welcome to interchangeIf you get this in your inbox thank you for signing up and trusting and voting. If you read this as a post on our site please sign up here You can receive it directly in the future. Each week we take a look at the hottest fintech news from the previous week. This includes everything from funding rounds to trends to analysis of specific spaces to hot takes on specific companies and phenomena. That’s my job. That way you can get the latest information. Mary Ann
Last week ended with an explosive feature in NY Magazine.homed article Dawn, an LGBQT+-focused neobank whose seed and Series A funding was covered by TechCrunch here and here, respectively. The portrayal of CEO and founder Rob Curtis was so far removed from the well-mannered executives I interviewed that it made me question my own character judgments. , litigation, fabrication, and inappropriate behavior. Other than being allowed to use the name of their choice on the card, one person who tried the bank’s services said, “I didn’t think much of the perks and specialties” and that “it was very buggy.” There were many,” he said. I stopped using it.
On the other hand, there are no dull days in the field of corporate spending. I wrote last week, lamp It reports a four-fold increase in revenue by 2022. I was interested in other companies in this field, so I contacted several companies.Ann air force base A spokesperson shared the following via email: It’s important to point out that unlike most of the companies in our field that focus on interchange revenue, the majority of our revenue is highly profitable subscription-based. I chose not to play the ARR obfuscation game…”Ouch.Meanwhile, I neglected to include it last week Brex Deployed in travel space.The company reportedly recently cut cash and crypto redemptions by 40% and reduced the transfer rate of Brex Rewards points to airline partners by more than 40%, according to AwardWallet, resulting in little to no He reportedly ruffled some feathers without informing him. Tweet Any sign. I have contacted the company but have not received a response yet.
Other weekly news
Haje Jan Kamps reports: We cannot rely on state institutions as business partners. One of the main places it appears is in payments and payment processing. Even after recreational marijuana has been legalized in 21 states and decriminalized in a dozen or so, cannabis remains primarily a cash business. In an increasingly cashless world, that’s a problem for both consumers and businesses. smoke land is currently beta testing a loophole that allows customers to pay with credit cards. The secret turned out to be a cipher. ” Click here for details.
Anna Heim reports: “If only the included insurance seems to be of interest, Insurtech While it’s true that startups that sell insurance alongside other products and services are enjoying the tailwind, there are plenty of other opportunities in the space, several investors told TechCrunch+. increase. Click here for details.
contact the payment company Checkout.comTo learn more about her plans in her new role, Celine Dufettel, the new president of Include why you are looking at the opportunity. She asked how she feels about the comparison to Stripe…her answer might surprise you, read more here.
Kyle Wiggers reports: Vibrate, it develops an “AI-driven” platform that helps financial institutions protect their online transactions from fraud and theft. It is backed by $20 million donated by co-founder Sachin Kulkarni himself. According to Narkhede, they chose not to receive outside funding “so that when the company goes public, we can quickly build and scale the company.” Click here for details.
Kyle Wiggers reports: “Months after major update announcement” apple pay Called Apple Pay Later, this feature allows users to pay the cost of an Apple Pay purchase in four installments over a six-week period, with no interest or late fees. Apple finally launched this feature. But it’s not for everyone — at least not yet. Starting today, Apple will begin inviting randomly selected users to access a pre-release version of Apple Pay Later, and within the next few months it will be available to all “qualified” users of iOS 16.4 or iPadOS 16.4. He said he plans to provide it. ”
in the meantime, Fitch Rating In an email, Senior Director Michael Taiano, who joined the Apple Pay Later news, said: But it does not fully address our broader concerns about the structural and cyclical challenges that buy-and-pay business models continue to face. ”
Tage Kene-Okafor gave an in-depth interview Union 54 Co-founder and CEO Perseus Mlambo said its executives said, “Last year, a $1.2 billion chargeback fraud attempt forced Union54 to suspend operations, putting the company at risk of a complete shutdown. and why fintech needs to be more transparent about fraudulent revelations.” Must Read!
Fintech Futures report: “Payment giants visa and master Card It is reportedly one of many companies competing to acquire the Brazilian payments and banking platform. letterNews reports say the company, in partnership with Goldman Sachs, could sell for a reported valuation of $1 billion. Sources told Bloomberg that other stakeholders include banks and private equity firms, and talks may not result in a sale. According to Valor Economico’s pipeline, Visa first submitted his $1 billion offer, which was rejected by Pismo, after which Visa increased its bid to his $1.4 billion. ” Click here for details. TechCrunch covered that in October 2021, Pismo raised his $108 million. If true, this is very exciting news, not just for Pismo, but for the entire Latin American startup scene.
Speaking of Latin America, latitudeA self-proclaimed “Technology Entrepreneurship Program” for the Latin American region, backed by Andreessen Horowitz and NFX, “launched a business account.” According to co-founder Brian Requarth, one of his reasons for the move was that “almost every founder in Latin America worked for his SVB…there’s a big hole,” he said. said in an email. “We’ve been working on this for months and decided to launch.” TechCrunch covered his Latitud funding last March.
desire , and Vice President of Business Development, Human Resources and Product Design. As a source told us, Aspiration had planned to become a publicly traded company, but he has yet to settle his SPAC. SPAC said he requested an extension until June 9 to complete the merger. In particular, according to its website, it is “focused on selling carbon credits to businesses, rather than the eco-friendly neobanks that most of you may know,” the sources said.TechCrunch I reached out to his Aspiration but got no response. The company has raised approximately $250 million in known funding.
Report PYMNTS: “Financial Management App green light announced the merger of banks and credit unions. Greenlight for Banks…allows financial institutions to add Greenlight’s app to their financial service offerings…banks can use this app to offer their customers Greenlight’s tools for income, savings, and spending. In addition, parents can automate pocket money and send money instantly, giving kids and teenagers a “hands-on experience of managing money under parental supervision,” the company said. I’m here.
Other headings
Equals Money launches new expense management platform in the US
Novo Launches Working Capital Program for Small Businesses
Pinwheel Launches Smart Branch, Bringing Payroll Connectivity to Physical Bank Branches
Secfi and Daffy.org Partner to Deliver Charitable Donations Seamlessly to Advisory Clients
Has fintech lost its luster? What VC Investors Should See From Founders
Checkout.com President Celine Dufetel Image credit: Checkout.com
Financing and M&A
Saw it on TechCrunch
Salt Labs Raises $10M To Gamify Frontline Jobs
StellarFi wins $15M to help people build credit by paying bills and paying rent on time
Paytrix Raises $18.3M to Build One-Stop Payment Shop
Payday wants to power the future of work in Africa with $3M seed led by Moniepoint Inc
Amazon-backed Acko nears $120 million in new funding
and elsewhere
Mexican restaurant payments startup Pacto raises $4M in seed funding
Investing.com Acquires StreetInsider for $10 Million
Personal finance app Playbook targets $7 million in series A
Stratify $10M Rake to Drive AI-Driven Lending Services
PSA: Last year was my first Disrupt and I was blown away. This year we have a dedicated fintech stage so we are even more excited! Join us – it’s going to be great.
We will be closed next week for the Easter holidays, but will be back on April 16th. As always, thank you for reading and sharing this newsletter. xoxo, mary ann
