Fundid founder explains how rising interest rates, VCs and partners killed the corporate finance startup
WelcomeSee you at TechCrunch Fintech! This week, we look at Stripe’s big product announcements, a Brazilian fintech startup’s valuation increase, and much more!
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The big story
Band announced it would decouple payments from the rest of its financial services stack. This is a major change, given that in the past, even as Stripe expanded its list of services, it required businesses to be customers of payment services to use the rest. At the same time, the company is adding a number of new integrated financial features and a new wave of AI tools. The fintech giant also announced that after a six-year hiatus, it would allow customers to accept cryptocurrency payments, starting with just one currency in particular, USDC stablecoins, initially only on Solana, Ethereum and Polygon.
Analysis of the week
Brazil welcomed a new fintech unicorn last week. Banking-as-a-Service Startup IQ Technology achieved unicorn status after raising an undisclosed amount of capital in a General Atlantic-led investment that was an expansion of its $200 million Series B fundraising, covered by TechCrunch last October . QI Tech said it was also preparing to complete the acquisition of Singulare, a Brazilian provider of fund administration services, in the third quarter. Meanwhile, another Brazilian startup, Vixtrasecured $36 million in debt and equity financing – another example of area companies continuing to attract venture dollars.
Dollars and cents
Bump, a platform that helps creators manage and grow their businesses, announced a $3 million seed round, with investments from ImpactX, Capitalize and Serac Ventures. Bump lets creators track their earnings and market value, which can help them negotiate better deals and see how much money their partners owe them.
Formerly of Y Combinator and B2B fintech startup Fintoc raised a $7 million Series A funding round to consolidate its presence in its home country of Chile and Mexico, where it expanded a year ago.
PomeloA startup launching in the Philippines in 2022 – allowing Americans to send money into the country while building their credit – has raised $35 million in a Series A round led by private equity firm Dubai Vy Capital risk with participation. of the Founders Fund.
You can hear the Equity team talk about this deal and more here:
What else do we write
headquartered in Bangalore CREDITvalued at $6.4 billion, has received in-principle approval for a payments aggregator license to provide a boost to the Indian fintech startup that could help it better serve its customers, launch new products and experiment with ideas more quickly.
Liquidating a startup can be bittersweet for founders. In the case of Fundid, rising interest rates killed the corporate finance startup. But venture capital firms and partners also hurt it, says founder Stefanie Sample in this compelling read by Christine Hall.
After a tumultuous year, the banking-as-a-service (BaaS) startup Synapse has filed for bankruptcy (Chapter 11) and its assets will be acquired by TabaPay.
Very interesting titles
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