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What a year
This is the last edition of The Interchange for 2023 — it ’s strong to consider that the year is almost over .
It was an eventful 12 month , even iffunding was down . We see a bunch of M&A action ( read about ithere , here , hereandhere ) , BNPLmade a comeback(sort of ) , new fintech - center venture firm working capital raises ( FlourishandVesey ) , some startup shutdowns ( Daylightis one model ) and morelayoffsthan we would have like .
And , remember whenFedNow went livein the U.S. in July ? At the time there were 35 financial institutions on the list , and five months later , more than 330 of them are in the web .
It ’s never a leaden day in the earth of fintech . For a blanket look back , stay tune up before yr ’s end for a deep honkytonk into the top fintech level we report on .
Until then , we wanted to take this chance to give heartfelt thanks to all of you , our readers , for support us throughout the class . We eff you have a plethora of fintech newssheet to choose from , so the fact that you sign up for this one , and keep come back , means the world to us .
As we head into 2024 , we wish you and your families a wonderful holiday season and a New Year ahead filled with much love , peace and happiness . We are grateful for you . — Mary Ann and Christine
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Weekly news
Christine reported onlayoffs atBolt , an e - Commerce Department and fintech company , which was at one clip the subject of afederal investigation . The company , via a spokesperson , confirmed the one - click check company laid off 29 % of its stave . In an emailed statement , the Bolt spokesperson say the company made the cuts to get Bolt to “ an operating simulation optimise for sustainable growth and efficiency ” and so it could arrange itself up “ with the upper and agility required for the next phase of our business . ” We ’ve been following Bolt for days , and this raw round of job cuts is the latest in a smattering of other layoff made since 2022 . InMay 2022 , Mary Ann describe at least 185 employee , or one - third of its workforce , were let go . Bolt , which provide software to retailers to speed up checkout , raised around $ 1 billionin full venture - backed financial backing and at one clock time was valued at $ 11 billion .
Mary Ann report on a couple of high - visibility executive going away this workweek . She broke the news thatCredit Karmaco - founding father Nichole Mustard would bestepping downafter more than 16 years at the company . Mustard ’s conclusion to step down marks the third know gamey - visibility executive departure at Credit Karma in 2023 . Then she save about howOpendoorco - laminitis Eric Wu is leaving the real estate fintech company after 9 years to get back to his inauguration ascendent . Notably , Wu has been investing in startups during his sentence at Opendoor . According toCrunchbase , Wu has stake gobs of companies , including Airtable , Scribe , Roofstock and thenow - defunct Zeus Living .
Over on TC+ , Jacquelyn Melinek write about the fact that whileRobinhood ’s maraud into crypto is n’t necessarily new , thecompany is still seek to flesh out its efforts there — even in chemical group that have typically strayed from the political platform . “ I think crypto has always been made by very proficient hoi polloi and for technical people , ” Johann Kerbrat , the world-wide managing director of crypto at Robinhood , said on theChain Reaction podcast . “ At the ending of the day , I think customers , when they use crypto , they do n’t really deal what is the protocol under it ? What is the electronic web that you ’re using ? They just require the matter to work . ”
https://techcrunch.com/2023/12/15/cruise-layoffs-exosuits-and-why-french-startups-are-bubbling-up/
Other item we are reading
Google Pay to tot up BNPL selection early in 2024(In October , Apple made Apple Pay Lateravailable to all usersin the United States , after initiallyreleasingit to a limited number of users back in March . )
Visa acquire Brazilian fintech Pismo in USD$1 billion deal(See TechCrunch coverage on how thePismo / Visa acquisitioninitially came about . )
Dallas ’ Apex Fintech Solutions file cabinet for IPO in its second go - world bid
Melio rolls out real - meter payments
HR technical school program Checkr moves into requital for gig worker
Deel launches a conformation hub
Repay partners with Green Dot to enable cash - based visor payment
Klarna plan to replace workers with AI to push profitability
Neobank Dave ’s fresh chatbot attain 89 % resolution rate , CEO says(Head hereto interpret a Q&A Mary Ann conducted with Dave ’s founder in March . )
Funding and M&A
As seen on TechCrunch :
SumUp taps € 285 MB more in growth financing to brave out the fintech storm
Comun canal local banking approach to dish up Latino immigrants
British International Investment plunk for India ’s Aye Finance in $ 37 MB support
Hyperplane require to bring AI to banks
Kapital secures $ 165 M in fairness , debt to provide financial profile to LatAm SMBs
Prevu ’s home sale process gives credit to home buyer with hard cash - back discount
Seen elsewhere :
Stairs fiscal platform launches to facilitate first - fourth dimension homebuyers
Waste management payment house CurbWaste raise $ 10 M
Fintech startup Pontera raises $ 60 mln , plans more hiring in Israel
January closes $ 12 M Series B funding
Necto kick upstairs $ 8 M in semen funding
HSBC back Aii ’s decarbonization Duncan Grant fund
E - commerce loaner SellersFi secures Citi - take credit adroitness
