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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👀 NEWS HIGHLIGHT
Cross River Bank enters a consent order with FDIC over fair lending compliance practices.
The consent order requires CRB to make immediate changes - it must among others strengthen lending and third-party compliance controls and increase supervision and oversight of internal controls.
📊 INFOGRAPHIC
Evolution of US Acquiring Processing by Flagship Advisor 👇
👨💻 BLOG
FinTech valuation dip – Correction or crash?
In this WhiteSight blog, Risav Chakraborty and Kshitija Kaur expand upon their analysis from last year, which focused on public market FinTechs, to encompass the noticeable downward trend that has now also permeated private markets.
💬 INTERVIEW
Brex has seen a surge in usage of its products following this year's regional banking turmoil and is on pace to reach roughly $500 million in revenue over the next 12 months.
Brex Co-CEO Henrique Dubugras joins Caroline Hyde and Ed Ludlow to discuss👇
💡 INSIGHTS
Alex Johnson has re-ranked the FinTech logos👇
Which FinTech logo do you think should be Nr.1?
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ Revolut alums raise $3.7 million in seed funding for Vault.
⭐️ Plastiq filed for bankruptcy and entered into a stalking horse agreement to have its assets acquired by Priority Technology.
⭐️ Stripe acquired Okay to help engineering leaders better understand how their teams are performing.
⭐️ Nymbus raised $70 million in a Series D round led by Insight Partners.
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DIGITAL BANKING
Vartana raised $20 million in Series B funding led by Activant Capital, with participation from Mayfield and Audacious Ventures.
Dave Inc. announced that its members have collectively earned more than $1 million through its new Side Hustle feature, Surveys.
Alviere announced its partnership with Array to offer its enterprise clients customizable digital credit and identity tools to increase digital engagement and help end customers own their financial future.
PAYMENTS
PayPal continues to eye stablecoin space. "We want to cement the position of PayPal as this conduit between the fiat and web3 world in an integrated way," commented the Head of PayPal's Blockchain Team Jose Fernandez da Ponte.
Affirm announced a multi-year partnership that will make its Adaptive Checkout™ available to all Worldpay merchants.
Amazon One is gaining new functionality with the addition of age verification. Its customers will be able to buy adult beverages just by hovering their palms over the Amazon One device.
Pesto has raised $11 million and is launching a credit card as it takes on the American pawn lending industry.
Magic announced it had raised $52 million in a strategic funding round led by PayPal Ventures.
BNPL
Klarna halved its losses in the first quarter as the Swedish BNPL pioneer said it was on course to return to profit by the end of the year.
Affirm CEO Max Levchin downplayed the potential threat of Apple Pay Later to his BNPL company, pointing instead to PayPal or Klarna or Afterpay as potentially being more at risk by the tech giant’s move.
CRYPTO
The Securities and Exchange Commission announced that former Coinbase product manager agreed to settle charges that they engaged in insider trading.
SOFTWARE DEVELOPMENT
Tools for Humanity raised $115 million for Worldcoin, its effort to build an identity and financial network by giving away free crypto tokens to people who agree to get their irises scanned.
Akuvo signed seven new credit unions to its Aperture platform. The new clients include Star One Credit Union, First Source Federal Credit Union, Andrews Federal Credit Union, and others.
Boom raised $4.5 million in a seed funding round joined by Plaid co-founders William Hockey and Zach Perret.
INVESTMENT
Celebrity investors such as Paris Hilton pile into Checkmate.
MOVERS & SHAKERS
The executive in charge of managing Apple Pay partnerships with banks and credit unions in the Americas Eric Hoffman is leaving the company.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.