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Welcome to TechCrunch Fintech (formerly The Interchange)! This week we take a look at the hot global payroll space, neobank Dave’s financial results, related stock increases, and more!
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The big story
This week alone, we’ve covered three interesting deals in the global payroll space. For beginners, Dale The company announced the acquisition of a human resources software and services company in Africa Bayspace In its largest acquisition to date. It also said it surpassed $500 million in annual recurring revenue (ARR). Then I wrote about it removefirsta startup looking to take on the likes of Deel and Rippling as well, has secured $25 million in Series A funding. Taj also wrote about how he is based in the UAE RemotePass It announced that it has raised $5.5 million in Series A funding led by Istanbul-based VC firm 212. There’s no doubt that this space is hot, hot, hot.
Listen to Alex Wilhelm and I’ll talk more about him on Equity:
Analysis of the week
We look forward to recording other positive financial results in the fintech space. Newbank Dave It was profitable for the first time as a public company, with adjusted EBITDA of $10 million in the fourth quarter and GAAP net income of $200,000, it told us via email. The company also beat guidance for fiscal 2023 and reported a 26% increase in non-GAAP operating revenue with a significant boost from its ExtraCash offering. The company’s stock skyrocketed on the news — starting its opening week on March 4 at $22.46, and reaching a new 52-week high of $43.99 on March 7, before closing at $36 on March 8.
Dollars and cents
Colombian Payments has been in operation for two years Yuno It has been valued at $150 million with $25 million in Series A funding from investors such as DST Global Partners, Tiger, and a16z.
Challenger Bank, headquartered in London Monzo It raised a late-stage funding round of $430 million at a post-money valuation of $5 billion.
Start commercial banking in Paris Conto It is using an undisclosed portion of its cash reserves to acquire Regate, an accounting and financial automation platform.
Harnessing wealth It expanded into tax consulting and raised an additional $17 million for a Series A round.
the Artemis boxwhich invests in underrepresented founders in fintech, commerce and sponsorships, closed its second fund with capital commitments of $36 million.
What else do we write?
appleThe iOS 17.4 update for iOS is primarily about adapting iOS to the EU Digital Markets Act regulation. But the company also released a new API called FinanceKit that allows developers to fetch transactions and balance information from Apple Card, Apple Cash, and Savings with Apple.
Georgina Marhoum wants to crush the status quo singlea first-party data collection and reporting engine that integrates user-permitted data sources, including financial transactions, online records, and digital fingerprints to tell a more complete story about someone’s financial behavior.
PayPal It announced that it will launch a “Tap to Pay” service for merchants using iPhone through the Venmo and Zettle apps in the United States.
High interest headlines
Capstack Technologies receives strategic investment from Citi Ventures (TC Capstack covered it here.)
Argyle raises $30M to expand automated income and employment verification
Synctera raises $18.6 million in Series A-1 funding (TC covered Synctera’s Series A here.)
The latest fintech downturn: $2 billion competitor to Western Union suspends US services
The Treasury Department laid off half its staff (TechCrunch covered the $40 million raise in February 2023.)
Brazilian fintech company CloudWalk reports $320.5 million in revenue, plans to expand into the US
TomoCredit is Pivoting into B2B With TomoScore, after a number of reports Woes
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