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Showing posts with the label Fintech

Uruguay Fintech Startup DLocal Files For IPO

A major fintech startup from the Latin American region has filed for an IPO on the US markets. That startup is DLocal , which offers cross-border payment gateways for merchants doing business in emerging markets like its home region of Latin America. DLocal has filed an F-1 document with the US Securities and Exchange Commission (SEC) as required for foreign companies seeking to list shares on its markets. The F-1 as usual gives a great insight into DLocal's business with information not publicly known before. Details: DLocal's F-1 document shows that of a fast-growing startup with a history of profitability. It's unlike many companies in the recent crop of IPOs with little or no history of profitability. DLocal made $104mn in revenue in 2020, nearly double its $55mn revenue in the previous year. In 2020, the company reported $28mn in profit, nearly double its profit of $16mn in the previous year, 2019.  DLocal has made its mark as a fast-growing cross-border payment start

Fintech Startup Flywire Files For IPO

Flywire, a Boston-based payments startup, has filed for an initial public offering on the US markets. It's unveiled its S-1 document filed with the US Securities and Exchange Commission (SEC). The S-1 as expected provides a peek into the company's business and financials with information not publicly known before. Flywire is a payments startup serving the education, healthcare, and travel industries. It's a platform for cross-border payments which's crucial in those industries. By the numbers: Flywire's S-1 prospectus shows that of a company with healthy and steadily growing revenue over the years. It reports $132 million in revenue in 2020, compared to $95 million in the previous year 2019. Flywire isn't profitable but reports losses not out of place for a fast-growing startup backed by venture money. It posted respective net losses of $11 million and $20 million in 2020 and 2019. Flywire is backed by venture funding to the tune of over $260 million which it&#

Deal: Affirm Buys Fintech Startup Returnly For $300M

After going public early this year, 'buy now, pay later' company Affirm has made its first acquisition as a publicly-traded company with the purchase of Returnly, a startup that handles payments collections for product returns for online retailers. Affirm is paying $300 million in cash and stock to buy Returnly making it its biggest acquisition yet. It was already an investor and shareholder in Returnly before striking a deal to acquire the company this past week. Returnly handles online returns and post-purchase payments for direct-to-consumer brands selling online. For the basics, it offers customers shopping with its merchants' instant store credit if they buy an item and decide to return them rather than wait long for cash refunds from the merchant itself. The instant store credits given to shoppers make them more likely to purchase another item from the merchant while waiting for their cash refund which's deposited once a return is confirmed by the merchant. For t

Deal: TPG's Rise Fund Invests $200M In Airtel Africa's Mobile Money Arm

The Rise Fund, a $5 billion impact investment fund formed by private equity giant TPG in partnership with Irish singer Bono and tech entrepreneur Jeff Skoll, has made its latest bet with a $200 million investment in the mobile money division of Airtel Africa plc. Officially, The Rise Fund will pay $200 million for a 7.5% stake in Airtel Mobile Commerce BV, which's the holding company for Airtel Africa's mobile money operations. The investment values Airtel Africa's mobile money business at $2.65 billion on a cash and debt-free basis. Airtel Africa announced The Rise Fund's investment in its mobile money arm with a filing to the National Stock Exchange of India . Following The Rise Fund's investment, Airtel Africa will continue to retain a majority stake in its mobile money business while the fund holds a 7.5% minority stake. With that, Airtel Africa notes that it's still in discussions with other unnamed potential investors to sell up to 25% of its mobile money

Trading Platform eToro To Go Public In $10B SPAC Deal

eToro, a popular online platform for trading stocks and cryptocurrencies, is the latest technology company to take the SPAC route towards an exit on the public markets. It's sealed an agreement to merge with  special-purpose acquisition company (SPAC)  FinTech Acquisition Corp. V (NASDAQ: FTCV) in a deal valuing it at $10.4 billion. FinTech Acquisition Corp. V is a SPAC launched by female business veteran Betsy Cohen. eToro is on a path to go public after nearly a decade and a half of existence, wherein it's grown into a major online trading platform that drew $605 million in gross revenue in 2020. Particularly, 2020 was a very good year for eToro, wherein it says it added 5 million new registered users. In 2020, eToro says that it executed 27 million trades each month on average, compared to an average of 8 million trades per month in 2019. Now in 2021, the company reports having added 1.2 million new registered users and executing 75 million trades in January alone. Altogethe

