BaaS

“Unveiling Robinhood’s Latest Offering: The Gold Card, Disrupting BaaS and the Underdog Startup that Impressed Stripe”

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This week, we’re looking at Robinhood’s new Gold Card, challenges in the BaaS space and how a tiny startup caught Stripe’s eye. BaaS startup Synctera recently conducted a restructuring that affects about 15% of employees. The startup is not the only VC-backed BaaS company to have resorted to layoffs to preserve cash over the past year. MassMutual Ventures also participated in Qoala’s new $47 million round of funding. It has more primary customers than ChaseInside a CEO’s bold claims about her hot fintech startup, which TC previously covered here.

“Staff Reductions at Synctera: The Newest Player in Banking-as-a-Service Industry”

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Banking-as-a-service startup (BaaS) Synctera has conducted a restructuring that has resulted in a staff reduction, the company confirmed to TechCrunch. While Synctera did not share how many employees were impacted, a report in Fintech Business Weekly pegs the number to be about 17 people, or about 15% of the company. Synctera built a platform designed to bring together fintech companies and sponsor banks. Treasury Prime slashed half its 100-person staff in February, a year after it announced a $40 million Series C raise. Meanwhile, Piermont Bank reportedly cut ties with startup Unit, FinTech Business reported.