Welcome to TechCrunch Fintech (previously The Interchange)! This week, we’re Robinhood’s new Gold Card, challenges within the BaaS house and the way a tiny startup caught Stripe’s eye.
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The massive story
Robinhood took the wraps off its new Gold Card final week to a lot fanfare. It has an extended record of spectacular options, together with 3% money again and the flexibility to speculate that money again through the corporate’s brokerage account. A person may put that money again into Robinhood’s financial savings account, which provides 5% APY. We’re curious to see how this new card will influence the corporate’s backside line. But additionally, we’re fascinated by how Robinhood included the know-how it acquired when buying startup X1 last summer for $95 million and turned it right into a probably very profitable new providing.
Evaluation of the week
The banking-as-a-service (BaaS) house is dealing with challenges. BaaS startup Synctera not too long ago conducted a restructuring that impacts about 15% of workers. The startup just isn’t the one VC-backed BaaS firm to have resorted to layoffs to protect money over the previous 12 months. Treasury Prime, Synapse and Determine have as nicely. In the meantime, in keeping with American Banker, the FDIC introduced consent orders in opposition to Sutton Financial institution and Piermont Financial institution, telling them “to keep a closer eye on their fintechs’ compliance with the Bank Secrecy Act and money laundering rules.”
{Dollars} and cents
PayPal Ventures’ newest funding is in Qoala, an Indonesian startup that provides personal insurance products covering a variety of risks, together with accidents and telephone display harm. MassMutual Ventures additionally participated in Qoala’s new $47 million round of funding.
New Retirement, a Mill Valley–primarily based firm constructing software program to assist individuals create monetary retirement plans, has raised $20 million in a tranche of funding.
We final checked in on Zaver, a Swedish B2C buy-now-pay-later (BNPL) supplier in Europe, when it raised a $5 million funding spherical in 2021. The corporate has now closed a $10 million extension to its Sequence A funding spherical, bringing its whole Sequence A to $20 million.
What else we’re writing
Learn all about how a tiny four-person startup, Supaglue, caught Stripe’s eye. Supaglue, previously generally known as Supergrain, is an open supply developer platform for user-facing integrations. The group goes to assist Stripe on real-time analytics and reporting throughout its platform and third-party apps for its Income and Finance Automation suite.
Maju Kuruvilla is no longer CEO of one-click checkout firm Bolt. He’s changed by Justin Grooms, Bolt’s world head of gross sales, who’s now interim CEO. Kuruvilla, the previous Amazon govt, took over as CEO in January 2022 after founder Ryan Breslow stepped down. The Info has extra about Bolt’s woes here.
Excessive-interest headlines
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RealPage and Plaid team to curb rental fraud
In HR software battle, Rippling makes up ground against Deel — at a cost
Is Chime ready for an IPO? It has more primary customers than Chase
Inside a CEO’s bold claims about her hot fintech startup, which TC beforehand lined here.
Cloverleaf raises $7.3M in Series A extension
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