Stripe Raises Fresh $600M, Valued At $95B

Hot payments startup Stripe has closed a big new round of funding, announcing that it's raised a $600 million Series H round that values it at a whopping $95 billion, whereby such valuation makes Stripe now the most valuable private technology company in the US. Stripe's new round came from a mix of existing and new investors including Ireland’s National Treasury Management Agency (NTMA), Allianz X, Axa, Baillie Gifford, Fidelity, and Sequoia Capital.  With the new round, Stripe says that it'll bolster its European operations, particularly in Ireland where the company's two sibling founders, Patrick and John Collison, hail from. It's then no surprise that  Ireland’s National Treasury Management Agency  which's an investment fund of the Irish government chipped into Stripe's new funding round. Europe is a major market for Stripe, with 31 out of the 42 countries that the company is currently present in being from the continent. Over there, Stripe powers onlin

SoFi Buys Small Bank To Hasten Bank-Charter Process

  In a bid to speed up its push to secure a national bank charter, digital finance company SoFi has reached a deal to buy a community bank in California, a publicly-traded one named Golden Pacific Bancorp. SoFi will pay $2.55 in cash for each share of the bank, summing up to an acquisition price of $22.3 million. As noted by SoFi itself, the company's play to buy  Golden Pacific Bancorp is being done to advance its efforts to  obtain a national bank charter from regulatory authorities. SoFi has applied for that and is still awaiting approval from the appropriate authority, the US Federal Deposit Insurance Commission (FDIC). But now, by acquiring a community bank, SoFi will now  switch from applying for a new bank charter to applying for a change of control from that of Golden Pacific to itself. Basically, SoFi is buying a bank with an approved charter rather than waiting to obtain a new charter which usually takes a longer time. If it gets a bank charter, SoFi will be able to hold

British Fintech TransferWise Rebrands As Wise, Ahead Of IPO

The British fintech company TransferWise has carried out a major rebrand, announcing that it'll now adopt only the second suffix of its name, Wise . TransferWise has launched a new homepage,, and says that it'll roll over all its current customers into the domain name by next month March. TransferWise's rebrand as just Wise comes as the company has been reported to be pursuing a soon public offering. Just last month, a report from Sky News said that TransferWise had picked two major wall street banks, Goldman Sachs and Morgan Stanley, to serve as lead book-runners for a planned public offering, and it's expected that the company will list in its home base of London. That TransferWise is reported to be eyeing a soon public offering shouldn't be surprising.  Founded in 2010 as a mere money transfer service, the company has expanded rapidly into one of Europe's premier fintech companies with other services including digital bank accounts for individuals a

Stock Trading App Raises $220M, Valued At $1.2B

In an era of heightened stock trading from retail investors, it seems that the companies really doing good in this era are those selling shovels in a gold rush. This very month, the popular stock trading app Robinhood raised a single funding round of $3.4 billion  after reeling from the GameStop short squeeze saga . Now, another stock trading app has followed Robinhood's lead to raise a big new round., a stock trading app for retail investors that launched only eighteen months ago, has announced that it's raised a new $220 million Series D round that values it at $1.2 billion. The round comes just two months after the company raised a $65 million Series C round and on the heels of it hitting a milestone of 1 million users according to its stats. A mix of big-name investors chipped into the $220 million round, including Tiger Global, electronic duo The Chainsmokers’ Mantis VC, superstar actor Will Smith’s Dreamers VC, Inspired Capital, Aglae Ventures, and YouTube sta

'Buy Now, Pay Later' Firm Affirm Posts First Earnings Report

After going public with a blockbuster listing last month, the 'buy now, pay later' company Affirm (NASDAQ:AFRM) has reported its first quarterly earnings as a public company and posted strong revenues in its fiscal year 2021 second quarter. Affirm posted total revenues of $204 million in its fiscal 2021 second quarter, a 57% increase over the year. The company boosted its gross merchandise volume (GMV) up by 55% over the year to $2.1 billion in the quarter.  Affirm isn't profitable, with a net loss of $31.6 million in its fiscal 2021 second quarter. This is slightly unchanged from a $31 million net loss that it posted in the same quarter last year. Affirm is fresh off an initial public offering that raised $1.3 billion before expenses for the company, and with that, it has enough cash to withstand losses as it works to expand. During the recent quarter which marked its first quarter as a public company, the company completed a major acquisition, purchasing the Canadian &#3

