Fintech News | TechCrunch

Brex’s compliance head has left the fintech startup to join Andreessen Horowitz as a partner

Mary Ann Azevedo — Thu, 20 Jun 2024 20:48:44 +0000

Ali Rathod-Papier has stepped down from her role as global head of compliance at corporate card expense management startup Brex to join venture firm Andreessen Horowitz (a16z) as a partner and compliance officer, TechCrunch has exclusively learned. Rathod-Papier and a16z declined to comment on the move. According to her LinkedIn profile, Rathod-Papier now “oversees a16z’s […]

PayPal Ventures leads $20M round into Gynger, which offers companies ‘buy now, pay later’ for technology purchases

Mary Ann Azevedo — Thu, 20 Jun 2024 14:30:00 +0000

Gynger, a platform that lends capital to companies for technology purchases, has raised $20 million in a Series A round led by PayPal Ventures, it told TechCrunch exclusively. The financing brings the New York-based startup’s total venture capital raised to $31.7 million and included participation from Gradient Ventures (Google’s AI-focused venture fund), Velvet Sea Ventures, […]

Materia looks to make accountants more efficient with AI

Rebecca Szkutak — Thu, 20 Jun 2024 13:06:39 +0000

The U.S. is facing an accountant shortage. Fewer first-time candidates took the CPA exam in 2022 than in 2006, according to the American Institute of Certified Public Accountants. One possible reason people aren’t as interested in the field is the large amount of drudge work involved: Accountants have to rifle through large amounts of unstructured […]

Cadana, an emerging markets payroll services provider for global hiring platforms, banks $7.1M seed

Tage Kene-Okafor — Thu, 20 Jun 2024 11:52:50 +0000

The global freelancer market, a $1.3 trillion industry fueled by more than 200 million knowledge workers, drives demand for solutions that automate payroll and streamline employment and tax regulations worldwide. However, most existing products fail to address the legal landscape of emerging markets, such as differences in employment laws. This oversight means global hiring platforms, […]

Hero wants to save the day for companies facing a working capital crunch

Romain Dillet — Thu, 20 Jun 2024 07:00:00 +0000

Hero, a new fintech startup based in Paris, is announcing an €11.3 million all-equity funding round led by Valar Ventures ($12.2 million at today’s exchange rate). For the past couple of years, the company has been quietly building an ambitious banking product for small companies that can essentially replace everything you’d expect from a traditional […]

Société Générale to sell its freelancer challenger bank Shine to Ageras

Romain Dillet — Wed, 19 Jun 2024 14:10:31 +0000

Four years after acquiring Shine, a French fintech startup that offers bank accounts to freelancers and very small companies, Société Générale has announced plans to sell Shine to Ageras. In 2020, TechCrunch reported that Société Générale spent around €100 million to acquire Shine. It wasn’t a huge acquisition but it attracted quite a bit of […]

Unit and Loop lay off staff and Brex ditches co-CEO model

Mary Ann Azevedo — Tue, 18 Jun 2024 17:05:00 +0000

Welcome to TechCrunch Fintech! This week, we’re looking at layoffs at BaaS startup Unit and car insurance company Loop, as well as Brex’s decision to abandon its co-CEO model, Apple killing its Pay Later feature, and more! To get a roundup of TechCrunch’s biggest and most important fintech stories delivered to your inbox every Tuesday […]

Finbourne taps $70M for tech that turns financial data dust into AI gold

Ingrid Lunden — Tue, 18 Jun 2024 00:14:23 +0000

Finbourne, founded out of London’s financial center, has built a platform to help financial companies organize and use more of their data in AI and other models.

AccountsIQ takes in $65M to boost bookkeeping with AI

Ingrid Lunden — Thu, 13 Jun 2024 06:38:04 +0000

AccountsIQ, a Dublin-founded accounting technology company, has raised $65 million to build “the finance function of the future” for midsized companies.

