, good to see you again. we had 56% growth order over quarter from last year. we sought massive growth in find out--- buy now- pay later. it truly shows the power of our platform. where are customers like square are using service area and we are continuing to grow aro the world. emily: i just spoke with one of their customers, the ceo of doordash. i'm curious how the supply chain challenges are trickling down to you and your customers? >> we do seem -- see how the supply chain is affecting the market but people still need to pay for things whether it is consumers paying merchants, consumers paying consumers. as you continue to grow, whether it is creating the gateway for cardholder suspending the point-of-sale we are continuing to grow the business in the space of global sup

education, fintech, health care. sectors open up and is more smartphone concentration rate increases in many markets, you see more opportunities for b2b and start seeing more things. you have such a good brand across the board and many of these continents, we have inbound interests, people want to talk to us. we can share -- across these funders. that gives us more signals and other people to choose the best investments from. >> i wonder if you are closely looking at innovations like blockchain and nft's. or, is that looking like the 1990's d.o.t. com bubble? hans: we invested in 2016. more of an experiment to see how the sector will go. obviously, it has done well. there is a lot of volatility around the world, instability, it makes it easier for consumers, especially gen z and gen y to put more money into crypto is a way to store value. we feel there is the need for investments for sure. in sections more efficient. it makes the economy go smoother over time. right now, there is more hype than actual end user adopti

. >>> still ahead, talking media, meat substitutes and fintech on your phone in today's earnings exchangehe action, story and trade for disney, beyond meat and sofi stay with us (rhythmic electro rock music) (crowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf. hey businesses! you all deserve something epic! (crowd cheering) - bito, bito, bito, bito! so we're giving every business, our best deals on every iphone - including the iphone 13 pro with 5g. that's the one with the amazing camera? yep! every business deserves it... like one's that re-opened! hi, we have an appointment. and every new business that just opened! like aromatherapy rugs! i'll take one in blue please! it's not complicated. at&t is giving new and existing customers our best deals on every iphone, including up to $800 off the epic iphone 13 and iphone 13 pro. >>> welcome back, everybody. let's get to the biggest ipo of the year, rivian opening for trade on the nasdaq at the top of the hour, raising nearly $12 billion for the largest haul for an ipo in the u.s. since 2014. it is

in fintech, i believe that the ipo market is exciting. emily: thank you.g up, transforming the trucking industry, led by the youngest ceo of a public company. more on the technology we hide the automation and how they stack up to the competition -- more on the technology and the automation. how they stack up to the competition. ♪ emily: transforming trucking, that is what alex rodriguez said to accomplish with research and ideas. he is the youngest ceo of a public company at 26. embarq went public via a spac. it has self-driving trucks. cofounder and ceo alex, congratulations and thank you for joining us. talk to us about where the trucks are now. what can you do and what is the vision to mark alex: it is a super exciting time in the world of self-driving trucks. embark has a leak of truck -- a league of trucks making deliveries. you see trucks on the road, making deliveries. going from the edge of one city to the edge of another autonomously. the next step is to bring in the funding to allow us to take that from a small scale and put it into tens of thous

spending a fair amount of time on that intersection in the new integrations around fintech and artificial intelligence and cryptocurrency. david: let's talk about that. you taught about things. what is the sec doing about cryptocurrencies? are they a security or not a security? gary: it is clear that using this new technology to raise money. the public are anticipating the efforts. that brings it into an investment contract. congress painted with a very broad brush. to protect the public from fraud when people were raising money in the public and the public is anticipating the prophet -- profit. it depends on the facts and circumstances. it depends obviously on each individual token. many of these, maybe even the majority, are tokens raising money from the public. david: should we anticipate that you will have regulations clarifying with the sec is going to do on cryptocurrencies and related types of things in the near future? gary: i think it is pretty clear my predecessor said this more than once, that many of these tokens, what we have asked the trading and lending platforms and other

we have some news out of the hong kong fintech festival.ivering a speech and talking about how personnel data production is high on the agenda. big tech is part of the issue. yvonne: they say it -- basically when it comes to production issues, this control of data. we talked about yesterday how data security is open and the inflation for investors could be quite large. let's do a check of the latest business headlines. one company debuted on its -- doubled on its debut in seoul. it surged after pricing at 90,000 won per share. it is a litmus test for investor sentiment in south korea, where a regulatory crackdown has hit tech stocks. don't miss our interview on bloomberg markets at 10:30 a.m. in hong kong. nintendo reportedly plans to produce 20% fewer switch consuls this fiscal year -- consoles this fiscal year than originally planned. nintendo is struggling to get enough semi conductors to make the machine. the company hoped to make 30 million consuls, but demand has been strong. nintendo shares dropped more than 20% this year amid concer

