Welcome to TechCrunch Fintech (previously The Interchange)! On this version, I’m going to take a look at a fintech being offered in a hearth sale, a gaggle of startup raises, and extra!

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The massive story

The saga continues. In mid-Might, TC’s Manish Singh reported that founders of ZestMoney had resigned from the startup. The Indian fintech, whose potential to underwrite small ticket loans to first-time web clients, as soon as drew the backing of many high-profile buyers, together with Goldman Sachs. By December, ZestMoney was shutting down following unsuccessful efforts to discover a purchaser. Then, final week, the corporate, which was as soon as valued at $450 million, was offered to DMI in a “fireplace sale.”

Evaluation of the week

Probably the most enjoyable components of being a reporter is monitoring corporations’ development over time. In 2020, I wrote about Briq’s $10 million Collection A and its mission to carry fintech to the development trade. Final week, I coated its $8 million Collection B extension at a $150 million valuation, in addition to its AI-related development plans. In 2021, I reported on Argentinian funds infrastructure startup Pomelo’s $9 million seed elevate. Final week, I coated its $40 million Collection B financing and the truth that it grew income by 200% in 2023. I like watching corporations I reported on on the early phases nonetheless within the sport, and rising! That is how buyers should really feel.

{Dollars} and cents

Christine Corridor was busy final week!

Digital Onboarding grabs $58M to assist banks with worthwhile buyer engagement: Communications from monetary establishments is usually paper-based, which frequently results in between 25% and 40% of recent checking accounts closed throughout the first yr. This SaaS startup needs to repair this.

Kashable banks $25.6M to supply employment-based lending: Extra employers are including monetary merchandise to their worker advantages and perks, and plenty of startups have jumped into this sector to assist. Fintech firm Kashable is the newest.

Tandem provides ‘fashionable {couples}’ app to handle funds collectively and individually: Meet Tandem — a brand new fintech startup that addresses the primary monetary milestones for {couples} and grows with the connection – which simply raised $3.7 million.

What else we’re writing

African neobank Kuda tried to boost $20M at flat valuation in 2023, missed person milestone projection by 3M: Earlier this month, Kuda co-founder and CEO Babs Ogundeyi informed customers that the Nigerian on-line challenger financial institution had reached nearly ₦56 trillion (~$60 billion) in transaction worth since its 2019 launch. Ogundeyi additionally mentioned that Kuda had achieved a notable milestone, with 7 million retail and enterprise clients as of right this moment. Nevertheless, the determine falls in need of the fintech’s projections when it sought recent funding final yr.

Different high-interest headlines

Stripe, Flexport, TikTok, and different startups have been investing in startups. That has largely stopped: “Stripe’s investments by way of mid-2021 signaled its intent to increase internationally and develop past its core e-commerce enterprise. Stripe acquired Nigeria-based Paystack in 2020 — extending its attain in Africa — after taking part within the fee startup’s Collection A in 2018.” That stage of investing has slowed dramatically, in response to CB Insights information.

Cross-border funds fintech Neo hits profitability after yr of speedy development: “The Barcelona-based fintech which supplies a one-stop-shop multi-currency account for company treasurers recorded an annual income in extra of €5 million and an annual revenue of €1 million,” stories Fintech Finance Information.

Podcasts value trying out

The opposite aspect of AI hype: Alex Wilhelm and I do fast dives into the raises of Pomelo, Briq and Tandem, and rather more!

Again within the Unicorn Membership with Cowboy Ventures’ Aileen Lee: Alex Wilhelm and I invited Cowboy Ventures’ Aileen Lee to speak by way of her huge new article in regards to the unicorn world.

ICYMI: I had a blast interviewing pre-seed investor All over the place Ventures’ Jenny Fielding. Click on beneath to pay attention!

Comply with me on X @bayareawriter for breaking fintech information, posts about espresso and extra.