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Welcome toTechCrunch Fintech ! This week , we ’re looking at Payoneer ’s $ 61 million learning of Skuad , Robinhood and Dave ’s second - quarter results , X ’s progression on its payment and more .
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The big story
Last week , I got the Georgia home boy on in public trade fintechPayoneeracquiring Singaporean startupSkuadfor $ 61 million in cash , with the electric potential to ante up up to $ 81 million . This was a pretty immobile expiration for Skuad founding father Sundeep Sahi , who launched the company in 2019 with the objective of simplifying international hiring and had raised $ 19 million in venture funding . Both Payoneer and Skuad are pitch toward SMBs that operate internationally , particularly in emerging food market . Notably , rather than build out the technical school itself , Payoneer decided to acquire Skuad and integrate its payroll and contract management products into its own offering .
Analysis of the week
A couple of publicly merchandise fintechs posted strong event last week . Robinhoodbeat itssecond - tail earnings expectation , posting 40 % high revenue of $ 682 million . citizen JMP director of financial technology research Devin Ryantold Yahoo Financethat Robinhood had an “ owing poop ” that also saw “ great profitability ” and new net deposits heave by 40 % . Meanwhile , neobank Dave CEO Jason Wilk enjoin TechCrunch that his company has 2.3 million paying members , 31 % high gross of $ 80.1 million with $ 15.2 million of EBITDA . He also shared that CAC ( client acquisition price ) is down 26 % year - over - class to $ 15 . When public fintechs are notch such strong number , that can bode well for their individual opposite number .
Dollars and cents
CloudPaystarted as a joint venture in 1996 to provide paysheet and payments services to enterprise client , but the company ’s not letting its old age hold it back . It now has plans to tally AI to its workflow mechanisation suite and haslanded a $ 120 million roundto build that out .
For years , most business have trust on traditional bank , but high-pitched toll and dense processes are pushing some to adopt fintech solutions that call lower costs and fast settlements . One such platform isConduit . The B2B cross - border payments weapons platform found success after pivot from crypto to traditional banking and is now pull in inroad in Africa , where businesses face many standardised challenge to the inauguration ’s first markets in Latin America , followinga $ 6 million seed extensionfrom Helios Digital Ventures , the speculation capital arm of Helios Investment Partners .
What else we’re writing
PayPalsaid on August 6 that it is making its quick guest - checkout answer , Fastlane , available to all U.S. merchantsafter testing it with blue-ribbon businesses for a few months . Businesses will ab initio have to use the company ’s defrayment processing service , such as PayPal Braintree or PayPal Complete Payments , to utilise Fastlane .
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X(formerly Twitter ) is likely make advancement on itsupcoming payment system , bringing it closer to Elon Musk’svision of turning X into an “ everything app . ” According to a recent determination by app researcher Nima Owji , the company is influence on adding a “ Payments ” button to the sailing stripe under the bookmarks check . Owji , who made the discovery , evidence TechCrunch that he find reference for new defrayal features , such as “ proceedings , balance , and channel . ”
High-interest headlines
US fintech Octane kindle $ 50 m Series E financial backing led by Valar Ventures(TC covered Octane ’s last climb , a $ 52 million round at a $ 900 million+ valuation , in August 2021 . )
Mexico fintech Stori raises $ 212 million in equity , debt(TC covered Stori ’s last fundraise , a $ 50 million round at a $ 1.2 billion valuation , in 2022 . )
Greenlight and Google team on Fitbit - focus financial education
Robinhood enlists ex - Cruise and Lyft exec Jeff Pinner as main technology officer
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