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Welcome toTechCrunch Fintech ! This week , we ’re looking at LoanSnap ’s woes , Nubank ’s and Monzo ’s positive milestones , a overplus of fintech fundraises and more !
The big story
AI mortgage startupLoanSnapis in trouble . The society isfacing at least seven lawsuits from creditorsand has been evicted from its headquarters in Southern California , leaving employees disturbed about the company ’s future , TechCrunch has hear . LoanSnap has raised around $ 100 million in financing since its 2017 seed round , $ 90 million of which was raised between 2021 and 2023 . While LoanSnap has not yet shut down , according to two employees , the vibration inside the company is torturesome as workers wait for pellucidity on the company ’s future .
Analysis of the week
Neobanks are having a moment . Or at least some are . U.K.-based neobankMonzorevealed its first full - class pre - tax profit . The party first strike profitabilitylast March , a milepost driven by itslending productand the U.K.’shigh interest pace . Meanwhile , Brazilian digital bankNubankbecame the most valuable fiscal institution in Latin America , pass Itaú , as reported byBloomberg . TheNYSE - tradedcompany also took itsfirst probationary stride into the wandering electronic web realm , rolling out an eSIM ( imbed SIM ) avail for traveller .
Dollars and cents
Relay , a business sector banking and money management divine service for SMBs , closed a $ 32.2 million Series B roundled by Bain Capital Ventures .
Maker fintechSlingshotannounceda $ 2.2 million pre - seed beat , with participation from Dorm Room Fund , 1916 Enterprises , Key Partners Group , and Vincent Francoeur , former head of entanglement and mobile at Blizzard .
European genial wellness indemnity platformifeelraised a $ 20 million Series B investmentco - led by FinTLV Ventures and Korelya Capital .
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Forwardannounced$16 million in seed financingto take on Stripe and lead the future tense of merged payment ; Commerce Ventures , Elefund and Fiserv led the daily round .
Romanian startupFintechOShasraised $ 60 millionto serve Old banks and insurance policy companies press back against neobanks .
Frich , a inauguration that purport to do as a social financial community for the Gen Z population , evoke $ 2.8 million in a seed funding roundled by Restive Ventures .
Solutions by Text , a company that gives people a way to pay off their bills and practice for loanword via textual matter electronic messaging , secured $ 110 million .
Saudi Arabia - basedSimplified Financial Solutions Company(SiFi ) , a spend management platform in the MENA part , hasraised $ 10 millionin a semen backing around .
What else we’re writing
Stripe , the world ’s most valuable fintech inauguration , articulate on May 31 that it will temporarily move to aninvite - only model for raw report sign - ups in India , calling the move “ a hard conclusion ” as it navigate the country ’s acquire regulative landscape . The inauguration , which vie with Cashfree and YC - backed Razorpay in the land , will now focalize on supporting a select act of businesses , peculiarly those rivet on international expansion .
Indian conglomerateReliance Groupis lay down its boldest consumer - confront move yet into financial table service with the launching of JioFinance , an app that aim to be a one - stopover shop for UPI digital payments , loans and insurance .
Also :
Germany ’s financial governor ends anti - money laundering pileus on N26 signups after $ 10 M mulct
Ambani ’s Reliance fires open salvo in fintech conflict , launches JioFinance app
High-interest headlines
Savings app CEO says 85,000 accounts locked in fintech nuclear meltdown : ‘ We never imagined a scenario like this ’
Robinhood gains on plan to repurchase up to $ 1B plowshare
Robinhood rolls out crypto API for US traders
Klarna CEO faces rebound for saying AI let merchandising team ‘ half the size of it it was last year ’ do more study , save jillion
Deel wiretap Alviere to help global companies pay off US workers
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