Welcome to TechCrunch Fintech (formerly The Interchange)! This week, we’re taking a look at some of Africa’s hottest fintech startups to find out how Mint’s closure turned out to be a gain for Copilot, and why the VC firm is doubling down on one particular expense management startup.
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While venture capital investment in Africa (like the rest of the world) has declined in recent years, the past week has been a good time for the region’s fintech ecosystem. TC reporter Tage Kene-Okafor reports on how Uber led a $100 million investment in African mobility fintech Moff The startup is valued at $750 million.He also wrote how district Raised $8.5 million to expand its decentralized payments infrastructure. Annie Njanja reports on how Tanzania Payments NalaThe successful shift to providing remittance services in 2021 also prompted it to establish a B2B payment platform.
Analysis of the week
Intuit decides to shut down budgeting app Mint Bringing opportunities to start-ups in the field.Christine Hall wrote co-pilot Growth in the past four months has outpaced growth in the past four years, and the startup was able to parlay that growth into a $6 million Series A round led by Nico Wittenborn’s Adjacent. TC previously reported that Copilot received $250,000 in angel investment when it first launched, and later added support for Apple Card. Monarch Money co-founder Ozzie Osman also told TechCrunch that Mint’s loss is their gain.
dollars and cents
Non-sexy industries can also attract investors.Expense management starts coastal Looking for businesses that need to manage so-called real field personnel and fleets. The company claims revenue grew 550% last year and just attracted an additional $25 million in equity financing.
digital bank Onyx Private Moving to B2B. The YC-backed startup, which raised $4.1 million last year, aims to serve high-income Millennials and Generation Z. But last week, it told customers it would cease banking and close their accounts.
Swiss Fintech sorryThe initiative, which aims to make Swiss banking accessible to people in countries with unstable banking systems or facing high inflation, has raised $4 million in seed funding.
What else should we write?
Despite all the recent growth in fintech, co-founder and CEO Eric Glyman rampThinks the industry, and companies like his, are just scratching the surface. Glyman recently said on the TechCrunch Found podcast that while his unicorn card and fee startup has grown a lot so far, it only captures 1% of its potential market share. Fun fact: Rip and Dill both turned five this week — just one day apart.
in its wide-ranging antitrust complaint apple The U.S. Department of Justice is targeting Apple’s massive financial operations specifically for the iPhone business.
Other high profile headlines
An unexpected pairing: Bolt and the Checkout.com team create frictionless commerce
Rewards startup Fetch rides private credit boom, raises $50M from Morgan Stanley
Wealthfront delays IPO plans
Affirm Holdings director Keith Rabois sells more than $318,000 worth of stock
Cloud banking technology provider nCino acquires DocFox
Marco raises $12M to support Latin American trade finance
PayPal-backed NX Technologies raises $24M to simplify car payments
Bonus pool subject to FDIC cease-and-desist order for false and misleading statements
DLocal appoints Pedro Arnt as CEO following resignation of Sebastián Kanovich
Ryan Zauk joins OMERS Ventures
ICYMI: Klarna targets Visa and Mastercard to push open banking
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