Visa and Mastercard battle for fintechs — JPMorgan, Bank of America rethink branches — Snowflake's IPO soars

Hi!

In a word: Snowflake.

That's what Wednesday was all about, as the cloud-data startup made its much-anticipated appearance on the public markets.

The result? The largest initial public offering ever for a software company, raising $3.4 billion.

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Mastercard nabs fintechs from Visa

I might be biased, but here's an interesting story from Shannen Balogh and I about the battle between Visa and Mastercard to nab fintech clients.

Mastercard has had a string of high-profile wins among startups, including SoFi, Brex, MoneyLion and Dave. We spoke to some of the fintechs about what motivated them to make the jump, along with the Mastercard executive leading the charge to get the young companies on board.

If you're interested to hear about what either of the payment giants can offer young companies, it's worth a read.

Click here to read the full story.

Here's what execs at Bank of America and JPMorgan are thinking about the future of brick-and-mortar branches as digital banking adoption soars

For years, consumer banks have had to field questions about the future of their bank branches. The coronavirus has only accelerated those conversations, as customers have been forced to turn to digital banking. Reed Alexander compiled some recent comments from Bank of American and JPMorgan Chase executives about how they are approaching the topic.

Here's the 12-page pitch deck that Alloy, a fintech that helps vet customer identities and prevent fraud, used to raise its $40 million Series B in less than a month

Pitch deck alert! Here's one for the $40 million Series B fintech Alloy raised. The startup helps banks and fintechs verify customers' identities, a pressing issue as more consumers go digital for their financial needs. Check out the 12-page deck the startup used to raise the round.

Odd lots:

In Five Hours, Daniel Kamensky Destroyed His Career. Why? (Institutional Investor)

Snowflake just had the biggest-ever software IPO. Execs at Coatue, Fidelity, and FactSet explain why they were early adopters of the company's data exchange and how it can transform Wall Street. (BI)

JPMorgan Stops Paying for Junior Traders to Take Uber to Work (Bloomberg)

An Influx of VC Funds Could Be Coming From Banks (Institutional Investors)

The CEO of $24 billion Okta said he would be in 'serious trouble with the SEC' if he raved about his IPO the way Chamath Palihapitiya is talking about Opendoor going public (BI)

A group of Nixon Peabody partners who moved to DLA Piper say they're still owed millions by their former firm, offering a rare look at the disputes that can follow a lawyer's move from one firm to another (BI)

A chef at a popular chain restaurant was suspended for TikToks revealing frozen and microwaved food (Insider)