fintech is an element within the business now.at change the way you perceive those businesses? how much of the business do? you think they will be in the future? these are -- the business do you think they will be in the future? glenn: we want to provide as much value as we can to our supply partners and customers, so when somebody from china wants to show up in, let's say, new york city, the hotel in new york doesn't know anything about --, so we use our fintech unit to come up for ways to people to pay and they want to pay, the supplier gets paid they want to get paid, and we can get some profit out of it, too. we did on was $100 billion of transactions in 2019, and we should be able to monetize that along with great services for both sides of the market place in that area. guy: we look forward to the continued upswing you are seeing. looking for to get to that side of the atlantic. glenn vogel, bookings holdings president and ceo. children are going to be pretty annoyed. your kids are getting paid to get their shots. alix: in n

fintech, you talk about visa paypal also down today but a lot of the newer fintech stocks have done really nothing since the early part of this year the evs are the only group of these four still really riding high, although even today having a little bit of a drop the overall market has been able to absorb this it shows maybe a little bit of a loss of patience on some of these story lines where the business model is projecting maybe some profits in the years out. roku getting a downgrade today where people are just kind of taking the premium out of these long-term stories when they're not delivering right now we'll see if that is just enough residual doubt to keep them from getting to dangerous levels. berkshire hathaway is the ninth biggest stock in the s&p 500 warren buffet's company starting to roll again. hasn't done almost anything since may. if you look at a composite of railroads, insurance, energy infrastructure, all the different components, plus the blue chip stock portfolio, you wouldn't think it would be performing very differently. but it shows you there's really not a lot of

. >> firm a fintech winner with better than expected numbers and upbeat guidance.ed from 6500 june to more than 100,000 in the third quarter thanks to the partnership with shopify users only going to affirm about two to three times a year and not quite being used as an every day payment method but the ceo saying that they're moving to debit forever payments but avoiding traditional credit cards now. >> we intend to offer and have and then debit plus i think it's better than a credit card. credit cards are frankly power tools with no safety you can get yourself in real trouble. >> a boost from some details of the deal with amazon back to you. >> including two tranches of stock purchase warrants. thank you. affirm shares is like the sky's the limit? >> it is a pretty emotional stock. >> same amount yesterday. >> exactly it's kind of got this intense fan base and $140 stock nine months ago today a huge drop and then picked up so the point is got great news flow associated with it. if a lot of people who love the product buy the stock types and a general sense out ther

guys, paypal really the underperforming fintech when you look at it compared to square. the venmo amazon news, i know that dan shulman led the call with this saying it was big. they've been working on it for some time, but it's very, very different than a company that was built with paypal as the back end financial payment system amazon, jon, has our payment information. who will want to sign in on venmo when they already pioneered -- amazon pioneered the one-click heck-out and has all of that data >> yeah. i imagine there will be people who want to and maybe they'll even allow venmo to be one of the options that you can pay with under the one-click that will default either to a credit card or what other payment system you have in there. there are a bunch of people who will say maybe this is why they're so interested in pinterest. they're looking for volume coming in with this projection that they have in the next year that kind of post-pandemic, people are going to get outand physically shop and they're not as strong in the physical world as they are in the digital worl

. >> i'll see them later this week >> we're getting into fintech, we could talk all morning. you're going to come back later this week. >> i'm never going the fact is i have to go my guys wanted to move to sonoma very badly instead now she goes down to del ray. when you get to be my age, you don't want to have the winter any more what can i say. >> we'll talk to you again soon. >> hard to come back east for sure i can testify to that. >>> tom lee will join us with his top picks in tech. >>> bill.com stock is up 750% in the last two years more than tripled over the last 12 months. "techcheck" just getting started. >>> morgan stanley initiates underweight today. after years of rapid growth, we see growing signs of increased competitive and pricing pressure and also adding the risk reward is not worth it for a stock that trades at 26 times 2023 sales. price target there $247. you see shares down almost 12%, john >> a lot of valuation concerns in this market right now you have to look for growth. speaking of small, medium businesses presenting a massive opportunity for players in

loan growth out of the southeast and texas and i also like the community bank which is really very fintech middleful a merger that may get pushed out the administration is anti bank merger but the merger makes sense and be able to employee blockchain to help the process of the company they're buying, it's a large mortgage service earner originator and it will work very well fintech leaning banks are really going to end up being winners here so that's certainly one of them earnings rates have cash build to deploy and intrasensitive so earnings estimates will go up for this entire group assuming the economy does well and i assume it's going to do well i think this is a temporary blow >> how does the move away from using banks as mortgage lenders affect these banks in other words, the largest mortgage lender right now is rocket mortgage or quicken loans as i understand it, and whether they are a bank or not, i don't know they're not a traditional bank in the sense of a brick and mortar place like a wells fargo or a jpmorgan. how does that change the equation here, if at all >> sure. i think t

