Good morning & happy Tuesday! FinTech IPOs are back, so today all eyes are on Japanese mobile payments giant PayPay that's expected to price this week on the Nasdaq under the ticker $PAYP ' We're talking about a SoftBank-backed Super App with 72 million users that just went from burning cash to printing 30% EBITDA margins in just under 2 years, and now it's coming to market at a valuation that got marked down from ~$19.6B to ~$12.4B thanks to macro jitters, not business problems ' We're going to unpack the closed-loop payments model, the lending engine hiding inside, and the SoftBank governance question to figure out whether this is the most asymmetric fintech IPO setup in years (plus, cornerstone bets from Visa, Qatar Holding, and Abu Dhabi Investment Authority tell you the smart money is already paying attention & a bonus dive into Brazil's PicPay inside). Let's jump straight into the fascinating stuff '' Following the money ' FinTech IPOs are back, and Japanese FinTech giant...
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