Fintech Brex abandons co-CEO model, talks IPO, cash burn and plans for a secondary sale

Mary Ann Azevedo — Wed, 12 Jun 2024 18:00:00 +0000

Since fintech startup Brex’s inception in 2017, its two co-founders Henrique Dubugras and Pedro Franceschi have run the company as co-CEOs. But starting today, the pair told TechCrunch in an exclusive interview, the San Francisco-based corporate credit card and expense management company is shifting to a more traditional — and what they say should be […]

India’s 360 One acquires mutual fund app ET Money for $44M

Manish Singh — Wed, 12 Jun 2024 16:53:23 +0000

India’s largest wealth manager focused on ultra-high-net-worth individuals, 360 One WAM, has agreed to acquire popular Indian mutual fund investment app ET Money for about $44 million. Earlier called IIFL Wealth Management, 360 One disclosed (PDF) the deal in a stock exchange filing Wednesday evening. The move marks 360 One’s foray into the fast-growing wealth […]

Lightspeed Venture Partners leads $4.3M seed in automated financial reporting fintech InScope

Christine Hall — Wed, 12 Jun 2024 13:05:00 +0000

InScope leverages machine learning and large language models to provide financial reporting and auditing processes for mid-market and enterprises.

Let there be Light! Danish startup exits stealth with $13M seed funding to bring AI to general ledgers

Paul Sawers — Wed, 12 Jun 2024 07:00:00 +0000

It’s not the sexiest of subject matters, but someone needs to talk about it: The CFO tech stack — software used by the chief financial officers of the world — is ripe for disruption. That’s according to Jonathan Sanders, CEO and co-founder of fledgling Danish startup Light, which exits stealth Wednesday with $13 million in […]

Rippling’s tender offer decision draws mixed — and strong — reactions

Mary Ann Azevedo — Tue, 11 Jun 2024 17:05:00 +0000

Welcome to TechCrunch Fintech! This week, we’re looking at Rippling’s controversial decision to ban some former employees from selling their stock, Carta’s massive valuation drop, a GenZ-focused fintech raise, and more! To get a roundup of TechCrunch’s biggest and most important fintech stories delivered to your inbox every Tuesday at 7:00 a.m. PT, subscribe here. […]

Kleiner Perkins leads $14.4M seed round into Fizz, a credit-building debit card aimed at Gen Z college students

Mary Ann Azevedo — Thu, 06 Jun 2024 14:15:00 +0000

Carlo Kobe and Scott Smith believed so strongly in the need for a debit card product designed specifically for Gen Zers that they dropped out of Harvard and Cornell at ages 19 and 21, respectively, in 2021 to build a startup called Fizz. The pair wanted to go beyond creating a debit card for the […]

Robinhood acquires global crypto exchange Bitstamp for $200M

Paul Sawers — Thu, 06 Jun 2024 12:46:24 +0000

Stock-trading app Robinhood is diving deeper into the cryptocurrency realm with the acquisition of crypto exchange Bitstamp.

Fintech Torpago has a unique way to compete with Brex and Ramp: Turning banks into customers

Christine Hall — Thu, 06 Jun 2024 12:45:00 +0000

Torpago's Powered By product is geared for regional and community banks, with under $20 billion in assets, to launch their own branded cards and spend management programs.

Starting in war-torn Sudan, YC-backed Elevate now provides fintech to freelancers globally

Tage Kene-Okafor — Thu, 06 Jun 2024 10:07:51 +0000

Inflation and currency devaluation have always been a growing concern for Africans with bank accounts.

When foes become friends: Capital One partners with fintech giants Stripe, Adyen to prevent fraud

Mary Ann Azevedo — Wed, 05 Jun 2024 13:00:00 +0000

The tension between incumbents and fintechs has existed for decades. But every once in a while, the two groups decide to put their competition aside and work together. In an unusual move, Capital One is teaming up with payment giants (and rivals) Stripe and Amsterdam-based Adyen to offer a free product aimed at fraud reduction, […]

A look at LoanSnap’s troubles and which neobanks are having a moment

Mary Ann Azevedo — Tue, 04 Jun 2024 17:05:00 +0000

Welcome to TechCrunch Fintech! This week, we’re looking at LoanSnap’s woes, Nubank’s and Monzo’s positive milestones, a plethora of fintech fundraises and more! To get a roundup of TechCrunch’s biggest and most important fintech stories delivered to your inbox every Tuesday at 7:00 a.m. PT, subscribe here. The big story AI mortgage startup LoanSnap is […]