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receive toTechCrunch Fintech ! This week , we calculate at the drama around TabaPay deciding to not buy Synapse ’s assets , as well as stocks dropping for a brace of fintechs , Monzo raising even more funds , and more !
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The big story
There was a lot of he said , she said digit - pointing in fintech landed estate last week . crying payments troupe TabaPay substantiate to TechCrunch that it hasabandoneditsplans to purchase the assetsof troubled banking - as - a - serving startup Synapse . Synapse said the trouble was banking partner Evolve Bank & Trust . And Evolve say it was not postulate , and not to charge . Meanwhile , another histrion in the saga , Mercury , sound out Synapse ’s allegations have “ no virtue . ” What really hap ? Perhaps one 24-hour interval we ’ll find out . But for now we make out for sure the $ 9.7 million flock is off .
Analysis of the week
Despite not - too - ratty earnings reports , a couple of fintechs saw their stock drop last week . Digital bankDave saidit “ ameliorate its cite performance over the past class with the role of artificial intelligence ( AI ) , ” yet its stock wasdown over 7.5%on May 10 . purchase now , pay later giant Affirmreported a diminished - than - look lossand its counselling come up in above anticipation last week , yet its stock took a crowing fall — some sayin understanding with Shopify . Shares were trading on May 10 at $ 31.59,down 9.25%that twenty-four hours . Meanwhile , Nubank announced it had officially strike the100 million customer stigma , which it lay claim made it the first digital banking chopine to get hold of this milepost outside of Asia .
Dollars and cents
Monzohasraised another $ 190 million , as the challenger bank looks to expand its presence internationally — particularly in the U.S. The new round come up just two months afterMonzo raised$430 million , meaning the London - found party has now raised north of $ 620 million in 2024 , and $ 1.5 billion since its inception nine years ago .
Ben Lambert founded an AI - power workflow tool startup , Checkfirst , that provide for distant inspection and enable business to schedule inspectors base on geographic locating and qualifications . The company has nowraised a pre - seeded player $ 1.5 millionled by Lisbon - based , early - stage venture house Olisipo Way and solo GP house Hiero VC . Notion Capital , and angel investors from company like Source Point , Busuu , Swogo and FaceIT , also participated .
What else we’re writing
Digital banking startup Mercury is becoming a SaaS company , nowlayering software onto its bank building accounts . This will give its business customers the ability to pay bills , invoice customers and recoup employee , the company state TechCrunch exclusively . The additional features put the company in even more direct competition with the likes of Brex and Ramp , two rival fintechs that have for years been fighting for market portion inan progressively crowded place . Mercury says that it has over 200,000 customers send $ 4 billion in forthcoming payments every month via its platform . you’re able to listen to the Equity work party discuss that here :
High-interest headlines
Fintech Farm raises $ 32 metre to lucubrate its ‘ neobank in a box ’ model to India
As bank cut off high-risk fintechs , a tiny lender lean in
Former top executive withdraws suit against Better.com and its founding father . TechCrunch ab initio covered the lawsuit in 2022here .
FIS unveils embedded finance platform Atelio
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