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22 Jul, 5 tweets, 2 min read
1/ $V acquiring Currencycloud.

Currencycloud is an API allowing developers to embed cross-border payment services like FX transfer.

They solve complexity of cross-border payments having built a pipe that connects with banks, payment providers and FX liquidity providers etc
2/ Example use cases - Revolut use them as back end for their FX transfer business, instead of spending millions building their own infrastructure.

UK neobroker Freetrade uses them for FX conversion when UK traders are buying US stocks and utilize to earn FX spread.
3/ In Dec 20 they reported doing monthly volume of $3bn currencycloud.com/company/news/c…

From what I understand, they earn SaaS fees with volume on top.

UK filings show revenue of £27mn for 2019

…te.company-information.service.gov.uk/company/063233…
4/ For those that recall, Visa in 2019 acquired Earthport in the UK, which effectively gave them a global bank payout capability and is one of the legs of this multi-rail strategy.

As example, used by money remittance companies for payouts.

So CC is complementary to Earthport
5/ Overall, $V Visa keeps doing nice little deals like this. Clearly after they initially invested in 2020 they saw something they liked.

Currencycloud expands their fintech offering, complements existing deals like Earthpory and supports the bigger multi-rail strategy at Visa.

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More from @FIGfluencer

Figfluencer & Co Capital Management Partners LP Profile picture
10 Jul
1/ Sell-side analysts receive plenty of criticism from the buy-side and fintwit for being mostly garbage.

As a buy-side user of sell-side research and as an ex sell-side analyst, I wanted to opine on what gives the SS a bad reputation and provide insight into why.
2/ I’ll follow up at a later date with a post in support of the sell-side, discussing how I think the buy-side values the sell-side and why I think it isn’t going to be disrupted by newsletters (sorry fintwit substackers).
3/ Stock picking - Sell-side analysts have a reputation for being bad stock pickers.

At IB’s and independent shops they are positively biased due to IB and corp access conflicts, so they have too many buy ratings.

Example below of an analyst’s recommendations. So many buys.
Read 20 tweets
Figfluencer & Co Capital Management Partners LP Profile picture
29 May
1/ I’ve noticed a good number of IRs recently being promoted to CFO at large public companies.

Toward the end of my time on the sell-side I was nearly appointed Head of IR at a large global financial institution. I didn’t take it in the end as I wanted to move to the buy-side.
2/ It does make me wonder if I stuck it out that maybe I could be on the path to become CFO. In reality though, I would be a terrible Head of IR.

But having been on the sell-side and now buy-side, I have lots of ideas to improve IR if I were to make the move...
3/ Ditch opening remarks - Opening remarks on conference calls are unnecessary if you already have the earnings release out there. If you must make opening remarks just release them ahead of time.

Make the earnings call Q&A only.
Read 22 tweets
Figfluencer & Co Capital Management Partners LP Profile picture
27 May
1/ If the Robinhood S-1 is going to hit this week per the press speculation, then I’ll put this out before the inevitable substack S-1 copy pastes and shadow IR write ups.

From the perspective of a financials specialist, this is what I think key issues will be.
2/ Robinhood IPO’ing at the peak of retail trading activity.

Two examples below of Schwab and Tradestation activity shows how elevated activity is.
3/ Question will be where the new normal shakes out. Due to free trading since 2019, looking at SCHW/AMTD/ETFC historical activity levels isn’t a useful guide but nor is extrapolating recent activity levels.

Looking at SCHW weekly trading volumes and its been slowing since Feb
Read 17 tweets

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