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Welcome to TechCrunch Fintech ( formerly The Interchange ) ! In this variant , I ’m get going to look at a fintech being sold in a fire sale , a radical of inauguration raise , and more !
The big story
The saga continues . In mid - May , TC ’s Manish Singh reported that founder of ZestMoneyhad resign from the startup . The Native American fintech , whose ability to underwrite little tag loans to first - time internet customer , once drew the backing of many high-pitched - profile investor , include Goldman Sachs . By December , ZestMoney wasshutting downfollowing unsuccessful efforts to find a vendee . Then , last week , the company , which was once valued at $ 450 million , was sold to DMI in a “ flaming sales event . ”
Analysis of the week
One of the most fun parts of being a reporter is tracking companies ’ increase over the years . In 2020 , I indite about Briq’s$10 million Series Aand its mission to bring in fintech to the construction industriousness . Last week , I wrap up its $ 8 million Series B extension at a $ 150 million valuation , as well as its AI - related growth plans . In 2021 , I describe on Argentinian payments infrastructure startup Pomelo’s$9 million seed raise . Last workweek , I covered its$40 million Series B financingand the fact that it grew revenue by 200 % in 2023 . I love keep an eye on companies I reported on at the early stage still in the game , and growing ! This is how investors must feel .
Dollars and cents
Christine Hall was busy last week !
Digital Onboarding grabs $ 58 M to assist banks with profitable customer engagement : communication theory from fiscal creation is often paper - based , which often go to between 25 % and 40 % of new checking accounts closed within the first year . This SaaS startup want to fix this .
Kashable banks $ 25.6 M to bid employment - free-base lending : More employers are adding financial merchandise to their employee benefit and perk , and many startup have leap into this sector to help . Fintech company Kashable is the latest .
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Tandem make ‘ modern couples ’ app to manage finances together and separately : Meet Tandem — a unexampled fintech inauguration that addresses the first financial milepost for mates and grows with the relationship – which just evoke $ 3.7 million .
What else we’re writing
African neobank Kuda tried to raise $ 20 M at flat valuation in 2023 , missed user milestone projection by 3 M : Earlier this month , Kuda co - beginner and CEO Babs Ogundeyi secernate users that the Nigerien on-line rival bank had reach almost ₦ 56 trillion ( ~$60 billion ) in dealing economic value sinceits 2019 launching . Ogundeyi also say that Kuda had achieved a notable milestone , with 7 million retail and business customers as of today . However , the figure falls short of the fintech ’s projections when it sought refreshing investing last twelvemonth .
Other high-interest headlines
Stripe , Flexport , TikTok , and other startups were investing in inauguration . That has largely stopped : “ Stripe ’s investments through mid-2021signaled its intent to expand internationally and grow beyond its effect atomic number 99 - commerce business organisation . Stripe acquired Nigeria - basedPaystackin 2020 — extending its compass in Africa — after enter in the payment inauguration ’s Series A in 2018 . ” That storey of investing has slow dramatically , according to CB Insights information .
transversal - border payments fintech Neo hits profitableness after class of speedy growth : “ The Barcelona - based fintech which provides a one - stop - shop multi - currency report for corporate treasurers recorded an annual revenue in excess of € 5 million and an annual profit of € 1 million , ” reports Fintech Finance News .
Podcasts worth checking out
The other side of AI hype : Alex Wilhelm and I do quick dives into the raises of Pomelo , Briq and Tandem , and much more !
Back in the Unicorn Club with Cowboy Ventures ’ Aileen Lee : Alex Wilhelm and I invited Cowboy Ventures’Aileen Leeto claver through hermassive newfangled clause interest the unicorn world .
ICYMI : I had a blow interview pre - seed investor Everywhere Ventures ’ Jenny Fielding . Click below to listen !