Mike Cagney's Figure Files For $250M SPAC

Figure, a blockchain lending startup founded by Mike Cagney of SoFi fame, is the latest company to form and launch its own special-purpose acquisition company (SPAC). It's filed with the US SEC to raise $250 million for an eponymous SPAC named  Figure Acquisition Corp. I . The SPAC formed by Figure and Mike Cagney hasn't yet indicated any areas of industry where it's seeking a merger target, but for a hint, being formed by a company rather than investment firms and individuals like most SPACs are formed, it's likely that Figure's SPAC will merge with a company with its industry, fintech and blockchain. Figure is a digital mortgage lending platform that says it adopts blockchain technology to make the lending process easier. Founded in 2018, the company has already raised over $200 million in venture funding and was valued at $1.2 billion from its most recent fundraising round. Before founding Figure, Mike Cagney founded the fintech giant SoFi first as a student lo

Payments Company Payoneer Joins SPAC Boom

As this new year and the previous have marked themselves as the years of the most mergers of technology companies with special-purpose acquisition companies (SPACs), the latest company to join the SPAC boom by sealing a merger deal is Payoneer, an American digital payments provider that allows people to send and money receive money worldwide. Payoneer has announced a merger agreement with FTAC Olympus Acquisition Corp (NASDAQ:FTOCU), a SPAC formed by the veteran female banker Betsy Cohen. Payoneer will merge with FTAC Olympus in a deal that values the company at $3.3 billion. From its merger, Payoneer is expected to receive $563 million in cash including a $300 million cash infusion committed by institutional investors like Fidelity, Franklin Templeton, Millenium Management, T. Rowe Price, and the Dragoneer Investment Group. As usual, the rest of the money will come from that held in trust by the SPAC that Payoneer is merging with, FTAC Olympus in its case. Payoneer is looking to go p

UK Clamps Down On 'Buy Now, Pay Later' Apps

The UK government has said that it'll place a close watch on the rising 'buy now, pay later' industry that provides a way for consumers to make steep purchases on credit and then pay back in installments to the lender.  The UK Treasury has said that buy-now-pay-later companies operating in the UK would now fall under the supervision of the country's Financial Conduct Authority (FCA), which will stipulate regulations like affordability checks before loans are made to consumers. The placement of buy-now-pay-later firms under closer regulatory watch follows concerns from consumer groups of customers, particularly young ones, getting lured into debt traps with the use of such services. These apps usually work like a credit card by providing loans to users to make purchases but without the steeper regulatory standards that credit card companies are held to. Providing easy-to-access loans, the main concern is that buy-now-pay-later products could encourage people to spend mor

Brazilian Digital Bank Nubank Raises $400M, Valued At $25B

Nubank, a digital banking company based in Brazil that's made its mark as one of the biggest in the Latin American market, has raised a new Series G funding round of $400 million that values it at a whopping $25 billion.  The Series G round came from a mix of new and existing investors including Singapore's GIC, Invesco, Ribbit Capital, Dragoneer, and Sequoia Capital. With it, Nubank has now raised a total of $1.2 billion in venture funding since it was founded. With a $25 billion valuation, Nubank appears to now be the highest-valued digital banking startup worldwide, speeding past American and European peers such as Revolut, Chime, and N26. It's very notable that the highest-valued digital banking company globally emerged from Latin America, a region that's not known to house a technology industry as big as that of other regions such as North America and Europe. Nubank has succeeded very well as a digital banking service since it was launched seven years ago. It's

Tastytrade Sells For $1B; 2nd Big Exit For Founder

Tastytrade is a popular platform that provides financial media and content for investors and traders as well as provides a platform for its users to trade options and derivatives. Now, it's the latest fintech startup to head for a big exit with a $1 billion sale to the British electronic trading company IGN Group. Tastytrade will be joining IGN in a deal valued at $1 billion net of cash held by Tastytrade. The price is split into $300 million in cash and the remainder with IGN stock. It represents a lucrative exit for Tastytrade which is backed by some $47 million in venture funding. Apparently, IGN, a British company that provides options and derivatives trading and brokerage services for professional investors, is betting that the appeal of retail investors that Tastytrade targets will boost its business. It's agreed to pay a big $1 billion for a company with more than 105,000 active trading accounts that'll then fall under its control. Tastytrade's $1 billion sale r

