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receive toTechCrunch Fintech ! This week , we ’re take care at Rippling ’s controversial decision to censor some former employee from sell their stock , Carta ’s massive valuation drop , a GenZ - focused fintech raise , and more !
To get a roundup of TechCrunch ’s bounteous and most important fintech stories delivered to your inbox every Tuesday at 7:00 a.m. PT , support here .
The big story
Investor need has been so strong for shares of hot hour / fintech startupRippling — over $ 2 billion worth of terminal figure sheets , it says — that it is reserve former employees to also participate in its giant tender go sale , the company tell TechCrunch speculation desk editor Julie Bort . But there is one braggart exception : It hasbanned former employeeswho work for a smattering of competitors from selling their stock . The news had people in a bit ofan garboil on X , with some vehemently supporting — and some powerfully denouncing — the move .
Analysis of the week
Carta , a once - high - flying Silicon Valley startup that aloud backed away from one of its occupation originally this yr , isworking on a lower-ranking salethat would measure the party at $ 2 billion , TechCrunch EIC Connie Loizos learned . That ’s a massive , if not entirely unexpected , drop in valuation for Carta , which primitively focused on cap table management computer software but began over time to evolve into a “ secret stock market place for party . ” While Carta ’s cap table business is still growing — a source familiar suppose Carta generated $ 380 million in tax revenue last yr — it also lose $ 65 million in 2023 , and there “ are n’t a whole peck of other place for it to mature . ” Conclusion : It ’s becoming more and more rare to see companies hold on to their valuations , much less increase them .
Dollars and cents
Insurance providerUnderstoryhas see to it 500 % twelvemonth - over - year growth . Armed with afresh $ 15 million in funding , it is now launching a product focused on the renewable energy sector .
Torpago , a commercial-grade cite lineup and spend management supplier for residential district banks , has secured $ 10 million innew Series B fundingon a valuation of $ 55 million .
blood line - trading appRobinhoodis diving deeper into the cryptocurrency realm with theacquisitionof crypto exchangeBitstampfor $ 200 million in hard cash .
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Stakehasraised $ 14 millionto bring its fractional prop investiture political platform to Saudi Arabia and Abu Dhabi .
Kleiner Perkins leda $ 14.4 million seed roundinto YC alumFizz , which offers a credit rating - building debit entry card aimed at Gen Z college scholar . you could mind to the Equity crew discuss this mass and much more below .
What else we’re writing
In early 2022 , the fintech startupBloomwasaccepted into Y Combinatoras the first - ever inauguration from Sudan to participate in the famed throttle . Now , after an initial limited launching , a major political upthrust in its abode country , a pin , a small fundraiseanda rebrand toElevate , the startup isnow open for general availability .
The tension between officeholder and fintechs has existed for tenner . But every once in a while , the two groups decide to put their competitor apart and work together . In an unusual move , Capital Oneis team up with defrayal giants ( and rivals)Stripeand Amsterdam - basedAdyento offer a free product aimed at hoax reduction , the fiscal Robert William Service monster recount TechCrunch in an exclusive audience .
High-interest headlines
US Bank team with Greenlight on teenaged savings bank accounts
Bunq , the $ 1.8 billion European neobank , hopes to secure permission for UK expansion this year
The Brex boys ’ uncomfortable figuring
Priceline , Ramp star sign deal to interrupt ‘ archaic , ’ high fee business travelling booking model
Want to hit out with a tip ? netmail me at maryann@techcrunch.com or send me a message on Signal at 408.204.3036 . you may also direct a line to the whole TechCrunch crew at tips@techcrunch.com . For more dependable communications , click here to contact us , which admit SecureDrop ( instructions here ) and links to inscribe message apps .
