Welcome to For Millionaires Fintech (previously The Interchange)! This week, we’re trying on the piping scorching international payroll house, neobank Dave’s monetary outcomes and associated inventory enhance, and extra!
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The massive story
This week alone, we coated three fascinating offers within the international payroll house. For starters, Deel introduced it’s buying African-based payroll and HR software program and providers firm PaySpace in its largest acquisition up to now. It additionally stated it’s crossed $500 million in annual recurring income (ARR). Then I wrote about Remofirst, a startup out to tackle the likes of Deel and Rippling, too, securing $25 million in Collection A funding. Additionally, Tage wrote about how UAE-based RemotePass introduced it had raised $5.5 million in Collection A funding led by Istanbul-based 212 VC. There’s no query that this house is scorching, scorching, scorching.
Hearken to Alex Wilhelm and I discuss extra about it on Fairness:
Evaluation of the week
We’re one other fintech recording optimistic monetary outcomes. Neobank Dave informed us through e-mail that it had achieved profitability for the primary time as a public firm, notching adjusted EBITDA of $10 million within the fourth quarter and GAAP web revenue of $200,000. The corporate additionally beat steering for the 2023 fiscal 12 months and reported a 26% enhance in non-GAAP working income with an enormous enhance from its ExtraCash providing. Its inventory skyrocketed on the information — beginning the week opening on March 4 at $22.46, reaching a brand new 52-week-high of $43.99 on March 7, earlier than closing at $36 on March 8.
{Dollars} and cents
Two-year-old Colombian funds startup Yuno has reached a $150 million valuation with $25 million in Collection A funding from buyers akin to DST International Companions, Tiger and a16z.
London-based challenger financial institution Monzo raised a late-stage funding spherical of $430 million at a post-money valuation of $5 billion.
Paris-based enterprise banking startup Qonto is utilizing an undisclosed portion of its money reserve to accumulate Regate, an accounting and monetary automation platform.
Harness Wealth has expanded into the tax advisory house and raised a $17 million extension to its Collection A spherical.
The Artemis Fund, which invests in underrepresented founders in fintech, commerce and care, closed on its second fund with $36 million in capital commitments.
What else we’re writing
Apple’s iOS 17.4 replace is primarily about adapting iOS to the EU’s Digital Markets Act regulation. However the firm has additionally launched a brand new API referred to as FinanceKit that lets builders fetch transactions and steadiness info from Apple Card, Apple Money and Financial savings with Apple.
Georgina Merhom needs to squash the established order with SOLO, a first-party information assortment and reporting engine that integrates user-permissioned information sources, together with monetary transactions, on-line data and digital footprints to inform a extra full story about somebody’s monetary habits.
PayPal introduced that it’s launching “Faucet to Pay” for retailers with an iPhone by means of the Venmo and Zettle apps within the U.S.
Excessive-interest headlines
Capstack Technologies receives strategic investment from Citi Ventures (TC coated Capstack right here.)
Argyle raises $30M to expand automated income, employment verification
Synctera raises $18.6M in Series A-1 funding (TC coated Synctera’s Collection A right here.)
The latest fintech retreat: a $2B challenger to Western Union suspends U.S. services
Treasury Prime has laid off half its staff (For Millionaires coated its $40M increase in February 2023.)
Brazilian fintech CloudWalk announces $320.5M revenue, plans U.S. expansion
TomoCredit is pivoting into B2B with TomoScore, after various reported woes
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