Happy hump day!
Two interesting stories broke over the past day or so that highlight the unstoppable force that is fintech.
First up, Trumid, an electronic trading venue for corporate bonds, announced a $200 million raise from the likes of Blackrock and T. Rowe Price that bumps the startup's valuation above the $1 billion mark, as first reported by Bloomberg.
Electronic trading of bonds has been on the rise in recent years, but one of the biggest boosts came with how the venues performed in March and April of this year when markets were at their most volatile.
Next up is a report out of Bloomberg that American Express is in "advanced talks" to acquire small-business lender Kabbage. It's been quite the turnaround for the Softbank-backed startup, which after some initial hurdles early on during the pandemic has gained momentum helping SMBs navigate applying for PPP loans.
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Equifax going all in on the cloud
Saving money. Faster innovation. More security.
That, in short, has been what Equifax's move to the public cloud, via the Google Cloud Platform, has been all about. Bryson Koehler, the chief technology officer of the consumer credit reporting giant, walked me through Equifax's digital transformation and adoption of the public cloud.
The move comes at a time when cloud adoption amongst financial firms is on the rise, but many are hesitant to put sensitive or customer data there.
If anyone would be focused on cybersecurity, it's Equifax, which is just over two years removed from a massive breach that led to the exposure of personal data of over 145 million Americans. Koehler detailed exactly why the public cloud is much more secure than storing data on-premise.
OpenSpace, a startup that applies AI to managing building sites, used this pitch deck to nab $15 million. Here's a look at its vision to be the telemedicine of construction.
Who doesn't love a pitch deck? Alex Nicoll takes a peak inside the deck used by construction tech startup OpenSpace to raise $15 million in a Series B.
A leaked memo shows Bank of America's Merrill Lynch is dealing with 'many' violations related to adviser trainees contacting potential clients
Merrill Lynch Wealth Management is putting the brakes on its financial advisor trainees' abilities to source new business. Rebecca Ungarino has the scoop from some internal memos detailing what went down.
Real estate giant CBRE has an 'unparalleled' amount of data. Its tech chief lays out how it's putting it to good use.
Data remains king. Alex Nicoll spoke with Sandeep Davé, the chief digital and technical officer at CBRE, the world's largest real estate services firm, about how it's looking to lean on data and tech even more during the pandemic.
How people of color can identify mentors on Wall Street and progress their careers, according to a Black JPMorgan VP
As Wall Street works to better diversify its ranks, Reed Alexander spoke to Matthew Meade, a Black vice president at JPMorgan Chase, about ways young people of color in finance can identify and approach mentors at work.
Deutsche Bank has poached a senior trader from HSBC to bolster its distressed-credit business, a powerhouse group that's been hit with defections in 2020
Deutsche Bank just nabbed a senior trader from HSBC for its distressed-credit group. Alex Morrell has the scoop on what that means for the German bank that's looking to rebuild its credit-trading team.
Neighbor, an Andreessen Horowitz-backed startup that wants to be the Airbnb of self-storage, has started partnering with landlords to turn empty offices into spaces for people's stuff
It seems every day the real-estate industry is coming up with ways to make use of space that isn't being rented. The latest strategy is turning offices into self-storage, which demand has been high for. Alex Nicoll has the rundown from Joseph Woodbury, CEO and cofounder of Neighbor.
Secretive data-analytics firm Palantir Technologies has thrived in the shadows, but a coming IPO could poke holes in its most valuable asset — its reputation (Business Insider)
Tech sales and marketing salaries revealed: How much enterprise giants IBM, Oracle, Dell, Cisco, and VMware pay sales reps, managers, and consultants (Business Insider)
Facing pandemic squeeze, universities hit bond markets for cheap cash (Reuters)
Coronavirus Tests the Leadership Style of Goldman Sachs's C.E.O. (NYT)
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