The Attraction of Payment Assistance for Startups: A Quest for Financial Innovation

Welcome to TechCrunch Fintech (formerly The Interchange)!

This week, we’re delving into the ever-growing world of fintech and exploring some major developments in the industry. From the booming global payroll space to the success of neobank Dave, there’s plenty to discuss and analyze. So without further ado, let’s jump into the latest and most important fintech news from TechCrunch!

The Big Story

This week, our coverage focuses on three exciting deals within the global payroll space. Deel makes waves with its largest acquisition to date, acquiring African-based payroll and HR software and services company PaySpace. Additionally, Remofirst secures a $25 million Series A funding round to rival the likes of Deel and Rippling. And UAE-based RemotePass raises $5.5 million in Series A funding, solidifying its place in the hot global payroll market. Join Alex Wilhelm and myself on Equity as we take a closer look at this thriving industry.

Analyzing the Week

Another success story in the fintech realm comes from neobank Dave, who announced profitability for the first time since going public. With $10 million in adjusted EBITDA and $200,000 in GAAP net income, Dave has exceeded its 2023 fiscal year guidance and seen significant growth in its ExtraCash offering. This impressive report led to a surge in its stock price, reaching a new 52-week-high of $43.99 before closing at $36. To learn more, tune in to Equity for our in-depth analysis.

Dollars and Cents

Several notable funding rounds have recently made headlines in the fintech world. Colombian payments startup Yuno reaches a $150 million valuation with $25 million in Series A funding from investors such as DST Global Partners, Tiger, and a16z. London-based challenger bank Monzo secures a late-stage funding round of $430 million, reaching a post-money valuation of $5 billion. And Paris-based business banking startup Qonto acquires Regate, an accounting and financial automation platform, as it continues to grow its presence in the market. Plus, read more about other funding rounds in our Dollars and Cents section.

What Else We’re Writing

In addition to our feature articles, we also bring you the latest updates from the fintech world. Apple’s new iOS 17.4 update introduces the FinanceKit API, allowing developers to access transactions and balance information from Apple Card, Apple Cash, and Savings with Apple. Georgina Merhom disrupts the status quo with SOLO, a first-party data collection and reporting engine that paints a more complete picture of someone’s financial behavior. Plus, PayPal launches “Tap to Pay” for merchants through its Venmo and Zettle apps in the U.S. Learn more about these exciting developments in our What Else We’re Writing section.

High-Interest Headlines

Stay informed with the latest news and updates in the fintech industry with our High-Interest Headlines segment. This week, we cover Capstack Technologies’ strategic investment from Citi Ventures (check out our previous coverage on Capstack here). Argyle raises $30 million to expand its automated income and employment verification services. Synctera secures $18.6 million in Series A-1 funding (we also previously reported on their Series A). A major challenger to Western Union, a $2 billion fintech retreats and suspends its U.S. services. Treasury Prime faces challenges and lays off half of its staff (you may remember our coverage of their $40 million raise last month). Brazilian fintech CloudWalk announces an impressive $320.5 million in revenue and plans to expand into the U.S. market. And TomoCredit pivots to a B2B focus with TomoScore, following a series of issues. For more intriguing headlines, read on in our High-Interest Headlines section.

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