Welcome to For Millionaires Fintech (previously The Interchange)! This week, we’re Robinhood’s new Gold Card, challenges within the BaaS house and the way a tiny startup caught Stripe’s eye.

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The massive 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 also can put that money again into Robinhood’s financial savings account, which affords 5% APY.  We’re curious to see how this new card will impression the corporate’s backside line. But in addition, we’re fascinated by how Robinhood included the know-how it acquired when shopping for startup X1 final summer season for $95 million and turned it right into a doubtlessly very profitable new providing.

Evaluation of the week

The banking-as-a-service (BaaS) house is dealing with challenges. BaaS startup Synctera not too long ago carried out a restructuring that impacts about 15% of staff. The startup just isn’t 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, in response to American Banker, the FDIC introduced consent orders towards Sutton Financial institution and Piermont Financial institution, telling them “to maintain a better 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 masking quite a lot of dangers, together with accidents and telephone display harm. MassMutual Ventures additionally participated in Qoala’s new $47 million spherical of funding.

New Retirement, a Mill Valley–based mostly firm constructing software program to assist individuals 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 whole 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 referred to as Supergrain, is an open supply developer platform for user-facing integrations. The group 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 Data has extra about Bolt’s woes here.

Excessive-interest headlines

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

RealPage and Plaid team to curb rental fraud

In HR software battle, Rippling makes up ground against Deel — at a cost 

Is Chime ready for an IPO? It has more primary customers than Chase

Inside a CEO’s bold claims about her hot fintech startup, which TC beforehand lined right here.

Cloverleaf raises $7.3M in Series A extension

Abrigo acquires TPG Software

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