too many of them got to do more work. >> i wonder your take, when i look at payments right now in fintech, i think that there is a group of companies some public some not yet that really bear more attention one is bill.com, these companies working with small and medium business on rethinking, redoing the way they do payment. avalara is another one working on tax and compliance. you go into the startup world. companies like gusto working on back office kind of putting together the packages of not only back office loan but also payments type capabilities to allow businesses to accelerate faster i'm not sure that the paypals of the world and even the squares of the world are always dominating all of those trends and there is some interesting growth stories there that are taking flight. what do you think? >> you're right. bill.com, i tried to use them at one of my restaurants and didn't have the scale to make it work these are all coming up and sources of funds are these companies. i think that dan shulman at paypal is watching and saying that they think -- what, i just fell off the turnip tr

. >> it's fascinating, jon, you can widen that out and look at some of the up start fintech firms andu >> massive potential addressable market common theme, the companies are relatively early in trying to tap into it they were given massive valuation premiums a year ago, ten months ago because they were given credit for actually getting there pretty quickly and here we are ten months or a year later and they're doing well but not as well as the valuation expected i don't necessarily see a macro or an interest rate driver of those things, specifically unless it's kind of the psychological, hey, we'll buy the most speculative stuff because rates are at 0 i know that's a standard idea. but back in the '99 tech bubble when i remember things being even crazier than we saw in january and february in sp speculative tech yields were 5 and 6% you didn't have that reason. >> i'm thinking what david said last night out of goldman, bon yields will rise in '22 and fast-moving stocks are vulnerable >> sure. >> that view has been institutionalized, hasn't it >> it absolutely has i mean, i get it obv

this quarter didn't exactly excite investors but you do take a look at it compared to the major fintechs and payment companies. positive on the year by about 12%. visa, mastercard, carl those. paypal they're all negative focusing on the bitcoin revenue and the fact that their cfo said that they wouldn't necessarily look to put other crypto currencies on the platform kind of tells you that square isn't sort of in this meme stock or meme coin phrase. they got their start and they expanded so much into financial services and fintech and buy now, pay later is a big theme for them they don't need that meme stock or crypto revenue. >> which is why it is so curious still and to this day, julia jack dorsy's sweet about hyperinflation when it came out a few days ago the working theory was well, maybe seeing through some of square's metrics that playing out in the broader economy but that tweet in particular is going to act as a bit of an overhang for those who are trying to dive into square's internals. >> yeah. and i did think it was really interesting that square effectively blamed bitcoin as y

not a lot of competition, but this is the quarter that many claim is the end of the line for fintech, especially since there's so much money going around to fund new competitors at scale meaning that they have real heft from the get go, taking on the credit card industry, and by extension, processors, visa and mastercard, a firm became the exclusive buy now, pay later for amazon, something that would have been a nice plum for square, given they just shelled out 29 million for after pay another buy now pay later service, and we know it means a lot to macy's, too, as we'll find out later in the show klarna, which is a force internationally, they just smash everyone else this margin, including my beloved paypal, a company with a once roaring stock being crushed mercilessly every day. earned a big chunk of the business of macy's no, not happening. in short, the battlefield is now littered with fin tech busts, and while we're buying paypal for the travel trust, can i tell you something, mastercard, the recent action is a humble reminder that you can't afford to get cocky about a segment, a

discipline to pay down your debt every month. >> there's a tremendous amount of innovation in the fintech space right now. regulators have hinted they might need to crack down because a lot of bank-like activities are happening in nonbanks. would that be a headwind for you? i know you partner with banks but who is it you are effectively trying to disrupt. >> i think we are -- to traditional credit card. we actually work with banks in terms of issuing banks, partner banks, a lot of the credit card balance created by -- actually purchased by banks we have a lot of relationship with banking actors, but they -- something we are watching disrupting is traditional credit card we think it is better for consumers and that's something -- to appreciate, the fact that instead of pushing consumers further into debt and i mean the trillion dollar outstanding credit card debt in this country that carries leverage at 17% interest rate, instead of that figure -- consumers access -- paid down their balance every month. >> very interesting. you even offer crypto rewards to people looking for that. renaud,

dan shulman is a visionary around fintech he sees a convergence between fintech and social commerce,ith facebook for that matter, right i think he's trying to look ahead a little bit, but investors really want to see execution of the current opportunities now as well. >> yeah. speaking of the current opportunities, darrin, i wonder what numbers you're most interested in. square, deceleration of the cash app, see if we'll see something similar in paypal. there's question whether there's been a slow down in downloads the paypal app what are the numbers you're watch for an indicator of what's ahead. >> it's a great point. look, the very important kpis for paypal, net new actives that are added, along with tpd, the volume growth rate we look for quarterly and annual results the company talked about there being anywhere from 55 to 52 million new actives added during 2021 and so, for this quarter, we're hoping they can be roughly in line with what's called 13 to 14 million range to get us to skew up to that level for the full year as you said, some of the app downloads have been light. chu

