All money, it turns out, should be laundered… Your credit card may be dirtier than a New York City subway pole, and your cash may contain more pathogens than a toilet!
Our bills are home to DNA from animals, traces of drugs, fecal matter, and hundreds of bacteria and viruses. US money is still made from a blend of cotton and linen, which has been shown to have higher bacterial growth than the plastic-polymer notes, issued in over 50 other countries.
Pesky microbes can live on most surfaces for about 48 hours, but paper money can reportedly transport a live flu virus for up to 17 days.
Several countries, including China and South Korea, have taken measures to isolate and disinfect hordes of banknotes with ultraviolet light and exposing it to temperatures over 150 degrees celsius. These bills are not being recirculated and China alone is issuing more than $86b of new notes!
Enjoy your weekend of social distancing and trying to avoid, as the cockney dictionary now defines, a dose of the “Miley Cyrus”!
Congratulations Gabrielle Haddad, named to the Women in Fintech Powerlist 2019 - Innovate Finance has published its annual list of women shaping the future of finance. Congrats to Gabrielle Haddad, COO and Co-Founder of portfolio company Sigma Ratings for the recognition! Read more
MoneyLion and Mastercard discuss partnership and collaboration - Consumers increasingly want (and expect) on-demand access to their money. Portfolio company MoneyLion, with Mastercard, want to facilitate "instant everything" to help members avoid the financial stress of waiting for two to seven days for checks to clear and payments to settle. Read more
Launder Your Money!
Cockneys announce 'Miley Cyrus' as official rhyming slang for coronavirus - In typical cockney slang tradition, one should only use the first half of the term. Used in a sentence, it will be something like, “Oi, wash yer brass bands, we don’t want a dose of that Miley.” Read more
Germ scores for your daily NYC items - Cards ranked the highest with a germ score of 1,206 followed by CitiBike, Cash, and a Park Bench. The lowest was surprisingly the NYC Subway pole with a score of 68. (It is recommended a food establishment have a score of 10 or less). Read more
Fed quarantines US dollars repatriated from Asia - On average, the US Federal Reserve distributes $34b in paper notes every year. The Fed has begun quarantining physical dollars that it repatriates from Asia before recirculating them in the U.S. financial system as a precautionary measure against spreading the virus. Read more
China is sterilizing cash in an attempt to stop the coronavirus spreading - The People’s Bank of China arranged to allocate nearly 600 billion yuan ($86b) of new banknotes. Money removed from high-risk sites such as hospitals and markets would be sealed and specially treated, but it would then be held by the People’s Bank of China (PBOC) instead of re-entering circulation, officials said. Read more
Aiera - New York based investment workflow and events insights platform raised $7m in Series A financing led by Fin Venture Capital and Macquarie Group. Read more
Airbase - San Francisco based spend management platform raised $23.5m in Series A funding led by Bain Capital Ventures. Read more
Empower Finance - San Francisco based challenger bank raised $20m in Series A funding led by Icon Ventures and Defy Ventures. Read more
Jassby - Boston based family finance app raised $5m in the latest venture round from Moneta Capital and Needham Bank. Read more
Leap Finance - India based startup lender for foreign-bound Indian students raised $5.5m in Seed financing led by Sequoia Capital India. Read more
Reserved.ai - Seattle based platform to automate and manage cloud expenses raised $3.3m in Seed funding led by Amplify Partners and Pioneer Square Labs. Read more
Thought Machine - London based cloud platform powering banking services raised $83m in Series B funding led by Draper Esprit. Read more
FinTech Collective Newsletter
Curated News with Context
Delivered every Saturday, the weekly newsletter, produced by our team, provides a tightly edited rundown of global fintech news, along with a bit of our original analysis.