Welcome to TechCrunch Fintech (previously The Interchange)! I’m filling in for Mary Ann, who’s on a a lot deserved break. This week, we take a look at Griffin Financial institution getting its license forward of some heavy hitters, and we go inside Stripe’s annual letter, some funding rounds, and extra!

The massive story

A prime story for this week was Griffin Financial institution over within the U.Ok. The banking-as-a-service firm managed to do one thing that even the area’s most useful fintech firm, Revolut, hasn’t been capable of do but — get hold of a banking license. Granted, as Mike Butcher writes, banking licenses are troublesome to come back by (Griffin’s took a 12 months), however Revolut has talked about securing a banking license for the previous three years.

Now that Griffin has a banking license, it affords a full-stack platform for fintech corporations to supply banking, funds and wealth options through automated compliance and an built-in ledger. Extra doubtless, the corporate will provide banking accounts to companies slightly than shoppers.

Evaluation of the week

Alex Wilhelm and I learn by means of Stripe’s annual letter. Right here are some things that we thought had been price speaking about:

• The corporate’s development is spectacular. It hit the $1 trillion complete cost quantity mark in 2023, whereas noting its cost quantity rose 25%. That stated, if the corporate did, in actual fact, course of exactly $1 trillion final 12 months, it could suggest $800 billion in 2022 processing and positive factors of $200 billion price of TPV in a single 12 months. At Stripe’s measurement, it’s fairly a consequence.
• Stripe noticed report startup formation in 2023 regardless of the decline in enterprise capital exercise previously 12 months. Not solely that, however the funds infrastructure firm additionally reported that these corporations had been 60% extra more likely to begin amassing income inside their first 12 months, whereas 57% had been extra more likely to course of $1 million inside their first 12 months than these based in 2019.

{Dollars} and cents

We now have a brand new unicorn. Perfios, an India-based firm offering monetary establishments with real-time information aggregation and evaluation instruments to assist them streamline their buyer journeys and make extra knowledgeable choices, raised an $80 million spherical of funding that boosted its valuation to over $1 billion. Ontario Academics’ Pension Plan led the spherical. The corporate stated it plans to go public subsequent 12 months.

Manish Singh additionally wrote about India digital funds app Paytm, which secured a significant license it wanted to outlive and preserve continuity of a number of core app options. This got here a day earlier than the agency’s banking unit was scheduled to stop operations on March 15 due to regulatory restrictions.

OpenMeter, a startup that developed an open supply platform that helps corporations extra simply monitor their usage-based billing, raised a $3 million spherical from Y Combinator, Haystack and Sunflower Capital.

What else we’re writing

Reddit’s IPO may turn out to be a possible meme inventory in the best way the corporate is selecting to set it up. In a brand new SEC submitting, Reddit’s IPO includes round 22 million shares, priced between $31 and $34. Nonetheless, this might get actual fascinating actual fast on condition that Reddit will permit its neighborhood members to promote their shares instantly, as an alternative of being topic to the standard lock-up agreements that usually forestall traders from promoting shares for six months after the IPO.

Most subscription cellular apps don’t make cash, in keeping with an evaluation by RevenueCat. Among the many 29,000 apps it checked out, the corporate discovered that solely 17.2% of apps will attain even $1,000 in month-to-month income, however after they hit that time, the chances of them rising additional enhance.

TikTok expanded its Impact Creator Rewards monetization program to extra areas and lowered its payout threshold. It’s now in 33 areas throughout Europe, Asia, the Center East and Latin America. This system rewards creators for the consequences they make by means of TikTok’s AR growth platform, Impact Home. TikTok can be updating this system’s payout mannequin, as creators will now obtain rewards just for results utilized in public movies.

Excessive-interest headlines

HSBC to rent virtually 50 bankers for startup, enterprise lending in US

Inexperienced Dot to allow money transactions for 3 extra fintechs

With fintech funding down 70%, right here’s what fintech’s high-flyers are price now 

Maxwell launches POS function that gives tailor-made workflows for lenders

JPMorgan sees blended outcomes from Silicon Valley push

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