i was spending a fair amount of time on that intersection in the new innovations around fintech and moresely around artificial intelligence and cryptocurrency. it started with the white paper 13 years ago. david: let's talk about that. you did teach at m.i.t. about things -- you don't like to use the word cryptocurrency -- but essentially cryptocurrencies. what is the sec doing about that? are they a security or not a security? is the currency -- what is it? gary: it is clear that if you are using this new technology to raise money from others, and those other people, the public, are anticipating profits on the efforts, that brings it into an investment contract. congress backed it back in 1933 and 1934. congress painted with a very broad brush. they painted with a broad brush to protect the public from fraud when people were raising money from the public and the public is anticipating a profit based on those individuals raising the money. it depends on the facts and circumstances. it depends obviously on each individual token. many of these, maybe even the majority, are tokens raising m

fintech. while i am disappointed that the sector itself still does not have as many women founders as it should. only 14% of those companies have even one woman on their board, they can still address many of the barriers. the data analytics they have at their fingertips allows for alternative credit scoring, so you're starting to see an expansion of credit to women entrepreneurs that may not have had it. you are starting to see easier processes, more fun processes, lots of games that have come up both in the financial literacy space and in access to finance, reaching down to youth, both boys and girls as well as adults, enjoying learning more about the financial system through technology. a lot of these companies are not regulated yet so they can get things done faster and more nimbly and make some really exciting shifts to reach these populations that have just been left out of the formal financial system until now. aja: it is interesting. you mentioned what companies are thinking and the imp

but even here in singapore, for example, the monetary authority of singapore is hosting a week long fintechnitely a desire here, at least, to try and turn the country into a crypto trading hub, especially when you consider what is going on in china and the crackdown. maybe there is a bit of a gap to be exploited. we have seen over the last few months the monetary authority of singapore issuing more and more licenses to digital token payment systems, so clearly, yes, there is a will, notjust on behalf of the buyers but also on behalf of the authorities over here to try and capitalise on this upward trend. i’m here to try and capitalise on this upward trend.— this upward trend. i'm sure they are — this upward trend. i'm sure they are also _ this upward trend. i'm sure they are also finger- this upward trend. i'm sure they are also finger way. i this upward trend. i'm sure l they are also finger way. aq, they are also finger way. a0, nick, good to see you. stay with us here on —— thank you, next stop gas prices jumped by 10% at the start of the week after fears russian president but amir after

there's things happening with ar and vr and things happening with crypto and fintech.ll of this area is very much accelerating to the future. i think that is part of the reason why the venture industry has been so good, is because technology is important in re-defining many key industries. david: silicon valley is not the only place in the united states where there are technology investments, but it seems like the silicon valley companies seem to be the most valuable and that is where the most activity is occurring. is there something about silicon valley that makes it unique and better than other areas in tech in the united states? reid: there is. silicon valley itself has a number of overlapping network effects. it has a network effect of being the hub by which a lot of english-speaking entrepreneurs from around the world to start their software or technology businesses. there is the hub for capital and knowledge and investing. there is the hub of talent for people growing these companies, which is part of the reason i write this book, "blitz scaling," how do you bui

the second team we are excited about is fintech. its new payment and lending model.es are targeting small and medium business merchants, very exciting. we are trying to let commerce reach the next billion users in the country and that is an exciting trend. we're trying to be an end to an provider of health care in the country. several in our portfolio are scaling well. rishaad: you have this gannett of different companies, a lot of them complement each other. at the same time getting them together to consolidate in certain ways. in order to get that scaling going up. guest: a big part is how we can catalyze growth further. the ways we can connect the dots, help them scale with introductions, opening partnerships with partners. helping with financing. or teambuilding. we're just starting to scratch the surface in terms of how these companies scale. part of it is the transformation taking off across the world, the way customers and small businesses have changed has been fascinating. you see the ways people are shopping. we are benefiting from that trend. haslina: it's

the fintech firm is soaring after the latest earnings report.id they manage it and what is next for them. anthony, i want to start with revia and. you are actually the only training five from to offer rivian shares to investors. >> there were some looking to invest in innovation and a new platform for vehicles. on the ev platform, we had about 300 really dollars of demand for the member base for our ipo. we were able to deliver at least one share to everyone that confirmed the order and had funding but obviously we are well over. emily: well oversubscribed. can you tell us how oversubs cribed? >>>> the demand was very strong. i can't get into details beyond that. emily: do you wish you could have gotten more? how much did it payoff for sofi? >> the way we think about it is we want to deliver a value proposition for our members. we are a one-stop shop. investing is one of those areas. having a different selection within investing is important. we are the only place that offers actual shares, etf's, cryptocurrency and ipo's. that is another piece