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Welcome toTechCrunch Fintech ! This workweek , we ’re looking at how two fintech company serving the underserved are fare , and more !
The big story
PayJoyis an lesson of a company with positive unit economic science and a mission to help the underserved . It ’s not often that we see those two thing intersect , so when we do , we get pretty unrestrained . I spell about the company ’s milepost ofachieving $ 300 million in annualized revenueand lucrativeness last class , while also managing to land $ 150 million in Series C financial support . The company ’s model is unique : It aid people build credit through pay - as - you - go financing for smartphones . Once the phones are paid off , customer can apply for loan through PayJoy using their devices as collateral . Read all about its ontogenesis here .
Analysis of the week
Petalis another fintech party that aims to help the underserved “ human body mention , not debt . ” Last May , TechCrunch write about the company’s$35 million raise and plans to spin off its data unit . Last hebdomad , Empower Finance announced its plans to develop Petal , which obviously start calculate for buyers last year “ when it was short on cash , ” according toFortune . A interpreter for Petal secern me via email : “ Like Petal , Empower … uses Johnny Cash flow underwriting for its cortege of quotation product . … With the Petal acquisition , it will soon have a family of credit cards to complement that offering . ” Will we see more M&A in 2024 ? I ’m eager to see .
Dollars and cents
TransferGo , the U.K.-based fintech best known as a consumer chopine for orbicular remittances , hasraised a $ 10 million growth funding roundfrom Taiwan - free-base investor Taiwania Capital , with a view to expanding in the Asia - Pacific realm . It last raised a $ 50 million Series C support round in 2021 . TransferGo claims its growth , combined with the new investiture , doubles its valuation .
What else we’re writing
Brazilian startupSalvy , a mobile carrier for businesses , was theonly company ground in Latin America in Y Combinator ’s latest batch , the particle accelerator confirm to TechCrunch ’s Anna Heim . That ’s a significant drop compared to age bracket that give-up the ghost through the gas pedal during COVID when it was remote , but also more late class . For lesson , there were 33 Latin American companies in Y Combinator ’s Winter 2022 batch . Could the overall country of the fintech sphere be part to find fault ? Historically , around one - third of the 231 Latin American troupe that went through YC focused on fintech . And with fintech backing on the fall , this could perhaps partially explain YC ’s lack of LatAm involvement .
High-interest headlines
Investors circle ‘ most hat ’ fintech and e - Commerce Department sectors
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
Stride and Utah set new precedents in benefit for sovereign workers
US startup Parafin lands $ 125 M storage warehouse facility from SVB and Trinity Capital
Tabs secures $ 7 1000 source funding to enhance AI - drive accounts receivable chopine
UAE ’s fintech Fortis secures $ 20 M in a Series A rung
Anrok reach a $ 250 chiliad valuation with a terrene idea : cypher
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