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Welcome to TechCrunch Fintech ( formerly The Interchange ) ! This week , we ’re expect at Robinhood ’s new Gold Card , challenges in the BaaS space and how a petite inauguration caught Stripe ’s eye .
The big story
Robinhoodtook the wrap off itsnew Gold Cardlast week to much fanfare . It has a prospicient list of telling features , let in 3 % cash back and the ability to commit that cash back via the caller ’s brokerage account . A user can also put that cash back into Robinhood ’s savings report , which offers 5 % APY . We ’re funny to see how this new card will touch on the troupe ’s bottom line of credit . But also , we are fascinated by how Robinhood incorporated the technology it get whenbuying startup X1 last summer for $ 95 millionand turn it into a potentially very moneymaking new offer .
Analysis of the week
The banking - as - a - divine service ( BaaS ) space is confront challenges . BaaS startupSyncterarecentlyconducted a restructuringthat affect about 15 % of employees . The inauguration is not the only VC - backed BaaS society to have resorted to layoff to bear on cash over the preceding year . Treasury Prime , Synapseand Figure have as well . Meanwhile , grant toAmerican Banker , the FDIC annunciate consent orders against Sutton Bank and Piermont Bank , telling them “ to keep a stuffy heart on their fintechs ’ compliance with the Bank Secrecy Act and money laundering rules . ”
Dollars and cents
PayPal Ventures’latest investment is inQoala , an Indonesian inauguration thatprovides personal indemnity products covering a variety of risk , including accidents and phone screen damage . MassMutual Ventures also take part in Qoala’snew $ 47 million round of financing .
New Retirement , a Mill Valley – ground company building software to aid people produce financial retirement plans , hasraised $ 20 millionin a tranche of funding .
We last checked in onZaver , a Swedish B2C buy - now - salary - later ( BNPL ) provider in Europe , when itraiseda $ 5 million funding round in 2021 . The company has now closeda $ 10 million extensionto its Series A funding around , bringing its entire Series A to $ 20 million .
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What else we’re writing
Read all about how a tiny four - somebody inauguration , Supaglue , take hold of Stripe ’s eye . Supaglue , formerly have sex as Supergrain , is an open source developer platform for substance abuser - facing integrating . The team is sound to aid Stripe on real - clock time analytics and reporting across its political platform and third - party apps for its Revenue and Finance Automation suite .
Maju Kuruvilla isno longer CEOof one - click check companyBolt . He is replaced by Justin Grooms , Bolt ’s ball-shaped head of sales , who is now interim chief executive officer . Kuruvilla , the former Amazon administrator , drive over as CEO in January 2022 after founder Ryan Breslow step down . The Information has more about Bolt ’s woeshere .
High-interest headlines
Inside Mercury ’s stumble from fintech hero to aim of the feds
RealPage and Plaid team to curb rental fraud
In 60 minutes software battle , Rippling makes up earth against Deel — at a cost
Is bell ready for an initial offering ? It has more main customers than Chase
Inside a chief executive officer ’s bold title about her live fintech startup , which TC previously coveredhere .
Cloverleaf raise $ 7.3 K in Series A telephone extension
Abrigo get TPG Software
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