Welcome to TechCrunch Fintech (previously The Interchange)! This week, we’re taking a look at a brand new finance-based relationship app, Robinhood’s earnings outcomes and the startup through which PayPal Ventures made its first funding. Let’s dive in!
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The massive story
A brand new relationship app was launched simply in time for Valentine’s Day, however there’s a catch: You will need to have a minimum of a 675 credit score rating to make use of it. Launched by monetary platform Neon Cash Membership, Rating is a relationship app for individuals with good to glorious credit score, and it seeks to assist increase consciousness concerning the significance of funds in relationships. TC’s Dominic-Madori Davis gave us a take a look at what the startup goals to do and the way it happened. Studying all of the feedback on X and LI was additionally fairly entertaining!
Evaluation of the week
Robinhood’s inventory obtained a giant enhance final week when the corporate posted a shock revenue within the fourth quarter “pushed by larger curiosity earnings from prospects paying again loans and a rebound in buying and selling,” in response to Reuters. It additionally revealed that it might be breakeven or worthwhile by subsequent yr. Shares climbed to their highest value final week in almost two years and closed at $14 on Friday, up 17% from an in depth of $11.94 on February 13. When public fintechs do properly, it normally means good issues for privately held fintechs. CEO and co-founder Vlad Tenev spoke at TechCrunch Disrupt final yr — learn all about that right here.
{Dollars} and cents
Finom, a European challenger financial institution aimed toward SMEs and freelancers, has raised €50 million ($54 million) in a Sequence B fairness spherical of funding.
FlowFi, a startup making a market of finance consultants for entrepreneurs, closed on $9 million in seed funding. Blumberg Capital led the funding.
Daring, a monetary expertise firm constructing an digital funds infrastructure in Colombia, raised $50 million in Sequence C funding in a spherical led by current investor Common Atlantic.
Rasa, an enterprise-focused conversational generative AI platform with monetary providers firms as shoppers, raised $30 million in a Sequence C spherical co-led by StepStone Capital and PayPal Ventures. Notably, this marked PayPal’s first AI funding.
What else we’re writing
India is dealing with a quandary in imposing long-delayed guidelines to curb the dominance of PhonePe and Google Pay within the nation’s ubiquitous UPI funds community, which processes over 10 billion transactions month-to-month.
After latest launches within the U.Ok. and Eire, workforce administration platform Rippling is continuous its formidable worldwide growth with the opening of its Asia-Pacific headquarters in Sydney, Australia. The corporate additionally poached Eisar Lipkovitz from JPMorgan to function its new chief product officer.
Apple’s latest transfer to enhance the rate of interest for its Apple Card financial savings account to 4.5% is now prompting a competitor to do the identical. Money App introduced it’ll now supply “as much as” a 4.5% APY (annual proportion yield) for its Money App Financial savings prospects, with a couple of caveats.
Different high-interest headlines
Bolt, as soon as value $11B, slashes share value 97% in buyback
Enterprise capital’s optimistic that fintech offers will rebound in 2024
Parlay raises $1.3M to supply inclusive entry to monetary assets for small companies
Mia Share raises $6.5 million to facilitate digital tuition funds
Sequoia pressures former chief Moritz to go away Klarna board seat
Airbase appoints Forrester veteran Mathew Schulz to procurement function
Fintech garners over one-third of final week’s €745M invested in European tech
Comply with me on X @bayareawriter for breaking fintech information, posts about espresso and extra.
