Top business news: the future of finance, Trump’s key donor, real estate
Hello everyone! Welcome to this weekly roundup of Business Insider stories from executive editor Matt Turner. Please subscribe to Business Insider here to get this newsletter in your inbox every Sunday.
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Hello!
The financial-services industry is changing at a rapid clip, with fintechs addressing people’s needs among the big winners in the wake of the coronavirus, as Dan DeFrancesco and Shannen Balogh reported this week.
For example:
Robinhood, which has seen massive growth as market volatility continues, is now valued at $8.3 billion after its most recent funding round in May. Meanwhile, other personal finance apps like Chime and Stash have also seen record sign-up numbers recently.
With that in mind, Dan and Shannen polled 27 investors to discover the fintechs that are on the cusp of breaking out. While investors could pitch companies both inside and out of their portfolio, the caveat was that none could have surpassed a Series B raise.
The response was impressive, with 60 fintechs nominated. Overall, investors seem more bullish on the future of startups catering to businesses, not consumers, as more than 63% of the selections were B2B.
You can read both lists here:
Investors say these 38 fintechs are the next generation of breakout B2B stars, following in the footsteps of Stripe and Plaid
22 fintechs that VCs and big investors say are on the brink of becoming household names
Speaking of fintech investors, Megan Hernbroth profiled 25 young investors in the space, highlighting what drew them to fintech and what they think are the biggest opportunities.
The investors also shared some tips on how to snag a role in their competitive field. You can read both stories here:
These 25 investors are hunting for the next big fintech unicorn. Here’s what founders should know before pitching them.
The latest class of successful young fintech investors reveals how to land a job in the notoriously exclusive field
Trump’s most important 2016 donor is sitting out 2020
Sean Zanni/Patrick McMullan via Getty Images
Dave Levinthal reports:
Hedge fund billionaire Robert Mercer and his daughter Rebekah ranked among President Donald Trump’s most influential backers in 2016. But they’ve all but abandoned the embattled president and aren’t likely to help him in the home stretch for 2020, five people who know the media-averse Mercers tell Insider.
“They’re 100, 100, 100% out,” an associate of Rebekah Mercer said.
You can read that story in full here:
Trump’s most important 2016 donor is sitting out 2020
In other politics news:
The transformation of the real estate business
Shutterstock
We’ve written at length in recent months about the future of the office, as the coronavirus pandemic forces employers to rethink their needs and landlords to reimagine their model. This week:
In related news, the rapid shift to ecommerce that’s been accelerated by COVID 19 is putting severe pressure on malls and placing fresh emphasis on warehouse space.
Separately, I want to highlight a couple of things before I go:
Below are headlines on some of the stories you might have missed from the past week.
— Matt
Inside the rise of Ram Sundaram, the leader of a secretive Goldman Sachs desk that’s minting billions by designing some of the bank’s most imaginative — and controversial — trades
Top management-consulting salaries, revealed: How much Bain, BCG, and McKinsey consultants make, from entry level through partner roles
Bernstein says buy these 13 dividend-rich stocks built to capitalize on a trend not seen in 65 years
19 media startups that top VCs say are poised to take off in 2020, as the pandemic reshapes the industry
Insiders at Complex Networks said the company was built on Black culture but that the sales team ‘whitewashed’ advertising deals for brands, replacing Black people with white people in pitch decks
In March, Trump announced Google would build a coronavirus testing tool. Some employees working on it describe exhausting conditions, stress, and tears as they work around-the-clock to pull it off.
Leaked documents reveal Exxon changed its employee-ranking system amid the coronavirus pandemic, putting more workers at risk of getting cut
POWER LIST: Here are the 18 most outstanding women transforming the sneaker industry today, from designers to influencers
