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Welcome to TechCrunch Fintech (formerly The Interchange)! This week, we\u2019re looking at the piping hot global payroll space, neobank Dave\u2019s financial results and related stock boost, and more!<\/p>\n
To get a roundup of TechCrunch\u2019s biggest and most important fintech stories delivered to your inbox every Sunday at 7:30 a.m. PT, <\/em>subscribe here<\/a>.<\/em><\/p>\n This week alone, we covered three interesting deals in the global payroll space. For starters, Deel<\/strong> announced it is acquiring<\/a> African-based payroll and HR software and services company PaySpace<\/strong> in its largest acquisition to date. It also said it\u2019s crossed $500 million<\/a> in annual recurring revenue (ARR). Then I wrote about Remofirst<\/strong>, a startup out to take on the likes of Deel and Rippling, too, securing $25 million<\/a> in Series A funding. Also, Tage wrote about how UAE-based RemotePass<\/strong> announced it had raised $5.5 million in Series A funding<\/a> led by Istanbul-based 212 VC. There\u2019s no question that this space is hot, hot, hot.<\/p>\n Listen to Alex Wilhelm and I talk more about it on Equity:<\/p>\n We\u2019re looking at another fintech recording positive financial results. Neobank Dave<\/strong> told us via email that it had achieved profitability for the first time as a public company, notching adjusted EBITDA of $10 million in the fourth quarter and GAAP net income of $200,000. The company also beat guidance for the 2023 fiscal year and reported a 26% increase in non-GAAP operating revenue with a big boost from its ExtraCash offering. Its stock skyrocketed on the news \u2014 starting the week opening on March 4 at $22.46, reaching a new 52-week-high of $43.99 on March 7, before closing at $36 on March 8.<\/p>\n Two-year-old Colombian payments startup Yuno<\/strong> has reached a $150 million valuation with $25 million in Series A funding<\/a> from investors such as DST Global Partners, Tiger and a16z.<\/p>\n London-based challenger bank Monzo<\/strong> raised a late-stage funding round of $430 million<\/a> at a post-money valuation of $5 billion.<\/p>\n Paris-based business banking startup Qonto <\/strong>is using an undisclosed portion of its cash reserve to acquire Regate<\/a>, an accounting and financial automation platform.<\/p>\n Harness Wealth<\/strong> has expanded into the tax advisory space and raised a $17 million extension<\/a> to its Series A round.<\/p>\n The Artemis Fund<\/strong>, which invests in underrepresented founders in fintech, commerce and care, closed on its second fund with $36 million in capital commitments<\/a>.<\/p>\n Apple<\/strong>\u2019s iOS 17.4 update is primarily about adapting iOS to the EU\u2019s Digital Markets Act regulation. But the company has also released a new API<\/a> called FinanceKit that lets developers fetch transactions and balance information from Apple Card, Apple Cash and Savings with Apple.<\/p>\n Georgina Merhom wants to squash the status quo with SOLO<\/strong><\/a>, a first-party data collection and reporting engine that integrates user-permissioned data sources, including financial transactions, online records and digital footprints to tell a more complete story about someone\u2019s financial behavior.<\/p>\n PayPal<\/strong> announced that it\u2019s launching \u201cTap to Pay\u201d<\/a> for merchants with an iPhone through the Venmo and Zettle apps in the U.S.<\/p>\n Capstack Technologies receives strategic investment from Citi Ventures<\/a> (TC covered Capstack here<\/a>.)<\/p>\n Argyle raises $30M to expand automated income, employment verification<\/a><\/p>\n Synctera raises $18.6M in Series A-1 funding<\/a> (TC covered Synctera\u2019s Series A<\/a> here.)<\/p>\n The latest fintech retreat: a $2B challenger to Western Union suspends U.S. services<\/a><\/p>\n Treasury Prime has laid off half its staff<\/a> (TechCrunch covered its $40M raise<\/a> in February 2023.)<\/p>\n Brazilian fintech CloudWalk announces $320.5M revenue, plans U.S. expansion\u00a0<\/a><\/p>\n TomoCredit is pivoting into B2B<\/a> with TomoScore, after a number of reported woes<\/a><\/p>\n Want to reach out with a tip? Email me at maryann@techcrunch.com or send me a message on Signal at 408.204.3036. You can also send a note to the whole TechCrunch crew at tips@techcrunch.com. For more secure communications<\/strong>, <\/em>click here to contact us<\/em><\/a>, which includes SecureDrop (<\/em>instructions here<\/em><\/a>) and links to encrypted messaging apps.<\/em><\/p>\n<\/p><\/div>\nThe big story<\/h2>\n
Analysis of the week<\/h2>\n
Dollars and cents<\/h2>\n
What else we\u2019re writing<\/h2>\n
High-interest headlines<\/h2>\n