THIS WEEK’S FUNDING NEWS OVERVIEW
For the past week’s funding news overview, we recommend reading our weekly #DoneDeal newsletter 👇
👀 Are you interested in funding news from the FinTech space?
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REPORT
Following a record year of liquidity, the IPO window has undoubtedly remained shut in 2022.
It has been nearly a year since the last US VC-backed FinTech IPO, and while this isn’t unprecedented, it is longer than most investors expected.
👉 Download the full "The State of FinTech" #fintechreport by SVB here.
👀 NEWS HIGHLIGHT
The three co-founders of alternative financing startup Pipe are stepping down from their roles as executives of the company in one of the most dramatic management shake-ups seen in the fintech startup world in some time.
👉 Read the full TechCrunch article here.
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📰 ARTICLE
Crypto Firm FTX’s ownership of a U.S. Bank raises questions.
Among the many surprising assets uncovered in the bankruptcy of the cryptocurrency exchange FTX is a relatively tiny one that could raise big concerns: a stake in one of the country’s smallest banks.
Through a subsidiary, FTX invested $11.5 million in the parent company of Farmington State Bank, which has a single branch and, until this year, just three employees.
👉 Read the full NY Times story here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️Less than three months after its public debut, the “anti-woke” banking startup GloriFi is canceling itself. Link here.
⭐️Taktile raises $20M to help fintech companies test and deploy decision-making models. Link here.
⭐️ 'We’re alive and kicking': CEO of banking app Dave wants to dispel doubts after this year's 97% stock plunge. Link here.
⭐️ ZSuite Tech secures $11m from a Series A raise. Link here.
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DIGITAL BANKING
Lumin Digital announces partnership with Vantage Credit Union supporting an enhanced online banking experience for more than 70,000 Vantage members via Lumin’s cloud-based online and mobile digital banking platform. Link here.
Novo raised $35 million from GGV capital at a pre-money valuation of $720 million. The new funding round is an extension of its Series B fundraise earlier this year. Link here.
PAYMENTS
Airswift launches a full-stack cryptocurrency payment gateway. Connect lets online merchants settle their digital currency assets to stablecoin or fiat daily while benefiting from lower transaction fees than for credit card payments. Link here.
OPEN BANKING
Plaid announced that after two years in beta, its machine learning risk engine, Signal, will be available to customers seeking to upgrade their automated clearing house transaction services with fraud detection. Link here.
CRYPTO
Plug and Play, together with founding partners Visa, AllianceBlock, The INX Digital Company, IGT, and Franklin Templeton announced the launch of their new Crypto and Digital Assets program in Silicon Valley. Link here.
INVESTMENT
‘Stranger Things’ actor wants to spread the wealth around tbh, his vegan Nutella alternative. Link here.
Galileo Financial Technologies, LLC announced that its API-enabled financial technology powers Pomelo, Inc., a new charge card that allows families in the U.S. to build and extend their credit access abroad. Link here.
MOVERS & SHAKERS
Plaid named Meta veteran John Anderson to serve as its new head of payments. Link here.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.