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Welcome toTechCrunch Fintech ! This week , we ’re looking at the continued radioactive dust from Synapse ’s failure , how Layer want to disrupt SMB accounting , and much more !
The big story
The prospects for troubled banking - as - a - service ( BaaS ) startupSynapsewent from unsound to worselast week when a U.S. Trustee filed an hand brake movement call for to convert the fellowship ’s debt reorganization Chapter 11 failure into a liquidation Chapter 7 due to “ gross mismanagement ” of its estate . seemingly , up to 20 million fintech depositors are at risk as a resultant role of thebankruptcy . As Fintech Business Weekly ’s Jason Mikulareports , “ legion end users of fintechs that have had their ability to get at their funds freeze shared the withering impact it has had on their lives with the motor hotel and the hundreds of meeter dialed in to the listening [ on Friday ] . ” Sadly , the fallout from Synapse ’s collapse continues .
Analysis of the week
There seems to be a real appetite for an alternative to QuickBooks , the bequest accountancy alternative for SMBs , judging by the attentionthis report on Layer ’s $ 2.3 million raisereceived . Layeris leaning into what it describe as a estimable exploiter experience through embedded accounting . Its customers are those working with small and medium - sized businesses to extend accounting and bookkeeping lineament inside their own products . Better Tomorrow Ventures head the pre - seed investment into the startup and was join by a group of executive director at companies such as Square , Plaid , Unit and Check .
Dollars and cents
PayHOA , a antecedently bootstrapped Kentucky - based inauguration that offers package for self - managed homeowner association ( HOAs ) , is an example of how actual - world job can understand into opportunity . It justraised a $ 27.5 million Series A roundin an environment where nearly $ 30 million Series A round of golf are no longer common .
Buy now , pay later services have become so ubiquitous that BNPL may as welljust be another agency to say “ debt . ”But in Mexico , where BNPL platformAplazooperates , a largeunderbanked populationmakes BNPL more like an choice to hard cash . A recent$45 million Series B roundled by QED Investors should help oneself it further expand its orbit , both virtual and forcible .
talk of QED , it also leda $ 10 million roundintoKudos , which uses stilted intelligence to cypher out consumer spending habits so it can then supply more personalized fiscal advice .
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Aeropay , a provider of ante up - by - camber solutions for businesses that commence out helping cannabis retailers and gaming companies with their defrayment , is now entering into Visa ’s and Mastercard ’s territorial dominion by introduce the defrayal networks . And it ’s justraised $ 20 million in a Series B rung .
What else we’re writing
The Consumer Financial Protection Bureau ( CFPB ) issuingSoLo Funds , a fintech ship’s company that enables match - to - match loaning , allege that the company used “ digital gloomy patterns ” to deceive borrower and illegally took fee while advertising to consumers that there were no fees .
High-interest headlines
CFPB takes activity against Chime Financial for illegally delaying consumer refund
Deel mate with Carta to offer equity tax withholding tax features
Insurtech Cover Genius raises $ 80 M in Series E funding(TC cover its last raisehere )
Yendo raises $ 165 million for ‘ vehicle - secure ’ reference carte
FinLocker raises $ 17 M in Series B funding around
Bunq enters insurance market via new partnership
Square adds Modern integrated solutions for restaurants
Embedded account statement startup Teal raise $ 8 metre
ICYMI : Baselayer raises $ 6.5 M in come funding
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