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"Unveiling Robinhood's 3% Cash-Back Card and Fintech Innovations"
1 year ago•Source: TechCrunch
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3.785 min•2 years ago
SumUp Secures €285M in Growth Funding to Ride Out Fintech Turmoil
Fintech company SumUp has raised €285 million in growth funding to expand its business organically and explore mergers and acquisitions. The funding comes at a time when the fintech market is facing tighter funding conditions, with a 36% decrease in funding globally in the last quarter. SumUp plans to use the funds to launch more financial services, expand into new geographies, and strengthen its position in the market. Despite recent challenges, including a decrease in valuation, SumUp remains positive on an EBITDA basis and has achieved over 30% year-on-year growth.
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Volt secures $60M+ in funding for open banking payments and infrastructure.
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IMF spearheads development of global digital currency platform.
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Fintech Startup Combines AI and Human Insight to Combat Fraud.
San Francisco-based startup SentiLink, which uses AI and human insight to fight fraud, has grown into a fast-growing fintech startup with over 300 customers, including seven of the US's 15 biggest banks and six of its 10 largest credit unions. SentiLink has expanded beyond synthetic fraud to old-fashioned identity theft and first-party fraud, and raised $70m in July 2021 at a $430m valuation. However, the company has only a tiny sliver of the fraud-prevention market, which totals $15bn a year, and faces competition from larger firms such as Experian and Lexis-Nexis.
"Fintech 50 2023: The Future of Payments and Personal Finance with Newcomers and Debuting Founders"
Nine payments companies, including newcomers GlossGenius and Mudflap, made Forbes' Fintech 50 2023 list, up from six in 2022. Fintech startups are racing to incorporate more useful functions beyond online payment processing into their offerings, with the aim of enabling non-financial businesses to do more at the point of sale. The big kahuna of payment processing, Stripe, remains the most valuable private fintech in the US, while GlossGenius and Melio have ridden the embedded finance trend to $360 million and $4 billion valuations, respectively.
"Meet the New Faces of Fintech 50 2023: Founders, Payments, Personal Finance, and Insurance"
Despite the challenges faced by fintech entrepreneurs, some standout founders led their companies to impressive innovation and growth in 2022, earning them a spot on the Fintech 50 list. Among the newcomers are six diverse founders, including the CEO of a payments company for independent beauty businesses, a former private equity executive who bought a bank in Kansas City, and a Kenyan-born software engineer who built a startup that lets other companies offer wealth management services to ordinary investors.
"Summer's Student Debt Tools Receive $6M Series A Extension"
Fintech startup Summer has raised $6m in an extension to its Series A funding round, bringing the total to $16m. The company provides a 360-degree view of borrowers' student loan situations and offers options for repayment. Summer works with financial institutions, employers and other organisations to help employees plan for college, reduce student loan debt and optimise retirement savings through employer matches. The new funding will enable Summer to roll out new products and services and hire a chief revenue officer.
Global Lessons from Silicon Valley Bank's Collapse
The collapse of Silicon Valley Bank (SVB) has had ripple effects on consumers, businesses, banks, and investors worldwide. African startups that had deposits with SVB were affected, with some able to pull out their funds before the collapse, while others could not access their funds. The incident has reinforced the need for homegrown solutions in Africa. Meanwhile, other companies providing banking services to startups have stepped up to offer their services and help companies maintain cash flow. Stripe raised $6.5 billion in funding, while PhonePe raised $200 million, and Adyen advanced its digital authentication solution. The buy now, pay later industry saw payment fraud increase by 211% in 2022 over 2021, according to Sift's Q1 2023 Digital Trust & Safety Index.