Welcome to TechCrunch Fintech (formerly The Interchange)! This week, we’ll look at red-hot global cap space, NeoBank Dave’s financial performance and related stock gains, and more!
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big story
This week alone, we reported on three interesting deals in the global payroll space. For beginners, share Announces acquisition of African payroll and HR software and services company Paid space The largest acquisition to date. The company also said its annual recurring revenue (ARR) has exceeded $500 million.Then I wrote about Remo Foster, a new startup also poised to compete with the likes of Deel and Rippling, has raised $25 million in Series A funding.Additionally, Tage writes about how the UAE remote pass Announced that it has raised $5.5 million in Series A funding led by Istanbul 212 VC. There’s no doubt that this space is hot, hot, hot.
Hear Alex Wilhelm and I talk more about it on Equity:
Analysis of the week
We’re looking at another fintech company posting positive financial performance.new bank dave It told us via email that it became profitable for the first time as a public company, with fourth-quarter adjusted EBITDA of $10 million and GAAP net income of $200,000. The company also beat fiscal 2023 guidance, reporting non-GAAP operating income growth of 26%, driven by its ExtraCash product. Affected by this news, the company’s stock price began to soar from the opening price of $22.46 in the week of March 4, reaching a 52-week high of $43.99 on March 7, and closing at $36 on March 8.
dollars and cents
Two-year-old Colombian payments startup Yuno It is valued at US$150 million and raised US$25 million in Series A financing from investors including DST Global Partners, Tiger and a16z.
London-based challenger bank Monzo Raised US$430 million in late-stage financing, valuing the company at US$5 billion post-money.
Paris-based commercial banking startup honestly is using an undisclosed portion of its cash reserves to acquire accounting and financial automation platform Regate.
harness wealth Expanded into tax consulting and raised $17 million in Series A funding.
this artemis fundThe firm, which invests in underrepresented founders in fintech, business and care, closed its second fund with $36 million in capital commitments.
What else should we write?
appleThe iOS 17.4 update is mainly to adapt iOS to the EU’s Digital Market Act supervision. But the company also released a new API called FinanceKit, which allows developers to obtain transaction and balance information from Apple Card, Apple Cash and Savings with Apple.
Georgina Merhom wants to shake up the status quo soloa first-party data collection and reporting engine that integrates user-approved data sources, including financial transactions, online records and digital footprints, to tell a more complete story about someone’s financial behavior.
Paypal Announcing the launch of “Tap to Pay” in the United States through Venmo and Zettle apps for merchants using iPhones
High-profile headlines
Capstack Technologies receives strategic investment from Citi Ventures (TC reports on Capstack here.)
Argyle raises $30M to expand automated income and employment verification
Synttera raises $18.6 million in Series A-1 funding (TC reports on Synttera’s Series A funding here.)
Latest fintech retreat: $2 billion challenger to Western Union suspends U.S. services
Treasury Prime has laid off half its staff (TechCrunch raised $40 million in funding in February 2023.)
Brazilian fintech Yuncong Technology announces revenue of US$320.5 million and plans to expand in the United States
After a series of issues, TomoCredit is pivoting to B2B with TomoScore
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