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Illustration: Aïda Amer/Axios

JPMorgan CEO Jamie Dimon today warned in his annual letter that the U.S. and European banking sectors are being surpassed in scale by shadow banks and fintech rivals.

Why it matters: Dimon, who has at least some pull in the Biden White House, is asking for a "level playing field." Or, put another way, a loosening of capital requirements on banks and/or greater regulatory oversight of fintech.

Context: Fintech, either broadly or narrowly defined, is booming.

  • Plaid, which connects fintech apps to bank accounts, this morning announced $425 million in Series D funding led by Altimeter at what Axios has learned was a $13.4 billion post-money valuation. You might recall that Plaid recently bailed on a deal to be bought by Visa, primarily because the $5.3 billion price-tag had become antiquated.
  • "Most consumers now believe that living their financial lives online is the new normal, and we've also seen another inflection point in the number of companies building digital-first financial products ... and the emergence of embedded finance like stored value and rewards and points," Plaid CEO Zach Perret explains.
  • Or, as Plaid investor Mary Meeker puts it: "A new era of finance is underway.”
  • If you combine Plaid's new valuation with the recent $95 billion mark for Stripe, it's just a hair below the market cap for Goldman Sachs. And all of this is the fintech appetizer for next week's Coinbase direct listing feast.

The bottom line: The financial sector has transformed dramatically in the decade since Dodd-Frank became law. New regulatory frameworks could be on the horizon.

Go deeper: Dimon calls on companies to be policymakers

Go deeper

Dimon calls on companies to be policymakers

JPMorgan CEO Jamie Dimon. (Photo: Al Drago/Bloomberg via Getty Images)

JPMorgan CEO Jamie Dimon is calling on companies to play a bigger role in the world’s problems, saying today in his annual shareholders letter that the business sector should be a “responsible community citizen."

Why it matters: Corporations are increasingly facing more pressure to take a stand on politically divisive issues.

Dan Primack, author of Pro Rata
Apr 7, 2021 - Technology

VCs plow money into creator economy companies

Illustration: Rae Cook/Axios

Venture capitalists are plowing money into startups that help content creators to directly monetize their work.

Driving the news: Patreon, a platform that connects creators with fans, today will announce $155 million in fresh funding at a $4 billion valuation.

2 hours ago - World

Tunisian president ousts prime minister, suspends parliament amid unrest

Tunisians stage a protest in response to the problems in the health sector in the country, demanding the resignation of the government and the dissolution of the parliament in Tunis on July 25. Photo: Yassine Gaidi/Anadolu Agency via Getty Images

Tunisian President Kais Saied announced Sunday that he had dismissed the country's prime minister and frozen the parliament amidst mass protests in the country, Reuters reports.

Why it matters: The move, which comes on the 64th anniversary of Tunisia's independence, escalates Saied's longstanding feud with Prime Minister Hichem Mechichi and poses a challenge to the 2014 constitution that "split powers between president, prime minister and parliament," per Reuters.

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