Digital Lending Startup Blend Raises $300M, Valued At $3.3B

Blend, a startup that makes software for mortgage and digital lending providers, has closed a $300 million Series G round that doubled its valuation to $3.3 billion compared to five months ago. The round was led by the investment firms Coatue and Tiger Global. It was only five months ago that Blend raised $75 million in a funding round that valued it at $1.7 billion. Now, five months later, that valuation has roughly doubled, hinting at very good business prospects for Blend. 2020 was a very good year for the mortgage and consumer lending markets and saw the US mortgage market volume top a record $4 trillion . In the same year, consumer debt hit a record of $14.3 trillion .  Obviously, Blend has benefitted from the lending market surge given it provides software used by the lenders. The company's software is used by over 285 financial institutions in the US including Wells Fargo and U.S. Bank, claiming to process over $4 billion in mortgages and loans each day. With its new funding

Bond Trading Platform Trumid Nabs $50M Top-Up Round

After closing a $200 million round in August 2020, the online bond trading platform Trumid has topped up its coffers with a new $50 million round co-led by new investor DST Global and existing backer Dragoneer Investment Group.  The $50 million round is a secondary round, all being used to buy stakes from current existing shareholders and not going to the company. It values Trumid at $1.4 billion, compared to $1 billion when it closed the $200 million round last year. The $50 million round comes at a time of very good fortunes for Trumid, with the company stating that its Market Center trading platform has experienced 374% year-over-year volume growth. Trumid has boosted its client network to 530 institutions and the number of traders on its platform by 129% over the year. This month, Trumid entered into a strategic partnership with the banking giant Goldman Sachs to provide trading services to Goldman's clients. With the new round co-led by DST Global and Dragoneer, Trumid has no

Affirm Pops On IPO Day

The 'buy now, pay later' company Affirm has finally gone public, doing so to great investor sentiment that pushed its share price up over 100%. Affirm sold shares at $49 apiece and saw its shares rise to $99 during trading on Wednesday. The company raised $1.2 billion from its IPO. Affirm initially priced its shares at between $33 to $38, then $41 to $44, and later settled at $49. Even with the increased share price target, Affirm still popped high on its market debut, indicating great interest and sentiment from investors. Affirm was meant to hold a public offering in December 2020 but postponed its planned offering to adjust its pricing strategy after witnessing the IPO pops of DoorDash and Airbnb. Even after adjusting its pricing strategy, Affirm still couldn't hold off a high pop on the stock market and theoretically left money on the table by selling shares at a price significantly lower than could be tolerated by investors. Affirm filed to go public in November and

UK Fintech Rapyd Valued At $2.5B With New Funding Round

The UK-based payments startup Rapyd has raised a new funding round of $300 million that values it at $2.5 billion. The Series D round was led by the American investment firm Coatue Management, with participation from other new and existing investors including Spark Capital, Tiger Global, Durable Capital, FJ Labs, and Latitude. With the new round, Rapyd's $2.5 billion valuation doubled the $1.2 billion valuation that it got from a previous funding round. Now, the London-based payments startup has raised a total of over $400 million in venture funding. Rapyd is a payments platform that enables enterprises and businesses to handle local and cross-border transactions easily. It bills itself as a "Fintech-as-a-Service" platform, one that brings together 900-plus payment methods in over 100 countries on one platform to help businesses handle online payments with ease. With its new funding, Rapyd will work to expand its reach by doubling its engineering and product teams. The co

Visa Cancels $5.3B Plaid Buy After DOJ Pushback

The payments company Visa has withdrawn from its proposed $5 billion acquisition of the fintech startup Plaid after opposition from the US Department of Justice (DOJ) over antitrust concerns, a statement from the DOJ candidates. Visa has apparently pulled out from what would have been one of the biggest acquisitions in fintech history after the DOJ filed a lawsuit against the company that alleged it sought to acquire Plaid to kill off potential competition. As a lawsuit against Visa was brought, the case was scheduled to begin court proceedings on the 28th of June, 2021, but now with the acquisition canceled, the DOJ has filed to dismiss the case. The canceling of an agreed $5.3 billion acquisition seems like a very big blow for Plaid, which was on the cusp of one of the biggest exits from the fintech industry. The San Francisco-based startup whose platform enables businesses to link to their customers' bank accounts reached a definitive agreement for an acquisition in January 202

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Cashing Out: Jeff Bezos Sells $2.5B Of Amazon Stock

