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Welcome to TechCrunch Fintech ( formerly The Interchange ) ! In this edition , I ’m go bad to look atBrex ’s latest round of layoff , the body politic of fintech commit in 2023 and more ! I may be take some prison term off in coming calendar week but never fear , TechCrunch Fintech is n’t go out . We ’ll be back soon !
The big story
What goes up must come down . For spend management startup Brex , this was the shell for its employee headcount . While involvement rates were low , the company saw a bump in business and VC money was easier to arrive by . Its headcount had swelled to about 1,300 before it laid off staff in October of 2022 . As things have come down to ground , Brex is attempt a reset , announcing this week it abbreviate 282 employees , or well-nigh 20 % of its staff , in a restructuring . The move came after reports the company burn $ 17 million in immediate payment each month during the fourth quarter and that it is trying to preserve runway .
Analysis of the week
Fintech , oh , fintech . Last yr was n’t easy on you . Fintech investor injected $ 34.6 billion in startup across 2,055 pot in 2023 , a – 43.8 % and – 32.4 % YoY drop , respectively , according toPitchBook data . rating also mostly dropped , with the median value of $ 19.4 million , down – 13 % from 2022 ’s median value . Exits also took a dive , with just $ 5.9 billion in exit note value yield across 185 good deal in 2023 , a decrease of – 76.1 % and – 22.3 % YoY , severally . But Q4 was a in effect one . According toCB Insights , fintech saw eight new unicorns during the menses and equity funding increase by double - digit percentages .
Dollars and cents
Bilt Rewards , whose program take aim to allow consumers to make rewards on split and daily neighborhood spend , announced last week that itraised $ 200 million at a $ 3.1 billion valuation . General Catalyst lead the financing , which more than doubled the New York – base company ’s rating compared to its$150 million October 2022 upgrade . The raise and valuation jump are impressive in an surroundings were mega - round ( deals worth over $ 100 million ) are few and far between . CB Insights ’ State of Venture Report 2023found that while mega - round “ were a hallmark of 2021 , with 350 + occurring each quarter . . . in Q4’23 , that figure go down to just 78 — the dispirited grade since 2017 . ”
What else we’re writing
Swedish fintech companionship Klarna harbinger itsfirst subscription plan , “ Klarna Plus , ” for $ 7.99 per calendar month , boast benefit like no added service fee when using Klarna ’s One Time Card , double rewards points and accession to exclusive discounts with popular brands .
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Anew leaning compiled by GGV UShighlights 50 fintech startup venture capitalists think are hot stuff . We alsospoke to GGV managing partner Hans Tungabout what he ’s see in the sector today .
PayPal will beginpiloting a few unexampled forthcoming update to its servicing , some of which will leverage AI - drive personalization . The caller is usher in a new “ CashPass ” John Cash - back offering called “ Smart Receipts , ” with personalised recommendations , among other thing .
Other high-interest headlines
Rainbow raises $ 12 million
Sequence raises $ 5.5 M in financial support
Sunbit Secures US$ 310 m Debt Warehouse Facility lead by Citi
Investing platform Public launches options trading — and pays customers for their orders
FinZi , the Colombian fintech company , has been acquired by Girasol Payment Solution
BillingPlatform put down $ 90 m growing equity investment from FTV Capital
Fintech forecasting from Plaid ’s CEO
