Welcome to TechCrunch Fintech (formerly The Interchange)! This week, we explore a novel finance-oriented dating application, Robinhood’s financial performance, and the maiden investment by PayPal Ventures. Let’s delve into the details!
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The Highlight
Just in time for Valentine’s Day, a fresh dating app has emerged with a unique requirement: users must possess a minimum credit score of 675 to participate. Developed by Neon Money Club, Score is a matchmaking platform tailored for individuals with solid to exceptional credit ratings, aiming to underscore the significance of financial compatibility in relationships. TC’s Dominic-Madori Davis provides insights into the platform’s objectives and its inception. The discussions on X and LI added an entertaining dimension to the narrative!
Weekly Analysis
Robinhood experienced a significant surge in its stock value following an unexpected profit announcement in the fourth quarter, attributed to increased interest income from loan repayments by customers and a resurgence in trading activities, as reported by Reuters. The company also hinted at the possibility of achieving breakeven or profitability by the upcoming year. Last week, its shares reached a two-year peak, closing at \(14 on Friday, marking a 17% rise from \)11.94 on February 13. Positive performance by publicly traded fintech firms generally bodes well for privately held counterparts. Explore CEO and co-founder Vlad Tenev’s insights shared at TechCrunch Disrupt last year for further details.
Financial Updates
- Finom, a European challenger bank targeting SMEs and freelancers, secured €50 million ($54 million) in a Series B equity funding round.
- FlowFi, a startup establishing a marketplace connecting entrepreneurs with finance experts, concluded a $9 million seed funding round, with Blumberg Capital leading the investment.
- Bold, a fintech firm constructing an electronic payments framework in Colombia, raised $50 million in Series C funding, spearheaded by existing investor General Atlantic.
- Rasa, a conversational generative AI platform catering to enterprises in the financial sector, amassed $30 million in a Series C funding round co-led by StepStone Capital and PayPal Ventures. Notably, this investment marked PayPal’s foray into AI funding.
Additional Coverage
India confronts challenges in enforcing overdue regulations to mitigate the dominance of PhonePe and Google Pay in the UPI payments network, which processes over 10 billion transactions monthly. Rippling, a workforce management platform, expands its global footprint with the establishment of its Asia-Pacific headquarters in Sydney, Australia, after recent launches in the U.K. and Ireland. Apple’s decision to elevate the interest rate for its Apple Card savings account to 4.5% prompts Cash App to follow suit, offering “up to” a 4.5% APY for its Cash App Savings customers.
Noteworthy Headlines
- Bolt, previously valued at $11 billion, drastically reduces its share price by 97% in a buyback.
- Venture capital firms express optimism regarding the resurgence of fintech deals by 2024.
- Parlay secures $1.3 million to broaden access to financial resources for small enterprises.
- Mia Share raises $6.5 million to streamline digital tuition payments.
- Sequoia urges former leader Moritz to step down from the Klarna board.
- Airbase appoints procurement expert Mathew Schulz to a pivotal role.
- Fintech sector captures over one-third of the €745 million invested in European tech last week.
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