Things we are reading today - March 2nd, 2023 - Revolut, SPACs, carbon capture and more

Revolut registers a profit

Revolut’s core product is an account to send, hold and receive money combined with a payment card. It managed to raise an $800 million funding round at a $33 billion valuation in the middle of 2021.

Its good news for investors as the all-in-one fintech app Revolut has released its annual report for 2021.

It nearly tripled its revenue between 2020 and 2021. Because of this explosive growth trajectory, the company reached profitability for the first time.

Here is what its co founder said:

We have achieved our first full year of profit and shown that we can accelerate customer growth, at scale, and grow revenue across all of our product lines.

In 2021 we were granted a full banking licence from the European Central Bank and welcomed millions of new customers. We also launched several new products and saw more activity from our customer base.

Dear investor, you have been "SPAC"ed

SPACs were a pandemic-era Wall Street fad—but now a growing number of ventures that went public in this way have gone bankrupt, highlighting how speculative the SPAC game is.

The problem with the companies that chose the SPAC route is that they’re relatively early-stage, capital-intensive companies that are more risky in general.

This is what has happened now:

It took only 10 months for Quanergy Systems Inc., a maker of high-tech sensors and software, to go from its stock market debut to filing for bankruptcy. Fast Radius Inc., a 3D-printing company, made it nine months. Online retail startup Enjoy Technology Inc. lasted eight-and-a-half months before it filed.

While we are at the topic of SPACs, lets see what the poster child of SPACs has to say:

How much exercised do you need?

Time for Carbon to go back to where it came from?

There is a new plan to sequester carbon. The idea is that major emitters will hoover up their own carbon waste, then pay to have it compressed into liquid and injected back down, safely and permanently, into the same sorts of rocks it came from— This carbon capture and sequestration is on a scale unprecedented around the globe, large enough to put a real dent in climate change.

By some estimates, there’s enough suitable rock on Earth to lock away centuries’ worth of CO2 emissions, past and future. The Intergovernmental Panel on Climate Change has repeatedly affirmed that extensive long-term carbon storage is likely necessary to meet any of its targets to seriously mitigate the overheating of the planet. As of now the amount of carbon sequestered is negligible

Urban clash

Blinkit is planning to launch a new vertical to offer Urban Company-like services—including plumbing, electrician, beautician, and electronics repair—as it looks to diversify its revenue streams. The service is expected to be live in the coming weeks

Snippets from twitter

Fascinated to know that the most common source of credit for Indian families is shops, not banks!

QR-based UPI payments may have made waves, but the good old “udhaar” isn’t going anywhere.

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