\n<\/p>\n
Welcome to TechCrunch Fintech<\/a>! This week, we\u2019re looking at a Brex exec\u2019s jump to join venture firm a16z, Klarna selling off its payments\u00a0unit and some mega-raises.<\/p>\n To get a roundup of TechCrunch\u2019s biggest and most important fintech stories delivered to your inbox every Tuesday at 7:00 a.m. PT, <\/em>subscribe here<\/a>.<\/em><\/p>\n Ali Rathod-Papier has stepped down from her role as global head of compliance at corporate card expense management startup Brex<\/a><\/strong> to join venture firm Andreessen Horowitz<\/a> (a16z) as a partner and compliance officer, TechCrunch exclusively learned. The hiring comes at an interesting time for a16z, which had invested in Synapse, the banking-as-a-service startup that filed for bankruptcy in April and has since been under fire<\/a> for an estimated $85 million worth of missing customer funds. Another Brex exec, Sam Blond (former chief revenue officer), also left the company<\/a> to become a venture capitalist. But he ended up stepping down from his role at Founders Fund<\/a> earlier this year, saying at the time \u201cfull-time investing \/ being a VC isn\u2019t the right fit for me.\u201d\u00a0<\/p>\n Gynger<\/strong>, a platform that lends capital to companies for technology purchases, has raised $20 million<\/a> in a Series A round led by PayPal Ventures<\/strong>. There are plenty of companies out there to help startups fund technology purchases through a variety of methods. Gynger\u2019s model stood out in that it works with both<\/em> buyers and sellers of technology. The startup offers vendors that are selling technology a way to offer embedded financing through an accounts receivable platform that provides \u201cflexible\u201d payment terms. To date, Gynger has facilitated thousands of payments for its customers across hundreds of vendors, including AWS, Google Cloud, and Okta.\u00a0<\/p>\n Finbourne<\/strong>, which has built a platform to help financial companies organize and use more of their data in AI and other models, raised $70 million<\/a> at a just over $356 million post-money valuation.\u00a0<\/p>\n Cadana<\/strong>, whose APIs and white-label products allow global workforces to integrate payments and payroll management into their existing systems, has emerged from stealth with a total of $7.4 million in funding<\/a>.<\/p>\n Paris-based Hero<\/strong>, which is building an ambitious banking product for small companies, has raised a $12.2 million all-equity funding round<\/a> led by Valar Ventures<\/a>.<\/p>\n Materia<\/strong>, which integrates into a firm\u2019s existing workflow software and applications to help break down the silos that exist in accounting firms\u2019 troves of unstructured data, has emerged from stealth with $6.3 million in funding<\/a>.<\/p>\n Four years after acquiring Shine<\/strong>, a French fintech startup that offers bank accounts to freelancers and very small companies, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale<\/strong> has announced plans to sell Shine to Ageras. In 2020, TechCrunch reported<\/a> that Soci\u00e9t\u00e9 G\u00e9n\u00e9rale spent around \u20ac100 million to acquire Shine. It wasn\u2019t a huge acquisition but it attracted quite a bit of coverage at the time, as it was more than just a tech or talent deal. Romain Dillet gives us the scoop here<\/a>.<\/p>\n Klarna to exit checkout business after finding conflict of interest with rivals Adyen and Stripe<\/a><\/p>\n Elon Musk\u2019s X revenue has officially plummeted, new documents show\u00a0<\/a><\/p>\n Revolut seeks valuation of more than $40bn in employee share sale<\/a><\/p>\n Celcoin raises $120.5\u00a0 million for new M&As<\/a><\/p>\n Mexican fintech unicorn Clip lands $100m investment<\/a><\/p>\n Amplify Life Insurance raises $20M in Series B funding<\/a><\/p>\n Klarna rival Zilch raises $125 million with aim to triple sales and accelerate path to IPO<\/a><\/p>\n Verituity raises $18.8M for payout verification<\/a><\/p>\n Want to reach out with a tip? Email me at maryann@techcrunch.com<\/a> 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<\/a>. For more secure communications, <\/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<\/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