Amazon founder Jeff Bezos has continued his routine selling of Amazon shares to fund his other escapades. For a few years now, he's had an arranged trading plan that sees him regularly sell Amazon stock worth billions of dollars. Jeff Bezos' latest sell-off is of 739,000 Amazon shares worth around $2.5bn, SEC filings show. Another separate filing indicated that he plans to sell as many as 2 million shares that could net him nearly $7bn at current prices. This latest share sell-off from Bezos is noteworthy as one of his last in his position as Amazon's CEO which he's handing off soon to a top lieutenant named Andy Jassy. Jassy is currently CEO of AWS, Amazon's very profitable cloud computing division. Usually, a CEO offloading large amounts of stock in a company he leads draws some displeasure from investors, but as Jeff Bezos would soon no longer be Amazon's CEO, it opens up opportunities to sell larger amounts of shares than usual if the desires. Amazon's

EVs: Ford, BMW Co-Invest In An EV Battery Startup

It's currently of no doubt that electric vehicles represent the future for the automobile market, and many automakers have taken heed to that. Tens of billions of dollars in spending have been earmarked for the R&D and production of electric vehicles by global automakers, with efforts spanning battery development, building new factories, charging stations et al. Now, two of the world's biggest automakers, BMW and Ford, have jointly invested in a startup working on battery technology for electric vehicles. That startup is Solid Power, a Colorado-based startup developing solid-state batteries for EVs. Details: Solid Power has raised a $130 million Series B round  co-led by Ford and BMW. The two automakers were joined by green-focused venture fund Volta Energy Technologies in the round. As part of the strategic round, Ford and BMW have expanded their joint agreements with Solid Power to develop solid-state batteries for their use. In a way, the two automakers are funding and o

Is Apple Brewing A Major Digital Health Play?

That Apple has high ambitions in the digital health space isn't foreign news to anyone following the moves of the company. In fact, its CEO Tim Cook once referred to health as Apple's “greatest contribution to mankind.” Apple's main health product is the Apple Watch for which health represents a major use case and a selling point. The latest Apple Watch series has key health features including the ability to measure ECG (electrocardiogram) and oxygen saturation level in the blood. With all its grand ambitions, the reality is that Apple is progressing very well in the digital health space but yet hasn't gotten a big foothold in it like it's done in other markets. There still exists a large gap for Apple to conquer to make waves in the digital health market and the company seems much hell-bent on covering that gap. Details: A certain revelation has come out that details Apple's grand plans in the health sector, and it's that of a UK startup working on next-ge

Big Pay: AT&T Shareholders Vote Against Execs Pay

To bring back one of our most favorite sayings, "America is the land of many things, including very enormous executive pay". Executives of publicly-traded companies in the US are familiar with very large compensation packages on a scale not seen in other countries, take recent examples including Palantir CEO Alex Karp landing a $1.1 billion payday  and former T-Mobile CEO John Legere getting a $137 million severance pay . But with all the large executive pay packages flying around, it appears that the shareholders of one public company are not okay with it and that company is telecoms giant AT&T.  Details: AT&T in a statement  revealed that the majority of its shareholders voted not in favor of the compensation of its executive officers in 2020. Just under 49% of votes were cast in favor of the compensation, leaving the remaining majority 51%, not in favor.  Last year, AT&T had large pay packages for its top brass including $21 million for CEO John Stankey and $52

Deal: Verizon Sells Yahoo And AOL To PE Firm For $5B

Telecoms giant Verizon has found a buyer for its Verizon Media Unit which includes veteran internet properties like Yahoo and AOL, and that buyer is a major private equity firm. To note, though Yahoo and AOL have long faded from their glory days, they aren't exactly dead properties but ones still with a great deal of users bringing in a few billion in revenue annually. Details: Verizon has struck a deal to sell 90% of Verizon Media to private equity firm Apollo which will pay $5 billion for it, while Verizon retains a  10%  minority stake in the business. The deal takes off many internet properties off Verizon's hands, including bigger ones like Yahoo and smaller ones like technology news site TechCrunch operating under the AOL umbrella. Though it's selling for a seemingly huge price of $5 billion, Verizon paid a combined $9 billion to buy the web properties making up its Verizon Media unit so it doesn't come out on top financially from the sale.  Verizon paid $4.4bn t

