Topics
Latest
AI
Amazon
Image Credits:Unit co-founders Doron Somech and Itai Damti / Unit
Apps
Biotech & Health
Climate
Image Credits:Unit co-founders Doron Somech and Itai Damti / Unit
Cloud Computing
Department of Commerce
Crypto
endeavour
EVs
Fintech
fundraise
Gadgets
Gaming
Government & Policy
ironware
Layoffs
Media & Entertainment
Meta
Microsoft
concealment
Robotics
Security
societal
Space
Startups
TikTok
shipping
speculation
More from TechCrunch
Events
Startup Battlefield
StrictlyVC
newssheet
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
receive toTechCrunch Fintech ! This calendar week , we ’re attend at layoff at BaaS startup Unit and car insurance society Loop , as well as Brex ’s decision to abandon its conscientious objector - CEO simulation , Apple belt down its Pay Later feature of speech , and more !
The big story
Unitis the latest banking - as - a - service startup to lay off faculty , with Colorado - founders Itai Damti and Doron Somechnoting in a blog poston June 17 that the society ( lastvalued at $ 1.2 billion ) had let go of about 15 % of its staff . ( Syncteracut headcountin March and Treasury Primeslashed its workforce by halfin February ) . Unit declined to share how many employees were impacted or how many remain .
In other BaaS news , the Federal Reserve hasordered Evolve Bank(partner to Synapse and Mercury ) “ to bolster its risk direction program around fintech partnership as well as anti - money laundering laws . ” Meanwhile , the CEO of turbulent fintech Synapse has reportedlyraised $ 10 millionfor a new robotics startup even whilequestions remainon the whereabouts of $ 85 million in client savings .
Analysis of the week
In an exclusive interview , Brexco - founders Henrique Dubugras and Pedro Franceschi severalise TechCrunch that the expense management company isabandoning its co - CEO modelin an effort to move faster and be more attractive to investor as the inauguration prepare for an eventual IPO . “ I think we ’re at a ordered series where we ’re set out to see some of the crack in the co - CEO model , ” Dubugras say . “ We thought this would enable much faster and ripe decision - making . ” Feels like Brex is growing up . The pair also said that a subaltern sale of portion is likely to chance before it goes public . The fellowship also told TechCrunch that it has launched a novel checking account for business in partnership withColumn , a fintech started by Plaid Centennial State - founder William Hockey , as well as access to Brex clientele account at incorporation through Stripe Atlas .
Dollars and cents
Founded by two former Flexport method of accounting alums Mary Antony and Kelsey Gootnick , automatize financial coverage fintechInScopehasraised a $ 4.3 million come roundled by Lightspeed Venture Partners . Speaking of Lightspeed , the firm also leda $ 35 million roundforFinaloop , which aims to allay burden for e - Commerce Department businesses through its accounting computer software .
India ’s largest riches manager concentre on ultra - high - net - worth individuals,360 One WAM , hasagreed to acquirepopular Native American mutual fund investment appET Moneyfor about $ 44 million .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
AccountsIQ , a Dublin - establish method of accounting technology companionship , hasraised € 60 million(about $ 65 million ) to build “ the finance social function of the future ” for midsized fellowship .
Let there beLight ! Danish startup exits stealth with$13 million in seed fundingto bring AI to universal leger .
What else we’re writing
A piddling over a yr after it wasannouncedat WWDC , Apple ’s U.S.-only Pay afterwards feature isno more . As TC ’s Brian Heater publish : “ Pay Later ’s life was inordinately short , having formally launched in late March 2023 . finally , however , the move is n’t surprising . Apple announced at last week’sWWDC 2024that users would be capable to get at loanword throughthird - political party app Affirmthrough Apple Pay . ”
Loop , the railway car insurance company co - set up by Harlem Capital co - founding father John Henry , has laid off staff as the company sputter with fundraising . Dominic - Madori Davis leave usthe max .
High-interest headlines
Wells Fargobet on a flash rent credit card . It is cost the coin bank dear , as reported by the Wall Street Journal . technetium cover the startup’s$200 million raiseearlier this yr . But both companiesdeny any troubles .
Airbase tote up analytics , vendor management to spend orchestration political program
Intuit to acquire Zendrive to flesh out utilization - free-base car policy
Rental screener Findigs raise $ 27 M in Series B financial support
desire to make out with a tip ? Email me atmaryann@techcrunch.comor send out me a substance on Signal at 408.204.3036 . you may also post a note to the whole TechCrunch gang attips@techcrunch.com . For more secure communications , click here to contact us , which includes SecureDrop ( instructions here ) and link up to encrypted messaging apps .
