SoftBank and Tiger Global, known for their open cheque books and gung-ho approach to fintech investing, have both lost billions of dollars as fintech startup valuations have plummeted. The world’s largest tech investment fund, the Vision Fund, lost $21.74 billion in the quarter due to miscalculated bets on unprofitable tech and fintech companies. The Japanese conglomerate’s Vision Fund 2 has also been dinged-up for making multi-million dollar investments in fintech high flyers eToro, Revolut, and Klarna. Tiger Global, which has invested in Revolut, Checkout.com, and TrueLayer, has also taken a beating and lost about $17 billion.
Fintech Set to Ride Out Tiger Global and SoftBank Mauling