Germany's SAP Fined $8M For Violating Iran Sanctions

SAP, the German software giant, has agreed to pay a fine in the US for violating sanctions imposed by the country on conducting business in Iran. It'll pay over $8 million in fines after admitting to handling thousands of exports of its software to Iran violating US law. Details: SAP admitted to exporting US-origin software to Iran beginning in 2010 up until 2017. The exports including delivering software upgrades and patches more than 20,000 times to Iranian users and offering Iranian users access to US-based cloud services. As charged, executives at SAP were aware that the company didn't have geolocation protections to block downloads of its US-origin software in Iran and turned a blind eye to the situation.  SAP was also charged with neglecting to put in place adequate export control for cloud services made by some US-based companies that it acquired and integrated into its software suite. For the charges, SAP admitted guilt and reached a  Non-Prosecution Agreement with the

IPO: Cybersecurity Startup Darktrace Debuts On UK Markets

A major cybersecurity startup from the UK has held an initial public offering (IPO) and debuted to positive investor fanfare on the domestic public markets. That startup is Darktrace, a fast-growing cybersecurity startup founded by a team of mathematicians in collaboration with British intelligence agencies in 2013. Darktrace sells cyber-defense software that's claimed to harness artificial intelligence in spotting and managing cyber threats. It listed on the London Stock Exchange under the symbol "DARK". By the numbers: Darktrace debuted to positive investor fanfare that saw its shares soar by 40% on its first day of trading. It raised £143 million ($198m) from the public float at a valuation of £1.7 billion ($2.3bn) which soared to almost £2.4 billion ($3.3bn) on its debut trading day. Darktrace's IPO prospectus reports $199 million in revenue in its most recent fiscal year ending June 30, 2020. This was up from $137 million in the previous year, 2019, and $79 mill

Earnings: Pfizer Rakes In Cash From COVID Vaccine

Pfizer, one of the few pharmaceutical companies worldwide to produce an approved Covid-19 vaccine, has unveiled its earnings report for the first quarter of this year. As usual, the report provides a solid peek into the company's financials and with very noteworthy nuggets this time around. One key nugget from Pfizer's earnings report is that the company brought in $3.5bn in revenue from its Covid-19 vaccine in Q1' 21. It made up nearly a fourth of the company's total $14.6bn revenue for the period. The Covid vaccine was the biggest single source of revenue for Pfizer in the quarter. It's definitely a good time for the company in that regard, as it elected to keep the profit from the sale of its vaccines unlike some of its competitors which volunteered to waive off any profit-seeking from their vaccines. Unlike some of its competitors also, Pfizer didn't take money from the US government to fund the development of its vaccine under the Trump administration'

Earnings: Covid Vaccines Deliver Big Sales, Profit For Moderna

Moderna was among the few biotech companies that saved the day with the development of an emergency-authorized vaccine to tackle the Covid-19 pandemic. It was a breakthrough for the company, which was before then a cancer-fighting moonshot with minimal revenues and no working product. Being a publicly-traded company, Moderna is mandated to release quarterly earnings reports to the public and it has done so this time around, releasing its financial results for the first quarter of this year 2021. Moderna's latest earnings report shows that of a company that saw big success from its Covid vaccines, as it reported record revenue and its first-ever net profit as a public company. By the numbers: Moderna made $1.9bn in revenue in Q1' 21, compared to a paltry $8mn for the same quarter in 2020. The revenue came wholly from Covid vaccine sales in the US and foreign markets. Moderna reported a huge net income of $1.2bn in the quarter, compared to a net loss of $124mn for the same perio

Court Docs: Fortnite Maker Epic Made $15B In 2018-2020

Fortnite maker Epic Games is having a court battle with Apple over the latter's App Store practices and that battle has led to several documents coming out of the shadows with valuable information about Epic Games not publicly known before.  Among the information revealed in court proceedings between Epic and Apple is the sheer scale of Epic's revenue largely gotten from its hit game Fortnite . Official documents indicate that Epic Games made respective annual sales of $5.6bn, $4.2bn, and $5.1bn in 2018, 2019, and 2020, summing up to just shy of $15bn. Epic's revenue in 2018 and 2019 was revealed in financial documents made public as part of its court battle with Apple while its revenue for 2020 was separately revealed in a court testimony by Epic CEO Tim Sweeney. The vast majority of Epic's revenue comes from Fortnite while its other products like the Unreal Engine and the Epic Games Store bring in a minority of revenues. Specifically, Fortnite brought in $5.5bn a