Welcome to For Millionaires Fintech (previously The Interchange)! Apologies for being out final week — a chilly received the very best of me, however I’m again and right here to speak about the truth that shutting down startups is huge enterprise, Stripe’s new valuation, Klarna’s newest AI replace and extra.

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The massive story

Final week, I wrote about two startups — Sundown and SimpleClosure — that assist different startups shut down, elevating capital. Past the raises, the article was a deep dive into how and why this enterprise has turn into one that’s so wanted by traders. I additionally lined Stripe’s tender supply that resulted in a 30% greater bump in valuation — to $65 billion — for the funds big. Which means the corporate probably gained’t go public this yr in spite of everything. You’ll be able to hear Alex Wilhelm and I focus on each subjects on Friday’s Fairness Podcast episode. You may also hear me speak to Nubank CEO David Vélez about a wide range of attention-grabbing subjects beneath.

Evaluation of the week

Klarna has been within the information rather a lot these days. Final week, a failed coup on the a part of one investor, Sequoia Capital’s Matthew Miller, made headlines and resulted in his ousting. This week, the Swedish BNPL big posted a narrower year loss forward of its potential IPO. Then the corporate stirred up a little bit of controversy when it stated its new AI assistant is doing “the equivalent work of 700 full-time agents.” A spokesperson for the corporate informed me by way of e mail that since launching globally only a month in the past, the AI assistant had 2.3 million conversations, managing two-thirds of Klarna’s customer support chats. She emphasised, although, that the corporate had not made any cuts as a consequence of launching this AI assistant. She added: “Klarna’s customer support is supported by 4-5 giant international companions who collectively have over 650,000 staff and work with 1000’s of various corporations all over the world. When one of many corporations, like Klarna, requires much less help, these brokers are assigned to new duties at one other firm … With the AI assistant, our customer support can function with fewer individuals and require considerably much less assets. Nonetheless, there nonetheless is a necessity for extra skilled and senior workers, for instance, with specialised coaching in advanced or delicate circumstances.”

{Dollars} and cents

Almost two years after securing $20 million in Collection A capital, Colombian B2B monetary options startup Simetrik is again with extra funding to the tune of $55 million in a Goldman Sachs-led Collection B funding.

Embat, a Spanish fintech which does what they name “real-time treasury administration,” closed a financing spherical of $16 million Collection A led by Creandum.

Deel — the $12 billion HR enterprise — stated it’s scooping up Zavvy, a Munich-based AI-based “individuals improvement” startup constructing instruments for personalised profession development, coaching, and efficiency administration.

FairMoney, a digital financial institution primarily based in Lagos and headquartered in Paris, is in discussions to accumulate Umba, a credit-led digital financial institution offering payroll and monetary providers to clients in Nigeria and Kenya, in a $20 million all-stock deal, sources inform For Millionaires.

What else we’re writing

Google is sunsetting the Google Pay app within the US later this yr

Paytm pockets and FASTag merchandise will stop to exist, Bernstein says

Grifin’s new mannequin can routinely make investments your cash as you store

Money App takes on Apple with a 4.5% APY for financial savings accounts (with direct deposit)

Excessive-interest headlines

Finix launches integrated payments offering in Canada

Robinhood launches a retirement plan for gig workers

Flourish Ventures promotes Narváez and Gupta to Principal

Embedded payments fintech Monite just raised $6M in a round co-led by Peter Thiel’s Valar Ventures

Marqeta ‘still on track’ despite post-earnings stock dip: CEO

Cheese, a neobank for Asian-Americans that pivoted to credit-building, calls it quits (TC first reported on Cheese right here)

Morgan Stanley-backed TomoCredit isn’t paying its bills, faces mounting legal challenges

Knock opens funding to individuals through Wefunder

KPMG’s Pulse of Fintech H2’23

CB Insights’ State of Fintech 2023 Recap & Emerging Trends in 2024

PitchBook’s Fintech’s M&A landscape unveiled

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