NEWSLETTER
Welcome to TechCrunch Fintech (formerly The Interchange)! This week, we look at the hot global payroll space, neobank Dave's financial results and related stock surge, and more!
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the great story
This week alone, we covered three interesting deals in the global payroll space. For starters, Share announced the acquisition of an African payroll and human resources software and services company Payment space in its largest acquisition to date. He also said it has surpassed $500 million in annual recurring revenue (ARR). Then I wrote about remoprimera startup that also aims to take on the likes of Deel and Rippling, securing $25 million in Series A funding. Additionally, Tage wrote about how UAE-based companies Remote pass announced that it had raised $5.5 million in Series A funding led by Istanbul-based 212 VCs. There is no doubt that this space is very, very, very hot.
Listen to Alex Wilhelm and I talk more about this on Equity:
Analysis of the week
We are facing another fintech that registers positive financial results. Neobank David told us via email that it had achieved profitability for the first time as a public company, achieving adjusted EBITDA of $10 million in the fourth quarter and GAAP net income of $200,000. The company also beat fiscal 2023 guidance and reported a 26% increase in non-GAAP operating income with a big boost from its ExtraCash offering. Its shares soared on the news: they began the week that opened on March 4 at $22.46, reaching a new 52-week high of $43.99 on March 7, before closing at $36 on March 8. .
dollars and cents
Colombian two-year payments startup yuno has reached a valuation of $150 million with $25 million in Series A funding from investors including DST Global Partners, Tiger and a16z.
London-based challenger bank monzo raised a late-stage funding round of $430 million with a post-money valuation of $5 billion.
Paris-based business banking startup Honestly is using an undisclosed portion of its cash reserve to acquire Regate, an accounting and financial automation platform.
Take advantage of the wealth has expanded into the tax advisory space and has raised a $17 million extension for its Series A round.
He Artemis Fundwhich invests in underrepresented founders in fintech, commerce and care, closed its second fund with $36 million in capital commitments.
What else are we writing?
AppleThe iOS 17.4 update is mainly about adapting iOS to the regulation of the EU Digital Markets Act. But the company also launched a new API called FinanceKit that allows developers to get transactions and balance information from Apple Card, Apple Cash, and Savings with Apple.
Georgina Merhom wants to crush the status quo with ONLYa proprietary data collection and reporting engine that integrates user-authorized data sources including financial transactions, online records, and digital footprints to tell a more complete story about a person's financial behavior.
PayPal announced that it will launch “Tap to Pay” for merchants with an iPhone through the Venmo and Zettle apps in the US.
High Interest Headlines
Capstack Technologies receives strategic investment from Citi Ventures (TC covered Capstack here).
Argyle Raises $30 Million to Expand Automated Entry and Employment Verification
Synctera raises $18.6 million in Series A-1 financing (TC covered Synctera's Series A here).
Treasury Prime has laid off half of its staff (TechCrunch covered its $40 million raise in February 2023.)
Brazilian fintech CloudWalk announces revenue of $320.5 million and plans to expand to the US
TomoCredit is pivoting towards B2B with TomoScore, after a series of reports ouch
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