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Robinhood's new Gold Card, BaaS challenges and the tiny startup that caught Stripe's eye | Prime Time News24


Welcome to Prime Time News24 Fintech (previously The Interchange)! This week, we’re taking a look at Robinhood’s new Gold Card, challenges within the BaaS area and the way a tiny startup caught Stripe’s eye.

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The large story

Robinhood took the wraps off its new Gold Card final week to a lot fanfare. It has an extended listing of spectacular options, together with 3% money again and the power to take a position that money again by way of the corporate’s brokerage account. A consumer can even put that money again into Robinhood’s financial savings account, which affords 5% APY.  We’re curious to see how this new card will affect the corporate’s backside line. But additionally, we’re fascinated by how Robinhood integrated the expertise it acquired when shopping for startup X1 final summer time for $95 million and turned it right into a probably very profitable new providing.

Evaluation of the week

The banking-as-a-service (BaaS) area is going through challenges. BaaS startup Synctera just lately performed a restructuring that impacts about 15% of workers. The startup shouldn’t be the one VC-backed BaaS firm to have resorted to layoffs to protect money over the previous 12 months. Treasury Prime, Synapse and Determine have as effectively. In the meantime, based on American Banker, the FDIC introduced consent orders towards Sutton Financial institution and Piermont Financial institution, telling them “to maintain a more in-depth eye on their fintechs’ compliance with the Financial institution Secrecy Act and cash laundering guidelines.”

{Dollars} and cents

PayPal Ventures’ newest funding is in Qoala, an Indonesian startup that gives private insurance coverage merchandise protecting a wide range of dangers, together with accidents and telephone display screen harm. MassMutual Ventures additionally participated in Qoala’s new $47 million spherical of funding.

New Retirement, a Mill Valley–primarily based firm constructing software program to assist folks create monetary retirement plans, has raised $20 million in a tranche of funding.

We final checked in on Zaver, a Swedish B2C buy-now-pay-later (BNPL) supplier in Europe, when it raised a $5 million funding spherical in 2021. The corporate has now closed a $10 million extension to its Collection A funding spherical, bringing its complete Collection A to $20 million.

What else we’re writing

Learn all about how a tiny four-person startup, Supaglue, caught Stripe’s eye. Supaglue, previously generally known as Supergrain, is an open supply developer platform for user-facing integrations. The staff goes to assist Stripe on real-time analytics and reporting throughout its platform and third-party apps for its Income and Finance Automation suite.

Maju Kuruvilla is now not CEO of one-click checkout firm Bolt. He’s changed by Justin Grooms, Bolt’s international head of gross sales, who’s now interim CEO. Kuruvilla, the previous Amazon government, took over as CEO in January 2022 after founder Ryan Breslow stepped down. The Info has extra about Bolt’s woes right here.

Excessive-interest headlines

Inside Mercury’s stumble from fintech hero to focus on of the feds

RealPage and Plaid staff to curb rental fraud

In HR software program battle, Rippling makes up floor towards Deel — at a value 

Is Chime prepared for an IPO? It has extra major prospects than Chase

Inside a CEO’s daring claims about her scorching fintech startup, which TC beforehand coated right here.

Cloverleaf raises $7.3M in Collection A extension

Abrigo acquires TPG Software program

Wish to attain out with a tip? Electronic mail me at maryann@Prime Time News24 or ship me a message on Sign at 408.204.3036. You too can ship a word to the entire Prime Time News24 crew at suggestions@Prime Time News24. For safer communications, click on right here to contact us, which incorporates SecureDrop (directions right here) and hyperlinks to encrypted messaging apps.

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