Welcome again to The Interchange, the place we check out the most popular fintech information of the earlier week. If you wish to obtain The Interchange immediately in your inbox each Sunday, head here to enroll!

What a 12 months

That is the final version of The Interchange for 2023 — it’s arduous to consider that the 12 months is sort of over.

It was an eventful 12 months, even when funding was down. We noticed a bunch of M&A exercise (examine it here, here, here and here), BNPL made a comeback (form of), new fintech-focused enterprise agency capital raises (Flourish and Vesey), some startup shutdowns (Daylight is one instance) and extra layoffs than we might have preferred.

And, bear in mind when FedNow went live within the U.S. in July? On the time there have been 35 monetary establishments on the listing, and 5 months later, greater than 330 of them are within the community.

It’s by no means a boring day on the earth of fintech. For a broader look again, keep tuned earlier than 12 months’s finish for a deeper dive into the highest fintech tales we reported on.

Till then, we wished to take this chance to offer heartfelt due to all of you, our readers, for supporting us all year long. We all know you’ve a plethora of fintech newsletters to select from, so the truth that you signed up for this one, and preserve coming again, means the world to us.

As we head into 2024, we want you and your households an exquisite vacation season and a New Yr forward stuffed with a lot love, peace and happiness. We’re grateful for you. — Mary Ann and Christine

Weekly information

Christine reported on layoffs at Bolt, an e-commerce and fintech firm, which was at one time the topic of a federal probe. The corporate, by way of a spokesperson, confirmed the one-click checkout firm laid off 29% of its workers. In an emailed assertion, the Bolt spokesperson stated the corporate made the cuts to get Bolt to “an operating model optimized for sustainable growth and efficiency” and so it might set itself up “with the speed and agility required for the next phase of our business.” We’ve been following Bolt for years, and this new spherical of job cuts is the most recent in a handful of different layoffs made since 2022. In May 2022, Mary Ann reported no less than 185 staff, or one-third of its workforce, have been let go. Bolt, which offers software program to retailers to hurry up checkout, raised around $1 billion in complete venture-backed funding and at one time was valued at $11 billion.

Mary Ann reported on a few high-profile govt departures this week. She broke the information that Credit score Karma co-founder Nichole Mustard can be stepping down after greater than 16 years on the firm. Mustard’s determination to step down marks the third recognized high-profile govt departure at Credit score Karma in 2023. Then she wrote about how Opendoor co-founder Eric Wu is leaving the true property fintech firm after 9 years to get again to his startup roots. Notably, Wu has been investing in startups throughout his time at Opendoor. In response to Crunchbase, Wu has backed dozens of firms, together with Airtable, Scribe, Roofstock and the now-defunct Zeus Living.

Over on TC+, Jacquelyn Melinek wrote about the truth that whereas Robinhood’s foray into crypto isn’t essentially new, the company is still trying to expand its efforts there — even in teams which have usually strayed from the platform. “I think crypto has always been made by very technical people and for technical people,” Johann Kerbrat, the final supervisor of crypto at Robinhood, stated on the Chain Reaction podcast. “At the end of the day, I think customers, when they use crypto, they don’t really care what is the protocol under it? What is the network that you’re using? They just want the thing to work.”

Different objects we’re studying

Google Pay to add BNPL options early in 2024 (In October, Apple made Apple Pay Later available to all users in the US, after initially releasing it to a restricted variety of customers again in March.)

Visa acquires Brazilian fintech Pismo in USD$1 billion deal (See TechCrunch protection on how the Pismo/Visa acquisition initially happened.)

Dallas’ Apex Fintech Solutions files for IPO in its second go-public bid

Melio rolls out real-time payments

HR tech platform Checkr moves into payments for gig workers

Deel launches a compliance hub

Repay partners with Green Dot to enable cash-based bill payment

Klarna plans to replace workers with AI to drive profitability

Neobank Dave’s new chatbot achieves 89% resolution rate, CEO says (Head here to learn a Q&A Mary Ann carried out with Dave’s founder in March.)